US-China trade spat ‘perfect opportunity’ to expand local businesses

KUALA LUMPUR: 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 in a sweet spot. We are cost-efficient and we have very good human talent,” he said at the launch of Infopro Artificial Intelligence Digital Banking Innovation here on Dec 12.

Ong 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 their wings abroad and to be able to really showcase the really good homegrown technologies and partnerships that they’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. – Bernama

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