Menara Affin a key step for Sarawak in regional financial ecosystem, says Premier

KUCHING (Feb 7): The opening of Menara Affin at Tun Razak Exchange (TRX) in Kuala Lumpur marks a strategic step by Sarawak to strengthen the capability of local financial institutions to operate more swiftly, cohesively, and competitively amid an increasingly challenging global economic environment.

Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said a corporate headquarters should not merely be viewed as an operational address, but as an “engine” of strategic execution that determines governance standards, internal efficiency, and an institution’s ability to adapt to rapid change.

According to a Sarawak Public Communications Unit (Ukas) report, he noted that the current landscape requires financial institutions to move beyond incremental improvements towards significant capability leaps, encompassing enhanced systems, faster decision-making processes, and more disciplined execution.

“In a fast-moving world, incremental improvements are no longer sufficient to close the gap. What is needed is a leap in capability through strengthened systems, firmer execution and readiness to move forward when circumstances demand,” he said during the Menara Affin launch ceremony.

Abang Johari added that the tower also aligns with efforts to reinforce Malaysia’s position as a regional financial hub, particularly in attracting investments, pooling talent, and accelerating financial decision-making at both national and regional levels.

Since September 2024, the Sarawak government, through its wholly owned SG Assetfin Holdings, has become a major shareholder in Affin Bank, holding a 31.25 per cent stake.

From Sarawak’s perspective, he stressed that the presence of state institutions within the country’s main financial ecosystem forms part of a long-term strategy to support purpose-driven, sustainable, and inclusive economic growth.

He revealed that the Sarawak Sovereign Wealth Future Fund has established its office in Kuala Lumpur within the tower as an initial step, expressing hope that more Sarawak institutions would follow in the future.

“This reflects confidence in the area and in the belief that Sarawak’s aspirations are firmly positioned on the national and regional stage,” he said.

Abang Johari also welcomed market recognition of Affin’s progress, including the retention of its international A3 credit rating by Moody’s and the successful inaugural issuance of a US$300 million bond.

He said these achievements elevate Affin’s standing and create positive spillover effects across the wider ecosystem, including Sarawak businesses that value strong financial partners as they expand and compete.

He further noted that Affin’s upgrade in the FTSE4Good index rating from three to four stars signals stronger sustainability performance and higher standards expected of modern institutions.

Among those present at the ceremony were Affin Bank Berhad chairman Datuk Agil Natt, Affin Bank Group president and chief executive officer Datuk Wan Razly Abdullah, Sarawak Financial Secretary Dato’ Sri Dr Wan Lizozman Wan Omar, Deputy State Secretary (Economic Planning and Development) Dato Sri Dr Muhammad Abdullah Zaidel, and chief political political secretary to the Premier, Dato Fazzrudin Abdul Rahman.