Budget 2025 Wishlist: A Vision for Malaysia’s Economic Future

As Malaysia gears up for Budget 2025, the anticipation is palpable. This upcoming budget is not just a financial blueprint; it embodies a vision for the nation’s economic future, built on three core pillars of the Ekonomi MADANI framework. These pillars focus on raising Malaysia’s economic stature (Raise the Ceiling), improving the quality of life for all Malaysians (Raise the Floor), and enhancing governance and public sector reform. This article delves into the aspirations and priorities that stakeholders, including industry leaders like Curlec by Razorpay, hope to see reflected in the budget.

Raise the Ceiling: Embracing Digital Innovation

The "Raise the Ceiling" pillar emphasizes the importance of digital and innovation-led industries. In an era where technology drives economic growth, Malaysia aims to intensify local innovation and technology to compete on a global scale. Curlec, Malaysia’s leading FinTech payment gateway service provider, plays a pivotal role in this transformation. With the capability to process up to 10,000 transactions per second and serving nearly 3,000 merchants locally, Curlec is at the forefront of Malaysia’s digital economy.

Zac Liew, Co-founder and Chief Executive Officer of Curlec, highlights the need for a robust digital infrastructure that supports financial inclusion and innovation. “Our partnership with TNG Digital has benefited many businesses and consumers in Malaysia, where up to 88% of Malaysians prefer TNG eWallet as a payment method,” he states. This collaboration exemplifies how digital payment solutions can bridge gaps between businesses and financial institutions, particularly in underserved markets.

Raise the Floor: Enhancing Quality of Life

The "Raise the Floor" initiative aims to enhance the quality of life for all Malaysians, ensuring equality in opportunities. This is particularly relevant in the context of financial inclusion. Malaysia has made significant strides, rising to 18th out of 42 markets in the 2023 Global Financial Inclusion Index. Curlec’s seamless payment solutions are instrumental in this progress, providing businesses with tools to collect payments, automate payouts, and manage cash flow efficiently.

By enabling secure and convenient consumer transactions, Curlec is not just facilitating payments; it is empowering individuals and businesses alike. The company’s innovative services, such as recurring payments and subscription management, are designed to meet the evolving needs of the Malaysian market.

Driving Cross-Border Opportunities

As part of its commitment to digitalization and automation, the Malaysian government is focusing on creating new opportunities for economic advancement, including the development of a Real-Time Retail Payments Platform (RPP) and cross-border payment linkages within ASEAN. Curlec draws inspiration from India’s success with the Unified Payments Interface (UPI), which drives nearly 50% of the world’s real-time payments.

Liew urges the government to prioritize digitalization and real-time payments infrastructure in Budget 2025. “A supportive regulatory framework will be essential to drive these advancements, ensuring collaboration between FinTechs and traditional financial institutions,” he emphasizes. This collaboration is crucial for fostering a vibrant digital economy that can compete globally.

Strengthening Cybersecurity Measures

With the rapid growth of digital payments comes the increased risk of cyber threats. Malaysia has faced significant data breaches across various sectors, highlighting the urgent need for enhanced cybersecurity measures. Liew advocates for stringent guidelines and tax incentives for companies investing in cybersecurity. “Collaboration between industry peers, cybersecurity communities, and government agencies is vital to improving the national cybersecurity framework,” he asserts.

Curlec prioritizes security through its PCI-DSS Level 1 certification and SOC 2 Type 2 compliance, ensuring that sensitive data is protected at every stage of the transaction process. With a 99.9% system uptime, Curlec guarantees business continuity for its clients, reinforcing the importance of trust in digital transactions.

Fostering a Robust Ecosystem for Startups

As Malaysia aims to establish itself as a global startup hub by 2030, the role of local startups in driving innovation cannot be overstated. Curlec exemplifies the potential for local startups to scale globally. Since its launch in 2018, Curlec has evolved from a local player to a significant player in the global market, benefiting from collaborations in emerging technologies.

Liew expresses gratitude for the opportunities that have allowed Curlec to grow. “We encourage the Government to continue investing in startups, creating a comprehensive ecosystem that fosters innovation, agility, and access to both local and international markets,” he states. This investment is crucial for nurturing the next generation of entrepreneurs and innovators in Malaysia.

Conclusion: A Bright Future Ahead

With Budget 2025 on the horizon, Malaysia stands at a crossroads of opportunity and innovation. The aspirations outlined by industry leaders like Zac Liew and organizations like Curlec reflect a collective vision for a prosperous future. By focusing on digital innovation, financial inclusion, cybersecurity, and fostering a vibrant startup ecosystem, Malaysia is poised to strengthen its digital economy and create new opportunities for businesses and startups across the country. As the nation embarks on this journey, the hope is that Budget 2025 will serve as a catalyst for transformative change, benefiting all Malaysians and elevating the country’s economic stature on the global stage.