Datasets:

aazwan

/

technode.global-my

like 0

https://technode.global/2024/02/02/aub-partners-alipay-to-enable-cross-border-payments-in-south-korea-malaysia-hong-kong/

AUB partners Alipay+ to enable cross border payments in South Korea, Malaysia, Hong Kong

Asia United Bank (AUB)The duo said in a statement on Friday that after becoming the first Philippine bank to offer an e-wallet that can be used for cross-border payments, AUB is in a race to expand the coverage of its HelloMoney abroad. Through AUB’s partnership with Alipay+, HelloMoney users can now make e-wallet payments in South Korea, Malaysia, and Hong Kong SAR, by simply scanning the QR code displayed in merchant stores in these countries. This makes cross-border payments using HelloMoney now possible in four markets, including Japan. It is noted that in South Korea, HelloMoney users can scan the ZeroPay QR, the country’s public QR-code- based digital payment service available in over 1.7 million merchants nationwide. The country has been making its digital payment services more seamless for Asian tourists visiting South Korea by connecting local merchants with various mobile payment methods foreign tourists use. In Malaysia, HelloMoney users can scan DuitNow QR, the country’s National QR Standard operated by PayNet, which is available in 1.8 million merchants in Malaysia. This allows“We will continue to bring HelloMoney closer to more users to make mobile banking easier and for more merchants to help their business grow and thrive in the post-pandemic world, “With Alipay+’s global presence through its integration with local merchants worldwide, our HelloMoney users will have a wider reach in payment acceptance while ensuring a safe and secure digital transaction,” said Wilfredo Rodriguez Jr. , AUB executive vice president and head of Operations and Information Technology. Launched by AUB in 2019 ahead of the COVID-19 pandemic, HelloMoney enables users to open an account without going to a physical branch and perform bank-to-bank fund transfers, buy prepaid load, remit money through PeraPadala, pay via QR code, settle bills, withdraw via ATM, and shop online using HelloMoney’s very own virtual Mastercard. Members of state-owned Pag- IBIG Fund can also manage their account and perform banking transactions through the Pag-IBIG Loyalty Card Plus via HelloMoney. “Over the years, AUB has been building a digital arsenal that include pioneering initiatives and innovations — from end-to-end digital account opening, to enabling clients to make banking easy through their mobile phone and merchants to sustain their businesses even with restricted mobility during the pandemic, “With Alipay+’s global presence through its integration with local merchants worldwide, our HelloMoney users will have a wider reach in payment acceptance while ensuring a safe and secure digital transaction,” added Rodriguez. It is noted that over a million HelloMoney users will also be able to take advantage of more competitive exchange rates compared to prevailing market rates. As of end-October 2023, the number of HelloMoney transactions has reached 30 million, a 65 percent increase compared with 19 million in the same period a year ago. The value of transactions reached PHP 115 billion ($2.06 billion), 82 percent higher than year-ago’s PHP 63 billion ($1.13 billion). AUB was established at the height of the 1997 Asian financial crisis. The bank is known for its digital innovations, which started years prior to the COVID-19 global pandemic which spurred many of its competitors to embark on digital transformation. Among its digital innovations are e-wallet HelloMoney, pioneering payments via QR and the early adoption of the national QR PH code, and AUB PayMate, its all-in-one digital payment acceptance product. Alipay+ is a suite of cross-border digital payment, marketing and digitalization solutions that help connect global merchants to consumers. Alipay+ partners LankaPay to enhance digital travel experience to and from Sri Lanka

https://technode.global/2024/01/31/malaysian-re-developer-ditrolic-energy-secures-investment-backing-from-blackrocks-climate-finance-partnership/

Malaysian RE developer Ditrolic Energy secures investment backing from BlackRock’s Climate Finance Partnership

Malaysian renewable energy (RE) developer Ditrolic Energy said in a statement on Wednesday that the duo have entered into an agreement in which CFP will back Ditrolic Energy’s expansion to build commercial and industrial (C&I) and utility-scale solar assets throughout emerging markets in Asia Pacific. The partnership seeks to facilitate realization of Ditrolic Energy’s targeted 1 GW+ pipeline of solar projects, increasing Ditrolic Energy’s targeted total capacity to 5GW+ pipeline of solar projects in Malaysia, Bangladesh, Indonesia and the Philippines, as well as investment and expansion of its flagship 360° Clean Energy Solution, EnerLoop, by enabling technology for Carbon Tracking, Battery Energy Storage System and Green Electricity Sales. With this new partnership, Ditrolic Energy intends to make Malaysia its investment hub to actively invest into key energy transition projects around its approved markets in the Asia Pacific region including Malaysia’s National Energy Transition Roadmap (NETR) programe where Ditrolic Energy plans to mobilize significant amounts of capital private investment with the aim to accelerate and reduce the associated cost of energy transition for the country. “We are committed to playing a key role in Asia’s energy transition. We are grateful for BlackRock’s support, because the investment in Ditrolic Energy enables us to rapidly increase scale and maximize value to support transition to low carbon economies throughout multiple markets,“With the capital raised and private investment to be mobilized, Ditrolic Energy would be in a prime position to undertake key energy transition projects in Malaysia and other Southeast Asia countries,” said Tham Chee Aun, Founder and Group Chief Executive Officer of Ditrolic Energy. Founded in 2009, Ditrolic Energy is one of the largest renewable energy developers in Malaysia and Southeast Asia and runs a fully-integrated value chain from project development, financing, engineering and construction through to operations and maintenance (O&M) and asset management. To date, Ditrolic Energy is operating, constructing more than 450MW of solar assets in Malaysia, other Southeast Asia countries, Bangladesh and China. With CFP’s partnership, Ditrolic Energy takes position as one of the leading pure-play energy transition companies in the country. CFP is a unique partnership among BlackRock and the governments of France (AfD), Germany (KFW) and Japan (JBIC) through their respective development finance institutions, as well as leading US impact organizations. CFP brings together public, private and philanthropic sectors to mobilize significant blended capital into climate infrastructure, targeting investment in non-OECD countries“Ditrolic Energy holds a proven solar development track record in this diverse region, “Our partnership presents an attractive opportunity to mobilize more capital into climate infrastructure in emerging markets and accelerate national ambitions to achieve net zero economies,” said Valerie Speth, Asia Pacific (APAC) Co-Head of Climate Infrastructure, BlackRock. According to the statement, Asia Pacific accounts for 40 percent of the world’s carbon emissions. Countries including Malaysia, Bangladesh, Indonesia and the Philippines have strong power market fundamentals and increasingly pro-renewable regulatory regimes. Thus, the partnership announced aims to bring about more development, as well as construction of greenfield renewables capacity to support growth in emerging markets. According to the statement, Malaysia’s renewable energy generation goal stands at 31 percent by 2025 and 70 percent by 2050 under the new National Energy Transition Roadmap (NETR), with an intention to achieve net zero emissions by 2050. The nation’s domestic oil and gas reserves are expected to be depleted by 2029, driving up importation of fossil fuels for power generation, while raising electricity tariffs. Meanwhile, Bangladesh is expected to reach 30 percent renewable generation capacity by 2030 and is pivoting towards gas, liquefied natural gas (LNG) and renewables, with the aim of generating an additional 2.7GW of renewable energy. This could contribute to about 10 percent of the new-build pipeline on a capacity basis. It is noted that Indonesia plans to achieve 23 percent of renewables in its electricity mix by 2025, and at least 31 percent by 2050, according to its Electric Supply Business Plan. It is also noted the Philippines is aiming for 3.6GW of capacity allocated to commercial operation in both 2024 and 2025, rising to 4.4GW in 2026. The partnership secured $673 million in commitments from a global consortium of investors including governments, philanthropies, and institutional investors in an oversubscribed final fundraise, exceeding the initial target of $500 million. BlackRock currently manages over $50 billion of infrastructure client asset under management (AUM) is comprised of infrastructure equity, debt and solutions, and has grown both organically and inorganically since inception in 2011. Malaysia’s TNB partners Perak state government to drive large-scale renewable energy initiatives

https://technode.global/2024/01/26/maxis-and-public-bank-collaborate-to-further-accelerate-digital-adoption-among-malaysian-smes/

Maxis and Public Bank collaborate to further accelerate digital adoption among Malaysian SMEs

Malaysian telecommunication firm The duo said in a statement on Friday that through the collaboration, which was formalized during a Memorandum of Understanding (MoU) exchange ceremony, both companies will embark on a joint awareness program to promote digitalization among SMEs. This will also pave the way for SMEs to access digital solutions, together with the financial assistance to implement them, according to the statement. Public Bank’s Managing Director and Chief Executive Officer Tay Ah Lek said the collaboration will see Malaysian SMEs getting the best from both the finance and technology areas. “We believe that by combining our financial expertise with Maxis’ technological prowess, we can make a meaningful impact on the digital transformation of Malaysian SMEs, enabling them to thrive and contribute to the nation’s economic growth, “Together, Public Bank and Maxis are dedicated to supporting business on their path to success, leveraging the best of banking and technology,” he added. Meanwhile, Maxis Chief Executive Officer Goh Seow Eng said they are pleased to have a like-minded partner in Public Bank that shares their commitment to support SMEs. “As an integrated telco, Maxis Business is the trusted partner for enterprises of all sizes. We want to make it easy for SMEs to digitalize, so they can focus on growing their business, “Through this collaboration, we look forward to together drive the nation’s SME digital transformation,” he added. For maximum impact of the collaboration, both parties will explore ways to jointly engage their respective customers through on-ground and online activities. These may include activities such as awareness talks across Public Bank’s branch network. Meanwhile, Maxis Business will come on board as the official telco and digital partner of Public Bank’s PB enterprise Digital SME Assist Program. This will enable Public Bank’s SME customers to access Maxis’ range of connectivity and digital solutions to meet their diverse business needs, such as mobile and fixed connectivity, payments, e-commerce, cloud and cybersecurity. Maxis Business will also assist Public Bank’s SME customers to apply for the Geran Digital PMKS Madani digitalization grant scheme by the Malaysian Government to implement the solutions. SMEs that require further financial support may also explore the range of financing solutions offered by Public Bank. Maxis is Malaysia’s integrated telco, providing high quality digital services and connectivity solutions. As a homegrown Malaysian brand, the firm has been serving Malaysians for over 28 years. Maxis is a public listed company on Bursa Malaysia, with shares owned by over 5,400 institutional shareholders that include more than 23 percent government related institutional investors as of September 2023. Founded in 1966, Public Bank is a bank specializing in a comprehensive range of financial services, including retail and corporate banking, investment banking, and Islamic banking. MYStartup partners Maxis, Petronas, Cyberview and airasia academy to support Malaysian startups

https://technode.global/2024/01/26/malaysias-khazanah-in-talks-to-lead-softbank-backed-oyo-hotels-400m-fund-raise-report/

Malaysia’s Khazanah in talks to lead Softbank-backed OYO Hotel’s $400M fund raise – report

Malaysia sovereign wealth fund Khazanah Nasional Bhd is said to be in discussions to lead a $400 million funding round in The Indian hotel-booking firm backed by Softbank Group, is seeking to raise funds for expansion and cutting debt, the people reportedly said. According to the report, Avendus Capital Pvt. is advising the company on the fund raise. Founded by Ritesh Agarwal, Oyo filed for an initial public offering for the second time in March, after slashing the target amount to be raised by about two-thirds, Talks are still ongoing and Khazanah can still decide to not invest, said the people. Oyo is also holding talks with other investors for the fund raise, they said. Oyo reported 13 billion rupees ($156 million) net loss in the twelve month ending March 2023, according to Representatives for Khazanah and Oyo didn’t respond to Bloomberg’s emails seeking comments. A spokesperson for Avendus declined to comment. Khazanah has been ramping up investments in India with banking companies including logistics provider Xpressbees and fast food chain Wow! Momos. Oyo said it is a global platform that aims to empower entrepreneurs and small businesses with hotels and homes by providing full-stack technology products and services that aims to increase revenue and ease operations; bringing easy-to-book, affordable, and trusted accommodation to customers around the world. Oyo offers 40+ integrated products and solutions to patrons who operate over 157,000 hotel and home storefronts in more than 35 countries including India, Europe, and Southeast Asia, according to its Linkedin Page. The company said it operates a unique business model that helps its patrons transform fragmented, unbranded and underutilized hospitality assets into branded, digitally-enabled storefronts with higher revenue generation potential and provides its customers with access to a broad range of high-quality storefronts at compelling price points. Travel tech firms await ‘revenge traveling’ as Malaysia reopens, but concerns remain

https://technode.global/2024/01/26/malaysias-epf-confirms-ahmad-zulqarnain-onns-appointment-as-ceo/

Malaysia’s EPF confirms Ahmad Zulqarnain Onn’s appointment as CEO

The Board of the Previously helming Permodalan Nasional Bhd (PNB) as President and Group Chief Executive, Zulqarnain succeeds Amir Hamzah Azizan, who was appointed as the Minister of Finance II in Malaysia, after leading the fund since March 1, 2021, EPF said in a statement on Friday. According to the statement, Zulqarnain brings with him strong corporate background, having served as the Chief Executive Officer of Danajamin Nasional Berhad, the Deputy Managing Director of Khazanah Nasional Berhad, and the President and Group Chief Executive of Permodalan Nasional Berhad (PNB) before joining the EPF. He has a Bachelor’s Degree in Economics from Harvard University. “The EPF Board extends their heartfelt gratitude to Datuk Seri Amir Hamzah for his exemplary service to the EPF and significant contributions and achievements, which have positioned the EPF for continued success,” EPF Chairman Ahmad Badri Mohd Zahir said. “At the same time, we would like to welcome and congratulate Encik Ahmad Zulqarnain on his appointment as the new EPF Chief Executive Officer, “With his extensive corporate experience, we are looking forward to his dynamic and focused leadership to drive the EPF to greater heights,” he said. He added that the entire EPF team is committed to ensuring a seamless transition and looks forward to Zulqarnain’s leadership and strategic direction in fulfilling EPF’s mission to safeguard the retirement future and wellbeing of EPF’s 15.9 million members. The EPF is Malaysia’s retirement savings fund helping its members achieve adequate savings for a comfortable retirement. The fund’s vision to help members achieve a better future and its mission to safeguard members’ savings and deliver excellent services. The EPF has evolved significantly from a transaction-centric to a professional fund management organization with a strong focus on retirement security. The EPF is guided by a robust and professional governance framework when making investment decisions. It continues to play a catalytic role in the nation’s economic growth and seeks to cultivate a savings and investment culture among its members to improve the country’s financial literacy level. Malaysia to appoint PNB chief to lead country’s largest pension fund EPF – Reuters

https://technode.global/2024/01/26/malaysia-inks-deal-with-uae-to-build-data-centers-in-malaysia/

Malaysia inks deal with UAE to build data centers in Malaysia

Malaysia and the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MoU) on Thursday, marking a strategic partnership on the development of data centers in Malaysia, with potential projects anticipated to achieve a total capacity of 500 megawatts. The According to the statement, the MoU represents a strong commitment towards robust collaboration on the exchange of knowledge and expertise in the digital infrastructure sector between Malaysia and the UAE, which is also aimed at fostering greater bilateral economic and investment relationships between the public and private sectors of both countries. It is noted that Malaysia has emerged as a preferred destination for data centers in the Southeast Asia region, thanks to its robust digital and physical infrastructure, rule of law, as well as compelling government-backed measures and initiatives on data center investment. The increasing demand from regional small and medium-sized enterprises (SMEs) will provide the impetus for Malaysia’s growing status as a significant regional player in digital economy. Beyond data centre development, the MoU also illustrates Malaysia’s commitment to advancing artificial intelligence (AI), in alignment with the New Industrial Master Plan“Malaysia’s digital infrastructure collaboration with the UAE, with a focus on data centers, will certainly help strengthen our position as a preferred destination for digital investments, ” said Tengku Zafrul Aziz, Minister of MITI. “By being a regional data center hub, Malaysia is well-positioned to capture a significant portion of ASEAN’s digital economy, forecast to reach $1 trillion by 2030, “MITI and its agencies are determined to speed up the implementation of all committed investments so that investors, businesses and our people can quickly reap the benefits of a more robust, thriving digital economy withinMeanwhile, Mohamed Hassan Alsuwaidi, Minister of Investment, the UAE, said this collaboration not only enhances the existing bilateral ties between his nations but also seeks to harness Malaysia’s extensive potential as a top choice for data center locations in the Asia-Pacific region. “Being an emerging data hub in Southeast Asia, the arrangement aims to reinforce the nation’s digital infrastructure and accelerate the expansion of its internet economy, aligning with shared priorities and interests,” he added. According to the statement, the MoU stands as a testament to the strong trade relations between Malaysia and the UAE, with significant growth in non-oil trade volume. Currently, the UAE is Malaysia’s second-largest trading partner in the Middle East, and Malaysia is a key player in UAE’s exports and re-exports in the ASEAN region. Abu Dhabi’s Masdar to invest $8B in renewable energy projects in Malaysia

https://technode.global/2024/01/26/malaysias-tnb-partners-chinas-state-owned-utilities-to-shake-up-asean-power-grid-with-hvdc-technology/

Malaysia’s TNB partners China’s state-owned utilities to shake up ASEAN power grid with HVDC technology

