National Roadmap to Double E-Commerce Growth by 2020

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Ministry of International Trade and Industry, 29 November 2016 The National eCommerce Strategic Roadmap is expected to double the e-commerce annual growth rate from 10.8%

in 2016 to 20.8% in 2020, as an effort to ensure that the sector becomes one of the primary drivers of growth in the Malaysian economy. The roadmap, launched by Prime Minister Datuk Seri Mohd Najib Razak on Oct 3, aims to boost the sector’s gross domestic product contribution to RM170 billion by 2020. Minister for International Trade and Industry (MITI) Dato’ Sri Mustapa Mohamed underlined the importance of the e-commerce agenda, saying it is a “very important subset” of the government’s digital economy master plan.

Mustapa said the roadmap is cognisant of current developments, particularly in the context of international trade agreements such as the Trans-Pacific Partnership Agreement (TPPA).

“TPPA, of course, has its e-commerce agenda and in some cases, we are probably more advanced than some of these agreements that we have negotiated,” Mustapa told reporters at a press briefing yesterday.

“What’s important is this roadmap has taken all current developments into consideration. If there is a need for a revision, there will be changes. It is not cast in stone,” he added.

The roadmap was drafted by the National e-Commerce Council (NECC), a coalition of 13 ministries and agencies, under which six thrust areas of intervention have been identified, including lifting non-tariff barriers, realigning existing economic incentives and promoting national brand to boost cross-border e-commerce.

Eleven programmes will be carried out under the roadmap, which will be led by different lead agencies such as MITI, SME Corp Malaysia, the Malaysian Investment Development Authority, Malaysian Communications and Multimedia Commission, Bank Negara Malaysia and the Finance Ministry. Mustapa did not discount the possibility of monetary incentives to promote the growth of e-commerce in Malaysia.

“The NECC is set up to listen to suggestions from industries and we will respond in a manner that will facilitate the growth of e-commerce in this country. At present, it is just to help them with regulatory aspects, but in the future there may be (monetary incentives),” Mustapa said.

Commenting on how the appointment of Jack Ma would fit into the e-commerce agenda, Mustapa said the government is confident that Ma will provide a lot of useful inputs into government policies.

“He is an iconic leader in this segment of the economy and his advice is being sought by many countries. All of us are looking forward to his coming here in March.”

On Nov 4, Chinese Internet tycoon Jack Ma was appointed as Malaysia’s digital economy advisor during Najib’s weeklong official visit to China. The founder and executive chairman of Alibaba Group Holding Ltd is expected to the launch of the country’s e-free trade zone in March next year. Meanwhile, Mustapa — when commenting on the TPPA — stressed that Malaysia continues to “keep an open mind” about it, saying that it is too early to take a definitive stand on the matter.

“Although (US President-elect Donald) Trump has come up with a statement on Nov 21, I think we have to wait for more clarity after Jan 20, 2017, after his inauguration (which will reveal) his new policies and also the people running the trade agenda under his administration,” he said, in response to Trump’s remarks.

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Consumer Price Index (CPI) January - October 2016

Source: Department of Statistics, Malaysia

+2.1%

Jan - Oct 2016 114.8

Jan - Oct 2015 112.4

Inflation Rate for Main Groups

January - October 2016 / January - October 2015

Year - on - Year

+0.3%

Oct 2016 115.7 Sep 2016

115.3 Month - on - Month

Food &

Non-Alcoholic Beverages

+3.9%

Alcoholic Beverages &

Tobacco

+21.0%

Clothing &

Footwear

-0.3%

Housing, Water, Electricity, Fas &

Other Fuels

+2.5%

Furnishings, Household Equipment

& Routine Household Maintenance

+2.6%

Health

+2.8%

Transport

-5.3%

Communication

-1.4%

Recreation Services & Culture

+2.3%

Education

+2.2%

Restaurants &

Hotels

+2.9%

Miscellaneous Goods & Services

+3.0%

+1.4%

Oct 2016 114.8 Oct 2015

113.0

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Source: Department of Statistics, Malaysia

