Forest City Special Financial Zone (Issue 2 of 2)
This section of the newsletter explores the strategic initiatives of the Forest City Special Financial Zone, emphasizing its enhancement of fintech sectors like RegTech and insurtech. It details the zone’s impact on increasing Malaysia’s digital payment transactions and banking sector assets.
Driving Digital and Financial Innovation
The zone’s strategic focus includes fostering fintech sectors like regulatory technology (RegTech) and insurance technology (insurtech). Collaborative efforts in these areas will support Malaysia’s broader goal of transforming it into a regional leader in cutting-edge financial services.
The growth of digital payments in Malaysia, which saw 11.5 billion transactions in 2023, underscores the region’s potential as a dynamic hub for payment innovation. The Special Financial Zone aims to enhance Malaysia’s banking sector assets, which grew by 5.1% year-on-year to 3.5 trillion ringgits in 2023, by fostering innovative banking solutions and facilitating seamless cross-border transactions.
A Vision for Talent and Sustainable Growth
Recognizing the critical role of talent in sustaining economic growth, deliberate steps are being taken to address skills gaps and enhance workforce capabilities within Johor, particularly to support Forest City. The goal is to create high-skilled, high-value jobs, attract top talent globally, and ensure sustainable growth for both Forest City and the Malaysian economy.
Conclusion
Today, we have enriched the Forest City Special Financial Zone with a range of incentives designed to birth a new economic hub in the region. These incentives promise substantial benefits for the Rakyat, fostering high-value jobs, stimulating economic growth, and elevating Malaysia’s global standing. Together, we look forward to unlocking greater value for the Jewel of the South and forging a stronger, more resilient, and prosperous Malaysia.
