KUCHING: Budget 2025 is an apt package to strengthen Malaysia’s position as a high performing nation, in line with the holistic Madani Economy framework and other national policies.
Maybank President and Group chief executive officer Datuk Khairussaleh Ramli said the reinforced commitment towards fiscal discipline is commendable by the sustained progress in lowering the fiscal deficit to 3.8 per cent next year from 4.3 per cent in 2024 towards the medium term target of 3 per cent.
“We also welcome the call for further dialogue on the scoping of Service Tax that will be expanded to commercial businesses including fee based financial services as well as the introduction of Dividend Tax.
“The banking industry’s priority remains to deliver value to customers by providing reliable and trusted banking services,” he said.
Furthermore, he said that the catalytic initiatives on infusing the adoption of Artificial Intelligence (AI) and digital transformation across key sectors is significant for the country and the region.
According to him, this early realisation on the importance of AI, while ensuring it is applied responsibly through the Asean AI Safe framework, would heighten Asean’s global competitiveness.
“On this point, special tax deductions given to higher learning institutions offering courses on AI, digital technology, robotics, and among others is certainly a booster for the nation as it will provide high income jobs in the future,” he said.
He said that with Malaysia assuming the Asean Chairmanship this year, Maybank through its presence in all 10 Asean countries will actively engage and connect individuals, businesses and governments for concerted growth, especially in the areas of sustainability, transition finance, trade finance, Islamic Finance and wealth management.
“Maybank looks forward to continuing to play its part in the strategic economic zones as well as industries such as data centre, semiconductor and emerging new technologies,” he said.
On the sustainability front, Khairussaleh stated that the Budget remains steadfast in accelerating the nation’s net-zero aspirations.
From a financing point of view, he said that Maybank will provide sustainable and transition finance solutions to address climate resiliency efforts, anchored on values-based financial services.
“On the move to encourage electric vehicle (EV) ownership, Maybank has already secured 29 per cent market share based on the total number of EV sold in Malaysia as of August 2024.
“Meanwhile, RM100 million matching funds provided to encourage new Islamic financing innovation based on Islamic values will further enhance the Islamic finance sector.
“The prospects of growth are immense, and Maybank will continue to offer responsible and effective financing solutions for individuals and businesses, particularly SMEs via our values-based financial solutions.
“Having said this, we reiterate our commitment to support the realisation of Budget 2025, in serving our customers and stakeholders towards financial inclusion and economic empowerment,” he said.
