OCBC Bank (Malaysia) Berhad (OCBC Bank) CEO Mr Tan Chor Sen lauded the government’s forward-looking initiatives toward achieving the ideals of the Madani economy through the government’s highest-ever National Budget, which stays true to its theme of “empowering the people.”

As a bank with over 90 years of serving the community, we at OCBC Bank see National Budget 2024 as progressively building a prosperous nation and ensuring sustainability. This is done while seeking to place the country firmly on the regional map.

The move to build a better Malaysia by positioning the country as a leader in the Southeast Asian economy by supporting start-ups and making Kuala Lumpur a digital industrial hub is commendable. The efforts will go a long way toward transforming the nation from a labour-oriented to an innovation-led economy.

Being part of a financial institution with strong reach in the ASEAN-Greater China region, we can see the wisdom behind the larger picture of fostering greater economic integration with our neighbouring countries, nurturing more competitive companies to penetrate the ASEAN market, and facilitating trading activities.

The Budget also ensures that the nation’s economic backbone – MSMEs – continues to grow through the RM44 billion allocation in loans and guarantees, including the grants for digitalisation.

The move to improve efforts to encourage adoption of sustainable practices such as installing solar panels is on the right track and OCBC Bank will lend its utmost support to this. And we are excited about the government’s proposal to extend support and tax benefits to those involved in Sustainable & Responsible Investments (SRI).

Ultimately, the National Budget is one for the rakyat and does well to make good the unity government’s realigned 12^th Malaysia Plan inclusive of the National Energy Transition Roadmap, New Industrial Master Plan 2030 and the Madani Economy Framework which will serve to achieve sustainable development and reinvigorate the economy.