Malaysian utility firm TNB said in a statement on Thursday that this strategic move underscores its commitment as a regional energy leader dedicated to advancing sustainable energy solutions. TNB President and Chief Executive Officer Ir. Baharin Din has unveiled the ambitious initiative, emphasizing the pivotal role of HVDC technology in fostering efficient power trading, seamless resource sharing, and the integration of renewable energy (RE) sources among ASEAN nations. “TNB is at the forefront of pioneering sustainable energy initiatives in the ASEAN region, “Our exploration of HVDC technology is a testament to our unwavering commitment to innovation and sustainability,” he said. According to him, interconnection using HVDC technology will benefit power trading, resource sharing and RE integration between neighboring ASEAN countries. He said the firm is looking at potentially collaborating with China’s state-owned power utilities. “The potential partnership with China’s state-owned utilities on HVDC projects is strategically designed to capitalize on their expertise and experience in developing complex HVDC projects in China and globally, “This signifies a milestone in our growth and a testament to our dedication to pushing the boundaries of sustainability and technological innovation,” he added. As a staunch advocate of the APG, TNB said the firm is taking a comprehensive approach to its responsible Energy Transition (ET) journey, recognizing the pivotal role of regional interconnections. Baharin reaffirmed TNB’s commitment to the APG by revealing that the company has inked five memoranda of inderstanding with neighboring countries, focusing on interconnection and renewable energy generation. Furthermore, Baharin stressed that the burgeoning energy demand from data centers, coupled with TNB’s Grid of the Future (GoTF) efforts, serves as a driving force behind the APG’s revolution. It is noted that Malaysia is emerging as a focal point for data center investments in the region, underpinned by increasingly favorable RE policies under the National Energy Transition Roadmap (NETR). Highlighting TNB’s recent milestones, Baharin disclosed the completion of six data center projects, totalling approximately 292 megawatts (MW) of demand, with two projects commissioned ahead of schedule. He emphasized the strong interest in electricity demand, foreseeing a potential equivalent of over 7,000MW by 2035, solidifying the necessity for TNB’s regulated GoTF investments. Baharin stressed the importance of a flexible grid capable of swiftly accommodating extensive solar installations and facilitating rapid connections within distributed solar networks and energy resources to meet escalating demand. “Our focus lies in delivering NETR project, complementing ET, and prioritizing green, reliable, and affordable power solutions that empower our customers while ensuring national supply security,” he added. According to the statement, TNB’s vision extends beyond providing sustainable energy solutions; it encompasses a commitment to the community, stakeholders, and a sustainable future for generations to come. TNB is a Malaysian utility company in Asia with an international presence in the United Kingdom (UK), Australia, Turkiye, Saudi Arabia, Kuwait, Pakistan and Cambodia. Within the RE, as of December 2023, TNB has a total gross portfolio of 3,119MW in Peninsular Malaysia (including 2,536.1MW of large hydro) and 908MW across the United Kingdom, Australia, and Turkiye comprising mainly solar, wind, and hydro energy generation assets. In addition to being the nation’s primary electricity generation enterprise, TNB also transmits and distributes all the electricity in Peninsular Malaysia, Sabah, and the Federal Territory of Labuan. As of 31 December 2023, TNB supplies electricity to approximately 10.9 million customers. It is noted that HVDC uses direct current (DC) for electric power transmission, in contrast with the more common alternating current (AC) transmission systems. HVDC lines are commonly used for long-distance power transmission, since they require less conductor and incur fewer power losses than equivalent AC lines. China currently has the longest HVDC link in the world, spanning 1,100 kilovolts (kV) over a distance of 3,300 km with a power capacity of 12 GW. Malaysia’s TNB partners Sime Darby to accelerate sustainable township development in Malaysia

https://technode.global/2024/01/26/tenaka-partners-orange-business-to-scale-coral-reef-restoration-program-in-malaysia/

Tēnaka partners Orange Business to scale coral reef restoration program in Malaysia

France’s information technology firm Orange said in a statement on Wednesday that Tēnaka’s coral reef restoration helps protect and preserve critically important and endangered wildlife while supporting the economic independence of coastal communities in terms of food security and employment linked to tourism and fisheries. Through this partnership, Orange Business is accelerating Tēnaka’s digital transformation, making its day-to-day operations more efficient. Orange Business provides access to fully automated data sets, from collection to visualization, leveraging artificial intelligence (AI)-based data analysis. This near real-time data-driven approach enhances the capabilities of Tēnaka’s operations. According to the statement, data and images are delivered directly to scientists ashore, which means researchers will be able to access 24/7 data and spend more time restoring degrading coral reefs. The project orchestrated by Orange Business is enabled by a Yucca lab marine research station composed of an underwater monitoring device with waterproof 360° camerasThe research station connects to the local 4G mobile network with an Orange Business SIM card. This connection transfers images daily to a Microsoft Azure tenant managed by Orange Business. The data transfer is secured by Orange Cyberdefense using Netskope SSE technology and NewEdge infrastructure. Once in the cloud, an AI algorithm developed by Orange Business analyzes the images. This algorithm automatically recognizes and quantifies various species of fish, invertebrates, and megafauna in the reefs. Orange Business leverages its partner ecosystem in this project: Netskope’s For Good program is providing the security platform and design, while Microsoft provides free of charge Azure credits as part of its Startups Founders Hub program. “Regenerating the ocean is the best solution we have to mitigate the climate and biodiversity crisis, “By leveraging technology, Orange Business brings critical expertise for us to scale our operations and reach a global impact,” explained Anne-Sophie Roux, Founder of Tēnaka. Meanwhile, Kristof Symons, Chief Executive Officer International, Orange Business, said the firm wanted to be part of the solution for an environmental challenge. “Our employees worldwide support Tēnaka for its inspiring initiative in preserving and rehabilitating coralOrange Business, the enterprise division of Orange, is a network and digital integrator. Orange Business has 30,000 employees across 65 countries. Its services are used by more than 3,000 multinational enterprises, as well as two million professionals, companies and local communities in France. Orange is one of the world’s leading telecommunications operators with sales of 43.5 billion euros ($47.13 billion) in 2022 and 296 million customers worldwide at 30 September 2023. Orange is listed on the Euronext Paris (ORA) and on the New York Stock Exchange (ORAN). WWF, BCG, and Think City launch regional initiative for nature-based solutions, climate analytics and AI

https://technode.global/2024/01/26/malaysia-to-appoint-pnb-chief-to-lead-countrys-largest-pension-fund-epf-reuters/

Malaysia to appoint PNB chief to lead country’s largest pension fund EPF – Reuters

Malaysia is expected to name Ahmad Zulqarnain Onn, group Chief Executive Officer of the country’s largest asset manager Permodalan Nasional Berhad (PNB), as the head of its biggest state pension fund, The appointment will fill the role left vacant after Prime Minister Anwar Ibrahim in December named Amir Hamzah Azizan, the previous CEO of the Employees Provident Fund (EPF), as second finance minister in a cabinet reshuffle, according to Ahmad Zulqarnain’s appointment is expected to be announced as early as at the end of January, two of the sources said. The sources spoke on condition of anonymity as they were not authorised to speak with the media, according to the exclusive report. In an emailed response to a Meanwhile, the prime minister’s office and PNB did not immediately respond to requests for comment. Ahmad Zulqarnain was appointed in July 2020 to head PNB, which managed 343.1 billion ringgit ($72.55 billion) of assets as at Nov. 30, 2022, according to its website. Prior to joining PNB, Ahmad Zulqarnain was previously Deputy Managing Director at Malaysia’s sovereign wealth fund Khazanah Nasional Bhd. According to Established in 1951, EPF is the 12th largest pension fund in the world with 15.72 million members and total assets of about 1 trillion ringgit, according to its 2022 annual report. EPF’s investments in the Malaysian public equities market include the country’s largest bank Malayan Banking, and electricity utility Tenaga Nasional, according to LSEG data. EPF also invests in the private markets including real estate and private equity. According to its website, EPF invests in a number of approved financial instruments which include Malaysian Government Securities and Equivalent; equities; loans and bonds; money market instruments; and real estate and infrastructure. It is worth noting that in September last yearLimited partners (LPs) across its early-stage and growth investment vehicles include Malaysia’s sovereign wealth fund, public and private pension funds like Khazanah Nasional Bhd, Kumpulan Wang Persaraan (Diperbadankan) [KWAP], and EPF. Together with PNB and KWAP, EPF also co-invested in high-tech industrial asset Kulim II for $420 million, according to500 Global closes $143M across early-stage & growth vehicles for Southeast Asia; ropes in Khazanah, KWAP & EPF as LPs

https://technode.global/2024/01/24/airasia-moves-monthly-active-users-surge-48-percent-on-year-in-4q2023/

Airasia MOVE’s monthly active users surge 48 percent on year in 4Q2023

Malaysia-based Capital A said in a statement on Wednesday that the app maintained an average of 15 million MAU throughout the year 2023, a 42 percent year on year surge. In tandem with the increased users, it said airasia MOVE achieved a new record for number of transactions, totaling 9.2 million in the fourth quarter of 2023. This contributed to a cumulative 32.5 million transactions for the entire year, reflecting a 75 percent growth compared to the previous year. Airasia MOVE gross booking value (GBV) also showcased substantial progress across all business segments, exhibiting a commendable 90 percent year on year growth. Its travel GBV improved 110 percent year on year against FY2022, driven by the increase in flight bookings fueled by strong recovery in travel demand. Its ride-hailing annual GBV grew by 54 percent year on year, bringing the total number of rides completed in FY2023 to 5.4 million. Klang Valley continues to be the primary location for utilizing rides services. Its airasia rewards and other businesses also posted GBV growth of 42 percent year on year for FY2023, as travellers are back active in earning and utilizing points across the ecosystem. Meanwhile, BigPay saw an uptick in the annual carded users, recording 14 percent increase year on year to nearly 1.5 million and gross transaction value (GTV) growth of 28 percent year on year against FY2022. Its payment grew 6 percent annually, of which closed-loop payment saw a 60 percent growth year on year owing to the close collaboration with airasia MOVE. Its remittance grew by 86 percent year on year in FY2023, driven by a 146 percent and 21 percent year on year increase in domestic and international transactions during the year with transaction sizes trending up. As for its lending, the loan disbursement grew by 159 percent year on year, owing to the utilization of alternative data in credit scoring methodology to identify low risk segments within its loan application pool. Its marketplace overall GTV recorded a 27 percent year on year growth in FY2023, attributed to the continued strong take-up rate of mobile prepaid top-up transactions. Meanwhile, Capital A’s logistics unit Teleport delivered a strong performance across its core operational metrics in both the quarterly and full-year results. For its cargo segment, the fourth quarter saw 60,565 tons delivered, up 94 percent year on year while the total tonnage moved for the year reached nearly 200,000, reflecting 88 percent growth compared to the previous year. Throughout the year, the utilization rate saw an uptick of 2 percentage points to 14 percent (versus 12 percent in FY2022). This is due to the significantly expanded capacity during the year resulting from the return of international flights, the induction of Teleport’s first two dedicated A321F freighter aircraft, as well as Teleport’s continued effort in forging close strategic third party airline partnerships. AS for its delivery segment, the segment recorded the highest number of parcels delivered in the fourth quarter of 2023, reaching 12 million parcels, an increase of 279 percent year on year. Its daily parcel deliveries also surpassed 130,000 for the first time in the fourth quarter of 2023. This was supported by increased volume by new customers during the festive season. Cumulatively, the segment delivered 29.9 million parcels in 2023, demonstrating a 275 percent year on year growth. Capital A’s airasia MOVE quarterly revenue up 68 percent on year to $36.59 million

https://technode.global/2024/01/24/malaysian-stock-exchange-partners-ssm-to-launch-platform-to-facilitate-smes-fundraising/

Malaysian stock exchange partners SSM to launch platform to facilitate SMEs fundraising

Bursa Malaysia BerhadBursa Malaysia said in a statement that the SME X Platform ensues from the memorandum of understanding signed between Bursa Malaysia and SSM at end 2022, which among others was to enhance data analytics for strategic business decisions in line with the National Data Sharing Policy (NDSP). According to the statement, the SME X Platform is designed to facilitate fundraising to support small and medium enterprises (SMEs) in their growth and business expansion, by connecting them with capital providers such as private equity firms, venture capitalists or other financial institutions seeking to invest in companies with good financial standing and growth potential. “As a multi-asset exchange, we are constantly looking at innovations to grow the market, and better serve stakeholders needs, by employing data and technology,” said Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia. According to him, the launch of the SME X Platform supports a key imperative of the exchange to help companies raise funds for growth expansion. “With the platform, we are helping to narrow the gap between quality companies with the need to raise funds, and parties with capital to deploy in the form of equity through initial public offerings (IPOs), debt fundraising through BR Capital, as well as private entities, venture capitals, and other financial institutions,” he added. Meanwhile, SSM Chief Executive Officer Nor Azimah Abdul Aziz said that in facilitating the seamless integration of data within this platform, SSM has contributed the Corporate Business Information Data (CBID) consisting of over 650,000 company data, comprising key statutory information on companies, which includes financial data from about 200,000 companies that recorded high revenue over the past three years. “The data contribution from SSM, combined with data from Bursa Malaysia constitutes a significant step towards fostering a robust data ecosystem of companies, enriching capabilities within the Platform and ensuring the provision of current and valuable insights for informed decision-making,” she added. Wong Chiun Chiek, Director of Bursa Intelligence, said that as part of their data acquisition plans, at Bursa Malaysia, they now have rich and varied datasets from their various collaborations. “Our repository of data spans the capital market, fund flows, private entities (in collaboration with SSM), macroeconomic insights (in collaboration with Department of Statistics Malaysia (DOSM)), and our Centralized Sustainability Intelligence (CSI) platform that consolidates environmental, social, and governance (ESG)-related data, all hosted under our newly deployed enterprise data platform,“We are always open to more strategic collaborations with partners to bring further innovation to support our stakeholders and develop our markets,” he added. According to the statement, SME X is an online platform that enhances decision-making for financial institutions and investment entities by offering a blend of Bursa Malaysia market data and data from SSM, comprising sectorial performance, evaluation of key financials, indicators of companies with the potential to list, and makes comparison of companies within the same sector. In addition, the platform includes detailed insights on companies’ directors and management, shareholding structure and key financials to provide context and a deeper understanding on the financial standing of each company, as well as its subsidiaries and affiliated companies with common shareholders. Bursa Malaysia is Malaysian stock exchange founded in 1976 and listed in 2005. It has grown to be one of the largest bourses in ASEAN. Bursa Malaysia operates and regulates a multi-asset exchange, offering a comprehensive range of investment, capital raising, and exchange-related facilities. SSM is a statutory body formed as a result of a merger between the Registrar of Companies (ROC) and the Registrar of Businesses (ROB) in Malaysia which regulates companies and businesses. SSM came into operation on 16 April 2002. Its main activity is to serve as an agency to incorporate companies, register businesses and limited liability partnerships as well as to provide company and business information to the public. Bursa Malaysia partners RAM Holdings to launch new debt fundraising platform

https://technode.global/2024/01/23/hsbc-malaysia-to-benefit-from-the-green-shoots-of-recovery-from-global-electronic-cycle/

HSBC: Malaysia to benefit from the green shoots of recovery from global electronic cycle

Malaysia’s economy is expected to benefit from the green shoots of recovery this year powered by resilient consumer and investment spending, according to HSBC. “Malaysia’s economy should remain healthy this year powered by resilient consumer and investment spending. The positive fillip for Malaysia’s economy will come from the nascent recovery of the global electronic cycle and the resumption of global tourism travel,” James Cheo, Chief Investment Officer, Southeast Asia and India, Global Private Banking and Wealth, HSBC said. “We expect Malaysia’s economy to grow by 4.5 percent GDP growth in 2024, slightly faster than last year’s growth,” he said in a statement on Monday. “On Malaysia equity market, the consensus earnings for Malaysia are expected to be healthy. The valuation of the equity market is trading below its historical average. Global risk sentiment and international investor positioning could be headwinds for the market. At this juncture, we want to be prudent and very selective with our Malaysia equity strategy. ”“Inflation should continue to remain subdued in Malaysia in 2024. However, there could be inflationary impact from the increase in service tax and reduction in fuel subsidies. We think that Bank Negara Malaysia will continue to remain on hold and keep policy rates at 3 percent for the rest of this year. We forecast the MYR to stay stable at 4.55 against the USD by the end of 2024,” said Cheo, who attended the HSBC Investment Outlook Media Briefing. In terms of the outlook for investments, HSBC Global Private Banking expects the beginning of Fed rate cuts in June 2024, US soft landing, corporate earnings recovery, and solid Asia growth to improve global risk appetite and investment outlook of equity and bond markets in 2024. Malaysia expected to see upward trajectory in terms of liquid assets heldLinda Yip, Country Head of Wealth and Personal Banking, HSBC Malaysia said that Malaysia is expected to continue to see an upward trajectory in terms of liquid assets held. “Malaysia’s onshore wealth pool is sizeable at $359 billion in 2022, and this is expected to grow at a compound annual growth rate (CAGR) of 3.7 percent over the next few years. “We believe that the right ingredients are in place for this to materialize. From a regional perspective, the growth in private wealth in Asia, resilient spending amongst the middle class, the acceleration of digital transformation, and the green economy are a boon for economic growth, despite headwinds seen in the global economy. “From a domestic standpoint, the Malaysian economy is expected to see growth this year. This will be supported by an expansion in consumption and investment spending and a favourable labour market, all which are conducive for unlocking investment opportunities,” said Yip. HSBC provides $1B financing to support early-stage climate tech companies

https://technode.global/2024/01/23/mavcap-invests-in-vynn-capitals-mobility-and-supply-chain-fund/

