Hong Leong Bank Forms Strategic Alliance with MIDA, Ensuring Malaysia Remains an Investment Destination Of Choice

Kuala Lumpur, 16 April 2024 – Aligned with the government’s commitment to making Malaysia the chosen investment destination for foreign and domestic investors and businesses, Hong Leong Bank (“HLB” or the “Bank”) has recently formed a strategic collaboration with the Malaysian Investment Development Authority (“MIDA”), pledging to support the overall investment ecosystem and provide comprehensive financing and banking services for businesses entering the Malaysian market. Today’s event was notably graced by YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry (MITI), who witnessed the MOU exchange, highlighting the government’s support for this initiative.

Malaysia has approved RM329.5 billion in investments across various economic sectors for the year 2023. Boosted by this recent injection of investments and a robust economic framework, the government hopes to elevate Malaysia’s standing on the global stage, establishing the country as a prime investment destination by ensuring a seamless and integrated investment process. The agreement was officiated by Datuk Wira Arham Abdul Rahman, Chief Executive Officer of MIDA, and Mr. Kevin Lam, Group Managing Director and Chief Executive Officer of Hong Leong Bank Berhad, marking a commitment to foster a strategic alliance that promotes sustained business growth and engagement across Malaysia’s SMEs and commercial sectors.

YB Tengku Zafrul Abdul Aziz remarked, “The key to all development activities is partnership. Partnerships with governments, civil society and the private sector are crucial for nation-building as well as regional cooperation. Through such partnerships, we are setting the stage for Malaysia to shine as a preferred investment destination. The MIDA-Hong Leong MOU aligns with our roadmap to a thriving economy, with opportunities for all, enabling us to look forward to a future where we build on our proud achievements, and collaborate towards more economic innovation and success.”

Meanwhile, Datuk Wira Arham Abdul Rahman, CEO of MIDA, commented on the need for more collaborations between the government and the private sector for the country to build towards shared economic prosperity.

“By continuously working towards making Malaysia the ultimate investment sweet spot for foreign and domestic investments, we want to ensure that Malaysia remains at the forefront of industrial transformation by leveraging the country’s strategic location, robust infrastructure, and dynamic workforce. In doing so, we have to continually enhance our support systems, economic guardrails, and technological infrastructure for investors to utilise and benefit from, and this can only be achieved through collaborations like this with Hong Leong Bank. With HLB’s end-to-end, tailor-made financing solutions and advisory services, we hope to boost the investment environment of Malaysia to remain competitive within the region and beyond.”

Kevin Lam, Group Managing Director and Chief Executive Officer of HLB highlighted the Bank’s commitment to supporting the regional expansion of corporations into Malaysia, thus helping strengthen the business and investment ecosystem in the country.

“The future of regional business expansion looks increasingly promising for Malaysia, with the Milken Institute’s Global Opportunity Index (GOI) 2024 report ranking Malaysia as the best country in Asia for overall investment conditions. This international recognition will definitely attract many investors and businesses from various sectors, and with our deep-rooted entrepreneurial heritage and customised financing solutions, Hong Leong Bank is well-positioned to support these stakeholders in their expansion journey. By leveraging on our expertise and market insights, companies can effectively capitalise on growth opportunities, forge international partnerships, and expand their operations with our tailor-made business banking solutions specially crafted for the corporations’ specific needs. With this, we hope to be a driving force in enhancing the investment landscape in Malaysia, as we collectively work towards creating a dynamic economic environment that promises mutual benefit.”

HLB has a proud track record of facilitating cross border business expansion, with a prime example being the collaboration between Hong Leong Bank Cambodia and the SME Association of Malaysia, establishing a platform for business matching, networking, and knowledge sharing between SMEs in Malaysia and Cambodia. Moreover, HLB is also strongly committed to supporting SMEs, with the Bank recognising its SME segment as a key growth segment moving forward. In fact, one of the Bank’s most successful partnerships is with the Malaysia Motorcycle & Scooter Dealers Association (“MMSDA”), which offered up to RM5 million in clean working capital financing for auto loan packages and digital business solutions, supporting more than 200 dealers since its inception.

HLB formalised this collaboration with MIDA through the signing of a Memorandum of Understanding (MOU), signifying the establishment of a mutually beneficial strategic alliance of continuous engagement and business between the two parties.

MIDA also launched their novel coffee table book “Stepping Stones: MIDA’s Journey” to the public at the ceremony to commemorate the occasion as well. MIDA’s coffee table book celebrates the past achievements and resilience of MIDA and stands as beacons of progress, symbolising a future where Malaysia continues to thrive as a competitive, dynamic investment destination. Through unity, strategic partnerships, and a shared vision, the path ahead is paved with endless possibilities for growth, development, and prosperity for Malaysia and its people.

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About MIDA

MIDA is the government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube.

About Hong Leong Bank

Please visit www.hlb.com.my

For more information, please contact:

MIDA

Ms. Fatmah Ahmad

Director of Corporate Communications Division

T: 03-2267 2428

E: [email protected]

Hong Leong Bank Berhad

Ms. Vivian Tan

Corporate Communication & CSR

T: +6032081 8888 Extn 61914