Inflation Rate for Food,

January - October 2016/January - October 2015

Rice, Bread &

Other Cereals

+1.1%

Meat

+3.6%

Fish &

Seafood

+6.6%

Milk & Eggs

+0.8%

Oils & Fats

+0.5%

Fruits

+5.2%

^Vegetables

+6.9%

+2.3%

Sugar, Jam, Honey, Chocolate

& Confectionery Food Products

+5.9%

Food at Home +4.0%

Food away from Home +3.9%

Inflation Rate by State,

October 2016/October 2015

2.2%

1.7%

1.6%

1.3%

1.2%

1.0%

0.9%

0.6%

0.5%

0.3%

1.4 Kuala Lumpur

Johor Pulau Pinang Selangor & Putrajaya Negeri Sembilan Melaka Pahang Kedah & Perlis Sarawak Kelantan Terengganu Perak Sabah & Labuan MALAYSIA

2.2 3.3

0 1 2 3 4 5 6 7

Jan Feb Mar Apr May Jun Jul Aug

Sep Oc

t Nov Dec Jan Feb Mar Apr May

Jun Jul Aug Sep Oc

t

2011 2012 2013 2014 2015 2016

Inflation Rate (%)

Monthly Food Inflation, January 2011 - October 2016

Food At Home Food - Away From Home

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Cambodia Economic Indicators 2015

Sources: ASEAN Statistics, IMF and WTO

2.8

^%

18.5

GDP (current prices)

US$ billion Population

15.4

^million^people

Inflation Rate

Exports

8.8

US$ billion Land Area

181,035

^km²

Unemployment Rate

0.2

^{% (2014)}

Rank: 79

Imports

Rank: 85

10.8

US$ billion GDP Growth

1.5

%

Rank: 82

19.7

US$ billion Total Trade

1.7

US$ billion FDI Inflow

109.3 108.4 134.1 166.0 153.7 198.2

258.0 248.8 235.1 242.9 234.5

8.0 20.3 21.3 14.2 15.0 32.9 66.4

128.5

193.7 183.0

151.3

117.3 128.7 155.5 180.3 168.7

231.0

324.5

377.3

428.8 425.9

385.9

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US$ million

Exports Imports Total Trade

Malaysia’s Trade with Cambodia, 2005 - 2015

Source: Department of Statistics, Malaysia.

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International Report

Top 10 E-Commerce Businesses in Asia, 2015

The success of the top 10 ecommerce businesses of Asia is amazing and inspirational. The list below covers the most important factors that led to their success, and shows their current status in the world.

1. Taobao (China)

Business Model: C2C ecommerce marketplace Founded: 2003, Hangzhou, China

Founder: Jack Ma (Alibaba Group) Operation: China (Delivery: Global)

2. Flipkart (India)

Business Model: Ecommerce marketplace Founders: Sachin Bansai, Binny Bansal Operation: India

3. Alibaba.com (China)

Business Model: B2B ecommerce marketplace Founder: Jack Ma

Operation: Worldwide

4. Snapdeal (India)

Business Model: Ecommerce marketplace Founders: Kunal Bahl, Rohit Bansal Operation: India

5. Didi Kuaidi (China)

Business Model: Online taxi-hailing service Founders: Cheng Wei, Joe Lee & Cheng Wen Operation: China

6. Rakuten (Japan)

Business Model: Electronic ecommerce marketplace Founder: Hiroshi Mikitani

Operation: Japan; worldwide through acquisitions

7. Coupang (South Korea)

Business Model: Ecommerce marketplace Founder: Bom Kim

Operation: South Korea

8. Lazada

(Southeast Asia)

Business Model: Ecommerce marketplace

Founders: Alexander Samwer, Marc Samwer, Oliver Samwer Operation: Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam

9. Grab Taxi (Southeast Asia)

Business Model: Taxi Booking App Founders: Anthony Tan, Tan Hooi Ling

Operation: Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam

10. Meituan (China)

Business Model: Daily Deal Website Founder: Wang Xing

Operation: China

Source: https://www.techinasia.com/talk/top-10-ecommerce-businesses-asia-startups-learn

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Number and Value of Preferential Certificates of Origin (PCOs)*

0 50 100 150 200 250

0 5 10 15 20 25 30 35 40 45

11 Sep 18 Sep 25 Sep 2 Oct 9 Oct 16 Oct 23 Oct 30 Oct 6 Nov 13 Nov 20 Nov 27 Nov No. of Certificate of Origin

RM mil.

