This article first appeared in The Edge Malaysia Weekly on October 12, 2026 - October 18, 2026

Datuk Seri Abdul Rasheed Ghaffour

Governor, Bank Negara Malaysia

Belanjawan 2027 reflects a balanced approach that continues to advance important reforms while supporting households and businesses amid ongoing global uncertainties. The budget places greater emphasis on strengthening Malaysia’s economic resilience, raising incomes, improving healthcareaffordability and supporting productive investment, while preserving fiscal discipline. Going forward, the key challenge will be to ensure that productivity, innovation and investment continue to strengthen alongside rising incomes so that growth remains sustainable and benefits are shared broadly.

Datuk Fad’l Mohamed

CEO, Bursa Malaysia

The measures announced in Budget 2027 will enable Malaysian companies to build capabilities, expand their market reach and pursue larger opportunities. For the capital market, this helps strengthen the pipeline of companies that can eventually seek public-market financing.

Investments to accelerate the growth of local semiconductor companies to higher-value segments and funding for mid-tier companies across sectors such as electrical and electronics, aerospace, digital and medical devices will deepen Malaysia’s industrial and technology capabilities and prepare more businesses to tap the capital market as they grow.

Datuk Mohammad Faiz Azmi

Chairman, Securities Commission Malaysia

The matching grant for dual listings on Bursa Malaysia and the Stock Exchange of Hong Kong will open opportunities for Malaysian companies to access a deeper pool of regional capital and expand beyond our shores. In addition, guides on a single submission arrangement were recently issued by the SC and Hong Kong Securities and Futures Commission (SFC), bringing into operation a simplified dual IPO listing framework. There has also been strong interest from potential Hong Kong fund managers to list exchange-traded funds (ETFs) on Bursa Malaysia and we anticipate the first listing to happen soon.

To ensure better access to capital, the SC welcomes the RM270 million allocation for micro, small and medium enterprises (MSMEs). This will be mobilised through equity crowdfunding (ECF) and peer-to-peer (P2P) financing platforms. It expands the range of financing options available to MSMEs, reducing their reliance on traditional funding sources while improving access to growth capital.

Datuk Khairussaleh Ramli

President and group CEO, Maybank

Chairman of the Association of Banks in Malaysia

The banking industry plays a pivotal role in advancing the government’s priorities by strengthening investor confidence, mobilising capital and facilitating economic activities. Greater access to financing, including microfinancing for SMEs and entrepreneurs, will help businesses grow and contribute more meaningfully to the economy.

We welcome the government’s efforts to strengthen Malaysia’s position as a global Islamic finance hub. Building on Malaysia’s position as one of the world’s largest sukuk markets, Maybank, as a leader in Islamic finance and the world’s No 1 sukuk house, remains committed to expanding shariah-compliant financing and investments to support sustainable economic growth.

Novan Amirudin

Group CEO, CIMB Group Holdings Bhd

Fiscal consolidation has been achieved through targeted subsidy rationalisation, a broader and more progressive revenue base, better governance and reduced leakages, while cushioning vulnerable households through strengthened social assistance. At the same time, reforms increasingly focus on retirement adequacy, social protection, skills development, productivity enhancement and economic upgrading, reflecting a broader ambition to build an economy that delivers not just growth, but a living wage, greater economic mobility and a dignified standard of living for every rakyat.

For the banking sector, these reforms create a more stable macroeconomic environment, strengthen investor confidence and support Malaysia’s attractiveness as an investment destination. They also create opportunities to mobilise capital towards priority areas such as industrial upgrading, infrastructure, energy transition, innovation and financial inclusion. In this way, banks become not only beneficiaries of reform, but active partners in advancing sustainable growth, economic resilience and common prosperity.

Tan Sri Tay Ah Lek

Managing director and CEO, Public Bank Bhd

A higher allocation of RM16 billion to cost-of-living relief and targeted cash aid through Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (Sara) reflects a strong resolve to ease pressures on lower- and middle-income households. Continued emphasis on home ownership, job creation and income growth supports domestic demand and is a long-term positive for the broader economy and banking industry.

Workforce upskilling and reskilling continues to be prioritised, in addition to a focused drive on automation and digitalisation. RM6.6 billion in micro-financing assistance and RM32 billion in government-backed financing guarantees for small and medium enterprises (SMEs), among others, will widen access to credit for viable businesses.