MAVCAP invests in Vynn Capital’s Mobility and Supply Chain Fund

Malaysia Venture Capital Management Bhd (MAVCAP)This collaboration underscores MAVCAP’s dedication to advancing technological frontiers in Malaysia and Southeast Asia, the companies said in a joint statement on Tuesday. According to the statement, MAVCAP’s decision to participate as an investor in Vynn Capital’s Mobility and Supply Chain Fund reflects its continuous commitment to back local fund managers to nurture pioneering startups in propelling technological advancements in Malaysia and across the region. It is noted that the Mobility and Supply Chain Fund is one of the few industry focused funds in the region with a targeted fund size of $30 million. It aims to revolutionize Southeast Asia’s technology landscape by fostering innovation in mobility and supply chain solutions. Vynn Capital, a Malaysian-homegrown venture capital firm, created this innovative fund to address the emerging challenges and opportunities in the region’s mobility andThe fund will invest in Southeast Asia focused early-stage startups that are raising Seed to Series A rounds. “MAVCAP is thrilled to join forces with Vynn Capital in supporting the Mobility and Supply Chain Fund, “This collaboration aligns with our mission to catalyze innovation and growth in Malaysia and across Southeast Asia,” said Shahril Anas bin Hasan Aziz, Chief ExecutiveIt is noted that with experienced partners backing the fund, startups will be able to gain access to essential resources and expertise to drive groundbreaking solutions for the future of vehicle and transport infrastructure. According to the statement, the Mobility and Supply Chain Fund will also seek to address the current challenges of creating a more sustainable and greener environment by applying technological solutions. The duo opined that this would make Malaysia, a frontrunner in creating an ecosystem that encourages further innovation in the mobility industry. This also aims to foster increased regional collaboration by investing in companies that are strategically targeting the broader Southeast Asia market, they said. “As one of the most experienced venture backers in the region, MAVCAP will continue to provide us access to institutional networks, allowing us to provide better support to our portfolio companies,“This is especially important in the world of constantly changing market dynamics,” said Tunku Ali Redhauddin ibni Tuanku Muhriz, Partner at Vynn Capital. Additionally, the fund received support from Sime Darby Berhad, enabling more private partnerships and industry players to invest into technology companies which willEstablished in 2001, MAVCAP has a portfolio value of almost MYR 5 billion ($1.06 billion) in the funds that the firm and its private sector partners manage. As a government-backed venture capital under the purview of the Ministry of Finance and Ministry of Science, Technology and Innovation, MAVCAP has been championing the government’s mandate by developing local venture capital talent, creating local venture capital companies and attracting foreign venture capitals and funding into Malaysia. Vynn Capital is an industry focused early-stage venture capital firm founded with the objective of bridging the gap between traditional industries and the new economies through the development of technology. The firm’s investment philosophy revolves around the creation of synergistic value between portfolio companies and companies within the firm’s ecosystem, such as Marubeni, Sime Darby Berhad and others. Beyond investing, Vynn Capital assists its investors or limited partners in understanding new industries and markets with its localized team and network across the major cities of Southeast Asia. Gobi Partners and MAVCAP works with Paywatch to address demand for earned wage access

https://technode.global/2024/01/23/ni-hsin-inks-deal-with-myus-to-market-and-distribute-ebixon-motorcycles-in-perlis/

Ni Hsin inks deal with MYUS to market and distribute EBIXON motorcycles in Perlis

Ni Hsin EV Mobility Sdn. Bhd. (NHEVM), a wholly-owned subsidiary of Ni Hsin EV Tech Sdn. Bhd. which in turn, a wholly owned subsidiary of Malaysia-listed Ni Hsin said in a statement on Tuesday that as the master dealer, MYUS will not just be promoting the sale of EBIXON motorcycles but also the rental of EBIXON motorcycles. The rental operations will be based at the Kuala Perlis Jetty where there is a constant stream of visitors and tourists coming in and out from Langkawi. It is noted that in conjunction with Visit Perlis 2024-2025, the opening of this electric vehicle (EV) motorcycle rental shop will promote and facilitate visitors and tourists to explore and enjoy the beauty of Kuala Perlis and its surroundings. “In line with the recognition of Perlis as a responsible geopark, the promotion of EBIXON motorcycles also helps to support the vision and mission to improve the geopark’s achievements, “This will encourage more locals in Perlis and tourists to use EV motorcycles as a green alternative means of transport in the state of Perlis and Langkawi,” said Khoo Chee Kong, Managing Director of NHEVM. Malaysia’s Ni Hsin inks deal with USM, FOCUS and TAILG to promote electric mobility

https://technode.global/2024/01/23/chery-malaysia-partners-carsome-for-vehicle-trade-ins/

Chery Malaysia partners Carsome for vehicle trade-ins and training

AutomakerChery Malaysia said in its recent statement that the firm has signed two memorandum of understanding (MoU) with Carsome and Carsome Academy. The primary focus of these partnerships is to improve vehicle trade-ins and enhance soft skills within the brand’s network of representatives. Upon opting for a trade-in, customers can have Carsome conduct a vehicle inspection at their preferred location. Following the inspection, Carsome will promptly offer a price for the trade-in vehicle. Once the offer is accepted, customers can then hand over their old vehicle before or while collecting their new Chery vehicle. Chery Malaysia said that this strategic collaboration is poised to redefine the automotive landscape, offering customers unparalleled transparency, convenience, and value in their car ownership journey. Meanwhile, the second MoU aims to bolster soft skills within Chery’s network of representatives. The agreement will center on four aspects: upskilling Chery’s existing and new workforce through specialized training programs; extending the Peneraju Skil motor vehicle inspection program to enhance the skills and knowledge of Chery’s workforce; providing on-the-job (OTJ) training and work placements at Chery for Carsome Academy students under the Sistem Latihan Dual Nasional (SLDN) model; engaging in mutually agreed marketing initiatives to foster collaboration and growth. Chery Auto Malaysia Vice President Lee Wen Hsiang said both collaborations were timely for Chery Malaysia’s growing customer base over the months since the brand debut in July last year. “The collaboration with Carsome will be beneficial and important for our dealers, especially with the increase in customers who seek to trade in their old cars for a new Chery vehicle,” he said. Additionally, with plans to expand showrooms to 48 outlets by the end of 2024, Chery Malaysia opined that there will be an increase in the workforce, including sales representatives and managers. Therefore, ensuring the importance of Chery’s customer service becomes a crucial step for the brand’s future success, it said. “At Carsome, we aim to collaborate with more automotive manufacturers as part of our commitment to offering trust, transparency, and choice to customers, enhancing the car”Our collaboration with Chery is a step forward in that direction; it represents a milestone in expanding our network and touchpoints, furthering our mission to provide the best car ownership experience,“Our partnership with Chery enables us to offer customers upfront information on their car’s trade-in value, facilitating a smoother transition to a new Chery vehicle,” he added. Carsome appoints Miguel Fernandez as CFO

https://technode.global/2024/01/22/zetrix-partners-web3labs-and-summer-capital-to-accelerate-hong-kongs-web3-roadmap-initiatives/

Zetrix partners Web3Labs and Summer Capital to accelerate Hong Kong’s Web3 roadmap initiatives

ZetrixZetrix said in a statement that it expands its current mission of government and enterprise-focused Web3 development in alignment with Hong Kong’s Fintech Promotion Roadmap, in addition to significant partnerships announced with key stakeholders in China, Malaysia and the Philippines. Leveraging on the partners’ complementary strengths, it said this partnership will enhance Zetrix as the preferred Layer-1 platform for blockchain applications aligned with the Hong Kong’s government’s Web3 vision and catalyzed by further collaborations with industry and business communities. The partnership also catalyze Hong Kong’s and the region’s financial systems and technologically forward corporate players to realize structured and concurrent industry trails of innovative blockchain use cases such as Real World Asset (RWA), stablecoin issuance and financial instruments tokenization to enable localized and international services, which can be connected seamlessly and securely via Self-Sovereign Identity (SSI) and Verifiable Credentials (VC). The partnership will also help to launch a dedicated Global Accelerator Program to incubate and nurture promising startups building applications on the Zetrix platform. This program will provide mentorship, technical support, and access to funding opportunities, empowering budding entrepreneurs to contribute to Hong Kong’s Web3 landscape and serve a global audience. Zetrix is also assessing strategic investment in Web3Labs, gaining access to its extensive network of Web3 experts and ecosystem partners. Such a move will further bolster Web3Labs’ ability to support promising Global Web3 startups via Hong Kong’s progressive virtual assets regulations. According to the statement, Web3Labs leverages its network of over 500 partners throughout the Web3 ecosystem including government bodies, institutions, investors, exchanges and media outlets to foster additional growth and innovation facilitated by the city state. Meanwhile, Summer Capital counts several market-leading startups within their portfolio, including Asia’s leading licensed virtual asset service provider Hashkey Group, and SEBA Bank, which received approval-in-principle licenses from the Securities and Futures Commission to offer virtual asset services in Hong Kong. “We are thrilled to partner with Web3Labs, a trusted leader in the Web3 space,“This collaboration will add immense value to Zetrix and provide invaluable support to the burgeoning Web3 ecosystem with key stakeholders in Hong Kong,” said Wong Thean Soon, Co-Founder of Zetrix. According to him, Zetrix and its international supernode on China’s national public blockchain, Xinghuo BIF is the natural choice for Web3 decentralised applications (DApps) that serve the objectives of Hong Kong Special Administrative Region (SAR) to be a global crypto hub. Caspar Wong, Chief Executive Officer of Web3Labs, added that they are excited to welcome Zetrix as a strategic partner. “Their commitment to aligning with the HK vision and fostering innovation makes them the perfect platform for building impactful Web3 solutions, “By combining our capabilities and focusing on government and enterprise-aligned applications, both parties aim to foster a thriving Web3 ecosystem that benefits businesses, government entities, and citizens alike,” he added. Henry Chen, Head of Fintech and Blockchain of Summer Capital, said they are glad to connect and join forces with Web3Labs and Zetrix to build an enterprise-grade ecosystem on blockchain infrastructure in Hong Kong. “We have observed tremendous progress and business development for Web3 here in Hong Kong for the past few years, “Bringing Zetrix to Hong Kong marks our strong commitment to embracing the market and its opportunities,” he added. Web3Labs is a platform aims to respond to the policy statement from the HKSAR Government on the development of virtual assets in Hong Kong. Through on-the-ground support, investment acceleration, technical collaborations, and compliance assistance, Web3Labs is dedicated to helping global Web3 companies establish their presence in Hong Kong. Its goal is to create a one-stop gateway for Web3 entrepreneurs. As of the end of July 2023, Web3Labs has provided consultation or support for nearly 1,000 Web3 enterprises in terms of advice or on-the-ground services. Summer Capital is an investment management and advisory firm with a presence in Hong Kong, China and Southeast Asia dedicated to investing in early and growth stage companies in “new economy” sectors such as fintech, blockchain infrastructure and application, consumption technology and healthcare. Summer Ventures, an affiliate of Summer Capital Limited, is an institutional venture fund dedicated to promote and invest in “real world application” of blockchain technology and infrastructure, leveraging Summer Capital’s past experience of investments in blockchain and fintech industries since 2018. Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. Developed by MY E. G. Services Bhd, the cross-border and cross-chain integration with China’s national public blockchain Xinghuo BIF enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as blockchain-based identifiers (BID) and verifiable credentials (VC). Zetrix and Beitou launch digital ID and driver’s license services on blockchain

https://technode.global/2024/01/19/grab-malaysia-claims-it-observes-delivery-partners-benefitting-from-new-earning-structure-during-peak-demand-periods/

Grab Malaysia claims it sees delivery-partners benefitting from new earning structure during peak-demand periods amid riders’ protest

Grab Malaysia has claimed that it has observed a “good number” of its “active delivery-partners” benefitting from the new earning structure in the last few days, following a protest from its delivery riders at its headquarters office in Malaysia on Friday. Grab Malaysia also said it encourages feedback and foster ongoing discussions on the new earning structure the company recently introduced. “We are aware that a subset of our delivery-partners are facing challenges with the new earning structure and we are engaging them closely to understand their concerns while also encouraging feedback and fostering ongoing discussions,” Grab Malaysia said in a statement on Friday. The new earning structure is part of Grab Malaysia’s commitment to foster economic growth for all Malaysians, the ride-hailing and food delivery company said. “For our delivery-partners, we do this by ensuring they have a steady stream of earning opportunities from our platform and they are fairly compensated for every booking they complete,” it said. With the new earning structure, Grab Malaysia said its delivery-partners who need to put in more time and effort will be more fairly compensated. Similarly, delivery-partners who do farther pick-ups and complete bookings during high-demand periods will be rewarded, it added. On Friday, a group of about 300 Grab delivery riders staged a peaceful protest outside Grab’s headquarters in Petaling Jaya (Selangor), demanding the company resolve several issues affecting them, local media Their main demand is for Grab to reinstate the previous base fare of MYR5 ($1.06) for deliveries within the Klang Valley, which was reduced to MYR4 ($0.85) earlier this week, the report added. It was reported that during the protest, representatives of a delivery riders’ group The association’s Vice President, Abdul Hakim Abdul Rani, said discussions with Grab went smoothly. Aside from relaying their demands on the base fare for deliveries, Hakim said they wanted the company to maintain pickup bonuses for riders. “We have received complaints from fellow Grab delivery riders that some of them have not been receiving the pickup bonus,” Hakim said, adding that another protest involving more riders will be held next week if their demands are not met in five days. Also at the protest was the member of parliament of Machang, Wan Ahmad Kamal, the report added. Grab Malaysia, in the statement on Friday, also said, “We are already observing a good number of our active delivery-partners benefiting from the new earning structure from the last few days – as they benefit from our incentives during peak hours and receive fairer total compensation for time spent and distance travelled, in order to complete the job. ”“We will continue to keep investing in promotions like GrabUnlimited, HotDeals, Kombo Jimat, particularly“We will continue to engage closely with our delivery-partners to help them understand and gather feedback on our new earning structure and look forward to them benefitting from it,” the company said. In November last yearThe group said that its adjusted EBITDA turned positive for the first time at $29 million for the third quarter, an improvement of $190 million compared to adjusted losses before interest, taxes, depreciation of $161 million for the same period in 2022. This was due to the firm continued to grow gross merchandise value (GMV) and revenue, while improving profitability on a segment adjusted EBITDA basis and lowering regional corporate costs. The group is currently expecting adjusted losses before interest, taxes, depreciation of $20 million to $25 million, as compared to $30 million to $40 million previously. It also revised up its full year revenue projection to $2.13 billion to $2.33 billion, from $2.2 billion to $2.3 billion. Earlier in June 2023News portal Grab invested in GXS Bank, its digital banking joint venture with Singapore-listed telecom operator Singtel, through its wholly owned subsidiary A5-DB Holdings Pte Ltd, filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) showed. According to The ACRA filings further show that Grab and Singtel will invest an additional S$229.5 million into the bank in Q3 2024 while GSX Bank plans to subscribe to additional shares in GX Bank Malaysia for S$55 million, the report added. The NASDAQ-listed counter’s share price has declined more than 76 percent since its listing in December 2020. Grab Malaysia defends revamped delivery fee framework amid riders’ protest call

https://technode.global/2024/01/19/grab-malaysia-says-it-commits-to-enhancing-earning-opportunities-based-on-partners-feedback-after-protest-calls-from-riders/

Grab Malaysia defends revamped delivery fee framework amid riders’ protest call

Southeast Asia super app “This is done with reference to our delivery-partners’ recent feedback about bookings that involve longer wait time at merchants’ outlets or farther pick-ups. Apart from adjusting the base fare, we will increase the bonus pay out for such bookings that require more time and effort to complete,” Grab Malaysia said in a statement on Thursday. Grab Malaysia also said it is committed to fostering economic growth for all Malaysians. “For our driver- and delivery-partners, we do this by ensuring they have a steady stream of earning opportunities from our platform and they are fairly compensated for every booking they complete,” the company said. The statement came after calls for protests from a group of Grab riders. Local media According to an invitation shared on An association known as Persatuan Perpaduan Rakan Penghantar Malaysia (PPRPM) has called on the government to expedite the establishment of the gig economy regulatory body to protect the welfare of gig economy operators, especially p-hailing operators, national agency Bernama reported. In a statement on Thursday, PPRPM has urged the Malaysian government to implement short-term measures to address persistent problems plaguing p-hailing drivers, especially reduced wages. “We urge the government to take action and intervene in the p-hailing issue. Only the government can formulate and issue a policy or guidelines for the entire gig economy ecosystem,” The association also called on the p-hailing service GrabFood Malaysia to immediately return to the original pay rates for drivers and replace the “drastically reduced new rates”, On the other hand, Grab Malaysia said that to strike a balance between all its stakeholders, the company constantly seek to review its policies to provide a fairer, more stable earnings to those who need it the most. “We expect the new fee and bonus framework to benefit our most active delivery-partners who have been working hard to fulfil challenging consumer orders such as those that require more effort to complete,” Grab Malaysia said. Grab Malaysia said its recent improvements to maximise earnings include: – Reduced wait time at merchants by rolling out features that ensure partners’ arrival at the store are more well-timed with when the food or products are ready. GrabFood Malaysia introduces Saver Delivery – lowest delivery fee from the widest range of restaurants

https://technode.global/2024/01/18/malaysian-food-startup-meals-in-minutes-nets-1-5m-from-500-global-to-scale-operations-in-malaysia-singapore-and-the-united-kingdom/

Malaysia’s Meals in Minutes nets $1.5M from 500 Global to scale operations in Malaysia, Singapore, and the UK