Generalised System of Preferences (GSP)

Total FOB (RM mil.) Total CO

Note: The preference giving countries under the GSP scheme are Liechtenstein, the Russian Federation, Japan, Switzerland, Belarus, Kazakhstan and Norway.

Source: Ministry of International Trade and Industry, Malaysia

0 1,000 2,000 3,000 4,000 5,000 6,000

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

RM mil.

ASEAN Trade in Goods Agreement (ATIGA)

0 500 1,000 1,500 2,000 2,500

0 100 200 300 400 500 600 700 800 900 1,000

RM mil.

ASEAN-China Free Trade Agreement (ACFTA)

0 200 400 600 800 1,000 1,200

0 100 200 300 400 500 600 700 800

RM mil.

ASEAN-Korea Free Trade Agreement (AKFTA)

0 50 100 150 200 250 300

0 20 40 60 80 100 120 140

RM mil.

ASEAN-Japan Comprehensive Economic Partnership (AJCEP)

0 100 200 300 400 500 600 700 800

0 20 40 60 80 100 120 140 160 180

RM mil.

ASEAN-India Free Trade Agreement (AIFTA)

0 200 400 600 800 1,000 1,200 1,400

0 50 100 150 200 250 300 350 400 450 500

RM mil.

ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA)

Note: * Provisional data

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Number and Value of Preferential Certificates of Origin (PCOs)*

Source: Ministry of International Trade and Industry, Malaysia

0 100 200 300 400 500 600 700 800 900 1,000

0 20 40 60 80 100 120 140 160 180 200

RM mil.

Malaysia-Japan Economic Partnership (MJEPA)

0 50 100 150 200 250

0 20 40 60 80 100 120 140

RM mil.

Malaysia-Pakistan Closer Economic Partnership (MPCEPA)

0 5 10 15 20 25

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0

RM mil.

Malaysia-New Zealand Free Trade Agreement (MNZFTA)

0 10 20 30 40 50 60 70 80 90 100

0 5 10 15 20 25 30

RM mil.

Malaysia-China Free Trade Agreement (MCFTA)

0 50 100 150 200 250 300 350 400 450

0 10 20 30 40 50 60 70

RM mil.

Malaysia-India Comprehensive Economic Cooperation Agreement (MICECA)

0 100 200 300 400 500 600

0 20 40 60 80 100 120 140

RM mil.

Malaysia-Australia Free Trade Agreement (MAFTA)

0 50 100 150 200 250 300

0 50 100 150 200 250 300 350

RM mil.

Malaysia-Turkey Free Trade Agreement (MTFTA)

Note: * Provisional data

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Source : Bank Negara Malaysia

Malaysian Ringgit Exchange Rate with Selected Countries, January 2015 - November 2016

US Dollar

Chinese Yuan

Thai Baht

Japanese Yen

Singapore Dollar

New Taiwan Dollar

3.58

4.33

2.60 2.80 3.00 3.20 3.40 3.60 3.80 4.00 4.20 4.40 4.60

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

2015 2016

RM

USD 1 = RM

0.58

0.63

0.52 0.54 0.56 0.58 0.60 0.62 0.64 0.66 0.68 0.70

2015 2016

RM

CNY 1 = RM

10.94

12.27

9.50 10.00 10.50 11.00 11.50 12.00 12.50

2015 2016

RM

THB 100 = RM

3.03

4.01

2.20 2.40 2.60 2.80 3.00 3.20 3.40 3.60 3.80 4.00 4.20

2015 2016

RM

JPY 100 = RM

2.68

3.07

2.40 2.50 2.60 2.70 2.80 2.90 3.00 3.10 3.20

2015 2016

RM

SGD 1 = RM

11.33

13.65

8.00 9.00 10.00 11.00 12.00 13.00 14.00

2015 2016

RM

TWD 100 = RM

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Commodity Prices

Notes: All figures have been rounded to the nearest decimal point * Refer to % change from the previous week’s price i Average price in the year except otherwise indicated

Sources: Ministry of International Trade and Industry Malaysia, Malaysian Palm Oil Board, Malaysian Rubber Board, Malaysian Cocoa Board, Malaysian Iron and Steel Industry Federation, Bloomberg and Czarnikow Group.

