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MITI Weekly Bulletin | www.miti.gov.my

CongratulationsYBHG. DATUK SERI J.JAYASIRISECRETARY GENERAL (MITI)

The Darjah Kebesaran Seri Mahkota Wilayah (S.M.W.)In Conjunction with The Federal Territories Day

1 February 2017

On Being Conferred



RESPONSE TO THE US WITHDRAWAL FROM THE TPPA

MEDIA RELEASE

President Donald Trump signed the Executive Order on Monday withdrawing the US from the Trans Pacific Partnership Agreement (TPPA). President Trump’s action was not totally surprising as he had many times in the past vowed to withdraw U.S. from the TPPA, referring the deal as a “potential disaster” to the American economy. Signed by Malaysia and 11 other parties on 4 February 2016, the TPPA under the present conditions for entry into force cannot take place without the US participation, as it accounts for about 60% of the combined GDP of the 12 members. Under the agreement, a minimum of 6 countries accounting for 85% of the combined GDP of the 12 members must ratify before the TPPA can enter intomforce. During the meeting between 12 Leaders of TPPA countries in Lima on 19 November last year, all leaders reaffirmed their commitment towards the realisation of this high quality agreement because of the benefits it brings to their respective economies and the region, particularly in boosting trade and investment, as well as further enhancing the internationalisation of small and medium sized enterprises. Japan and New Zealand have completed their domestic ratification process and Japan has already deposited its instrument of ratification on 20 January 2017. President Trump’s contention was that the TPPA would cause job losses in the US and outflow of funds to other TPPA countries, meaning other TPPA countries including Malaysia will gain and the US will lose out. In our view TPPA is a balanced agreement beneficial to all of its members. The US will also benefit from better market access to countries which they do not have FTA with such as Japan, Vietnam and Malaysia. With the latest development in the US, the TPPA Chief Negotiators from other 11 countries will be in constant communication with each other to consider all available options before deciding the best way forward. They have been working closely in the last five years and will continue to communicate with each other. Domestically, MITI and all relevant Ministries will engage with various stakeholders to get their views and feedback on the latest development of the TPP and the way forward. Should the TPPA fail to enter into force, it will be a missed opportunity for Malaysia since a number of research houses have singled us out as a clear winner in the TPPA. Our negotiating team managed to secure a number of valuable concessions while at the same time protect our national interest including the Bumiputera policies. Malaysians should, and must take comfort in knowing that we have a highly capable negotiating team ready to defend our interest in any future bilateral or multilateral trade negotiations. As I have said in Davos during the World Economic Forum, should the TPPA fail to materialise, our focus would be to enhance the economic integration of ASEAN in the context of the ASEAN Economic Community (AEC) Blueprint 2025, push for the timely conclusion of the RCEP, as well as pursue bilateral FTAs including with TPPA members whom we currently do not have any preferential trading arrangement. Malaysia will continue to monitor closely developments with regard to the US’ trade policies. Notwithstanding the current position of the new US Administration on TPPA, we will continue to engage with our American colleagues to strengthen our bilateral trade and economic relations, given the US’ importance as our third largest trading partner and a major source of investment.

Dato’ Sri Mustapa MohamedMinister of International Trade and Industry

24 January 2017



MALAYSIA

14.25 million

0.51 million Employed Unemployed

Labour Market, October 2016Labour Force14.77 million

+Outside Labour Force**

7.07 million

Note: * Age between 15 to 64 years ** All persons not classified as employed or unemployed such as housewives, students (including those going for further studies), retired, disabled persons and those not interested in looking for job

Working Age Population*

21.84 million

Labour Force Participation Rate

(LFPR) (%)67.6

Unemployment rate (%)

3.5

Labour Force: 14.77 million

million

Note:LFPR is defined as the ratio of the labour force to the working age population (15 to 64 years), expressed as percentage.Unemployment rate is the proportion of unemployed population to the total population in labour force.

