Two industry giants, British banking group HSBC and Sweden's telecoms firm Ericsson, today launched regional centres here in a boost to Malaysia's bid to become a high-tech hub.

Prime Minister Dr Mahathir Mohamad launched HSBC's RM76 million (US$20 million) group processing centre and Ericsson's RM80 million (US$21 million) regional expertise hub in the Cyberjaya township in the Multimedia Super Corridor (MSC) for high-tech firms.

Mahathir said the MSC, which he launched in 1996 to steer Malaysia towards a knowledge-based economy, had proven critics wrong and was now a "success" after surpassing its targets.