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MIDA, Citi Malaysia spearhead transformation of automotive industry

MIDA, Citi Malaysia spearhead transformation of automotive industry

18 Sep 2023

Banks have an important role in facilitating stronger trade in the digital trends, transforming the mobility ecosystem.

Citi Malaysia treasury and trade solutions (TTS) business and the Malaysian Investment Development Authority (MIDA) recently held a panel discussion with key automotive players in Malaysia titled Charged Up: Navigating the Transformative Path of Malaysia’s Automotive Industry.

“Automotive and mobility companies are increasingly evolving as they embrace digital transformation, which means an increased need for additional touch points to their end customers. 

“Banking providers are therefore critical in facilitating and supporting this

change. Citi supports over 120 automotive clients in Malaysia. We are proud to be part of their journey and enhance the trade growth prospects in this country,” Citi Malaysia head of treasury and trade solutions Abdul Jalil Jalaludin said in a statement.

MIDA chief executive officer Datuk Wira Arham Abdul Rahman said sustainable development has always been at the core of Malaysia’s narrative. 

He said Malaysia is actively championing electric mobility, and MIDA is committed to nurturing a dynamic ecosystem where both private and public stakeholders, such as Citi, can collaborate and develop

and commercialise innovative mobility solutions that will drive the future of sustainable transportation. 

“In line with the recently launched New Industrial Master Plan 2030 (NIMP 2030), Citi’s commitment to financing innovation and environmentally responsible initiatives acts as a catalyst for advancing our shared vision and propelling Malaysia towards its industrial and economic objectives,” he said.

The panel discussion featured Citi TTS sales sector head for the industrial sector Vincent Couche and MIDA deputy director, transport technology division Sudiana Muhamad Nawati, who shared about the transformation of the automotive industry and how banks can help, as well as insights on where Malaysia is investing and the challenges in adopting a more sustainable automotive industry in Malaysia.

Citi is a strong partner in the mobility ecosystem in Asia, collaborating with more than 100 car manufacturers, suppliers and distributors. 

Growth of trade financing for the sector has also seen a 40 per cent increase since the pandemic in 2020. 

Citi’s solutions to address the changing treasury needs for corporates include payment and collection, financing, liquidity and cash management.

The MIDA-Citi partnership was first inked in 2021 following a memorandum of understanding signed between the two parties. 

The partnership is intended to extend a financial platform and a seamless provision of end-to-end banking services by Citi Malaysia to new and existing foreign investors in Malaysia.

Source: NST