July 14, 2023 — Commerz Trade Services Sdn Bhd, a 100% subsidiary of Commerzbank A.G. and a leader in trade finance digital solutions, is thrilled to announce the opening of its new office in Penang, Malaysia. This strategic expansion marks an exciting milestone in the company’s rapid growth trajectory and reinforces its commitment to Malaysia as a key hub for its operations.
Penang, known as the “Silicon Valley of the East”, is a thriving technology and manufacturing hub with a rich history of trade and commerce. With its strategic location, robust infrastructure and talented workforce, Penang has emerged as a key player in the global economy. By establishing a presence in Penang, Commerz Trade Services aims to tap into the region’s dynamic business environment and leverage the abundance of talent and resources available.
Since its inception in 2012, Commerz Trade Services has experienced remarkable progress, steadily diversifying its range of services and expanding its global reach across multiple regions. With a current workforce of 400 dedicated professionals, the company has set ambitious goals for further growth. Projected at a strong 150 new employees per year, Commerz Trade Services aims to achieve a workforce of 1,000 employees by 2027.
The scope of services offered by Commerz Trade Services has evolved beyond trade finance to encompass an extensive range of solutions including payments, AML/KYC, derivatives operations, software development, test automation, compliance, and finance. This comprehensive suite of offerings enables the company to deliver holistic support to its clients and solidify its position as a leading player in the industry.
One of the key factors contributing to Commerz Trade Services’ success in Malaysia is the availability of cost advantages and exceptional local talent. By engaging in cooperative partnerships with local universities, the company actively nurtures and develops the skills of emerging professionals, providing them with clear career paths within the organization. This commitment to local talent aligns with the company’s long-term growth strategy and its dedication to fostering a vibrant ecosystem of digital innovation.
Commerz Trade Services would like to express its gratitude to InvestPenang, a remarkable partner in facilitating the establishment of the new office at GBS@Mayang in Penang. The collaboration with InvestPenang has been instrumental in ensuring a seamless transition, with the successful recruitment and integration of the first 35 employees already underway.
Commerz Trade Services expansion into Penang not only reinforces its commitment to supporting global trade but also compliment the synergies between its offerings and the banking technology expertise of the Commerzbank Group. “We are incredibly proud to inaugurate our new office in Penang and embark on this exciting new chapter of our company’s growth,” said Arne Graeber, CEO of Commerz Trade Services Sdn. Bhd. “This expansion not only provides us with an additional footprint in Malaysia but also allows us to tap into the exceptional talent pool available in the northern region of the Peninsula. Our commitment to Malaysia remains unwavering, and we are dedicated to fostering the growth of our organization predominantly with local talent.”
Caretaker Penang Chief Minister, Right Honourable Mr. Chow Kon Yeow said “Penang takes great pride in offering a welcoming ecosystem that not only facilitates the growth and success of industry players but also witnesses their genuine dedication to the betterment of the state. I have high hopes for the abilities of CTS in nurturing local talents and cultivating an innovative community.”
The market has responded positively to Commerz Trade Services, acknowledging its exemplary company culture and forward-thinking leadership. This reputation has propelled the company’s growth and garnered the trust and confidence of its valued clients.
As Commerz Trade Services inaugurates its new office in Penang, it looks forward to a prosperous future, driven by its strong commitment to Malaysia, local talent development, and continuous technological advancements.
About Commerz Trade Services Sdn Bhd
Commerz Trade Services Sdn Bhd is a leading provider of trade finance and digital solutions, offering a comprehensive suite of services that spans trade finance, payments, AML/KYC, derivatives, software development, test automation, compliance, and finance. With a relentless focus on technology and digitalization, the company aims to automate processes and foster innovation through its digital innovation hub. Commerz Trade Services is committed to Malaysia and its local talent, leveraging cost advantages and cooperative partnerships with universities to achieve sustainable growth and deliver exceptional value to its clients. For more information, please visit www.commerztradeservices.com
InvestPenang is the Penang State Government’s principal agency for promotion of investment. Its objectives are to develop and sustain Penang’s economy by enhancing and continuously supporting business activities in the State through foreign and local investments, including spawning viable new growth centres. To realize its objectives, InvestPenang also runs initiatives like the SMART Penang Center (providing assistance to SMEs) and Penang CAT Center (for talent attraction and retention). For more information, please visit https://investpenang.gov.my/ and follow InvestPenang’s social media channels: Facebook ; LinkedIn.
Commerz Trade Services Sdn Bhd
Nurul Farah bt Abdul Hamid
Principal Project Manager and Penang Branch Manager
+60 12 603 1988