Malaysian-based food startup Meals in Minutes said in a statement that the round is led by an early-stage venture fund and seed accelerator, 500 Global, with participation from a private investor. This fresh round of capital will fuel Meals in Minutes’s growth across Malaysia and Singapore, including establishing a presence in the United Kingdom. The funding will also be focused on the research and development to expand Meals in Minutes’s selection of foodMeals in Minutes said the firm will continue to expand and is constantly on the lookout for funding and partnership opportunities. “The funding will be focused on achieving key milestones such as successfully launching in the United Kingdom market, product development, and building a robust foundation for future growth across all markets,” said Vin Vin Khu, Chief Financial Officer of Meals in Minutes. Launched in 2020 by Brandon Lim and Khiara Mia, Founder and Co-founder of Meals in Minutes respectively, the food startup serves a brand new advanced meal kit concept with its frozen vacuum-packed ready-to-cook meals, allowing consumers to whip up a gourmet meal within 15 minutes. All meals are flash-frozen, and individually portioned to reduce food wastage with no genetically modified ingredients or additional artificial substances, and are fully HALAL, HACCP and ISO 22000 certified. “Meals In Minutes was founded with the vision of simplifying cooking for individuals leading busy lives, offering them the opportunity to enjoy high-quality, clean, and nutritious meals without the associated hassle and requisite culinary skills, “Additionally, recognizing the considerable advantages of this concept, we anticipated its positive impact on business and cafe owners who aspire to provide food services but lack the necessary equipment and resources to operate a fully equipped kitchen,” said Lim. Considering the love and passion for food amongst Malaysians, Meals in Minutes said it is unsurprising that the food and beverage (F&B) industry remains a lucrative business, as the industry is expected to grow annually by 6.85 percent from 2024 to 2028. However, it noted F&B owners, looking to tap into this opportunity, are finding themselves caught in a manpower dilemma. It noted that in Malaysia, fewer young individuals are turning to F&B as a career option due to the low pay wage and the perceived uncertainty within the industry. Additionally, it said the delay in issuing work permits for foreign workers makes it exceptionally slow and difficult for owners to turn to foreign workers to overcome manpowerMoreover, it said the F&B sector exhibits a significantly higher employee turnover rate, with an average of approximately 75 percent, which could lead to businesses facing reduced quality of services and products, and an increased workload amongst existing employees. According to the statement, integrating Meals in Minutes food products as a solution enables businesses to optimize kitchen operations, resulting in the efficient and consistent production of gourmet meals. It said this is achieved without the need for a fully equipped kitchen or the employment of a professional chef, thus overcoming the manpower dilemma without compromising quality. “Our advanced meal kits not only offer sustainable solutions to F&B businesses but also tackle environmental concerns like food wastage and excessive packaging,” said Khiara Mia, Co-Founder of Meals in Minutes. “We’re also collaborating with CleanHub to prevent plastic pollution by collecting plastic waste for every product sold and are committed to delivering a genuine impact with every purchase, “Sustainability remains a pivotal factor in shaping our future business strategies,” she added. It is noted that Meals in Minutes is available in Malaysia across multiple premium grocery stores including Jaya Grocer, Village Grocer, Ben’s Independent Grocer and selected 7-Eleven stores. Meals in Minutes is also currently supplying their food products to Loud Speaker, a Malaysian karaoke chain and has successfully collaborated with celebrities such as Joe Flizzow to create the unique Joe’s Burger, made with 100 percent pure premium yellowfin tuna patty. Malaysian foodtech firm GoodMorning Global raises $4.4M via equity crowdfunding

https://technode.global/2024/01/17/malaysias-techna-x-acquires-51-percent-stake-in-it-firm-netsec/

Malaysia’s Techna-X acquires 51 percent stake in IT firm Netsec

Malaysia-based energy storage and digital transformation enabler This strategic partnership will see Techna-X acquiring a 51 percent stake in Netsec, combining their expertise in digital ecosystems and energy storage with Netsec’s expertise in cybersecurity solutions, Techna-X said in a statement. According to the statement, the cybersecurity landscape in Southeast Asia presents a dynamic and rapidly evolving market, with an estimated value projected to reach US$4.49 billion by 2024. This growth is driven by increasing digitalization, a surge in cyber threats, and a growing awareness of cybersecurity’s importance across various sectors. The region’s diverse and expanding digital ecosystem, coupled with its unique challenges, offers immense opportunities for innovation and development in cybersecurity solutions. The joint venture is strategically positioned to capitalize on this growth, set new standards in cybersecurity and artificial intelligence (AI) integration, advance cybersecurity technology solutions developed in Malaysia and strengthen Malaysia’s position as a leader in this critical field. “As Techna-X nears the completion of our multifaceted corporate exercise, which will see Techna-X being recapitalized and strengthened, we are well-positioned to embark on this joint venture with Netsec, a distinguished leader in the cybersecurity industry,” said Naquiyuddin ibni Tuanku Ja’afar, Executive Chairman of Techna-X. According to him, this partnership is not just timely but a strategic alignment of our digital expertise with seasoned cybersecurity professionals. “We are confident that this collaboration will mark a new era of innovation and leadership in technology, further empowering Malaysia and the region in the cybersecurity digital domain,” he added. Meanwhile, Netsec Managing Director Azman M. Azizi said that with Netsec’s unique expertise and innovative products, this joint venture with Techna-X presents a strategic opportunity to capitalize on the burgeoning cybersecurity market. “Our collaboration with Techna-X is a pivotal step in reaching a wider market and leveraging their digital expertise and market presence, “This joint venture is more than a partnership; it’s a fusion of strengths that positions us to make a substantial impact in the dynamic world of cybersecurity,” he added. According to the statement, this joint venture underscores the critical importance of addressing challenges such as cyber safety, data privacy, threat intelligence, and skill gaps in the cybersecurity sector. Its long-term objectives include nurturing a skilled workforce and further developing AI-based cybersecurity solutions. TECHNA-X is a technology player listed in Malaysia and has acquired new business streams in the provision of intelligent digital ecosystem and energy storage solutions leveraging on its core technologies in mobile data, Internet of Things (IoT), digital infrastructure, deep analytics, business intelligence, super batteries and ultra-capacitor technology. Driven by its strong business network, the company has worked with multinational conglomerates across various industries including electric vehicle (EV) manufacturers, palm oil plantations, transportation and mobility providers, electronic appliances manufacturers, property developers, food and beverage (F&B) brands, retailers and eCommerce providers. NETSEC is a IT company specializing in cyber security offensive software and services, AI platforms, investigative big data, new technology, and bobile and online security apps development. With a highly experienced management team boasting 20 years of expertise in the market field, NETSEC is dedicated to providing innovative and reliable solutions to protect businesses and individuals from the ever-evolving landscape of cyber threats. NETSEC takes pride in its strong technical support from established multinational and international technology providers including partnerships with industry-leading organizations such as CY4 Gate (Italy), RCS (Italy), Cysecure (Singapore), Trend Micro (Japan), NEC (Japan), and many more. These collaborations allow the company to leverage cutting-edge technologies and global expertise to deliver world-class cybersecurity solutions. Malaysia’s Airo enters fintech as actively managed digital investment platform

https://technode.global/2024/01/17/bcx-inks-deal-with-mpia-to-enhance-voluntary-re-certificates-market/

BCX inks deal with MPIA to enhance voluntary renewable energy certificates market

Bursa Carbon Exchange (BCX)The partnership, formalized through a memorandum of collaboration (MOC) signed during the MPIA Solar Roadshow 2024 on Tuesday, will focus on four key areas. These include the joint promotion of solar RECs, enabling BCX to offer RECs trading to MPIA members, corporate entities and relevant stakeholders. The partnership also aims to advance market integrity and awareness of RECs ecosystem, focusing on the appropriate usage of RECs and addressing concerns related to double claiming by corporates, including transparent reporting on solar energy claims. Additionally, the partnership involves the exploration of potential solar RECs supply from MPIA members for the inaugural RECs auction, continuous trading and off-market transactions on BCX. Lastly, the partnership will support the prospective development of an ASEAN voluntary RECs framework. “The MOC with MPIA signifies our joint support in the implementation of the National Energy Transition Roadmap (NETR), and is a direct response to the growing corporate demand in Malaysia for RECs,” said Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia Berhad. According to him, this is a crucial step forward in enriching the exchange’s offering with solar RECs, following its recent collaboration with Sarawak Energy Berhad to include their hydro RECs in its suite of RECs product. “We are committed to establishing BCX as a one-stop Shariah-compliant environmental exchange with a suite of offerings, which aligns with Bursa Malaysia’s vision as a multi-asset exchange,” he added. According to the statement, the collaboration between BCX and MPIA aims to establish a transparent, efficient and cost-effective market for REC transactions. This will contribute towards realizing the NETR, where the renewable energy strategic development roadmap envisions a substantial increase in Malaysia’s RE capacity, targeting 70 percent of installed RE capacity in the power mix by 2050. “We are thrilled with our collaboration with BCX, which provides a two-prong benefit, where we provide access to solar RECs for those who wish to be RE1001 affiliated to reduce their scope 2 electricity emissions while BCX provides opportunities to MPIA members to supply solar RECs, thereby generating additional avenue to improve the financial viability of their photovoltaic (PV) projects,” said MPIA President Davis Chong. He said the association also believes that the offer of solar RECs on BCX will make renewable energy more accessible for corporations. BCX, the world’s first Shariah-compliant carbon exchange, was established as a voluntary carbon market (VCM) initiative and this initiative was announced by the Malaysian government during the tabling of National Budget 2022. BCX aims to democratise access to environmental products, thereby fostering a sustainable and resilient environmental products market. MPIA, a non-profit entity, provides a credible and representative platform for the Malaysian solar industry, promoting the widespread adoption of solar energy. Bursa Carbon Exchange inks deals with Sarawak Energy, Hydropower Sustainability Alliance, I-REC for renewable energy certificates

https://technode.global/2024/01/17/a-closer-look-at-warren-buffett-backed-chinese-ev-giant-byds-plan-in-malaysia/

A closer look at Warren Buffett-backed Chinese EV giant BYD’s plan in Malaysia

China-based The Warren Buffett-backed company is in the process of opening showrooms in the country where the government has been pushing for more adoption of EVs and wooing more EV-related investments in Malaysia. BYD has appointed Sime Darby Motors as the official exclusive distributor of BYD vehicles in the country, according to a statement in December 2022. Sime Darby Motors is the automotive arm of Malaysia-listed conglomerate Sime Darby Bhd and is involved in the retail, distribution and assembly businesses. The company has a presence in nine markets across the Asia Pacific region. It was reported that MYR500 million ($107.53 million) will be invested to set up BYD showrooms in Malaysia. “By end-2023, with the support of dealer partners, Sime Darby Motors and BYD expect to bring the number of showrooms in the country to between 15 and 20. In 2024, we aim to double this number by establishing our presence across all states in Malaysia to ensure wider customer service coverage. Hence, BYD customers can be rest assured that they will be able to travel throughout Malaysia with the wide coverage of BYD’s network,” a spokesperson from Sime Darby Motors toldAs of last month, BYD already operates 14 showrooms in Malaysia. “There continues to be growing demand for EVs amongst Malaysians, especially with the increasing line-up of EV vehicles in the market,” the spokesperson said. “This is further demonstrated by the positive response for the launch of EV models across Sime Darby Motors’ portfolio of world-class principles. The EV sector is projected to see steady growth, supported by the Malaysian Government’s incentives. We believe BYD’s innovative vehicles will be well-received by Malaysian consumers as EV adoption continues to pick up,” Sime Darby Motors said. BYD’s assertive expansion into Malaysia and Southeast Asia coincides with a broader trend of escalating competition and dwindling profits for automakers in China. Besides automakers, Chinese tech giants such as Huawei and Xiaomi have also introduced EV models. Concurrently, the Malaysian government actively promotes EV adoption, seeking foreign investment to develop the EV sector. US-based EV giant Tesla has set up its regional headquarters in Malaysia last year. The country also has plans to woo more EV companies to set up assembly plants here, trade and investment minister Tengku Zafrul Aziz said in an interview with Competition has also heated up in Southeast Asia as Malaysia, Indonesia and Thailand have aspired to become the main player or a hub in the global production and supply chain of EVs. As the world’s biggest seller of battery electric vehicles (BEVs) eyes expansion globally, BYD recently announced that it will launch its cars in Indonesia this week. The launch also comes amid efforts from Indonesia to accelerate EV adoption in a bid to reduce emissions, BYD is also accelerating its overseas footprint by setting up production facilities in Brazil and Thailand (with an annual production capacity of 150,000 units each) and expanding its sales network in Europe, according to DBS Group Research. The companyis shipping several models including Dolphin and Atto3 models abroad and will add more to the export list. The overseas market generates better margins, DBS Group Research analyst said in But expansion to overseas market may not always be smooth sailing. Quoting sources, As comparison, in Southeast Asia, a significant driver accelerating the rapid growth of the EV market is the region’s strong commitment to reducing fuel emissions and improving road safety, investment platform AsiaFundManagers. com reported in August 2023. In addition, pivotal to this momentum of EV adoption is governmental regulatory support and early investments in the sector, the report added. Besides BYD, several Chinese car makers such as Great Wall Motor have been expanding their footprint in Southeast Asia. Great Wall Motor announced last week that it has started commercial production in Thailand, Chinese state-owned automobile manufacturer SAIC Motor has also announced in May last year that it has started construction of the SAIC Motor-CP New Energy Industrial Park in Thailand. The industrial park is expected to help SAIC Motor develop the Asean market, and expand its EV capacity in Southeast Asia. Zooming into Malaysia, it was reported last year that Geely has teamed up with its Malaysian partner Proton to invest $10 billion and build a manufacturing hub in Malaysia as it eyes a stronger footprint in the Southeast Asia region. BYD has appointed Sime Darby Motors as the official exclusive distributor of BYD vehicles in the country, according to Sime Darby Motors is the automotive arm of Malaysia-listed conglomerate Sime Darby Bhd and is involved in the retail, distribution and assembly businesses. It has a presence in nine markets across the Asia Pacific region. It was reported that MYR500 million ($107.53 million) will be invested to set up BYD showrooms in Malaysia. TNGlobalBelow are the edited excerpts:We are in the process of opening BYD showrooms nationwide. Our first showroom – at TREC KL in Jalan Tun Razak – opened in December 2022. Our second showroom has been operating in Ara Damansara since February 2023. By end-2023, with the support of dealer partners, Sime Darby Motors and BYD expect to bring the number of showrooms in the country to between 15 and 20. In 2024, we aim to double this number by establishing our presence across all states in Malaysia to ensure wider customer service coverage. Hence, BYD customers can be rest assured that they will be able to travel throughout Malaysia with the wide coverage of BYD’s network. To support the government’s push to low-carbon mobility and to propel our EV ambitions, Sime Darby Motors is committed to strengthening the country’s EV charging infrastructure network. This includes a memorandum of understanding with Tenaga Nasional Bhd, which involves establishing a network of highly efficient EV charging infrastructure along key highways across Peninsular Malaysia. In addition, Sime Darby Motors is also collaborating with prominent hotels in the Klang Valley to install EV charging stations. Excluding Porsche, we have a total of 49 chargers across Klang Valley, Penang, and Johor. Apart from this, KINETA was established by Sime Darby Bhd to provide EV charging solutions in Malaysia, as well as in Hong Kong, and has started supplying and installing EV charging equipment (Wallbox, Siemens, Starcharge, Tritium). There continues to be growing demand for EVs amongst Malaysians, especially with the increasing line-up of EV vehicles in the market. This is further demonstrated by the positive response for the launch of EV models across Sime Darby Motors’ portfolio of world-class principles. The EV sector is projected to see steady growth, supported by the Malaysian Government’s incentives. We believe BYD’s innovative vehicles will be well-received by Malaysian consumers as EV adoption continues to pick up. A key concern for many EV adopters is range anxiety. To help address this, Sime Darby Motors is playing a key role in contributing to the establishment of a comprehensive EV charging infrastructure in Malaysia. This includes the installation of EV charging infrastructure at strategic locations along key travel routes to better support the EV community. We are always seeking out opportunities to expand to new markets with good prospects, at the right time and with the right partners. Any concrete expansion plans will be announced at the appropriate juncture. The EV trend in Malaysia is clear and unmistakable, and Government policies are supportive of this trend to move towards low-carbon mobility and sustainability targets. The appeal of EV products, complemented by incentives to purchase, and subsidies to maintain and operate, combined with an accessible charging infrastructure, will drive sales growth for EVs. Sime Darby Motors will continue leveraging on our wide portfolio of world-class principals to expand our EV line-up and to tap on this opportunity. We are also building capabilities via our collaboration with TOC Automotive College to continuously upskill EV technicians and supplement EV service and maintenance training. Malaysia indeed holds much potential, particularly given its strategic location in the heart of the Southeast Asian region and the country’s strong long-term prospects. The outlook for the EV sector is projected to grow steadily, supported by the Malaysian Government’s incentives. Furthermore, given the strong growth of Malaysia’s SUV segment which saw sales increase by 43 percent in 2021, the BYD ATTO 3 was the ideal choice as the first BYD model to enter the Malaysian passenger car market, providing a more environmentally-conscious option as an all-electric SUV. EV maker BYD to acquire Jabil’s mobile electronics manufacturing business for $2.2B

https://technode.global/2024/01/16/truemoney-malaysia-now-supports-duitnow-qr/

TrueMoney Malaysia now supports DuitNow QR

TrueMoneyWith this new acceptance, TrueMoney e-wallet users can now use the application to make transactions seamlessly anywhere, from small stalls to retail shops that support the national QR standard, TrueMoney said in a statement. As of 2024, TrueMoney Malaysia has established a robust network of 22,000 merchants and 35,000 payment points nationwide. This remarkable growth, amplified by the acceptance of DuitNow, further solidifies its position as a key player in the fintech industry, witnessing significant growth since its launch in January 2023. “DuitNow acceptance marks a pivotal moment for TrueMoney. Nearly 1.9 million people use the DuitNow QR platform, highlighting the growing preference for contactless payments,” said Jessie Chong, Ascend Group’s Country Managing Director. “By strategically embracing one of Malaysia’s most popular QR payment networks, we empower millions of users with unmatched convenience and choice, “In a crowded fintech landscape, supporting DuitNow QR positions TrueMoney as a comprehensive all-in-one payment solution,” she added. Looking ahead to 2024, TrueMoney is set to launch online payment and international remittance services, further solidifying its commitment to providing financial flexibility both locally and globally. These upcoming features underscore TrueMoney’s dedication to staying at the forefront of fintech innovation, ensuring that users can experience the future of digital finance today. TrueMoney is a regional fintech company in Southeast Asia, with operations in seven countries, including Malaysia. The firm has gained regional recognition as a wallet to use because of its wide array of services including payments, mobile top-ups, game top-ups, peer-to-peer transfers and so much more. TrueMoney also has the largest agent network with over 88,000 agents, helping its customers send money seamlessly both domestically and overseas, capturing markets suchDRB-HICOM invests in Carro’s auto fintech subsidiary Genie Malaysia

https://technode.global/2024/01/12/careplus-goauto-jv-to-commence-130m-green-technology-facility-in-malaysia/

