PETALING JAYA: Public Bank Bhd founder Tan Sri Teh Hong Piow applauded the government for taking a holistic and comprehensive approach in Budget 2020.
“We are delighted to note that Budget 2020 has outlined a wide range of initiatives, action plans, fiscal measures and incentives seeking to address the challenges that Malaysia is facing, which include setting the new growth direction, intensifying growth momentum, addressing high cost of living and increasing the income level of the rakyat,” he said in a statement.
Teh noted that the government is cognisant about driving growth in the new economy and digital era.
“We welcome the measures to make Malaysia as a preferred destination for investment, accelerating the digital economy, enhancing access to financing for businesses as well as strengthening the diversity of the Malaysian economy. In particular, we note that the government is also developing the relevant infrastructures to enhance the ecosystem to drive growth, for example, economic zones, transportation, 5G connectivity and digital applications.”
Teh said Public Bank will continue to play its role as a financial intermediary in support of the government’s measures, to facilitate access of financing to businesses, particularly the small and medium enterprises.
“In addition, we will continue to support financing for affordable housing, in line with the government’s efforts to increase home ownership.”
“As a bank, we will strengthen our efforts to promote higher adoption of e-payments among our customers in support of Malaysia becoming a cashless society.”