KUALA LUMPUR, Oct 11 (Bernama) -- This is a budget that truly reflects the government’s shared prosperity vision, carefully curated to benefit the Rakyat across all major races, and main segments like the SMEs and the B40. 

We laud the sharper focus on advancing the nation’s digital transformation, while also ensuring the benefits will be broad-based, enabling all segments of society to capitalise on the country’s enablement of 5G and other new technologies. This is clear from the tax incentives for knowledgebased foreign investors and encouraging a cashless society, to piloting technology like autonomous vehicles and blockchain. As a strong proponent and enabler of digital banking, we welcome the initiative to advance the nation’s cashless agenda by boosting the use of e-wallets, through the one-time RM30 digital stimulus per qualified Malaysian.  

Further, the enabling policies for SMEs to embrace digital in running their business are well thought out. Going digital is crucial for them to capitalise on the potential afforded by the regional and global e-commerce industry.  

An additional boost to SMEs is the government’s incentives on the development and certification of halal businesses, which will feed into the global halal market valued at US$3 trillion. In tandem with this objective, we are ever-prepared to assist SMEs to leverage on CIMB Islamic’s Halal Corridor for them to capture part of that fast-growing Halal market.  

CIMB also looks forward to BNM’s announcement on the digital banking licence, which we will definitely consider. 

We welcome the government’s support for SRI Sukuk, as well as tax incentive for investments in renewable energy technology right through to 2023. In particular, the generous 10-year 70% tax exemption for solar leasing technology, together with CIMB’s SME Renewable Energy Financing package will be a definite boost to SMEs’ adoption of renewable energy. All these will help support the nation’s move towards an eco-friendlier operating landscape. 

In moving towards a more sustainable social agenda, policies for the B40 segment are predicated on a good balance between direct assistance and enablement, which is crucial to ensure that as many of them as possible are able to help and advance themselves economically.   

Overall, it is a budget with a good combination of conservative and creative measures that will collectively drive the nation towards a path of long-term sustainable and inclusive growth.  

About CIMB Group

CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US and UK. 

CIMB Group has the most extensive retail branch network in ASEAN of around 740 branches as at 30 June 2019. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage around 600 stocks in the region. 

CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand. 

CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM52.3 billion as at 30 June 2019. The Group has over 36,000 employees located in 16 countries.

SOURCE : CIMB Group

FOR MORE INFORMATION, PLEASE CONTACT:
Name : Suria Zainal
Head
Group Corporate Communications
CIMB Group Holdings Berhad
Tel : +603 - 2261 0638
Email : suriawati.zainal@cimb.com

--BERNAMA