Careplus, GoAuto JV to commence $130M green technology facility in Malaysia

NexV Manufacturing Sdn Bhd (NMSB), a joint venture company between Malaysia-based glove maker The duo said in a statement on Friday that the facility is aiming to commence operations beginning in the first quarter of 2025, and creating new employment opportunities and investments in the region within and adjacent to Negeri Sembilan of Malaysia. According to the statement, the plant will have a capacity of 30,000 vehicles per year, in which one third will comprise the assembly of NETA models through the joint venture between Careplus and Intro Synergy Sdn Bhd (a GoAuto subsidiary). The plant will not only assemble NETA vehicles, but will be open to other NEV brands intending to carry out completely knocked down (CKD) assembly of passenger and commercial EVs or electric motorcycles. Phase one of the project involves the development of an assembly plant, expected to begin in the first quarter of 2024. Meanwhile, phases two and three will begin in 2026 and 2028 respectively, expanding to an even bigger production capacity of 50,000 units per year. The first phase of the facility will create more than 600 skilled and semi-skilled jobs with specialization in EV manufacturing, especially in the use of smart manufacturing technologies, including automation, system integration, robotics, cloud-based plant management, industrial IoT and other technologies synonymous in the Fourth Industrial Revolution. As operations are scheduled to start in early 2025, recruitment and training of the plant’s workforce will commence as early as August 2024. Parallel with the production of green vehicles, the plant will also utilize eco-friendly solutions, such as technologies that produce zero wastewater discharge, zero noise pollution, while solid waste will be processed through recycling centers within the facility. A significant portion of factory’s energy will also be powered by solar panels to be installed on the roof of the plant. Apart from Intro Synergy Sdn Bhd (the sole distributor for NETA brand), the HIGER and YUTONG brands (distributed by GVT Sdn. Bhd. , a joint venture between W&R Resources Sdn Bhd and Careplus Group Berhad) will work with NMSB to assemble for all models locally produced under these brands. It is noted that Intro Synergy and Hozon New Energy Automobile Co. Ltd. (the principal company that produces NETA) exchanged a CKD agreement, as collaborations for CKD operations in Malaysia. NMSB also exchanged a Memorandum of Understanding (MoU) with Qingdao Huayue Guotai New Energy Car Co. Ltd. To explore new opportunities for New Energy Vehicles in Malaysia and ASEAN. “We hope that with the assembly of NETA V model, more Malaysians will be able to accept and support the products produced by Chembong”, said Careplus Chief Executive Officer Lim Kwee Shyan. According to the statement, NMSB had obtained its interim Manufacturing License from the Ministry of Investment, Trade and Industry (MITI), through the Malaysia Investment Development Authority (MIDA) in October 2023. The firm had also recently received the Development Order (Kebenaran Merancang) to commence construction of the manufacturing plant from Rembau District Council. “We take pride in the extensive support this project has garnered from both state and federal governments, contributing to its rapid progress in advancing local assembly and localization efforts within the country, “We believe that this represents a significant stride towards fostering greater acceptance and awareness of electric vehicles in the future,” said Go Auto Chairman, SM Azli SM Nasimuddin Kamal. Meanwhile, MIDA Chief Executive Oficer Arham Abdul Rahman said the green technology facility meant to augment national EV targets defined by the Low Carbon Mobility Blueprint (LCMB) and National Energy Policy (DTN). It also complements the aspirations described in the National Automotive Policy(NAP) 2020 and the New Industrial Master Plan (NIMP) 2030, he added. He also said the facility showed NMSB’s commitment to innovation, green energy and industry leadership, advancing Malaysia’s status as a major player in the EV industry while placing the nation at center stage as a pivotal global impetus. Careplus who has been listed in Bursa Malaysia since 2010, has been involved in latex glove making for more than 35 years. To date, the firm’s production capacity reached 5.32 billion units per annum, with various glove types such as latex examination dan surgical gloves. Today, it has four latex glove plants, all located in Negeri Sembilan. In 2023, Careplus officially joined new businesses based on green and renewable technology, developed with business partners GoAuto Group. GoAuto Group is a group of companies with 100 percent Bumiputera equity. Established in 2013, the group’s core business centers on automotive products – where the company is actively involved in manufacturing, assembly, sales, distribution, after sales services and spare parts in various vehicle segments such as passenger vehicles, commercial vehicles, motorcycles, special vehicles, and electric vehicles. The GoAuto Group also supplies vehicles for government and GLC use. The group is also an exclusive distributor of electric vehicles for passenger and commercial vehicle brands NETA, HIGER and YUTONG. Careplus partners GoAuto to set up EV plant in Malaysia

https://technode.global/2024/01/12/malaysias-warisan-tc-inks-deal-with-chinas-gac-aion-to-distribute-ev-in-malaysia/

Malaysia’s Warisan TC inks deal with China’s GAC AION to distribute EV in Malaysia

The origin web server timed out responding to this request.

https://technode.global/2024/01/09/tony-fernandess-global-empire-to-be-broken-up-into-five-listed-companies-utlimately/

Tony Fernandes’s global empire to be broken up into five listed companies “utlimately”

Tony Fernandes’s global empire will eventually be broken up into one listed company in the US and four other companies listed in Southeast Asia, the Malaysian tycoon behind low-cost airline AirAsia said on Monday. “We want to build four companies (for the non-aviation business), in the end they’ll probably be broken up. So shareholders of Capital A will own shares in aviation, will own shares in Teleport… we’ll list all of them separately, and one company will probably take over Capital A’s listing,” he told reporters on Monday at AirAsia Aviation 2024 Outlook briefing. “So in the end, my dream is when I retire… five listed companies, one in America and four in other parts of Asean,” he explained, adding that he plans to retire in five years. The non-aviation businesses he was referring to include logistics business Teleport, Move (online travel agency and fintech firm BigPay), airline engineering and maintenance services provider Asia Digital Engineering, food company Santan, aviation consulting firm AirAsia Consulting, AirAsia Academy, among others. Fernandes was responding to Formerly known as AirAsia Group Bhd, the Malaysia-listed aviation group was renamed Capital A in 2022 to reflect its broader portfolio. On Monday, Fernandes announced that Capital A will sell its aviation business to long-haul unit AAX, in a bid to consolidate both long and short-haul operations under a single AirAsia brand. “Eventually AirAsia X and AirAsia will be merged into one airline… my dream is for it to be one ASEAN airline,” he said, adding that AAX and AirAsia have started to fly each other’s routes. The move is also part of the initiatives to lift the so-called Practice Note 17 (PN17) status for Capital A. Capital A and AAX were hit by pandemic travel restrictions and classified by Malaysia’s stock exchange as PN17, or financially distressed. Companies in such category may be delisted from the exchange if they fail to submit a regularization plan to stabilize their finances within a certain time frame. AAX was removed from the classification in November last year. Capital A (AirAsia Group) has been actively building its super app and digital businesses when most of the group’s aircraft were grounded due to travel restrictions to contain the COVID-19 pandemic. The group has launched e-hailing service, AirAsia Ride in August 2021. In the same month, its logistics arm Teleport has acquired the food delivery platform Delivereat as it expands its food delivery business. The group also announced the acquisition of Indonesian ride-hailing giant Gojek’s operations in Thailand for $50 million in July. Its FinTech unit BigPay has also formed a consortium and submitted its application for a digital banking license to the country’s central bank but the consortium was not granted the license. According to the notes attached to Capital A’s latest financial results, Teleport posted a quarterly revenue of MYR188.9 million ($40.68 million) in the third quarter ended Sep 30, 2023. The logistics company recorded negative earnings before interest, taxes, depreciation, and amortization (EBITDA) of MYR3.7 million. Its super app airasia Move’s revenue for the quarter was MYR171.4 million, EBITDA for the quarter was MYR11.7 million. Santan posted a quarterly revenue of MYR42.0 million, while its EBIDA stood at MYR10.2 million. BigPay posted revenue of MYR11.1 million, its EBITDA loss stood at MYR22.15 million. Capital A reported a smaller net loss of MYR178.82 million for its third quarter, from net loss of MYR901.31 million in the corresponding quarter a year ago, as revenue more than doubled on continued improvement in its aviation business. In a research report on Tuesday, Kenanga Research said it is positive on this latest corporate development by Capital A which will form part of the proposed regularisation plan to lift it out of the PN17 status. “Essentially, the exercise is expected to result in greater clarity of investment between Capital A, being the aviation services and digital businesses provider, and AAX, a pure aviation business consolidating both long and short haul routes under the AirAsia brand name,” analyst Raymond Choo wrote in the research note. This would result in the development of a more focused shareholder base, which is also expected to facilitate a business-centric valuation of the separate entities and potentially unlock value to shareholders, he added. Commenting on the updates for Capital A’s plan to list its brand management unit on the NASDAQ stock exchange, Fernandes said the company will appoint advisors soon. “In the next week, we’ll be appointing all the advisors and then working towards a business combination. I hope [it will be completed in] June- July. We can’t control as it depends on the American regulators etc. Our target is June-July,” he said. Capital A announced in November last year that it has entered into a Letter of Intent (LOI) with Aetherium Acquisition Corp, a Special Purpose Acquisition Company (SPAC) listed on the NASDAQ, for a proposed business combination merger with Capital A International, to be incorporated. The proposed business combination would result in Capital A International, a new investment and strategic development company that leverages the “AirAsia” brand and capitalizes on core capabilities in aviation, travel and hospitality and digital technologies, becoming a standalone publicly traded company in the US. The proposed business combination will be at an indicative equity value of $1 billion based on an independent valuation of the AirAsia Brand. AirAsia, which Fernandes acquired from Malaysia government in 2001 for less than $1 has turned into Asia’s largest low-cost carrier over the years. AAX was launched in 2007 with ambitions to operate long-haul flights, including to Europe. AirAsia X, however, later suspended flights to London and Paris in 2012 due to rising costs. AAX shifted focus to markets like Australia, Japan and China. AirAsia X takes over Capital A’s aviation business

https://technode.global/2024/01/09/aeon-bank-gets-nod-to-commence-islamic-digital-bank-business-in-malaysia/

AEON Bank gets nod to commence Islamic digital bank business in Malaysia

AEON Credit Service (M) Berhad (AEON Credit) This positions AEON Bank as the first Islamic digital bank in Malaysia, AEON Credit Service said in a statement. The approval was granted pursuant to BNM’s validation of the Bank’s operational readiness. AEON Bank is also a subsidiary of AEON Financial Service Co. , Ltd. The bank targets to unveil its phased rollout in the first half of this year. “Our core mission is to advance the promotion of financial inclusion and Islamic banking,” said Raja Teh Maimunah, Chief Executive Officer of AEON Bank. “As part of one of Malaysia’s most recognized retail household brands, we aim to provide accessible, inclusive, and Shariah-compliant digital banking solutions to our AEON Group of customers as well as to all Malaysians,“It is our intent to empower our communities with access to digital financial services which are simplified, safe and secure,” he added. Meanwhile, AEON Credit Managing Director Daisuke Maeda said that this momentous occasion marks a significant leap forward in redefining financial services provided by the AEON Group and reaffirms their commitment in continuing our support for financial inclusivity. According to the statement, AEON is a highly recognized household name that has served Malaysians nationwide over four decades. With the Bank within its stable group of companies, the AEON Group aims to further expand and enhance the provision of its services to its retail and wholesale customers as well as ecosystem partners such as its auto dealers, merchants, suppliers, tenants, amongst others. In addition, the bank’s advocacy of digital technology will facilitate the introduction of new and innovative products for the AEON Group, thus enhancing the overall value proposition for its diverse customer base and ecosystem partners. “As AEON Group Malaysia celebrates 40 years of trust, we see AEON Bank as an opportunity to provide more to our loyal customers and business partners who have been the bedrock of our success,” Daisuke Maeda emphasized. It is noted that AEON Credit is one of the leading non-bank financial institutions that has been promoting financial inclusion by providing access to financing to individuals who have traditionally not been able to access funding. AEON Bank aims to further that commitment by extending financial services to both individuals and small businesses who would not have access to funding and other financial services. In addition, AEON Bank will also prioritize financial literacy and education initiatives to empower individuals and small businesses with the knowledge and tools to make informed financial decisions. AEON Bank also plans for a phased rollout of its new App, beginning with an exclusive beta testing phase with the AEON Group of employees. “As we prepare to introduce our App, we recognize the critical importance of gathering insights and feedback from users to refine and optimize the App, “By initially offering access to a select group of beta testers, we aim to collaboratively finetune the App to ensure it meets the expectations of our wider user base upon full release,” explained Raja Teh Maimunah. AEON Bank is a subsidiary of AEON Financial Service Co. , Ltd. (AFS Japan) and an associate company of AEON Credit. AFS Japan is a comprehensive financial group with roots in the retail sector which operates in Japan and ten other countries/regions in Asia, responsible for the AEON Group’s financial services business. AFS Japan currently consists of 30 consolidated subsidiaries and one equity method affiliate in 11 Asian countries including Japan, Hong Kong, Thailand and Malaysia. In addition to its approximately 600 sales bases in Japan and overseas, the network also includes AEON Group stores and affiliated merchants, with which AFS Japan has built strong cooperative relationships. The AEON Group is a pure holding company that comprises eight businesses. It is Japan’s largest retail group. AEON Credit Service partners Aeon Financial Service to undertake digital Islamic bank business in Malaysia

https://technode.global/2024/01/09/boost-rhb-digital-bank-consortium-gets-approval-to-commence-operations-in-malaysia/

Boost-RHB Digital Bank Consortium gets approval to commence operations in Malaysia

BoostThis marks a momentous milestone as the consortium becomes the first primarily Malaysian-owned digital bank to commence operations with a pioneering embedded digital bank app in the local market, designed to meaningfully address financial inclusion gaps for the underserved and unserved, the duo said in a joint statement on Monday. It is noted that the Boost-RHB Digital Bank Consortium received regulatory approval ahead of the scheduled timeline, following a thorough operational readiness review validated by BNM. Having successfully demonstrated a robust and resilient foundational infrastructure for the digital bank, now formally known as Boost Bank by Axiata and RHB (Boost Bank), the consortium will advance into the alpha-testing phase involving internal employees, family, friends, and a selected group of customers. In the lead-up to the public launch, the digital bank will progressively enhance its product propositions and refine the user experience to pave the way for a new era of embedded finance tailored to meet the diverse needs of all Malaysians. Spearheading the team is Fozia Amanulla, who was recently appointed Chief Executive Officer (CEO) of Boost Bank. She leads an experienced digital bank team, encompassing expertise across technology, information security, product, risk and compliance, and more – leveraging fintech talent from Boost, banking expertise from RHB, and new capabilities from the wider industry. “Axiata is committed to nurturing a dynamic digital banking ecosystem, from enabling digital wallets for over 10 million Boost customers to introducing more innovative digital banking solutions to the underserved and unserved segments of Malaysian society,” said Vivek Sood, Group Chief Executive Officer of Axiata Group Berhad. “Our aim is to broaden the digital banking options available to those with limited access to conventional banking facilities, towards fostering an inclusive digital society for all Malaysians which aligns with Axiata’s vision of becoming the Next Generation Digital Champion, “As we progress on our telco-techco journey, Axiata will continue to focus on its portfolio of assets including digital businesses to accelerate long-term value for our shareholders,” he added. Sheyantha Abeykoon, Group Chief Executive Officer of Boost, said the firm remains committed to upholding the highest standards as we reimagine financial services responsibly, through the power of technology and data. “This landmark achievement is a culmination of the symbiotic and strategic partnership between a leading fintech and successful financial institution with substantial ecosystems, united by a shared vision to drive greater financial inclusion, “It is a monumental triumph that underscores the capabilities of our pioneering team, that built the bank from scratch. Our people are at the core of our innovation, and I have every confidence that the team will make our digital bank vision into reality,” he added. Fozia Amanulla, Chief Executive Officer of Boost Bank, added she is truly humbled and honored to be leading this remarkable digital bank team as they pave the way, not only for the industry, but for the entire nation. “Rooted in the fundamental belief that everyone deserves a bright financial future, we are determined to propel Malaysia into an age of true financial inclusivity, by harnessing the untapped potential of embedded finance with our digital bank, “Backed by the consortium’s combined ecosystem and wealth of data, we are uniquely positioned to offer embedded finance,” she added. Mohd Rashid Mohamad, Group Managing Director/Group Chief Executive Officer of RHB Banking Group, stated that the approval received from Bank Negara Malaysia and the Ministry of Finance marks a significant milestone in the bank’s joint commitment with Boost to foster a more inclusive financial ecosystem, especially for the underserved businesses and individuals in Malaysia. “Under the dynamic leadership of Puan Fozia Amanulla and her experienced digital banking team, we are confident that Boost Bank is poised to take the lead in the digital fintech landscape,“Together, we make progress happen for everyone, towards ensuring a robust and inclusive financial ecosystem that will benefit everyone in our diverse community,” he added. The Boost-RHB Digital Bank Consortium, in which Boost holds 60 percent equity, and RHB owns the remaining 40 percent, was among the five successful license applicants announced by BNM in April 2022. As the consortium commences its operations in phases following the completion of the operational readiness audit, they opined that Malaysia is poised to unlock the benefits of greater financial inclusion. Boost is a regional full spectrum fintech arm of Axiata that provides financial services to users across seven countries in Southeast Asia. The RHB Banking Group, with RHB Bank Berhad as the holding company, is one of the largest fully integrated financial services group in Malaysia. The group’s regional presence now spans eight countries including Malaysia, Singapore, Indonesia, Thailand, Brunei, Cambodia, Vietnam and Lao PDR. AEON Bank gets nod to commence Islamic digital bank business in Malaysia

https://technode.global/2024/01/08/airasia-x-takes-over-capital-as-aviation-business/