Source : Department of Statistics, Malaysia



Source : Department of Statistics, Malaysia

Distributive Trade, November 2016

RM89,732 million

5.7%

Motor Vehicles

RM 11,664 million1.2%

Wholesale Trade


Retail Trade


Distributive Trade

Sale Value of Distributive Trade by Subsector, 2011-2016 (Jan-Nov)

793.2 836.4 881.4 951.2 1,007.4 967.2

15.4

5.4 5.4

7.9

5.9

0

2

4

6

8

10

12

14

16

18

0

200

400

600

800

1000

1200

2011 2012 2013 2014 2015 2016Jan-Nov

Grow

th (%

)

RM B

illio

n

Distributive Trade

Sales Growth (Y-o-Y)

412.6 429.0 444.8 471.9 493.2 473.0

21.4

4.0 3.7

6.14.5

0

5

10

15

20

25

360

380

400

420

440

460

480

500

2011 2012 2013 2014 2015 2016Jan-Nov

Grow

th (%

)

RM B

illio

n

Wholesale Trade


115.9 123.1 127.2 135.6 142.7 126.4

7.3

6.2

3.3

6.6

5.3

0

1

2

3

4

5

6

7

8

0

20

40

60

80

100

120

140

160

2011 2012 2013 2014 2015 2016Jan-Nov

Grow

th (%

)

RM B

illio

n

Motor Vehicles


264.7 284.3 309.5 343.7 371.5 367.8

10.6

7.4

8.9

11.1

8.1

0

2

4

6

8

10

12

0

50

100

150

200

250

300

350

400

2011 2012 2013 2014 2015 2016Jan-Nov

Grow

th (%

)

RM B

illio

n

Retail Trade




International ReportThailand’s Trade Performance, 2016

+65

.8

51.2

36.6

20.5

14.7

14.5

13.9

13.7

13.1

11.3

64.7

51.3

37.9

22.1

15.9

14.4

12.9 14.0

13.4

11.1

0

10

20

30

40

50

60

70

China Japan U.S.A Malaysia Singapore Indonesia Viet Nam Australia Hongkong SouthKorea

USD

Billio

n

2016 2015

Top 10 Trading Partners, 2016/2015

Total Trade2015:USD417.0bil2016:USD410.0bil

Exports USD215.3b 0.5%

ImportsUSD194.7b 3.9%

Total TradeUSD410.0b 1.7%

Source: Ministry of Commerce, Thailand

28.7

5

31.1

5

29.5

8

31.6

3

29.8

1

34.1

4

35.7

4

37.6

3

39.9

2

40.2

1

44.3

9

39.8

9

22.8

6

26.2

7

26.9

8

29.1

5

26.3

0

32.9

7

34.4

8

35.6

8

38.6

3

39.6

1

41.6

6

38.3

8

51.60

86.05

0

10

20

30

40

50

60

70

80

90

100

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016Jan-Nov

RM B

illion

Exports Imports Total TradeSource : Department of Statistics, Malaysia

Malaysia’s Trade with Thailand, 2005-2016 (Jan-Nov)



Note: * Provisional data

0

20

40

60

80

100

120

140

160

180

0

20

40

60

80

100

120

140

160

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

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

Number and Value of Preferential Certificates of Origin (PCOs)

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

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

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

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

ASEAN-China Free Trade Agreement (ACFTA)


0

100

200

300

400

500

600

700

800

900

1,000

0

50

100

150

200

250

300

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

ASEAN-Korea Free Trade Agreement (AKFTA)


0

50

100

150

200

250

300

350

0

50

100

150

200

250

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

ASEAN-Japan Comprehensive Economic Partnership (AJCEP)


0

100

200

300

400

500

600

700

800

0

50

100

150

200

250

300

350

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

ASEAN-India Free Trade Agreement (AIFTA)


