Episode 1: Rising Fiscal Risks in the Wake of Pandemic Recovery
Featuring Minister of Finance for Malaysia, Tengku Zafrul Aziz
*On-demand now available
Join us as we discuss Malaysia’s post-pandemic growth prospects, the outlook for fiscal deficit and debt, and the government’s plans to address the most pertinent ESG considerations to the sovereign credit profile.
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Agenda15:20 - 15:30SGT
Presentation
Nishad will provide an update on the Malaysian sovereign and address the topics below:
- What are Malaysia’s spending priorities in driving economic recovery?
- How will the government manage elevated fiscal risks
- Where does Malaysia stand in terms of potential gains from supply chain reconfiguration in a post-pandemic world?
- What is the sovereign’s exposure to ESG risks, particularly carbon transition?
15:25 - 16:15SGTPanel Discussion & Q&A
Discussion Highlights
- How do global growth and pandemic dynamics shape Malaysia’s economic outlook?
- What are the prospects for fiscal reform and debt consolidation?
- How well is Malaysia positioned to gain from supply chain reconfiguration?
- What is Malaysia’s strategy to manage carbon transition and social risks?
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SpeakersTengku Datuk Seri Utama Zafrul Tengku Abdul Aziz Minister of Finance Malaysia
Dr Shankaran Nambiar Head of Research Malaysian Institute of Economic Research (MIER)
Wendy Cheong Managing Director – Regional Head of Asia Pacific Moody's Investors Service
Firdaos Rosli Head of Economic Research MARC Ratings Berhad
Christian de Guzman Senior Vice President, Sovereign Risk Moody's Ratings
Nishad Majmudar Assistant Vice President – Analyst, Sovereign Risk and Credit Strategy & Research Moody's Investors Service
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Wendy Cheong is a senior management and strategy professional with over 22 years of experience in leading and transforming international business operations.
She is currently Managing Director-Regional Head of Asia Pacific for Moody’s Investors Service (MIS), based in Hong Kong. In this role, Wendy develops and leads Moody’s growth strategy in both developed and emerging markets in the region. Wendy is the senior representative for Moody’s in Asia Pacific and is responsible for managing regional operations, overseeing policy and regulatory outreach, coordinating Moody’s global initiatives, and providing oversight of affiliates, joint ventures and MIS domestic market strategies in the region.
Wendy joined Moody's in 2010 as an Assistant Director at Content Strategy in Moody’s Analytics, and has since held senior positions in strategy and management roles across business lines in Hong Kong and New York to build strategic vision, drive business growth and enhance market impact. She has served as Chief of Staff to the President of Moody’s Investors Service; Representative Director for MIS in Hong Kong, while also serving as Senior Vice President – Head of APAC Strategy & Business Management; and Director and Senior Product Strategist at Moody’s Analytics. Wendy sits as a Director on the boards of a majority of Moody’s Asia entities and affiliates in the region.
Wendy is a member of Moody’s Global Diversity Council and founded the Moody’s Women’s Employee Resource Group in Asia Pacific. She held leadership roles in several external women in finance organizations, including 100 Women in Finance and the Women in Finance Association of the Asia Securities Industry and Financial Markets Association (ASIFMA). She is currently a member of the Asian Venture Philanthropy Network (AVPN), a leading network of over 600 organizations across 34 countries that mobilizes capital for impact investing.
Before joining Moody’s, Wendy held senior strategy, sales and marketing positions at Prudential PLC, as well as at Singapore Telecoms in Hong Kong and Singapore.
She holds a BA in Southeast Asian Studies from the National University of Singapore.
Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz is currently the Minister of Finance and a Senator of Dewan Negara, Malaysia’s upper house of parliament.
He is a respected figure in the financial services sector, particularly in change management and investment banking, with over 22 years of experience in banking and finance. Prior, he was the Group CEO/Executive Director of CIMB Group Holdings Berhad, ASEAN's fifth largest universal bank and a world leader in Islamic finance. In addition, Zafrul was the President Commissioner of PT Bank CIMB Niaga Tbk, Indonesia's second largest private bank.
Zafrul has held senior positions at Citigroup Malaysia, Kenanga Holdings Berhad, and Avenue Securities, as well as Maybank Investment Bank Berhad and Maybank Kim Eng Holdings. He has also ventured into entrepreneurship as the CEO of Tune Money Sdn Bhd, Asia's first "no-frills" online financial service provider.