AirAsia X takes over Capital A’s aviation business

Malaysian aviation group AAX said in a statement that the strategic move positions AAX to become the overarching regional aviation provider for all short and medium-haul routes under the AirAsia brand name. It said this groundbreaking acquisition is expected to provide unparalleled advantages, including a strengthened market position, increased operational efficiency, and ultimately driving cost savings and enhanced financial performance. It is noted that the decision to combine the airline businesses through these acquisitions leverages AAX’s robust recovery trajectory after its upliftment from the Practice Note 17 (PN17) status in November 2023. “These strategic acquisitions serve as pivotal milestones in AAX’s post-PN17 revival strategy, bolstering our financial stability and enhancing our market positioning, “The consolidation under the AirAsia brand as a one-listed entity reflects our commitment to capitalize on our regained strength and market confidence to deliver a unified and unparalleled travel experience for our guests and significant value for our shareholders,” AirAsia X Chairman Fam Lee Ee said. “Leveraging the strengths of all airlines under the AirAsia brand, we are poised to create a pure-play entity that propels us forward, “The synergy created through these strategic acquisitions represents more than just a financial consolidation; it symbolizes our role as a trailblazer in shaping the future of the aviation industry. The future holds immense potential, and we are excited to embark on this transformative journey,” he added. According to the statement, the detailed announcement on the proposed acquisitions, including their effects on various financial metrics is expected to be announced in due course, subject to the definitive share sale and purchase agreement and its completion. AirAsia Aviation Group strengthens leadership team with two executive appointments

https://technode.global/2024/01/08/airasia-aviation-group-strengthens-leadership-team-with-two-executive-appointments/

AirAsia Aviation Group strengthens leadership team with two executive appointments

AirAsia Aviation GroupBoth executives will play pivotal roles in shaping the future of the airline group, AirAsia said in a statement on Monday. According to the statement, Voo will lead the airline operations with a focus on optimizing and enhancing efficiencies across core airline functions, as well as identifying and mitigating potential risks to improve the airline’s overall performance. With a proven track record in the airline industry including over 11 years with AirAsia, he brings a wealth of experience to the role, having previously served in leadership positions including as Chief Executive Officer of the Civil Aviation Authority of Malaysia (CAAM). Kamal, on the other hand, will be responsible for corporate functions – encompassing finance, corporate finance, aircraft leasing, legal, investor relations and strategy. He will also provide oversight on internal audit and risk management for the aviation group. Kamal joined the airline from Urusharta Jamaah, a government linked investment company (GLIC), where he served as Chief Executive Officer and Chief Investment Officer. Prior to that, he worked in Investment Banking with Deutsche Bank, J. P. Morgan and Credit Suisse. He was also previously a board member of AirAsia X. “As we enter a new era, these leadership appointments signify a significant milestone in the airline’s evolution, steering AirAsia through an era of digital transformation, innovation, and sustainable growth, “Both of their combined efforts will allow us to continue our dedicated focus on our strategic decision-making, long-term planning, and overall organizational direction for the group,” said Bo Lingam, Group CEO of AirAsia Aviation Group. According to him, the synergy between the seasoned leaders and the existing team is expected to fuel further innovation and drive us toward continued success. “I am confident that both Chester and Farouk’s invaluable experience, within and outside of AirAsia, will be great assets to achieve our short, medium and long-term goals,” he added. In the anticipated outlook for AirAsia in 2024, the group is actively working towards the full restoration of its fleet. It looks forward to the reactivation of 191 aircraft by the end of the first quarter this year, with 166 already in operation. Demonstrating a strong recovery trajectory, the group expects its capacity to rebound to 83 percent of pre-pandemic levels by the close of the first quarter of 2024 and to continue to grow in the future. “The focus on efficiency, risk mitigation, and performance improvement will be instrumental in navigating the challenges and opportunities that lie ahead as we shape the future of AirAsia Aviation Group, “The aviation industry is evolving rapidly, and I am excited to lead the charge in ensuring that AirAsia continues to set new benchmarks across all that we do,” said Voo. Meanwhile, Kamal said that as AirAsia embarks on this new phase of growth, the corporate function plays a crucial role in the overall strategy and success of the airline. “By aligning them with the broader goals and vision of the group, we will implement strategies that contribute not only to the company’s financial success but also to its reputation for excellence and innovation, “It is an exciting journey, and I look forward to contributing to the continued growth of AirAsia in Asean and beyond,” he added. AirAsia parent Capital A to list brand management business on NASDAQ via SPAC deal

https://technode.global/2024/01/03/khazanah-and-cgc-digital-invest-in-funding-societies-to-broaden-financing-access-to-msmes/

Khazanah and CGC Digital invest in Funding Societies to broaden financing access to MSMEs

Khazanah Nasional Berhad (Khazanah)Khazanah said in a statement that with this investment, Funding Societies aims to expand its Malaysian coverage to areas beyond Kuala Lumpur, Selangor, Penang, and Johor. By the end of 2025, it targets to serve more than 25,000 MSMEs across Malaysia, thereby improving micro, small and medium enterprise (MSME)’s access to financing, growth, and scalability while fostering job creation and income development for those employed by these businesses. According to the statement, the company intends to widen the reach of its Islamic financing solutions introduced in Malaysia earlier this year. Particularly for the Malaysian market, with Khazanah’s investment, Funding Societies aims to have more than 50 percent of its annual loan disbursements from Shariah-compliant financing by 2025 – in line with the aspiration to support the growth of Bumiputera MSMEs. Since its launch in May 2023, it has disbursed over MYR100 million ($21.58 million) in Shariah-compliant financing in Malaysia. Khazanah’s investment falls under its Dana Impak mandate, a fundamental pillar under its Advancing Malaysia strategy. The investment complements the Malaysian government’s aspiration of enhancing MSMEs’ performance through greater access to financing, creating opportunities and promoting socioeconomic growth for rural, semi-urban and underserved communities with limited access to financial services. In order to create a greater impact on the Malaysian MSME ecosystem, Khazanah’s investment in Funding Societies is made alongside CGC Digital. CGC Digital aims to advance financial inclusion through the development of innovative digital guarantee products as well as its own guarantee credit scoring model that can close the gap and address the pain points in micro and small businesses’ demand for financing. These nation-building initiatives target to level the playing field for MSMEs, especially thin-file MSMEs. To reinforce the partnership, Funding Societies will continue to collaborate with CGC Digital to provide digital guarantee products on its platform, which will further aid Malaysian micro and small businesses in getting financing in the long term. A digital-first approach through its digital guarantee product leveraging alternative data will allow micro and small businesses broader and more affordable access to financing. Khazanah’s Managing Director Amirul Feisal Wan Zahir said that the investment in Funding Societies reflects its commitment to fostering financial inclusion and bridging the funding gap, especially within the MSME community. “Being the backbone of Malaysia’s economy and contributing nearly half of the nation’s employment, MSMEs are both critical and critically underserved. Hence, this investment aligns with our mission of contributing to nation-building and socioeconomic growth,” he said. He added that by supporting innovative platforms like Funding Societies together with CGC Digital, Khazanah aims to empower the MSME community, unlocking new opportunities to propel the nation in line with the MADANI Economy vision of improving socioeconomic outcomes for all. According to the statement, Khazanah’s impact thesis was driven by the role of digital finance platforms, such as Funding Societies, in leading the delivery of comprehensive digital financing solutions to underserved MSMEs in Southeast Asia, enabling improved access to capital and fostering financial inclusion throughout the region. Yushida Husin, Chief Executive Officer of CGC Digital, said that CGC Digital sees this investment as a strategic win for Malaysian MSMEs. “We share Dana Impak’s vision and believe that, by working together with Khazanah, CGC Digital can advance financial inclusion among underserved and unserved MSMEs in the digital ecosystem,” he said. According to him, CGC Digital seeks to push the envelope by developing a suite of innovative digital guarantee products for thin-file MSMEs that can be offered together with Funding Societies’ financing products to increase their chance of obtaining much-needed financing. It is noted that the investment also follows the success of CGC Digital’s partnership with Funding Societies earlier this year, where a new guarantee product was developed via a pilot program. The product provides Credit Guarantee Corporation Malaysia Berhad’s guarantee at the transactional level of Funding Societies’ digital supply chain financing, thereby directly supporting the business activities of MSMEs and advancing financial inclusion. Mohd Zamree Mohd Ishak, Board Member of CGC Digital and the President and Chief Executive Officer of CGC Digital’s parent company, said that by joining forces with Khazanah and Funding Societies, this strategic investment by CGC Digital shows CGC Group’s commitment to taking Malaysian MSMEs, especially thin-file MSMEs, to the next level. Funding Societies Co-founder and Group Chief Executive Officer Kelvin Teo said the firm is honored to receive support from Khazanah and CGC Digital, who share its conviction to impact and MSMEs. “This is a testament to our commitment towards extending credit to reach more underserved MSMEs. We would also progressively offer MSMEs more cash flow management solutions to power their growth,” he said. He added that while MSMEs represent 97 percent of business establishments in Malaysia and contribute 38 percent to the gross domestic product (GDP), this group still faces significant challenges in obtaining credit, as evidenced by the MYR 90 billion ($19.42 billion) financing gap in Malaysia. “This is where Funding Societies seeks to step in by serving the region’s MSMEs’ cash management challenges and needs with our extensive reach and broad range of short-term financing solutions,” Teo added. Funding Societies partners Halal Development Corporation to enhance financing access to halal SMEs

https://technode.global/2023/12/29/chinese-logistics-services-provider-best-aims-to-open-its-sorting-center-in-2024/

Chinese logistics services provider BEST to open its sorting center in Malaysia in 2024

China-based supply chain and logistics services provider BEST said in a statement on Friday that in addition to build a 220,000-square-meter facility in Malaysia, the company aims to connect Thailand, Vietnam, Singapore and Malaysia in its logistics network, better enabling cross-border express delivery among these countries next year. “With many Chinese companies deploying resources and investing in manufacturing facilities in Southeast Asia to support the tangible growth of the Belt and Road Initiative, they have asked us to provide more customized services to ensure the operations of their supply chains in the region,” said Johnny Chou, chairman and Chief Executive Officer of the Hangzhou, Zhejiang province-based company. Fueled by growing trade volume between China and the Association of Southeast Asian Nations, an ongoing consumption boom in ASEAN member economies and flourishing cross-border e-commerce business in the Asia-Pacific region, the New York-listed Chinese company has already built service networks and overseas warehouses in several Southeast Asian countries. After entering Thailand, its first market in Southeast Asia, five years ago, BEST expanded its cross-border business by establishing new international routes between China and Southeast Asian countries. In the first half of 2023, it connected China with the Philippines and Indonesia with its services. Unlike other logistics service providers, BEST did not penetrate the market by first establishing transport routes. Instead, it invested in building self-owned express networks and distribution centers in core logistics hub cities in Thailand, Vietnam, Malaysia and Singapore. “Equipped with automated facilities, the distribution centers are able to ensure reliability, scalability and potential for reduced marginal costs of our service networks in Southeast Asia,” Chou said. Highlighting that cross-border e-commerce plays a prominent role in trade between China and ASEAN, he said that the Belt and Road Initiative (BRI) has turned regional connectivity into a reality, providing assurance for achieving sustainable economic development in the region. China and other participating countries have engaged in foreign trade valued at $19.1 trillion since the inception of the BRI, with two-way investments surpassing $380 billion, data from the Ministry of Commerce showed. Chou said the company will offer more services encompassing small packages, express delivery and warehousing between China and markets in Southeast Asia, catering to the outbound needs of domestic manufacturing and cross-border e-commerce businesses. Meanwhile, Lu Miao, General Manager of BEST Inc Malaysia emphasized the company’s commitment to excellence, saying,” the newly inaugurated sorting center symbolizes BEST Inc’s unwavering commitment to a relentless pursuit of excellence, pushing the boundaries of logistics technology and infrastructure. ”Lu Miao believed this hub will play a pivotal role in optimizing efficiency, speed, and reliability in the movement of parcels and goods, supporting businesses and communities across South East Asia. BEST Inc’s gross profit touched 51.8 million yuan ($7.91 million) in the third quarter of this year. Revenue generated by its international arm BEST Global grew by 30.2 percent year-on-year. As at end of September, the Chinese company had 33 self-operated express sorting centers, over 1,200 service points and business operations spanning six countries in Southeast Asia, with 47,000 square meters of warehousing area. BEST is a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-added services, including freight delivery, supply chain management and global logistics services. BEST Inc started its business mapping for Southeast Asia market expansion in 2018. The group completed its express delivery network coverage in Thailand, Vietnam, Malaysia, and Singapore in 2020, and opened up the cross-border logistics network between China and Southeast Asia. Started with express delivery network in Southeast Asia market, BEST Inc has gradually built-up its global warehouses, cross-border networks, and cargo networks. Malaysia’s Teleport and China’s SF Airlines to cross-share logistics network

https://technode.global/2023/12/29/malaysias-gentari-acquires-stake-in-hai-long-offshore-wind-project-in-taiwan/

Malaysia’s Gentari acquires stake in Hai Long offshore wind project in Taiwan

Malaysia-based clean energy solutions provider The investment sees Gentari taking a 49 percent stake in Canada-based Northland Power Inc. ’s (Northland) ownership of the project, equivalent to a 29.4 percent indirect equity interest, Gentari said in a statement on Friday. According to the statement, Northland now holds a 30.6 percent ownership interest in the overall project and will continue to take the lead role in the construction and operation of the project developed as a joint venture between Northland and Japan-based Mitsui & Co. Comprising two phases, the project has an expected combined generating capacity of 1,022 MW and will play an important role in helping Taiwan achieve its renewable energy target of 15 GW of offshore wind to be constructed between 2026 and 2035. Once operational, Hai Long will be the largest offshore wind project surrounding the island, besides being one of the largest offshore wind facilities in Asia, providing enough clean energy to power more than one million households as well as industrial facilities in Taiwan. “Gentari is pleased to expand into the offshore wind sector through this strategic partnership with Northland for the Hai Long offshore wind project,“Bringing Gentari to the forefront of the offshore wind industry is a powerful step towards realising our clean energy ambitions and an important milestone in our commitment to help advance the adoption of renewable energy globally,” said Sushil Purohit, Chief Executive Officer of Gentari. According to him, the project not only aligns with the firm’s vision for a sustainable future and its aim to contribute meaningfully to a cleaner tomorrow, but also strengthens Gentari’s position as a valued clean energy solutions partner in achieving net zero goals. Meanwhile, Mike Crawley, President and Chief Executive Officer of Northland, said that Northland is delighted to welcome Gentari as an official long-term partner of the Hai Long offshore wind project. “We believe Gentari will add significant value to amplify our impact in this space, “Together, we are embarking on a journey where our aligned vision and collaborative effort can further accelerate progress towards a sustainable energy future,” he added. According to the statement, Gentari’s global aspiration includes building 30 to 40 GW in renewable energy capacity by 2030 through projects across solar, onshore and offshore wind and battery storage, targeting utility-scale, commercial, industrial and retail customers. IHI partners Gentari to develop global green ammonia value chain

