Citi Enters Partnership To Help Establish Penang As A Financial Services Hub

Vanessa Doctor

12 September 2013

aims to attract foreign and local companies in the technology sector to centralise or consolidate their regional or global treasury management operations in Malaysia. In 2012, the country attracted some MYR162.4 billion ($49.8 billion) in investments -- more than any other year despite the uncertain global economic conditions. Of the investments approved, 78 per cent were contributed by domestic investments and 22 per cent came from foreign investments.

While not a strictly wealth management area, the move by Citi to boost Penang and Malaysia in the treasury management area is reflective of the region's perceived broader potential.

"Penang continues to be considered a prime location with significant outsourcing potential. We are constantly improving and expanding the technology ecosystem to further encourage and ensure sustainable growth," said , special advisor to the Chief Minister of Penang, in a statement.

The centre in Penang is Citigroup's largest regional trade & cash processing centre for the transaction services business, said the firm. It handles some 20 million transactions with a throughput of around $5.8 trillion annually.

In July, Citi Transaction Services Malaysia launched its second office at One Precint in Penang, signalling its commitment to help establish the city as a hub for financial services in Malaysia.