US-China trade spat a perfect opportunity to expand local business ecosystem - Ong

The trade conflict between the US and China presents a perfect opportunity to grow Malaysia's business ecosystem, Deputy Minister of International Trade and Industry Dr Ong Kian Ming said

The trade conflict between the US and China presents a perfect opportunity to grow Malaysia's business ecosystem, Deputy Minister of International Trade and Industry Dr Ong Kian Ming said.

He said the trade conflict created investment diversion into the country and this would help expand the business ecosystem in Malaysia.

"Malaysia is a sweet spot. We are cost-efficient and we have very good human talent," he said at the launching of Infopro Artificial Intelligence Digital Banking Innovation here today.

He said with investment flowing into the country, local companies would also be able to tie-up with foreign partners that could enhance their capability and expand their business overseas.

"It's important for Malaysian companies to spread our wings abroad and to be able to really showcase the really good homegrown technologies and partnerships that you've established here in Malaysia," he said.

A virtual or digital bank, unlike the traditional bank, does not have a physical presence but delivers products and services entirely online or through mobile platforms.

Among Asian countries, Hong Kong has eight digital banks, Singapore has five and Malaysia is expected to award three digital bank licences next year.

source: Bernama

Posted on : 12 December 2019
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Last Updated : Thursday 21st May 2020