Sep 17, 2013
Penang, September 11th 2013 - Citi is teaming up with InvestPenang to further promote Penang and Malaysia as a strategic center for treasury management activities.
The Government-private sector pro-business collaboration aims to attract foreign and local companies in the technology industry to centralize or consolidate their regional or global treasury management operations in Malaysia.
“Together with InvestPenang, we aim to present a stronger proposition for companies in the global technology industry to establish their treasury management operations in Malaysia. As a leader in transaction services, Citi is committed to delivering innovative and best in class solutions to help companies improve operational efficiency, minimize risks and lower costs,” said Noel Saminathan, Managing Director and Country Head Treasury & Trade Solutions.
He said this after speaking at a treasury and finance forum entitled “Emerging Trends of the Technology Industry” in Penang.
Citi offers products and solutions that assist companies with centralized or decentralized operations - from diversified industries ranging from technology and industrial to transportation - manage finances efficiently especially in the area of working capital management including payments, receivables, liquidity management and trade finance.
Dato’ Lee Kah Choon, Special Advisor to the Chief Minister of Penang who also spoke at the forum said, “Penang continues to be considered a prime location with significant outsourcing potential, and this is evidenced by the presence of the many multinational companies operating in the Island State. We are constantly improving and expanding the technology ecosystem in Penang to further encourage and ensure sustainable economic and social growth.”
“The supportive government policies including on-going initiatives to simplify foreign exchange administration rules, developed infrastructure, a vibrant business environment and an educated workforce is transforming both Penang and Malaysia into an attractive destination for investors to integrate their regional or global businesses to realize better cost and operational efficiency,” Noel added.
Last year, Malaysia attracted RM162.4 billion in investments, more than any other year despite the uncertain global economic conditions. The approved investments were in the manufacturing, services and primary sectors. Of the total investments approved, RM127.6 billion (78%) were contributed by domestic investments (DDI) and RM34.8 billion (22%) came from foreign investments (FDI).
Last July, the Citigroup Transaction Services (Malaysia) Sdn Bhd (CTSM) launched its second premises at One Precinct in Penang, signalling the financial institution’s continued investment to develop and grow its operations and re-establish Penang as a hub for financial services in Malaysia.
The center in Penang is Citigroup’s largest regional Trade & Cash processing center for the Transaction Services business. It handles some 20 million transactions with a throughput of around US$5.8 trillion annually. The center employs 1,000 experienced professionals to service the interests of Citi’s clients in Asia, North America, Europe, Middle East and Africa.
Re-disseminated by The Asian Banker