CIMB welcomes the nation’s cashless agenda

11 Oct 2019 / 19:33 H.

PETALING JAYA: CIMB Group Holdings Bhd CEO Tengku Datuk Seri Zafrul Aziz said he welcomed the initiative to advance the nation’s cashless agenda by boosting the use of e-wallets, through the one-time RM30 digital stimulus per qualified Malaysian.

“We laud the sharper focus on advancing the nation’s digital transformation, while also ensuring the benefits will be broad-based, enabling all segments of society to capitalise on the country’s enablement of 5G and other new technologies.”

“This is clear from the tax incentives for knowledge-based foreign investors and encouraging a cashless society, to piloting technology like autonomous vehicles and blockchain,” he said in a statement.

Tengku Zafrul said the enabling policies for SMEs to embrace digital in running their business are well thought out.

“Going digital is crucial for them to capitalise on the potential afforded by the regional and global e-commerce industry.”

He pointed out that an additional boost to SMEs is the government’s incentives on the development and certification of halal businesses, which will feed into the global halal market valued at US$3 trillion.

“In tandem with this objective, we are ever-prepared to assist SMEs to leverage on CIMB Islamic’s Halal Corridor for them to capture part of that fast-growing halal market.”

Tengku Zafrul also welcomed the government’s support for SRI Sukuk, as well as tax incentive for investments in renewable energy technology right through to 2023.

“In particular, the generous 10-year 70% tax exemption for solar leasing technology, together with CIMB’s SME Renewable Energy Financing package will be a definite boost to SMEs’ adoption of renewable energy.”

Overall, he said it is a budget with a good combination of conservative and creative measures that will collectively drive the nation towards a path of long-term sustainable and inclusive growth.

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