Zafrul graduated from the University of Bristol, United Kingdom in Economics and Accounting. He holds a Masters in Finance and Management from the University of Exeter, United Kingdom and was certified as a Fellow Chartered Banker by the Asian Institute of Chartered Bankers in 2015. As an advocate for Malaysia's socioeconomic development, Zafrul frequently engages with the youth on topics he is passionate about, such as leadership, sustainability, and tech-preneurship. In 2015, he combined his love of running and charity by raising RM200,000 for Make-A-Wish Malaysia through his first marathon, the Tokyo Marathon. Zafrul is also an Honorary Captain of the Navy Volunteer Reserve under the Royal Malaysian Navy.
Nishad Majmudar is an Assistant Vice President and Analyst within Moody’s Sovereign Risk Group. Based in Singapore, Nishad covers a portfolio of sovereign credits across Asia-Pacific and writes thematic research on environmental, social and governance (ESG) issues in the region.
Before joining Moody’s in 2020, Nishad was a risk officer in Wells Fargo Bank in Singapore, responsible for setting internal credit ratings for countries in APAC. Prior to that, Nishad was an economist for the U.S. Department of the Treasury, where he specialized in South Asian economies.
Nishad graduated from Syracuse University with degrees in journalism and economics, and holds a Master’s in International Affairs from Columbia University and a Master’s in International Political Economy from the London School of Economics.
Dr. Shankaran Nambiar is Head of Research at the Malaysian Institute of Economic Research (MIER).
He has been engaged as a consultant for the Ministries of Finance, International Trade and Industry, and the Ministry of Domestic Trade and Consumer Affairs in Malaysia. He has also been a consultant for UNESCAP, UNDP, UNECLAC, ILO, ADBI, ASEAN Secretariat, ERIA and JETRO. As a consultant, he has worked on areas such as trade policy, distributive trade, industrial development, competition policy, and poverty.
He is a visiting fellow at the Crawford School of Public Policy, Australian National University and a member of the academic advisory council of the Economic Research Institute for ASEAN and East Asia (ERIA). He has been a visiting scholar at the IMF and a member of the Working Group for the Malaysian Export Council. He has contributed to the drafting of the Third Industrial Master Plan and the Malaysian Consumers’ Master Plan. He has also been a member of the International Working Group on the Doha Agenda.
Dr. Nambiar has conducted feasibility studies for international agencies such as the ASEAN Secretariat and the East-West Center on the US-Malaysia, ASEAN-Pakistan and the ASEAN-India free trade agreements. He has also been a resource person for capacity-building programmes sponsored by the UN in Central Asia and Southeast Asia.
He is author of “Sen’s Capability Approach and Institutions” and three other books on the Malaysian economy.
He is an active commentator on economic and geo-economic issues. His op-ed pieces and analyses have appeared in the Nikkei Asian Review, the Interpreter, Jakarta Post, East West Center Bulletin, East Asia Forum and the Sun. He has also been interviewed by World Politics Review, the Diplomat, DW, WSJ, Focus Malaysia, the Edge, Voice of America and Penza News.
Firdaos joined MARC as Head of Economic Research on November 2, 2020, with over 15 years of experience in economic development. In MARC, he is responsible for economic, sovereign and sub-sovereign rating as well as fixed-income macroeconomic research output.
In the early years of his career, Firdaos worked for PriceWaterhouseCoopers Malaysia and RHB Bank Berhad. From 2005-2010, Firdaos served with the Malaysian government as an Administrative and Diplomatic Officer under the purview of the Ministry of International Trade and Industry (MITI), where he worked on policies concerning bilateral and regional trade relations, Asia Pacific Economic Cooperation (APEC) and industrial development. He also served in the Minister's Office as the Senior Private Secretary to the Deputy Minister of MITI from 2008 to 2010.
Prior to joining MARC, Firdaos served with the Institute of Strategic and International Studies (ISIS) Malaysia from January 2011 to October 2020 where he moved up the ranks from Senior Analyst in Economics to the Director of Economics, Trade and Regional Integration, having assumed the latter post in April 2017. During his time with ISIS, he also served as a short-term external consultant to the World Bank and was a former EXCO member of the Malaysia-Japan Economic Association.
Firdaos holds a Bachelor of Arts in Accounting and Finance degree from Lancaster University, UK. He also completed his Master of Public Policy from the London School of Economics and Political Science as a 2019/2020 Chevening scholar. He holds a Diploma in Public Administration from the National Institute of Public Administration (INTAN), Malaysia and Business Foundation Programme from St. Andrew's College in Cambridge, UK.
Christian de Guzman is a Senior Vice President with Moody’s Sovereign and Sub-Sovereign Risk Group. Based in Singapore, he covers a portfolio of sovereigns and multilateral development banks in Asia Pacific, including Japan, India and a number of Southeast Asian credits, while also managing the team responsible for sub-sovereign ratings in Asia ex-China.