https://technode.global/2023/12/28/southeast-asias-top-10-tech-news-in-2023/

[Year in review] Southeast Asia’s Top 10 tech news in 2023

The year 2023 was rather gloomy for the tech industry in Southeast Asia as compared to last year. The global wave of layoffs hitting US tech companies like Meta, Amazon, and Twitter has also come to Southeast Asia amid a so-called “funding winter” for tech startups in the region. In March, it was reported that e-commerce giant Shopee has laid off around 200 employees in Indonesia, mostly from the customer services team. In the same month, Indonesia’s biggest tech firm PT Goto Gojek Tokopedia announced another round of layoffs to streamline the organisation and boosting the company’s profitability. In June, Singapore-based super app Grab Holdings has cut 1,000 jobs. Its Co-Founder and Chief Executive Officer Anthony Tan said fundamental step-changes in its operating model and cost structure are needed to build Grab’s competitive moat for the longer-term. Last month, Malaysia-headquartered used car platform Carsome is said to have cut “hundreds of jobs” to reach profit. Meanwhile, according to The startup data platform said in its “Geo Annual Report: SEA Tech 2023”, the tech startup ecosystem in Southeast Asia continues to face the effects of the funding winter, in line with other major economies. According to the report, companies in this space attracted late-stage funding worth $1.9 billion in 2023 year to date, a sharp decline of 65 percent from $5.4 billion raised in the same period in 2022. Early-stage funding stood at $1.9 billion in 2023 year to date, 67 percent lower than $6 billion raised in the same period in 2022. Seed-stage investments, too, fell 52 percent to $546 million from $1.14 billion raised in the same period in 2022. FinTech, enterprise applications, and retail were the top-performing segments in the tech startup ecosystem in 2023. Still, the FinTech sector received $2 billion in funding in 2023 till date, 65 percent lower when compared with the same period in the previous year. On the initial public offering (IPO) front, Southeast Asia has raised approximately $5.5 billion via IPO in the first 10.5 months of 2023, the lowest in eight years, audit and consulting firm Indonesia, Thailand and Malaysia collectively raised approximately $5.4 billion, accounting for 98 percent of the total funds raised across Southeast Asia. Deloitte, however, noted that Southeast Asian companies are thriving and have the ability to go beyond their shores for cross border IPOs. This is driven by expectations of favorable valuations, enhanced liquidity, industry comparability, and investor familiarity with certain sectors. The audit and consulting firm said stock exchanges across the globe are paying more attention to Southeast Asian companies and are establishing new initiatives or revamping existing ones to improve their appeal as gateways to attract these high growth businesses. As we usher into 2024, hoping for a better year, here are some of the top tech news in 2023:1. Temasek’s VC Arm Vertex raises $900M in first round of new fund, plans to close in “coming months”, says CEOTemasek’s VC arm Vertex raises $900M in first round of new fund, plans to close in “coming months”, says CEO2. China’s TikTok To Invest $1.5B In Indonesia’s GoToChina’s Tik Tok to invest $1.5B in Indonesia’s GoTo3. Singapore’s Grab cuts 1,000 jobs to manage costs and stay competitive, says CEOSingapore’s Grab cuts 1,000 jobs to manage costs and stay competitive, says CEO4. Indonesia’s eFishery earns unicorn tag after raising Series D round – reportIndonesia’s eFishery earns unicorn tag after raising Series D round – report5. J&T Express makes HKEX debut, raises $450M from global offering Indonesia’s J&T Express makes HKEX debut, raises $450M from global offering6. YTL partners NVIDIA to build AI infrastructure In MalaysiaYTL partners NVIDIA to build AI infrastructure in Malaysia7. Vietnamese EV Maker VinFast debuts on NASDAQ after completing SPAC mergerVinFast and Black Spade complete business combination8. China’s Meituan explores deal for Delivery Hero’s Southeast Asia arm Foodpanda – report China’s Meituan explores deal for Delivery Hero’s Southeast Asia arm Foodpanda – report9. Singapore’s Vertex Technology Acquisition Corporation to merge with streaming platform 17LIVE IncSingapore’s Vertex Technology Acquisition Corporation to merge with streaming platform 17LIVE Inc10. Thailand expects Tesla, Google, Microsoft to invest $5B — reportThailand expects Tesla, Google, Microsoft to invest $5B — reportFeatured photo credit: Tracxn

https://technode.global/2023/12/27/malaysias-livein-secures-8-3m-in-pre-series-b-funding-to-accelerate-regional-expansion/

Malaysia’s LiveIn secures $8.3M in pre-Series B funding to accelerate regional expansion

LiveInThe round was led by Wavemaker Partners and InterVest, with participation from Malaysia Debt Ventures Berhad (MDV), Jungle Ventures, and CAC Capital, LiveIn said in a statement on Wednesday. The firm opined that the latest funding serves as a testament to investors’ unwavering confidence in its trajectory of growth and innovation. According to the statement, the funding will be used to fuel LiveIn’s expansion into other key cities across the region. The latest funding also marks the beginning of LiveIn’s next phase of strategic growth. It will facilitate the company’s expansion in Thailand and entry into new markets Vietnam and Indonesia–through organic growth and external acquisitions. The firm is set to enter two new markets, Vietnam and Indonesia, by 2024. The main goal is to advance LiveIn’s vision by focusing on expanding its managed portfolio of affordable and quality homes and hiring the best talent, while maintaining a profitable business model. This new capital infusion solidifies LiveIn’s position as a leading long-stay rental player in Southeast Asia. LiveIn will also expand to the Philippines in the future, reinforcing its commitment to providing pioneering solutions that align with its mission to address the urgent challenge of affordable housing for young people in densely populated markets in Southeast Asia. The company’s innovative housing approach has made a tangible difference in the lives of many people, andBy introducing its solutions to these new markets, LiveIn aims to transform the lives of countless individuals and make a positive impact within these markets. “Our team is energized by the recent injection of funds from our investors, “It is a clear indication of their confidence in our ability to penetrate new markets aggressively and address the needs of our existing markets,” said LiveIn Co-Founder and Chief Executive Officer Keek Wen Khai. “We are witnessing a massive surge in demand for affordable long-stay rentals, with young people seeking more autonomy and quality living spaces, “This new round of funding empowers us to direct more resources towards developing innovative service offerings that cater to the needs of our property owners and tenants, positioning them for success,” he added. Founded by Khai and Joey Lim, LiveIn has gained recognition for its affordable yet quality long-term rental options offered through an online-to-offline platform. The company is on track to onboarding 10,000 rooms onto its platform while maintaining high occupancy rates in its existing markets, Malaysia and Thailand. Presently, the company boasts a team of 120 employees across Malaysia, Thailand, and Singapore. It is noted that LiveIn’s unique approach to long-term property rentals has proven to be successful, boasting an impressive average occupancy rate of 90 percent in Malaysia and Thailand. This model not only generates higher rental income for property owners but also offers tenants access to affordable, quality furnished housing. Simultaneously, it ensures scalability and profitability for LiveIn. LiveIn has also streamlined its tenant onboarding process while enhancing its property management services such as fully furnished units, dedicated concierge services, and community events. The company is keen on introducing new service features and forging strategic partnerships to reinforce its market position. As part of its strategy, LiveIn aims to expand into new urban areas to meet the evolving needs of young urban residents. “We’ve been truly impressed by Khai and Joey’s genuine dedication to tackling a compelling problem in Southeast Asia through a business that’s not only scalable but also generates profits,” said Eric Manlunas, Co-founder and General Partner at Wavemaker Partners. According to him, despite the huge curveball that COVID threw, the team stayed committed to pushing their business forward. He said they used the crisis as an opportunity to gear up for expansion and they’re now diving into more markets in the region. “With their deep experience in real estate, these founders developed a unique proptech model that makes life better for everyone involved—whether it’s the tenants, property owners, or the partners they work with, “We’re eagerly anticipating the next milestones they will achieve with this new round of funding,” he added. Simon Baek, Director at InterVest, said that he is amazed by the company’s massive yet healthy growth over the past three years. “They’ve not only achieved impressive organic growth with virtually no marketing efforts but have also created stable non-rental income streams,” he said. According to him, the company has skillfully adapted its Malaysian business model for the Thai market, using a more localized approach. “Now, they’re gearing up to expand into larger cities such as Ho Chi Minh City and Jakarta, “Along with the acquisition of several smaller but failing competitors in the market, I’m excited to see the potential for even more growth, spurred by this round of funding,” he added. Malaysian PropTech firm LiveIn acquires property management firm KT Management

https://technode.global/2023/12/26/corrective-aesthetics-partners-teda-technology-to-tackle-malaysias-rising-mental-health-crisis/

Corrective Aesthetics partners Teda Technology to tackle Malaysia’s rising mental health crisis

In response to the escalating mental health crisis in Malaysia, tech firms Corrective Aesthetics Sdn Bhd and Teda Technology Sdn Bhd have announced a groundbreaking collaboration to expand the Remind program, a mobile application that is designed to diagnose users’ mental states through voice recordings. The Remind program, a wholly Malaysian-made and patented initiative, holds the potential to address the pressing mental health challenges faced by the nation, the duo said in a statement on Tuesday. By providing users with a user- friendly platform for self-assessment through voice recordings, the program empowers individuals to detect early signs of mental distress as well as depression at an early stage. The urgency of such a solution is underscored by the Malaysian Ministry of Health’s long-standing concern aboutAccording to the statement, the Remind program aims to assist in early detection, provide early tailored intervention and advice, provide as well as guide sufferers on where to seek help. It said alarming police reports indicating an 81 percent increase in suicide cases from 631 in 2020 to 1,142 in 2021, with a doubling of cases among those aged 15 to 18, further emphasize the necessity for innovative solutions. Thus, the collaboration between Corrective Aesthetics and Teda Technology not only addresses the immediate mental health needs in Malaysia but also positions the Remind program for future launches overseas, starting from ASEAN countries. Corrective Aesthetics and Teda Technology are also dedicated to making a meaningful contribution to mental health care in Malaysia and beyond. “Our joint effort reflects our dedication to supporting the community’s well-being in the face of a deepening crisis,” said Dr. Jest Wong, Managing Director at Corrective Aesthetics that head project umbrella. Meanwhile, Tee Teng Beng, Chief Operation Officer at Teda Technology, said that the collaboration underscores their commitment to leveraging technology for the betterment of society. “Together, we aim to make a positive impact on mental health outcomes,” he added. Corrective aesthetic offers platform both physical store as well as information technology (IT) app in helping individuals to rediscover their self-wroth and embrace acceptance. Project umbrella is a campaign that provide screening as well as early intervention to help prevent but also supress mental health problem through a guiding principle of wanting to transform 10 million life by year 2030. Teda Technology is a leading technology solutions provider committed to leveraging cutting-edge technology to address societal challenges. Through strategic partnerships and innovative solutions, Teda Technology aims to contribute to the betterment of communities and individuals. Malaysian healthtech startup Qmed Asia raises $1.16M in equity crowdfunding for regional expansion

https://technode.global/2023/12/22/malaysias-tnb-partners-sime-darby-to-accelerate-sustainable-township-development-in-malaysia/

Malaysia’s TNB partners Sime Darby to accelerate sustainable township development in Malaysia

Malaysian utility firm Sealed through a Memorandum of Understanding (MoU), this partnership marks a significant leap towards advancing Malaysia’s clean energy goals and cementing a commitment to a greener, more sustainable future, TNB said in a statement on Wednesday. As a prominent sustainable energy solution provider, TNB said the firm is spearheading sustainable energy solutions in township development by strategically partnering with industry leaders like Sime Darby. It noted that over a two-year period, the firm will focus on implementing diverse sustainable energy initiatives, including rooftop solar installations, electric vehicle (EV) charging infrastructure, and innovative microgrid solutions within Sime Darby Property’s townships. It said this collaboration echoes TNB’s dedication to pioneering sustainable energy solutions and Sime Darby Property’s commitment to fostering environmentally conscious developments. It also said this endeavor supports Malaysia’s clean energy objectives, aligning with the National Energy Transition Roadmap (NETR). It also signifies the commitment of government-linked companies (GLCs) to reducing their carbon footprint, it added. “This collaboration embodies our shared commitment to drive a sustainable energy transition, “Through this MoU, we aim to significantly contribute to Malaysia’s clean energy objectives in line with the vision of achieving 70 percent renewable energy capacity by 2050,” said TNB President and Chief Executive Officer Ir. Baharin Din. According to the statement, this expanded partnership builds upon TNB’s prior collaboration with Sime Darby Property in developing Smart Green Home solutions in Elmina Grove at the City of Elmina in Shah Alam, Selangor, emphasizing a mutual dedication to environmental, social, and governance (ESG) goals. Expressing enthusiasm about the extended collaboration, Baharin stated this partnership is a testament to the firm’s joint commitment to realizing Net Zero 2050 and implementing sustainable practices within our operations and communities. He said it cements TNB’s leadership in facilitating a responsible energy transition and highlights our dedication to leveraging innovative solutions for a sustainable future. “The partnership between TNB and Sime Darby Property represents a significant stride towards cleaner energy in Malaysia, demonstrating our commitment to creating more eco-friendly towns, “Collaboratively, we lead the way toward a greener future, set an example for sustainable development, and support Malaysia’s goals for a cleaner environment,” he added. Malaysia’s TNB partners Perak state government to drive large-scale renewable energy initiatives

https://technode.global/2023/12/22/bursa-malaysia-partners-ram-holdings-to-launch-new-debt-fundraising-platform/

Bursa Malaysia partners RAM Holdings to launch new debt fundraising platform

Bursa Malaysia BerhadBursa Malaysia said in a statement that the platform is an alternative fund-raising avenue strategically designed to facilitate listed and unlisted small to mid-sized companies with fundraising needs of at least MYR 5 million ($1.08 milion) and a minimum tenure of one year, to raise funds via the issuance of credit-rated investment notes. This platform enables companies to access a new pool of capital beyond traditional wholesale markets, while also providing investors with the opportunity to diversify their portfolios. “The launch of BR Capital marks another milestone in our efforts to provide a comprehensive and diverse range of products and services to meet the evolving needs of our market,” said Datuk Muhamad Umar Swift, Chief Executive Officer of Busa Malaysia Berhad. According to him, the BR Capital debt fundraising platform is very much in line with the Exchange’s overarching strategy to truly be a multi-asset exchange. “Bursa Malaysia and RAM Holdings are excited to be collaborating to shape Malaysia’s debt fundraising future. The new platform is poised to redefine the fundraising landscape and is well-positioned for expansion, to include a diverse investor ecosystem, “This will enhance financial inclusivity among Malaysians and contribute to the growth of Malaysia’s capital market and the overall economy,” he added. Chris Lee, Group CEO and Executive Director of RAM, said that the firm is excited about what BR Capital can bring to the growth of sustainable and responsible investments in the Malaysian alternative capital market. “RAM will contribute to this growth with our expertise in credit ratings, environmental, social, and governance reporting (ESG) ratings and fixed income pricing on investment notes issued through the new platform,” he added. The platform is currently in its initial roll-out phase, with onboarding now open to a select group of prospective issuers and investors. Bursa Malaysia is an exchange holding company incorporated in 1976 and listed in 2005, and has grown to be one of the largest bourses in ASEAN today. RAM is a leading provider of independent credit ratings, research, training, risk analysis, ESG analytics and bond pricing. Formerly known as Rating Agency Malaysia Berhad, RAM was established in November 1990 as a catalyst for the domestic debt capital market and as the nation’s first credit rating agency. In 2007, its rating operations were novated to a newly formed subsidiary, RAM Rating Services Berhad. Apart from credit ratings, the RAM Group also offers myriad solutions ranging from economic and debt market research, data and analytics and sustainability services. In 2016, RAM Sustainability commenced offering Sustainability Ratings, a tool and framework that measure companies’ ESG performance. Bond Pricing Agency Malaysia Sdn Bhd (BPAM) also became a wholly owned subsidiary of RAM on June 30, 2021. The company is the sole provider of bond-pricing and valuation data on the Malaysian bond market and is regulated by the Securities Commission Malaysia. Cradle Fund & Bursa Malaysia collaborate to facilitate listing of local startups on Malaysia stock exchange

https://technode.global/2023/12/22/tencent-cloud-unveils-latest-ai-solutions-in-malaysia/

Tencent Cloud unveils latest AI solutions in Malaysia

Tencent CloudTencent Cloud said in a statement on Thursday that the move solidifies the company’s commitment to driving innovation in the industry. According to the statement, Tencent Cloud has long-standing experience in developing and adopting AI technologies, which have an immense potential to enhance productivity, drive business agility, improve customer engagement, and accelerate product innovation. Leveraging its strong technological foundation and vast experience in serving billions of users, along with its ecosystem solutions and regional investments, Tencent Cloud aims to help enterprises succeed in their digital transformation by leveraging AI-powered cloud services with the commitments to boost customer growth, content and entertainment, development tools and security. In terms of customer growth, Tencent Cloud said the AI-powered cloud services empowers enterprises to reach and serve customers by establishing a closed loop from public domain customer acquisition to private domain operations, facilitating platform customer growth and retention. As for content and entertainment, the AI-powered cloud services provide comprehensive audio and video solutions, cloud rendering solutions, avatar products, and intelligent tools to facilitate image and video content creation. For development tools, it said the AI-powered cloud services offer convenient development environments and tools to enhance collaboration efficiency, maximize resource utilization, and reduce operation and maintenance costs for enterprises. In terms of security, it said the AI-powered cloud services delivers end-to-end security protection products and solutions, ensuring a holistic approach to safeguarding systems and providing a comprehensive security shield. Tencent Cloud also highlighted its AI Digital Human, a next-generation multi-modal human-computer interaction system capable of creating intelligent, visual, and interactive “digital avatars” in Malaysia. This technology leads the intelligent upgrade of enterprise services, facilitates digital intelligence transformation, and improves communication efficiency and services for enterprises. Introduced in 2022, Tencent Cloud Media Services presented a comprehensive media solution that fosters seamless connectivity among enterprises, users, developers, and all facets of the “Immersive Convergence” era. The media services cater to diverse domains such as online education, enterprise collaboration, e-commerce, pan-entertainment, online healthcare, and finance, enabling customers to deliver real-time and captivating audience experiences on a global scale. It is noted that Tencent Cloud offers a comprehensive suite of platform as a service (PaaS) and application platform as a service (aPaaS) offerings, including Media Processing Service (MPS), Tencent Real-Time Communication (TRTC), Content Delivery Network (CDN), Beauty AI/AR or Tencent Effect SDK, Cloud Streaming Services, Tencent Cloud Online Video Platform (TOVP), Tencent Cloud Chat, and Video on Demand. These cutting-edge products empower businesses to leverage the full potential of media and harness the benefits of Tencent’s advanced technologies. Furthermore, Tencent Cloud said the firm is capable of providing private development via Tencent Cloud Enterprise (TCE) solutions and hybrid cloud via its Cloud Dedicated Zone (CDZ), in addition to its current public cloud offerings. These services and solutions’ high security and reliability are proven to comply with international standards, as indicated on Tencent Cloud’s certifications in Singapore’s Personal Data Protection Act (PDPA) and Outsourced Service Provider’s Audit Report (OSPAR), among many others globally. It is noted that in Malaysia, Tencent Cloud has supported Global Resource Management (GRM) in establishing a dedicated GRM integrated data center (IDC), which is expected to be officially launched by the end of 2023. This collaboration has brought Tencent Cloud’s technological expertise to Malaysia, helping to accelerate the digital transformation journey across various industries. “Fueled by our dedication to bringing AI-enabled innovations that can address complex business challenges and empower partners for future success, Tencent Cloud will continue to invest in technology enhancements,” said Ken Siow, General Manager of Tencent Cloud Singapore and Malaysia. Tencent Cloud is a cloud firm committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through its extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, big data analytics, AI, internet of things (IoT) and network security. Tencent Cloud launches inaugural Web3 Product Tencent Cloud Blockchain RPC for developers & enterprises

https://technode.global/2023/12/20/tnglobals-top-10-most-read-news-articles-in-2023/