CRUDE PETROLEUM (BRENT) -per bbl-

2 Dec 2016 : US$54.5, 15.3%

^*

Average Price

ⁱ

: 2015: US$53.6

2014: US$99.5 CRUDE PALM OIL

-per MT-

2 Dec 2016 : US$770.0, 2.8%

^*

Average Price

ⁱ

: 2015: US$616.9 2014: US$823.3

RUBBER SMR 20 -per MT-

2 Dec 2016 : US$1,711.0, 1.9%

^*

Average Price

ⁱ

: 2015: US$1.364.3

2014: US$1,718.3

COAL -per MT-

2 Dec 2016 : US$44.1, unchanged Average Price

ⁱ

: 2015: US$49.9

2014: US$59.8 COCOA SMC 2

-per MT-

2 Dec 2016 : US$1,770.5, 1.5%

^*

Average Price

ⁱ

: 2015: US$2,077.0

2014: US$2,615.8

SCRAP IRON HMS -per MT-

2 Dec 2016 : US300.0

^(high)

, unchanged

US$285.0

^(low)

, unchanged Average Price

ⁱ

: 2015: US$239.6

2014: US$370.0

HIGHEST and LOWEST 2015/2016

Highest

2 Dec 2016 : US$54.5 15 May 2015 : US$66.8

Lowest

15 January 2016 : US$28.9 18 December 2015 : US$36.9

Crude Petroleum

(Brent) -per bbl-

Highest

15 Sept. 2016 : US$785.5 16 January 2015 : US$701.0

Lowest

15 January 2016 : US$545.5 4 September 2015 : US$500.5

Crude Palm Oil -per MT-

Domestic Prices 2 December 2016

Steel Bars

(per MT) RM2,050 – RM2,200

Billets

(per MT) RM1,900 – RM1,950

SUGAR -per lbs- 2 Dec 2016 : US¢ 19.1, 3.6%

^*

Average Price

ⁱ

: 2015: US¢13.2

2014: US¢16.6

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Commodity Price Trends

Sources: Ministry of International Trade and Industry Malaysia, Malaysian Palm Oil Board, Malaysian Rubber Board, Malaysian Cocoa Board, Malaysian Pepper Board, Bloomberg and Czarnikow Group, World Bank, World Gold

Council, The Wall Street Journal.

785.5

770.5 772.5

740.0

691.5 707.5

741.5 743.0 745.5 744.0 749.0 770.0

640 660 680 700 720 740 760 780 800

15 Sep 23 Sep 30 Sep 7 Oct 14 Oct 21 Oct 28 Oct 4 Nov 11 Nov 18 Nov 25 Nov 2 Dec

US$/mt

Crude Palm Oil

2,107.3 2,202.4

2,056.4 2,118.7

2,005.9

2,075.1 2,072.9

1,995.7

1,841.0 1,790.6

1,797.3

1,770.5

1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,300

US$/mt

Cocoa

21.2 22.7

23.0 23.4

22.9 22.7

22.2

21.7 21.7

20.2 19.8

19.1

18.0 19.0 20.0 21.0 22.0 23.0 24.0

US¢/lbs

Sugar

1,337.5 1,467.0

1,368.5 1,473.5

1,545.5

1,456.5 1,504.0

1,489.5 1,684.5

1,688.0 1,744.5

1,711.0

1,200 1,300 1,400 1,500 1,600 1,700 1,800

US$/mt

Rubber SMR 20

7,591

7,286 7,267 7,853

7,148 7,063 7,296

6,742 6,940 7,029

6,963 7,008

6,900 7,088

7,113 7,281

6,917 6,851 6,730

6,337 6,085

5,965

4,516

3,813 3,500

4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2015 2016

USD/ tonne

Black Pepper

* until 2 December 2016

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Commodity Price Trends

Sources: Ministry of International Trade and Industry Malaysia, , Malaysian Iron and Steel Industry Federation, Bloomberg and Czarnikow Group, World Bank, World Gold Council, The Wall Street Journal.