Christian joined Moody’s in 2009, after working as a Senior Economist for the Monetary Authority of Singapore, covering ASEAN economies. He has also held various positions with the Research Department at the International Monetary Fund in Washington DC, and Procter & Gamble in Singapore.
Christian was a Phi Beta Kappa graduate in Economics and Political Science at the University of Georgia and received his M.A. in International Economics and Southeast Asian Studies from the Johns Hopkins University School of Advanced International Studies.
Nishad Majmudar is an Assistant Vice President and Analyst within Moody’s Sovereign Risk Group. Based in Singapore, Nishad covers a portfolio of sovereign credits across Asia-Pacific and writes thematic research on environmental, social and governance (ESG) issues in the region.
Before joining Moody’s in 2020, Nishad was a risk officer in Wells Fargo Bank in Singapore, responsible for setting internal credit ratings for countries in APAC. Prior to that, Nishad was an economist for the U.S. Department of the Treasury, where he specialized in South Asian economies.
Nishad graduated from Syracuse University with degrees in journalism and economics, and holds a Master’s in International Affairs from Columbia University and a Master’s in International Political Economy from the London School of Economics.
Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz is currently the Minister of Finance and a Senator of Dewan Negara, Malaysia’s upper house of parliament.
He is a respected figure in the financial services sector, particularly in change management and investment banking, with over 22 years of experience in banking and finance. Prior, he was the Group CEO/Executive Director of CIMB Group Holdings Berhad, ASEAN's fifth largest universal bank and a world leader in Islamic finance. In addition, Zafrul was the President Commissioner of PT Bank CIMB Niaga Tbk, Indonesia's second largest private bank.
Zafrul has held senior positions at Citigroup Malaysia, Kenanga Holdings Berhad, and Avenue Securities, as well as Maybank Investment Bank Berhad and Maybank Kim Eng Holdings. He has also ventured into entrepreneurship as the CEO of Tune Money Sdn Bhd, Asia's first "no-frills" online financial service provider.
Zafrul graduated from the University of Bristol, United Kingdom in Economics and Accounting. He holds a Masters in Finance and Management from the University of Exeter, United Kingdom and was certified as a Fellow Chartered Banker by the Asian Institute of Chartered Bankers in 2015. As an advocate for Malaysia's socioeconomic development, Zafrul frequently engages with the youth on topics he is passionate about, such as leadership, sustainability, and tech-preneurship. In 2015, he combined his love of running and charity by raising RM200,000 for Make-A-Wish Malaysia through his first marathon, the Tokyo Marathon. Zafrul is also an Honorary Captain of the Navy Volunteer Reserve under the Royal Malaysian Navy.
Dr. Shankaran Nambiar is Head of Research at the Malaysian Institute of Economic Research (MIER).
He has been engaged as a consultant for the Ministries of Finance, International Trade and Industry, and the Ministry of Domestic Trade and Consumer Affairs in Malaysia. He has also been a consultant for UNESCAP, UNDP, UNECLAC, ILO, ADBI, ASEAN Secretariat, ERIA and JETRO. As a consultant, he has worked on areas such as trade policy, distributive trade, industrial development, competition policy, and poverty.
He is a visiting fellow at the Crawford School of Public Policy, Australian National University and a member of the academic advisory council of the Economic Research Institute for ASEAN and East Asia (ERIA). He has been a visiting scholar at the IMF and a member of the Working Group for the Malaysian Export Council. He has contributed to the drafting of the Third Industrial Master Plan and the Malaysian Consumers’ Master Plan. He has also been a member of the International Working Group on the Doha Agenda.
Dr. Nambiar has conducted feasibility studies for international agencies such as the ASEAN Secretariat and the East-West Center on the US-Malaysia, ASEAN-Pakistan and the ASEAN-India free trade agreements. He has also been a resource person for capacity-building programmes sponsored by the UN in Central Asia and Southeast Asia.
He is author of “Sen’s Capability Approach and Institutions” and three other books on the Malaysian economy.
He is an active commentator on economic and geo-economic issues. His op-ed pieces and analyses have appeared in the Nikkei Asian Review, the Interpreter, Jakarta Post, East West Center Bulletin, East Asia Forum and the Sun. He has also been interviewed by World Politics Review, the Diplomat, DW, WSJ, Focus Malaysia, the Edge, Voice of America and Penza News.
Wendy Cheong is a senior management and strategy professional with over 22 years of experience in leading and transforming international business operations.
