Brace for China Investment, Remittance Restrictions
Malaysia-China Chamber of Commerce (MCCC) Sabah branch president Datuk Frankie Liew has urged local entrepreneurs to change their mindsets and be prepared for the impact arising from China's restrictions on outbound investments and remittance.
Liew also urged local businesses to embrace digital payment via WeChat Pay and Alipay.
"I believe most of us are aware of the impact brought about by certain China policies.
"The first is the restrictions on outbound investments and remittance by the Chinese Government; the second being the usage of WeChat Pay and Alipay in Malaysia" he said that during a talk conducted by United Overseas Bank (UOB) for the chamber here recently.
Liew hoped that the local banks would provide more finance facilities and incentives to support investment projects undertaken by local and China companies.
At the same time, he urged local merchants and banks to be well-prepared for the new digital payment trend brought about by WeChat Pay and Alipay.
He said digital payment would not only accelerate and provide more convenience to cross border trade between Malaysia and other countries, particularly China, but also spur the domestic e-commerce industry.
With the increasing e-commerce transactions, Liew said the logistics and courier service would have to anticipate for the growing demands as well.
Also present were MCCC Sabah branch vice president Foo Ngee Kee, treasurer Datuk Soh Poh Soon, vice treasurer Datuk Liew Siew Kian and members.