SIGNING CEREMONY WITH FINHERO & NTT DATA CORP OF JAPAN

SPEECH BY THE CHIEF MINISTER OF PENANG
YAB TUAN CHOW KON YEOW
SIGNING CEREMONY WITH FINHERO &
NTT DATA CORP OF JAPAN
29 MARCH 2024 | MERCURE PENANG BEACH

YBhg. Dato' Loo Lee Lian
Chief Executive Officer of InvestPenang

Mr. Top Lim
Chief Executive Officer & Co-Founder of FinHero

Mr. Shinichiro Nishikawa
Head of Global Payments and Services Division, Payments Services Sector of NTT Data Corporation

Mr. Lim Kok Hing
Chief Executive Officer of iPay88

Members of the Industry,

Distinguished guests,

Members of the press,

Ladies and gentlemen,

Good evening and Salam Sejahtera.

I am delighted to be here among all of you for today’s official Signing Ceremony, marking the beginning of a promising partnership between FinHero and NTT Data Corp of Japan.

FinHero, established by Sisters Inspire Sdn Bhd in 2019, stands as a Business-to-business (B2B) financial solutions provider, specialising in financial services that cater to the modern business environment, and one that aims to bridge the gap in the financial services industry. FinHero’s services encompass Finance as a Service (FaaS), Smart and Predictive Digital Financing Platform, Trade Finance Solutions, as well as Automated Collections.

It is also heartening to note that FinHero was a beneficiary of InvestPenang’s “Penang i4.0 Seed Fund” programme in 2021. Initiated by the Penang State Government, this programme aims to provide funding to qualified high-potential technology startups. The programme has supported 49 companies with a total fund of RM5 million.

Today marks a significant new milestone for FinHero since receiving its initial seed funding. This strategic partnership today with NTT Data, a global digital business and IT services provider from Japan, not only underscores the innovative spirit of Penang but also sets the stage for transformative growth across the region. With its cutting-edge financial technology, FinHero is poised to expand its reach throughout Asia, empowered by the extensive networks and resources from NTT Data.

Ladies and gentlemen,

Penang continues to serve as the economic powerhouse of the nation. Driven by our “Twin Engines of Industrial Growth”, the State recorded a total approved investments of RM63.4 billion in the manufacturing sector and RM1.6 billion in the services sector in 2023, making Penang the highest recipient of approved investments nationally. Overall, both sectors covered 90% of the overall investments obtained by Penang in the said year.

While manufacturing still dominates the state’s investment landscape, we are witnessing increasing momentum from the services sector, particularly the digital economy industries including digital global business services (DGBS). From 2019 to 2023, Penang has garnered nearly RM20 billion of approved investments in the services sector, accounting for 9% of the state’s total approved investments during those years. With the digital economy expected to contribute 25.5% of the country’s GDP and create over 500,000 jobs by 2025, Penang is well-positioned to play a prominent role in the national digitalization agenda, driven by manufacturing excellence, innovation, and a readily available talent pool.

Furthermore, Penang is pleased to be recognised as a growing destination for startups. Early this year, Penang’s technology start-up ecosystem was honoured with the “Outstanding Ecosystem among Medium-Sized Population Cities in Southeast Asia 2023” award from StartupBlink, a leading startup ecosystem map and research centre from Switzerland. Remarkably, George Town is ranked as the second highest-ranked city in Malaysia and eighth in Southeast Asia, showcasing its excellence and innovation. Additionally, George Town leads among Southeast Asian cities within its population tier, solidifying its position as a vibrant hub for entrepreneurs.

Penang has set an ambitious goal of fostering 500 technology startups by 2030. As of 2023, the state has successfully cultivated 150 startups, spanning diverse technology verticals including e-commerce, deeptech, edtech, agritech and of course, fintech.

Ladies and gentlemen,

Looking ahead, the Penang State Government is committed to further advancing the industrialisation of the State. With over 50 years of industrialisation, Penang’s robust industrial ecosystem not only welcomes foreign investors but is also eager to nurture our local homegrown companies to greater heights.

Accordingly, today’s signing ceremony between FinHero and NTT DATA Corp of Japan not only symbolizes a momentous alliance but also represents a beacon of hope for the future of Penang's economic landscape. As we witness the fusion of FinHero's innovative financial solutions with NTT DATA's global expertise, we are reminded of the boundless possibilities that lie ahead.

This partnership is not merely a transaction; it's a testament to the resilience and potential of our local companies to soar to greater heights on the global stage. It reaffirms Penang's standing as a hub of innovation and entrepreneurship, where collaborative efforts pave the way for transformative growth.

As we embark on this journey towards a future defined by thriving innovation and flourishing businesses, let us remain steadfast in our commitment to fostering a conducive environment for growth and prosperity. Together, let us build upon the foundation laid by today's agreement, forging a path towards a brighter tomorrow for Penang and its people.

In closing, I extend my deepest gratitude to all stakeholders, particularly InvestPenang, for their unwavering support in driving Penang's economic agenda forward. And to FinHero and NTT DATA Corp, I offer my heartfelt congratulations and best wishes for success as you embark on this exciting chapter of collaboration.

Thank you.