She is currently Managing Director-Regional Head of Asia Pacific for Moody’s Investors Service (MIS), based in Hong Kong. In this role, Wendy develops and leads Moody’s growth strategy in both developed and emerging markets in the region. Wendy is the senior representative for Moody’s in Asia Pacific and is responsible for managing regional operations, overseeing policy and regulatory outreach, coordinating Moody’s global initiatives, and providing oversight of affiliates, joint ventures and MIS domestic market strategies in the region.
Wendy joined Moody's in 2010 as an Assistant Director at Content Strategy in Moody’s Analytics, and has since held senior positions in strategy and management roles across business lines in Hong Kong and New York to build strategic vision, drive business growth and enhance market impact. She has served as Chief of Staff to the President of Moody’s Investors Service; Representative Director for MIS in Hong Kong, while also serving as Senior Vice President – Head of APAC Strategy & Business Management; and Director and Senior Product Strategist at Moody’s Analytics. Wendy sits as a Director on the boards of a majority of Moody’s Asia entities and affiliates in the region.
Wendy is a member of Moody’s Global Diversity Council and founded the Moody’s Women’s Employee Resource Group in Asia Pacific. She held leadership roles in several external women in finance organizations, including 100 Women in Finance and the Women in Finance Association of the Asia Securities Industry and Financial Markets Association (ASIFMA). She is currently a member of the Asian Venture Philanthropy Network (AVPN), a leading network of over 600 organizations across 34 countries that mobilizes capital for impact investing.
Before joining Moody’s, Wendy held senior strategy, sales and marketing positions at Prudential PLC, as well as at Singapore Telecoms in Hong Kong and Singapore.
She holds a BA in Southeast Asian Studies from the National University of Singapore.
Firdaos joined MARC as Head of Economic Research on November 2, 2020, with over 15 years of experience in economic development. In MARC, he is responsible for economic, sovereign and sub-sovereign rating as well as fixed-income macroeconomic research output.
In the early years of his career, Firdaos worked for PriceWaterhouseCoopers Malaysia and RHB Bank Berhad. From 2005-2010, Firdaos served with the Malaysian government as an Administrative and Diplomatic Officer under the purview of the Ministry of International Trade and Industry (MITI), where he worked on policies concerning bilateral and regional trade relations, Asia Pacific Economic Cooperation (APEC) and industrial development. He also served in the Minister's Office as the Senior Private Secretary to the Deputy Minister of MITI from 2008 to 2010.
Prior to joining MARC, Firdaos served with the Institute of Strategic and International Studies (ISIS) Malaysia from January 2011 to October 2020 where he moved up the ranks from Senior Analyst in Economics to the Director of Economics, Trade and Regional Integration, having assumed the latter post in April 2017. During his time with ISIS, he also served as a short-term external consultant to the World Bank and was a former EXCO member of the Malaysia-Japan Economic Association.
Firdaos holds a Bachelor of Arts in Accounting and Finance degree from Lancaster University, UK. He also completed his Master of Public Policy from the London School of Economics and Political Science as a 2019/2020 Chevening scholar. He holds a Diploma in Public Administration from the National Institute of Public Administration (INTAN), Malaysia and Business Foundation Programme from St. Andrew's College in Cambridge, UK.
Christian de Guzman is a Senior Vice President with Moody’s Sovereign and Sub-Sovereign Risk Group. Based in Singapore, he covers a portfolio of sovereigns and multilateral development banks in Asia Pacific, including Japan, India and a number of Southeast Asian credits, while also managing the team responsible for sub-sovereign ratings in Asia ex-China.
Christian joined Moody’s in 2009, after working as a Senior Economist for the Monetary Authority of Singapore, covering ASEAN economies. He has also held various positions with the Research Department at the International Monetary Fund in Washington DC, and Procter & Gamble in Singapore.
Christian was a Phi Beta Kappa graduate in Economics and Political Science at the University of Georgia and received his M.A. in International Economics and Southeast Asian Studies from the Johns Hopkins University School of Advanced International Studies.
Nishad Majmudar is an Assistant Vice President and Analyst within Moody’s Sovereign Risk Group. Based in Singapore, Nishad covers a portfolio of sovereign credits across Asia-Pacific and writes thematic research on environmental, social and governance (ESG) issues in the region.
Before joining Moody’s in 2020, Nishad was a risk officer in Wells Fargo Bank in Singapore, responsible for setting internal credit ratings for countries in APAC. Prior to that, Nishad was an economist for the U.S. Department of the Treasury, where he specialized in South Asian economies.
Nishad graduated from Syracuse University with degrees in journalism and economics, and holds a Master’s in International Affairs from Columbia University and a Master’s in International Political Economy from the London School of Economics.