44.1 44.1 44.1 44.1 44.1 44.1 44.1 44.1 44.1 44.1 44.1 44.1

43.5 43.6 43.7 43.8 43.9 44.0 44.1 44.2

US$/mt

Coal

1,815 1,818

1,774 1,819

1,804

1,688

1,640

1,548 1,590

1,516

1,468 1,497

1,481 1,531

1,531 1,571

1,551 1,591

1,629 1,641 1,589

1,663 1,737

1,400 1,450 1,500 1,550 1,600 1,650 1,700 1,750 1,800 1,850

2015 2016

US$/ tonne

Aluminium

5,831 5,729

5,940 6,042

6,295

5,833

5,457

5,127 5,217 5,216

4,800 4,639

4,472 4,599

4,954 4,873

4,695 4,633 4,865

4,759 4,716 4,726 5,451

4,000 4,500 5,000 5,500 6,000 6,500

2015 2016

US$/ tonne

Copper

14,849 14,574

13,756 12,831

13,511 12,825

11,413

10,386 9,938

10,317

9,244 8,708 8,507

8,299 8,717

8,879 8,660 8,906 10,263

10,366 10,176 10,251

11,129

7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000

2015 2016

US$/ tonne

Nickel

43.9 44.5 48.2

49.8 50.4 50.9 48.7

44.1 43.4

45.7 46.1 51.7

46.6 45.9

49.1

51.9 52.0 51.8 49.7

45.6 44.8

46.9 47.2 54.5

38 40 42 44 46 48 50 52 54 56

US$/bbl

Crude Petroleum

Crude Petroleum (WTI)/bbl Crude Petroleum (Brent)/bbl

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Commodity Price Trends

Sources: Ministry of International Trade and Industry Malaysia, Malaysian Iron and Steel Industry Federation, Bloomberg and Czarnikow Group, World Bank.

1,033.0 1,057.0

1,036.0

977.0

935.0 929.0

974.0 1,005.0

976.0

925.0 925.0 920.0

850.0 900.0 950.0 1,000.0 1,050.0 1,100.0

US$/oz

Platinum

240.0

220.0 230.0 230.0 230.0 240.0 240.0 250.0

290.0 295.0 300.0 300.0

220.0

200.0 210.0 210.0 220.0 230.0 230.0 240.0

270.0 280.0 285.0 285.0

100 150 200 250 300 350

US$/mt

Scrap Iron

Scrap Iron/MT (High) Scrap Iron/MT(Low)

68.0

63.0

58.0

52.0 60.0

63.0

52.0 56.0

57.0

53.0

47.0

41.0 42.0 47.0 56.0

61.0

55.0

52.0 57.0

61.0 58.059.0

73.0

38.0 43.0 48.0 53.0 58.0 63.0 68.0 73.0 78.0

2015 2016

US$/dmtu

Iron Ore

19.0

19.8 19.7

17.6 17.4 17.5 17.8

18.4 18.6

16.7 16.4 16.6

15.0 16.0 17.0 18.0 19.0 20.0 21.0

US$/oz

Silver

42.1 43.0

42.5

40.5 40.2

40.7 40.9 41.9

39.8 38.9

38.2 37.7

35.0 36.0 37.0 38.0 39.0 40.0 41.0 42.0 43.0 44.0

US$/oz

Gold

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Launching of Malaysia Promotion Programme in Sydney 3 December 2016

