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Prime Minister Datuk Seri Anwar Ibrahim has named Tun Razak Exchange (TRX) in Kuala Lumpur as Malaysia’s global financial hub, with Iskandar Malaysia in Johor set to also gain a special financial zone in a bid to boost its growth.

“The government will mandate Tun Razak Exchange (TRX) as Malaysia’s global financial hub. TRX needs to attract the global financial industry to become the main destination for high-value foreign direct investment (FDI) that will strengthen our business ecosystem,” said Datuk Seri Anwar, who is also the Finance Minister, during the re-tabling of Budget 2023.

Previously known as the Kuala Lumpur International Financial District (KLIFD), TRX is already housing – or has seen investments from – several financial institutions, including banks and insurance companies. HSBC Bank, for instance, invested US$250 million to open its head office in Menara IQ within TRX just last year.

Similarly, Affin Bank also moved its headquarters to the district’s Financial Quarter, back in June 2022. Prudential, too, unveiled its corporate head office at TRX in 2019, with its Menara Prudential being one of the first buildings to be completed and occupied in TRX.

Aside from that, the government also said that it is planning to boost the growth of Iskandar Malaysia, Johor, through the introduction of a special financial zone. Although there is not much information at the moment, Datuk Seri Anwar has said that this will involve offering a competitive incentive package to attract international investors and knowledge workers to call Malaysia their home.