0

200

400

600

800

1,000

1,200

0

50

100

150

200

250

300

350

400

450

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

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




Note: * Provisional data

Number and Value of Preferential Certificates of Origin (PCOs)

Source: Ministry of International Trade and Industry, Malaysia

0

200

400

600

800

1,000

1,200

0

50

100

150

200

250

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

Malaysia-Japan Economic Partnership (MJEPA)


0

50

100

150

200

250

0

10

20

30

40

50

60

70

80

90

100

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

Malaysia-Pakistan Closer Economic Partnership (MPCEPA)


0

2

4

6

8

10

12

14

16

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

Malaysia-New Zealand Free Trade Agreement (MNZFTA)


0

10

20

30

40

50

60

70

80

0

5

10

15

20

25

30

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

Malaysia-China Free Trade Agreement (MCFTA)


0

50

100

150

200

250

300

350

400

450

0

10

20

30

40

50

60

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

Malaysia-India Comprehensive Economic Cooperation Agreement (MICECA)


0

100

200

300

400

500

600

0

10

20

30

40

50

60

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

Malaysia-Australia Free Trade Agreement (MAFTA)


0

50

100

150

200

250

300

0

50

100

150

200

250

300

350

13 N

ov

20 N

ov

27 N

ov

4 D

ec

11 D

ec

18 D

ec

25 D

ec

1 Ja

n

8 Ja

n

15 J

an

22 J

an

29 J

an

No. o

f Cer

tific

ate

of O

rigin

RM m

il.

Malaysia-Turkey Free Trade Agreement (MTFTA)




Source : Bank Negara, Malaysia

Malaysian Ringgit Exchange Rate with Selected Countries,January 2016 - January 2017

US Dollar

Chinese Yuan

Thai Baht

Japanese Yen

Singapore Dollar

New Taiwan Dollar

4.3481

4.4596

3.60

3.70

3.80

3.90

4.00

4.10

4.20

4.30

4.40

4.50

4.60

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

2016 2017

RM

USD 1 = RM

0.6615

0.6466

0.57

0.58

0.59

0.60

0.61

0.62

0.63

0.64

0.65

0.66

0.67


2016 2017

RM

CNY 1 = RM

12.0200

12.5766

10.00

10.50

11.00

11.50

12.00

12.50

13.00


2016 2017

RM

THB 100 = RM

3.6805

3.8818

3.30

3.40

3.50

3.60

3.70

3.80

3.90

4.00

4.10


2016 2017

RM

JPY 100 = RM

3.0323

3.1214

2.75

2.80

2.85

2.90

2.95

3.00

3.05

3.10

3.15


2016 2017

RM

SGD 1 = RM

12.9926

14.0734

8.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00


2016 2017

RM

TWD 100 = RM



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-

3 Feb 2017 : US$56.8, 2.3%*

Average Pricei : 2016: US$45.3 2015: US$53.6

CRUDE PALM OIL-per MT-

3 Feb 2017 : US$810.0, 3.0%*

Average Pricei : 2016: US$702.2 2015: US$616.9

RUBBER SMR 20-per MT-

3 Feb 2017 : US$2,221.0, 3.6%*

Average Pricei : 2016: US$1.394.5 2015: US$1.364.3

COAL -per MT-3 Feb 2017 : US$44.1, unchangedAverage Pricei : 2016: US$45.6 2015: US$49.9

COCOA SMC 2-per MT-

3 Feb 2017 : US$1,485.7, 13.4%*

Average Pricei : 2016: US$1,609.8 2015: US$2,077.0

SCRAP IRON HMS-per MT-

3 Feb 2017 : US320.0 (high), unchanged US$290.0 (low), unchangedAverage Pricei : 2016: US$243.2 2015: US$239.6

HIGHEST and LOWEST 2016/2017

Highest 6 Jan 2017 : US$57.1 30 Dec 2016 : US$56.8

Lowest

13 Jan 2017 : US$55.5

15 Jan 2016 : US$28.9

Crude Petroleum

(Brent)-per bbl-

Highest 20 Jan 2017 : US$843.0 30 Dec 2016 : US$797.5

Lowest

15 Jan 2016 : US$545.5 13 Jan 2017 : US$798.8

Crude Palm Oil -per MT-

Domestic Prices3 February 2017

Steel Bars(per MT)

RM2,180 – RM2,330

Billets(per MT)

RM2,050 – RM2,150

SUGAR -per lbs-3 Feb 2017 : US¢ 21.1, 3.8%*

Average Pricei : 2016: US¢18.2 2015: US¢13.2



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.

