Dato’ Omar Siddiq, Chief Executive Officer, HSBC Malaysia

In the 19^th century, Penang’s strategic location and port facilities served as a catalyst for the establishment of several banks in the country including HSBC, whose origins were fuelled by the need to facilitate trade and serve the international needs of customers here.

From Penang in 1884, moving then into the Malay peninsula and after the Second World War across the South China Sea to Borneo, the then HSBC established a truly Malaysia-wide reach even before the country’s independence. This was reinforced when we absorbed the Mercantile Bank in 1959, which broadened our country-wide coverage even further.

Over the last more than 140 years, HSBC has supported Malaysia’s financial and economic developments. The bank has been a fervent supporter of the government’s ambitious plans for the growth and economic advancement of the nation and has stepped up efforts to promote positive social change.

Malaysia plays an important role within HSBC’s ASEAN expansion plans. We have a solid understanding of the challenges businesses face today and are well positioned to support our clients as they navigate complexity seamlessly, by providing the right insights, expertise and capabilities.

What are some of your organisation’s proudest moments/milestones in Malaysia?

As a key connector in the business community, HSBC has played a vital role as a major conduit in the financial services space, fostering the development of trade and investment between Malaysia and abroad.

Aligned with Malaysia’s focus on trade and foreign direct investment, we collaborate closely with government entities, recently assisting in trade delegations including the Prime Minister’s visits to China, New York, and Hong Kong.

HSBC continues to strengthen its position as a trusted partner to the government, fostering economic development and international relations. Notably, this year we were the presenting sponsor for a significant ASEAN conference organised by the South China Morning Post, the ‘China Conference: Southeast Asia’, to explore how China and Southeast Asia are shaping the region’s future. This initiative marked the commencement of Malaysia’s ASEAN chairmanship, highlighting our commitment to fostering regional cooperation and development.

MY – UK Investment: Describe your operations and total investments in Malaysia to date

Today, HSBC has approximately 6,000 employees in Malaysia, inclusive of employees in the bank and its network of 54 branches nationwide along with its global shared service centre, which serves the operations of 39 different countries. Our goal is to help our clients grow their businesses and embrace all the opportunities Malaysia has to offer.

Investments into Malaysia

• US$250 million investment in our Malaysian headquarters in the financial hub of TRX
• Opening of flagship Wealth Centre in 2025 for high-net-worth clients in Menara IQ at TRX

 

Based on your overall experience of doing business in Malaysia name the advantages and challenges of doing business in Malaysia. 

Malaysia offers significant investment opportunities with trade to GDP reaching 1 to 1.2 times of GDP. Its booming demography, flourishing business landscape inclusive of a vibrant manufacturing sector, along with its favourable government policies, all offer corporates unique investment prospects. Its diversified economy and connectivity to global trade networks and supply chains further add to its allure.

Located strategically in the heart of ASEAN, Malaysia has one of the highest standards of living in the region. With its superior infrastructure and the substantial investment planned over the coming years, the country makes for an ideal regional and international base for businesses.

Based on your experience in operating in Malaysia what are the 3 most important criteria for achieving business success in Malaysia?

• • It is important to understand the nuances of the Malaysian market to navigate it effectively. Teaming up with trusted partners who understand these dynamics can greatly benefit your business strategy.
  • It is crucial to have a thorough understanding of the regulatory landscape and ensure compliance with all local laws and regulations.
  • It is also key to understand the target segment for your business in Malaysia and prioritise initiatives that cater to their needs.

 

How do you see your business growth and prospects in Malaysia?

HSBC is a bank with a long association with Malaysia and in many instances, deep relationships with our customers here. Our unparalleled international network has played a key role in fostering the development of trade and investment between Malaysia and the wider world. Coupled with our emphasis on catering to the wealth and investment needs of our customers along with our focus on technology and sustainability here in Malaysia, HSBC remains highly relevant to the country’s economic growth.

As a committed long-term participant, HSBC actively collaborates with the government, clients and stakeholders to bolster Malaysia’s global standing, foster economic growth and support trade and wealth management endeavours.

What are the top 3 reasons for your organisation joining the BMCC?

Our affiliation with the BMCC enables us to:

• Nurture relationships with diverse UK businesses, investors and government associations in Malaysia and the UK.
• Contribute to the advancement of bilateral trade relations between the UK and Malaysia, a key corridor for our global business.
• Access and exchange valuable market insights and resources with senior corporate executives and government ministries through dialogue engagements.

 

What is the top value you see for yourself or your organisation in being a member of the BMCC?

The greatest opportunity for us is having access to a wide-ranging and vibrant network of businesses and individuals who are committed to promoting greater connectivity across the Malaysia-UK corridor, developing the Malaysian business landscape, and spurring innovation and collaboration for shared success.

In one sentence, how would you describe your own experience or your organisation’s experience as a member of the BMCC.

As a member of the BMCC and as the Co-Deputy Chair of the BMCC Board HSBC has been able to leverage the BMCC network to build connections in Malaysia and the UK, capitalise on opportunities to support other BMCC members in their pursuit of cross border expansion and gain crucial insights about promoting business success across sectors.