Datuk Mohd Rashid Mohamad

Group managing director and group CEO, RHB Bank Group

We welcome measures to improve access to financing, provide tax relief and facilitate business expansion. These measures will give businesses greater room to invest, grow and compete. Expanded financing facilities and support for start-ups should also help encourage entrepreneurship and innovation. Just as importantly, businesses must use this support to strengthen their capabilities, adopt technology and move into higher-value areas of growth.

Measures to support household incomes and ease cost-of-living pressures are equally important. A higher minimum wage, enhanced tax relief and expanded targeted assistance should provide some relief to households.

Kevin Lam

Group managing director and CEO, Hong Leong Bank Bhd

The government’s projected real GDP (gross domestic product) growth of 4.2% to 5.2% for 2027 is broadly aligned with the 13th Malaysia Plan’s target of 4.5% to 5.5% and encompasses HLB’s forecast of 5.0%. We expect growth to be supported by resilient domestic demand, continued policy support and investment in high-value digital services and artificial intelligence (AI). Tourism activity associated with Visit Malaysia 2026-2027, SEA Games 2027 and LIMA 2027 is expected to provide further momentum.

The projected narrowing of the fiscal deficit in 2027 to 3.3% of GDP, or RM77.5 billion, together with the 6% increase in the revised revenue estimate for 2026, provides a firmer fiscal foundation amid persistent global uncertainty. Over time, the quality of investment and effectiveness of implementation will be as important as the pace of growth.

Jamie Ling

Group CEO, AmBank Group

For SMEs, financing guarantees through Syarikat Jaminan Pembiayaan Perniagaan Bhd and Credit Guarantee Corporation Malaysia Bhd have been increased by RM2 billion to RM32 billion, improving access to liquidity and supporting business expansion.

Measures for automation, digitalisation and AI can also help companies lower costs and raise productivity. Higher wages and higher productivity must move together. Businesses need finance, technology and skills so that better pay is sustainable.

The investment measures cover strategic sectors, venture and mid-tier funds, digital infrastructure, energy transition and the Johor-Singapore Special Economic Zone. These initiatives can deepen Malaysia’s role in regional supply chains and attract higher-value investment. The quality of investment matters as much as the amount. The real gain comes when projects create skilled jobs, stronger local suppliers and new capability in Malaysia.

Datuk Wan Razly Abdullah

President & Group CEO, Affin Group

The continued focus on Sabah and Sarawak, with federal allocations of RM18.7 billion and RM16.2 billion, respectively, in 2027, is particularly encouraging. The sustained investment in infrastructure, connectivity and regional development is expected to unlock new economic opportunities while supporting more balanced growth across the country.

For Affin, this aligns well with our strong franchise in East Malaysia, where projects such as the Pan Borneo Highway Sabah, the Sarawak-Sabah Link Road and new gas developments are expected to generate financing opportunities across the infrastructure value chain.

Tan Chor Sen

CEO, OCBC Bank (Malaysia) Bhd

Madani Budget 2027 reflects the government’s commitment to its medium-term economic objectives, while promoting inclusive growth and ensuring that the benefits of development are shared broadly across businesses, communities and households.

From the semiconductor and advanced manufacturing ecosystems in Penang and Kulim to Tanjong Malim’s emergence as a regional automotive hub, these developments can also help local companies integrate into more sophisticated supply chains and move up the value chain. The RM25 billion in domestic investment being mobilised by government linked investment companies under GEAR-uP further supports this direction.

Additionally, enhancements to the Global Services Hub incentive will further reinforce Malaysia’s attractiveness as an investment destination.

Datuk Ng Wei Wei

CEO, UOB Malaysia

The budget provides timely support for the business community through targeted tax measures, investment facilitation, improved access to financing, SME development and the expansion of strategic cross-border economic corridors.

The measures aimed at easing cost-of-living pressures, strengthening human capital development and enhancing social protection are positive steps towards supporting households and reinforcing the economy’s long-term resilience.

Datuk Omar Siddiq

CEO, HSBC Bank Malaysia Bhd

Expanded cash assistance, continued energy subsidies, tax relief for middle-income households and higher minimum wages should provide additional support to consumers. The projected reduction in the fiscal deficit from 3.6% of GDP in 2026 to 3.3% in 2027, alongside expected GDP growth of 4.2%–5.2%, broadly consistent with HSBC’s 5% forecast, provides a solid foundation for continued economic stability and confidence.