744.0749.0

770.0776.0

786.0789.5

797.5 798.8

812.5

843.0

835.0

810.0

680

700

720

740

760

780

800

820

840

860

18 Nov 25 Nov 2 Dec 9 Dec 16 Dec 23 Dec 30 Dec 6 Jan 13 Jan 20 Jan 27 Jan 3 Feb

US$

/mt

Crude Palm Oil

1,790.6 1,797.3

1,770.5

1,729.0

1,653.4

1,585.01,566.0

1,609.81,596.3

1,506.6

1,715.8

1,485.7

1,400

1,450

1,500

1,550

1,600

1,650

1,700

1,750

1,800

1,850


US$

/mt

Cocoa

20.2

19.8

19.119.2

18.2 18.2

19.5

20.820.5

20.220.3

21.1

16.0

16.5

17.0

17.5

18.0

18.5

19.0

19.5

20.0

20.5

21.0

21.5


US¢

/lbs

Sugar

1,688.0

1,744.51,711.0

1,800.5

2,102.0

1,956.5 1,970.01,995.0

2,228.5

2,166.0

2,303.0

2,221.0

1,400

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

2,300

2,400

18 Nov 25 Nov 2 Dec 9 Dec 16 Dec 23 Dec 30 Dec 6 Jan 13 Jan 20 Jan 27 Jan 3 FebU

S$/m

t

Rubber SMR 20

6,900 7,088 7,113

7,281

6,917 6,851 6,730

6,337

6,085 5,965

4,516

3,984

4,366

4,739

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

2016 2017

USD

/ to

nne

Black Pepper

* until 3 February 2017



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

1,481

1,531 1,531

1,571 1,551

1,591

1,629 1,641

1,589

1,663

1,737 1,728

1,790

1,400

1,450

1,500

1,550

1,600

1,650

1,700

1,750

1,800

1,850


2016 2017

US$

/ to

nne

Aluminium

4,472

4,599

4,954 4,873

4,695 4,633

4,865

4,759 4,716 4,726

5,451

5,660 5,743

4,000

4,200

4,400

4,600

4,800

5,000

5,200

5,400

5,600

5,800

6,000


2016 2017

US$

/ to

nne

Copper

8,507 8,299

8,717 8,879

8,660

8,906

10,263 10,366

10,176 10,251

11,129 10,972

9,975

7,000

7,500

8,000

8,500

9,000

9,500

10,000

10,500

11,000

11,500


2016 2017

US$

/ to

nne

Nickel

45.7 46.1

51.7 51.551.9

53.053.7 54.0

52.4 52.453.2

53.8

46.9 47.2

54.5 54.355.2 55.2

56.8 57.1

55.5 55.5 55.5

56.8

40

42

44

46

48

50

52

54

56

58

60


US$

/bbl

Crude Petroleum

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



925.0 925.0920.0

927.0

906.0 905.0 903.0

961.0

973.0965.0 967.0

994.0

840.0

860.0

880.0

900.0

920.0

940.0

960.0

980.0

1,000.0

1,020.0


US$

/oz

Platinum


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

240.0 240.0

250.0

290.0295.0

300.0 300.0 300.0

320.0 320.0 320.0 320.0

230.0 230.0

240.0

270.0

280.0285.0 285.0

290.0 290.0 290.0 290.0 290.0

150

170

190

210

230

250

270

290

310

330

350

21 Oct 28 Oct 7 Nov 11 Nov 18 Nov 25 Nov 2 Dec 19 Dec 23 Dec 6 Jan 16 Jan 3 Feb

US$

/mt

Scrap Iron

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

42.0

47.0

56.0

61.0

55.052.0

57.0

61.058.0 59.0

73.0

80.0 80.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0


2016 2017

US$

/dm

tu

Iron Ore

16.7

16.416.6

17.0

16.1

15.8

16.2

16.4

16.7

17.0

16.8

17.5

14.5

15.0

15.5

16.0

16.5

17.0

17.5

18.0


US$

/oz

Silver

38.9

38.2

37.7

37.4

36.4 36.4

36.8

37.8

38.3

38.6

38.1

39.1

34.5

35.0

35.5

36.0

36.5

37.0

37.5

38.0

38.5

39.0

39.5


US$

/oz

Gold



Pelancaran Program Penghijauan Dan Pengindahan Bandar Jeli1 Februari 2017

MITI Programme



Anugerah Kecemerlangan MITI 2016