MITI PROGRAMME

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ASEAN ECONOMIC INTEGRATION

Mastura Ahmad Mustafa Senior Director

mastura@miti.gov.my

Ahmad Hisham Idris Director

Zarina Md. Yusuf Principal Assistant

Director

Principal Assistant Director

Guna Seelan a/l Balakrishnan

Noor Hazreen Ahmad Murad

Noraini Abrahim

Emmy Josefina Jamil

Mohammad

Ishamudin Ismail Mas Aidiff Mas’ut

Senior Assistant Director

Zuriana Ibrahim

Senior Assistant Director

Senior Assistant Director Senior Assistant

Director Assistant Director

Assistant Director

PA to Senior Director

PA to Director

Senior Administrative

Assistant Administrative

Assistant Operational

Assistant Mohd Firdaus Mohd Ali

Siti Nur Ramizah Abd. Razak

Mohd Faizol Isma Amzan

Rizman Shahrin Abdul Razak

Ahmad Bakhtiar Abd. Razak Nor Hazirah Kan Hussin Kan

Azzalina Mohamed Aziz

Nurulyana Afifie Abdullah

Fuziah Abdullah

Nur Ayunni Che Ya

Jawaiziana Wailid

Mawarni Sahar Hazman Hashim

MITI @ Your Service

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Statement by Financial Markets Committee:

Initiative to Develop the Onshore Financial Market

As part of the strategy to broaden and deepen the Malaysian financial markets, the Financial Markets Committee, in collaboration with Bank Negara Malaysia (BNM), would like to announce several measures intended to enhance the liquidity of the foreign exchange (FX) market with effect from 5 December 2016:

Liberalisation and deregulation of the onshore ringgit hedging market

• To provide greater flexibility for market participants to manage foreign exchange (FX) risks, residents (including resident fund managers) may freely and actively hedge their USD and CNH exposures up to a limit of RM 6 million per client per bank. A one-time declaration of non-participation in speculative activity would suffice.

• Resident and non-resident fund managers can now actively manage their FX exposure up to 25% of their invested assets. To qualify for this arrangement, registration with BNM would suffice.

• To broaden accessibility of foreign investors and corporates to the onshore FX market, offshore non- resident financial institutions may participate in the Appointed Overseas Office¹ (AOO) framework which will be accorded additional flexibilities on ringgit transactions. These flexibilities include FX hedging (own account/on behalf of client) for current and financial account based on commitment, opening of ringgit account (book-keeping) and extension of ringgit trade financing.

Streamlining treatment for investment in foreign currency assets

Resident entities with domestic ringgit borrowing are free to invest in foreign currency assets both onshore and abroad up to the prudential limit of RM50 million. Residents without domestic ringgit borrowing shall continue to enjoy flexibility of investing in foreign currency assets both onshore and abroad up to any amount.

This gives equal treatment for residents with ringgit borrowings investing in foreign currency assets whether in the onshore or offshore market.

Incentives and treatment of export proceeds

Exporters can retain up to 25% of export proceeds in foreign currency. They may hold higher balances with approval from BNM to meet their obligations in foreign currency. Payment by resident exporters for settlement of domestic trade in goods and services is now to be made fully in ringgit. All ringgit proceeds from exports can earn a higher rate of return via a special deposit facility. The special deposit facility for ringgit proceeds will be offered to exporters via all commercial banks and receive a rate of 3.25% per annum. This facility will be offered until 31 December 2017 subject to further review.

Foreign currency arising from conversion of export proceeds will be used to ensure continuous liquidity of foreign currency in the onshore market. In addition to the newly announced hedging measures, exporters are also able to hedge and unhedge up to 6 months of their foreign currency obligations.

These measures are intended to promote a deeper, more transparent and well-functioning onshore FX market where genuine investors and market participants can effectively manage their market risks with greater flexibility to hedge on the onshore market. A deep and liquid onshore FX market will enable investors to better manage against volatile currency movements.

The above measures are part of a series of market development initiatives by the Financial Markets Committee.

The aspiration is to have a highly developed, liquid and deep FX market in Malaysia commensurate with the growth of the economy and the increasingly sophisticated needs of the users.

To facilitate enquiries, members of public may contact 03-2698 6089, 03-2692 8736, 03-2691 6473, 03-2691 3164 or 03-2693 0772 (Monday to Friday from 9 a.m. to 5 p.m.; Saturday and Sunday from 9 a.m. to 1 p.m.) or email infofmc@bnm.gov.my starting from 3 December 2016.

Note: ¹ Appointed Overseas Office refers to appointed overseas parent company, subsidiary company, sister company, head office or branch of a licensed onshore bank’s banking group, excluding a licensed international Islamic bank.

Source: http://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=4316&lang=en

Press Release

2 December 2016

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Dear Readers,

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