We recognise and support the focus on strengthening Malaysia’s competitiveness through improved infrastructure and connectivity, more efficient business processes, reliable and affordable energy, and higher-value investment.

With approved investments reaching RM218.5 billion in the first half of 2026, Malaysia is well placed to benefit as companies diversify supply chains and regional operating footprints. The focus now is to build on this momentum by translating investment commitments into reinvestment, technology transfer, stronger domestic capabilities, higher productivity and quality employment.

Mushahid Syed

Interim CEO, head of coverage and chief financial officer, Standard Chartered Malaysia

At RM510 billion, it is the largest budget to date, but importantly, it remains anchored on fiscal discipline. The commitment to narrow the fiscal deficit to 3.3% of GDP, with federal revenue projected to rise to RM380.8 billion, sends a strong signal of stability to investors, rating agencies and the financial markets.

The continued thrust on NIMP (New Industrial Master Plan) 2030, NETR (New Energy Transition Roadmap), the National Semiconductor Strategy, digital and AI (artificial intelligence), and supply chain diversification gives businesses confidence.

The measures to strengthen the investment ecosystem will enhance Malaysia’s competitiveness as a regional hub for trade, sustainable finance and high-value investment. We look forward to playing our part in connecting capital, capability and markets to deliver on this ambition.

Raja Datin Paduka Teh Maimunah Raja Abdul Aziz

Group CEO, Bank Islam Malaysia Bhd

Malaysia’s next phase of development will depend not only on access to funding, but on how effectively resources, innovation and talent are mobilised to improve productivity, strengthen competitiveness and create higher-value economic activity. As the economy becomes more complex and interconnected, execution will be critical to translating policy intent into meaningful outcomes.

The financial sector has an important role to play by channelling funds towards activities that support national development and economic advancement. At Bank Islam, we see our role as helping businesses innovate, scale and strengthen their long-term sustainability, while ensuring economic opportunities remain accessible and inclusive. Guided by Maqasid Al-Shariah, we are committed to supporting initiatives that create lasting value for businesses, communities and the nation.

Datuk Rizal Rickman Ramli

President & group chief executive, Permodalan Nasional Bhd (PNB)

PNB is appreciative of the government’s announcement to endow 50 acres of prime commercial land in Kuala Lumpur to Yayasan Pelaburan Bumiputera, with the endowment to be managed by PNB. This marks the first new endowment for PNB since its formative years in the early 1980s, reinforcing PNB’s founding mandate to enhance bumiputera wealth and participation through long-term value creation.

The new endowment reflects a long-term commitment to preserving strategic bumiputera ownership, unlocking sustainable economic value from national assets and ensuring the benefits generated can continue to grow and serve future generations. PNB will optimise the economic potential of this endowment by preserving the underlying capital and reinvesting it to support future growth, while distributing profits generated for the benefit of its unitholders.

Ahmad Zulqarnain Onn

CEO, Employees Provident Fund (EPF)

EPF welcomes the increase in minimum wage to RM2,000 as an important labour market reform that will improve workers’ livelihoods and support better retirement adequacy for EPF members. It is also a meaningful step towards increasing labour’s share of national income, ensuring the benefits of economic growth are shared more widely.

EPF also supports the initiative to increase the living wage threshold at government-linked investment companies to RM3,400 and is committed to full implementation.

Datuk Amirul Feisal Wan Zahir

Managing director, Khazanah Nasional Bhd

Budget 2027 continues to build Malaysia’s long-term competitiveness and economic growth, while putting people at the centre: easing the cost of living, raising wages and widening opportunities. Importantly, it places emphasis not only on growth, but on quality growth. Its focus on strategic sectors such as semiconductors, energy transition, infrastructure, enterprise development and talent reflects the government’s commitment to building a stronger, more competitive and future-ready economy. These priorities are critical to deepening Malaysia’s industrial base, enhancing economic complexity and creating higher-value opportunities for businesses and workers.

At the same time, the budget remains firmly inclusive. Its measures recognise that national development must benefit all layers of society, including workers, youth, entrepreneurs, bumiputera companies, micro, small and medium enterprises (MSMEs) and communities that require greater resilience in the face of economic and climate-related challenges. Khazanah is fully supportive of the rise in the living wage benchmark for employees of government-linked investment companies and government-linked companies to RM3,400 per month. 

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