Pengiktirafan Bintang Agensi Sektor Awam, 2015-2016

ANNOUNCEMENT



SME Bank’s unique value proposition of “Beyond Financing” model in developing SMEs has been recognised at the international level for the Bank to be the first Development Financial Institution (DFI) in Malaysia and ASEAN to be a member of The Montreal Group, an exclusive global forum for state-owned development banks focused on assisting micro, small and medium-sized enterprises.

Founded in 2012 by seven members with a total estimated combined assets of USD2 trillion, TMG was established to encourage exchange of ideas, best practices and foster greater understanding of the international market for the growth of SMEs.

The Group Managing Director of SME Bank, Datuk Mohd Radzif said, “This is a testament to the Bank of how far we have gone. TMG recognises SME Bank as a prominent DFI in the country as well as the ASEAN region. We do not just offer financing but we also carry the role of nurturing and developing the SMEs through the Bank’s various intervention programmes.”

Datuk Radzif added, “Our business model is the result of our continuous efforts in improving ourselves to ensure that we are able to fulfill the Government’s mandate and support the unserved and underserved segments of the SMEs while ensuring our sustainability.”

Since its establishment in 2005, SME Bank has approved total financing amounting to RM26 billion and assisted more than 15,000 SME entrepreneurs. The Bank’s Upward Migration programme has successfully upgraded more than 800 SME businesses to a higher level. Meanwhile, CEDAR or Centre for Entrepreneur Development and Research Sdn. Bhd., a wholly-owned subsidiary of SME Bank, has successfully coached more than 33,000 participants in various SME entrepreneurial training programmes

As a member of TMG, SME Bank will have access to best practices on multiple areas such as governance, risk management, human capital development, delivery channels, product and service innovations, and other international standards for potential adoption. In addition, it is also an opportunity for the Bank to leverage on TMG’s forward looking research.

From SME Bank’s perspective, it would be able to share it views on the SME market in Malaysia and ASEAN region in general. Being accepted to the Group is part of the Bank’s journey in achieving its vision towards becoming a full-fledged specialised financial institution; an international benchmark for nurturing SME excellence.

There are eight current members of TMG namely Business Development Bank of Canada (BDC-Canada), Banco Nacional De Desenvolvimento Economico E Social (BNDES-Brazil), Banque Publique d’Investissement (Bpifrance-France), China Development Bank (CDB-China), Nacional Financiera Banca de Desarollo (Nafinsa-Mexico), Small Industrial Development Bank of India (SIDBI-India), Finnvera (Finland) and Saudi Industrial Development Fund (SIDF-Saudi Arabia). With the joining of SME Bank as the latest TMG member, there will be nine TMG members in the Group.

SOURCE: http://www.smebank.com.my/montreal/

SME Bank first DFI in Malaysia andASEAN to join The Montreal Group



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