M’sia on track to become regional e-commerce leader

By IZZAT RATNA / Pic By MUHD AMIN NAHARUL

MALAYSIA is on track to become the leading sourcing and fulfilment hub, supported by its close partnership with China, said HSBC Bank Malaysia Bhd.

The bank said the recent signing of memorandum of understanding between Malaysia Digital Economy Corp (MDEC) and Alibaba Group Holding Ltd under the electronic world trade platform (eWTP) will pave the way for Malaysia to be the regional leader in e-commerce.

“With the eWTP, Malaysia is progressing its economic transformation vision and taking a step towards becoming the leading sourcing and fulfilment hub in Asia,” HSBC Malaysia CEO Mukhtar Malik Hussain said in a statement yesterday.

This partnership aims to build infrastructure for seamless cross-border e-commerce trade between Malaysia and China, as well as to act as a hub for small and medium enterprises looking to run commercial activities, where they can obtain services encompassing e-commerce, cloud computing, logistics, mobile payments and talent training.

“We can definitely see a shift in the way Malaysians are shopping. It is good to see the e-commerce industry and digital economy growing so steadily,” he said, adding that this supports the global move towards a cashless society.

Mukhtar also said the entry of global electronic wallet (e-wallet) providers is also expected to transform the payment system landscape in Malaysia.

“The emergence of e-wallets will contribute to the further development of e-commerce and will enhance the retail payment systems by offering fast, easy and secure payment processes,” he said.