Standard Chartered has welcomed the government’s move to introduce special investment packages worth up to MYR1bil a year for five years to Fortune 500 companies, “global unicorns” as well as local companies that are able to break through to international markets. Abrar Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia said being a financial institution dedicated to promoting the growth and development of dynamic SMEs, the Bank is pleased to see MYR300 million worth of allocations to support SMEs that have the potential to become regional players. He added that the continued growth of SMEs and entrepreneurs is key to a robust economy and we are pleased to see the government continue to pay close attention to this sector. “SMEs are crucial engine of economic growth and job creation, and are becoming increasingly active in global trade.”
Mr Abrar also lauded the government’s move to continue supporting new digital financing innovations such as equity crowd funding and peer-to-peer platforms. He added, “As a Bank which is at the forefront of digital banking, we support the government’s commitment in moving Malaysia towards a digital economy via various tax incentives, setting up one-stop digital improvement centres nationwide, as well as stimulation packages to boost adoption of e-wallets. This will have a lasting and positive impact on the financial services industry, and we take pride in walking side by side with the government on its digital initiatives. We are also looking forward to the availability of virtual bank licenses by Bank Negara Malaysia in 2020.”
He was commenting on Budget 2020 which was tabled at the Dewan Rakyat by Finance Minister, Lim Guan Eng this afternoon.