The Penang Centre of Medical Tourism (PMED) and StudyPenang signed an agreement with UnionPay International to facilitate smoother and seamless financial transactions between parties involved.
Present to witness the ceremony was Penang State Exco for Tourism and Creative Economy YB Wong Hon Wai.
The signing ceremony was held at the St Giles Wembley Hotel here. Representing UnionPay was Dr JTJan, UnionPay International SEA Regional Head along with Dr Mary Ann Harris, executive director of PMED and StudyPenang
In his address, Wong welcomed the agreement signing as the partnership propels Penang towards its goal of becoming a world-class hub for medical and educational tourism and reinforces our standing as a premier destination for international medical tourists and students.
“Penang is internationally renowned for its outstanding achievements in medical tourism. As Malaysia’s most established medical tourism destination, Penang’s performance stands out prominently, distinguishing itself from the rest. According to statistics from the Malaysia Healthcare Travel Council, in the first half of 2024, the total revenue of the national medical tourism industry reached RM1.15 billion, with Penang leading the way by capturing 45% of the market share.
“Furthermore, in 2023, member hospitals under the Penang Medical Tourism Center received 406,469 international medical tourists, generating an impressive revenue of RM831.94 million. Compared to 2022, which recorded 194,327 international medical tourists and RM378.4 million in revenue, these figures represent a remarkable increase of 109.2% and 119.9% respectively. This undoubtedly reaffirms Penang’s exceptional strength in the global medical tourism sector.
“The economic benefits of medical tourism extend far beyond the medical fees collected by healthcare institutions. Its broader impact includes both direct and indirect related expenditures. Direct expenditures encompass costs such as airfare, accommodation, logistics, and dining for international tourists during their medical stay. Indirect expenditures include spending on entertainment, shopping, and visits to tourist attractions during or after their recovery period”, said Wong.
He also shared that Penang’s significant position in the international medical tourism sector is closely linked to its five unique advantages, namely –
High-Quality, Affordable Medical Services, Strategic Location, Multilingual Services, Support from Medical Tourism Centers and Longer Medical Tourism Visa.
Meanwhile, UnionPay International which is headquartered in Shanghai, China covers 183 countries and regions, with UnionPay cards issued in 84 countries and regions.
“Penang is also the site of world-class hospitals and business processing centers. Therefore, students studying in Penang have abundant internship opportunities. As Malaysia’s private education system continues to develop, Penang is becoming a prominent destination for private education in Asia, gaining attention and favor from international students. Since 2021, the number of international students in Malaysia has steadily increased, particularly in the private education sector, such as international schools and private institutions. In 2021, Malaysia had 27,698 international students, and by May 2024, the number had risen to 29,353, reflecting a 6% increase”, said Wong.
Also present were representatives from the various colleges and private medical institutions. Those keen to sign up with UnionPay International can do so at the Bank of China and Public Bank branches here.