TNGlobal’s Top 10 most-read news articles in 2023

The year of 2023 has generally looked less rosy with more uncertainties as compared to 2022 as economic growth slowed down in many parts of the world. The baseline forecast is for global growth to slow from 3.5 percent in 2022 to 3.0 percent in 2023 and 2.9 percent in 2024, well below the historical (2000–19) average of 3.8 percent, according to the International Monetary Fund (IMF). Advanced economies are expected to slow from 2.6 percent in 2022 to 1.5 percent in 2023 and 1.4 percent in 2024 as policy tightening starts to bite. Emerging market and developing economies are projected to have a modest decline in growth from 4.1 percent in 2022 to 4.0 percent in both 2023 and 2024, the IMF said in its “The global recovery from the COVID-19 pandemic and Russia’s invasion of Ukraine remains slow and uneven. Despite economic resilience earlier this year, with a reopening rebound and progress in reducing inflation from last year’s peaks, it is too soon to take comfort. Economic activity still falls short of its pre-pandemic path, especially in emerging market and developing economies, and there are widening divergences among regions,” it added. The global wave of layoffs hitting US tech companies like Meta, Amazon, and Twitter has also come to Southeast Asia amid a slowdown in fundraising activities for tech startups. Tech companies including venture capital-backed startups in Southeast Asia have also announced layoffs and austerity measures to cope with the uncertain macroeconomic situation. In March, it was reported that e-commerce giant Shopee has laid off around 200 employees in Indonesia, mostly from the customer services team. In the same month, Indonesia’s biggest tech firm PT Goto Gojek Tokopedia announced another round of layoffs to streamline the organisation and boosting the company’s profitability. About 600 roles will be affected, the company said then, following 1,300 jobs that were cut in late-2022. Last month, it was reported that TikTok parent ByteDance will cut 1,000 gaming jobs in strategic shift. In the same month, Malaysia-headquartered used car platform Carsome is said to have cutting “hundreds of jobs” to reach profit. On the other hand, according to Traxcxn, the Southeast Asia tech sector received a total funding of $4.3 billion in 2023 year to date (till Dec 5, 2023), a 65 percent plunge from $12.4 billion raised in the same period last year. The global software as a service (SaaS)-based market intelligence platform said in its “Companies in this space attracted late-stage funding worth $1.9 billion in 2023 year to date, a sharp decline of 65 percent from $5.4 billion raised in the same period in 2022. Meanwhile, early-stage funding stood at $1.9 billion in 2023 year to date, 67 percent lower than $6 billion raised in the same period in 2022. Seed-stage investments, too, fell 52 percent to $546 million from $1.14 billion raised in the same period in 2022. Still, the FinTech sector received $2 billion in funding in 2023 till date, 65 percent lower when compared with the same period in the previous year. As we usher into the new year, here are the Top 10 most-read news article of 2023 on Breakeven is near for Malaysian unicorn Carsome, says CEO Eric ChengGermany’s Infineon invests up to $5.46B to build largest 200-millimeter SiC Power Fab in MalaysiaJaya Grocer launches membership program integrated with GrabFutu launches trading platform Moomoo in MalaysiaGrab launches intercity travel service in Malaysia and SingaporeChina’s Meituan explores deal for Delivery Hero’s Southeast Asia arm Foodpanda – reportMoMo partners with Western Union for money transfer in VietnamSingapore’s ShipsKart raises $2.7M Series A funding led by TMV and Hermes OffshoreION Mobility closes $18.7M Series A funding, brings TVS Motor Company on board as strategic investorCarsome refutes funding bid from government; says its liquidity position remains robust at over $150MTNGlobal’s Top 10 most-read analysis & feature articles in 2023

https://technode.global/2023/12/19/ihi-partners-gentari-to-develop-global-green-ammonia-value-chain/

IHI partners Gentari to develop global green ammonia value chain

Japanese engineering firm Gentari said in a statement on Monday that IHIand Gentari Hydrogen Sdn Bhd, a wholly-owned subsidiary of Gentari have announced the signing of a memorandum of understanding (MoU) that will see the two parties deepening their collaboration to further develop the hydrogen industry. Under this MoU, IHI and Gentari will jointly explore the establishment of a global green ammonia value chain which spans the production, transportation, storage and utilization of green ammonia in Asia Pacific and other areas of mutual interest. Additionally, the parties will also explore progressing the commercial utilization of IM270, a fully ammonia-powered gas turbine, developed by IHI with support from Japan’s New Energy and Industrial Technology Development Organization (NEDO). Anticipating commencement by 2026, this commercial demonstration could potentially be the world’s first fully ammonia-powered gas turbine to be deployed. With this collaboration, IHI and Gentari aim to create demand for green ammonia in Malaysia and the broader Asia Pacific, accelerating the adoption of clean hydrogen as a viable energy transition lever, in line with Malaysia’s National Energy Transition Roadmap and Hydrogen Economy and Technology Roadmap as well as the region’s net zero aspirations. Asahi Kasei, Gentari, and JGC team up for green hydrogen production in Malaysia

https://technode.global/2023/12/18/jcb-idemia-and-soft-space-launch-jcbdc-phase-2-pilot-to-trial-cbdc-offline-p2p-payments/

JCB, IDEMIA and Soft Space launch “JCBDC” phase 2 pilot to trial CBDC offline P2P payments

Japan’s international payment brand The trio said in a recent statement that in phase 1 of the JCBDC project, JCB, IDEMIA, and Soft Space developed a central bank digital currency (CBDC) payment solution, enabling merchants to accept CBDC without the need to modify their point of sale (POS) terminals and payment cards. This solution was successfully piloted in Tokyo in 2023, which has enabled JCB, IDEMIA, and Soft Space to proceed to the next phase of the project. In Phase 2 of the JCBCD project, customers will be able to transfer CBDC funds from one person to another person using their cards and mobile phones even without Internet connectivity. These offline P2P (peer-to-peer) fund transfers can either be done from one card to another with a mobile NFC device as an intermediary, or from one mobile near-field communication (NFC) device to another mobile NFC device directly. This project is compliant with the open White Label Alliance (WLA) payment standard and using secure elements to ensure optimal security. In one option, consumers can send CBDC funds offline by tapping one person’s card to another person’s mobile NFC device. Then another person can tap their card to their mobile NFC phone to receive CBDC funds. Such a stored-value card (SVC) is used to securely store and transfer offline CBDC funds, thus acting as a digital version of cash in lieu of paper banknotes. Another option for consumers is to transfer CBDC funds offline by tapping their mobile NFC device to another person’s mobile NFC device. Both payer’s and payee’s mobile NFC devices operate off the network when CBDC funds are sent and received. For this project, IDEMIA and Soft Space provided the tokenization back-end server, mobile wallet application, card application and SoftPOS solution, as well as all necessary application programming interfaces (APIs) and software development kits (SDKs) for system and application integration purposes. The project uses IDEMIA’s protocol, the industry standard for Offline CBDC Payments, and leverages on Soft Space’s expertise in contactless payments. This JCBDC project is aimed at ensuring that CBDC fund transfers can be done securely and conveniently, by anyone, at any time, with or without Internet connectivity, with an immediate guarantee of fund availability. JCB, IDEMIA and Soft Space will implement the second phase of the project and conduct a pilot in early 2024. “It gives me great honor to announce our collaboration with IDEMIA and Soft Space on this Phase 2 project continuing from Phase1, “This project proves that we can use offline P2P funds transfer for new CBDC payment systems, which is a huge benefit for consumers in wide range of generations. ” said Koremitsu Sannomiya, Board Member, Senior Executive Officer of JCB. Meanwhile, Romain Zanolo, IDEMIA Managing Director for Asia Pacific (APAC) Payment Services, said that this project highlights IDEMIA’s expertise and capacity for innovation in terms of CBDCs. “We are convinced that allowing the public to transfer funds offline either with their contactless card or with their mobile phone will give them a great flexibility of choice,“With this new phase, we continue to build on the expertise gained from previous successes with central banks across the world,” he added. Joel Tay, Chief Executive Officer of Soft Space, said that the firm is delighted that phase one of the project has been successful, leveraging on existing technologies that JCB already utilizes, such as its contactless Europay, Mastercard and Visa (EMV) technologies and Tap on Mobile SoftPOS. “In phase two, we will also evaluate host card emulation (HCE) and various other offline scenarios we are developing with JCB to further develop more real-life use cases aimed at ensuring that the eventual CBDC solution we implement will be of practical use in society,” he added. JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. The firm launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 43 million merchants around the world. JCB Cards are issued mainly in Asian countries and territories, with more than 154 million cardmembers. As the leader in identity technologies, IDEMIA’s mission is to unlock the world, make it safer, backed by cutting-edge research and development (R&D) and a long-standing expertise in biometrics and cryptography. With nearly 15,000 employees, IDEMIA is used by over 600 governmental organizations and more than 2,300 enterprises spread over 180 countries. Founded in 2012, Soft Space is a fintech firm serving over 80 financial institutions and partners across 30 global markets. The firm offers both merchants and consumers a range of solutions, such as contactless payment through mobile devices as well as comprehensive white-label e-wallet services. Soft Space, Hong Leong Bank and JCB expand JCB card acceptance in Malaysia

https://technode.global/2023/12/15/ey-over-half-of-malaysian-employees-feel-generative-ai-will-positively-impact-their-work/

EY: over half of Malaysian employees feel generative AI will positively impact their work

More than half (63 percent) of employees in Malaysia anticipate that generative artificial intelligence (GenAI) will improve their way of working flexibly, exceeding the global average of 48 percent, According to the EY 2023 Work Reimagined Survey, 70 percent (global 49 percent) of them noted that they are either currently using or planning to use GenAI in the next 12 months. While GenAI potential is still being realized, there is growing momentum and a generally positive outlook on how the technology will impact new ways of working. Malaysian employers, too, mirror these sentiments, with 84 percent (global 67 percent) expecting GenAI to enhance working flexibly with 96 percent (global 84 percent) either currently using or planning to use the technology within the next year. However, despite both employees and employers ranking learning and skills as the number one factor to ensure employees thrive in new ways of working, only 22 percent of Malaysia employers (global 22 percent) plan to provide training on GenAI-related skills. “It is encouraging to witness the increasing awareness among Malaysian employees and employers on the potential benefits of using GenAI in the workplace,” said Low Choy Huat, EY Asean People Advisory Services Leader and Partner, Ernst & Young Consulting Sdn Bhd. “While there is an intention among employers to incorporate GenAI in the near future, there is a substantial gap in upskilling and reskilling the workforce in the technology, “It is imperative to accelerate the training of essential skills to build Gen AI capabilities, while fostering the ethical and responsible use of it in the workforce,” he said. The EY 2023 Work Reimagined Survey, fourth in the series, canvassed the views of 17,050 employees and 1,575 employers across 22 countries and 25 industry sectors globally. These include 250 employees and 50 employers from Malaysia. YTL partners NVIDIA to build AI infrastructure in Malaysia

https://technode.global/2023/12/14/standard-chartered-17b-in-retail-investor-capital-could-be-mobilized-to-combat-climate-change-in-malaysia/

Standard Chartered: $17B in retail investor capital could be mobilized to combat climate change in Malaysia

Standard CharteredThe bank said in a statement on Thursday that within climate investing in Malaysia, $9 billion could flow into mitigation themes – renewables, energy efficiency and storage are set to attract the most capital. Meanwhile, $8 billion could be mobilized towards adaptation including resilient infrastructure, biodiversity, and food systems. The survey also showed 93 percent of investors in Malaysia are interested in climate investing, and 83 percent of them want to increase capital flows towards climate. They are mainly motivated by social norms, personal values, wanting to improve investment returns and to reduce portfolio risks. However, multiple barriers, which vary by investor segments, are holding them back from translating their interest into investment. 66 percent citing comprehensibility and 63 percent noting comparability as significant challenges in climate mitigation and adaptation investments. Standard Chartered said these findings demonstrate how the industry plays a critical role in helping investors overcome these barriers to unlock potential of retail capital. It said a concerted effort is required by financial institutions, regulators, companies, and individuals, to establish a wider range of climate assets to drive greater retail participation. The report also shows the need of clear action from asset managers and banks to work towards innovating new climate assets to match emerging investor interests, such as biodiversity and the blue economy. It also sees the need for financial institutions to mobilize retail capital via three pillars – empowering investors with information, product customization and outcome-based information. It also sees the need for digital and fintech solutions to play an enabling role and simplify processes for investors. The industry across the world is also needed to align reporting standards and mandate minimum disclosure requirements to boost investor confidence. “Financing presents both a critical challenge and opportunity in combatting climate change, “Our research reveals that comprehensibility is a common barrier among Malaysian investors, drawing attention to the need for the industry to empower investors with information about climate investing and debunk common myths,” said Sammeer, Managing Director and Head of Consumer, Private and Business Banking at Standard Chartered Malaysia. In overcoming the current disconnect between investor interest and the scale of climate investments, he said the industry needs to improve access to solutions, harmonize reporting standards and measurement of impact. The research – based on investor interest from a survey of 1,800 respondents in ten growth markets across Asia, Africa and the Middle East – identifies a global potential of $3.4 trillion for climate investing, highlighting the power of individuals to combat climate change. WWF, BCG, and Think City launch regional initiative for nature-based solutions, climate analytics and AI

https://technode.global/2023/12/14/careplus-partners-goauto-to-set-up-ev-plant-in-malaysia/

Careplus partners GoAuto to set up EV plant in Malaysia

Malaysia-based glovemakerCareplus said in a statement on Thursday that the duo are exploring areas related to the EV industry. According to the statement, a collaboration has been agreed between the two parties in the importation and distribution of the NETA electric car, and assembly of multi-model new energy vehicles through a planned manufacturing and assembly plant in Kawasan Perindustrian Chembong, Rembau, Negeri Sembilan. According to Go Auto Group Chairman SM Azli SM Nasimuddin Kamal, phase one of the project involves the development of an assembly plant, expected to begin in the first quarter of 2024. Meanwhile, phases two and three will begin in 2026 and 2028 respectively, he said. He also explained that the new plant will not only assemble vehicles with the NETA brand but is also open to other EV brands that intend to assemble locally when the plant is ready. Careplus also on Thursday launched Careplus Mall which is established to provide EV networks with fast charging stations, TVET training, solar panel solutions for home and commercial use, and sports and entertainment infrastructure for the family. Careplus Chief Executive Officer Lim Kwee Shyan said that the firm is now exploring potential business in green technology and renewable energy areas, including solar equipment and EVs. According to him, Careplus Mall currently has a sales, service, spare parts and body repairs (4S) for EVs for the NETA brand, and equipment for solar panel solutions for home and commercial applications. It also includes several relevant businesses, such as GENTARI that will install six fast charging station with capacities between 180-250kW, that is expected to be ready by the second quarter of 2024, he added. Careplus is a firm involved in latex glove industry for more than 35 years. To date, its production capacity reached 5.32 billion units per annum, with various glove types such as latex examination dan surgical gloves. Today, the firm has four latex glove plants, all located in Negeri Sembilan. Careplus was listed in Bursa Malaysia’s ACE Market on in December 2010. The firm transferred all company shares from ACE Market to the Bursa Securities Main Board in 2021. In 2023, Careplus officially joined new businesses based on green and renewable technology, developed with business partners GoAuto Group. Established in 2013, GoAuto’s core business centers on automotive products – where the company is actively involved in manufacturing, assembly, sales, distribution, after sales services and spare parts in various vehicle segments such as passenger vehicles, commercial vehicles, motorcycles, special vehicles, and EVs. The GoAuto Group also supplies vehicles for government and GLC use. The group is also an exclusive distributor of electric vehicles for passenger and commercial vehicle brands NETA, HIGER and YUTONG. Malaysia’s Careplus diversifies its business to electric vehicles

https://technode.global/2023/12/13/securities-commission-malaysia-introduces-accelerated-transfer-of-listing-from-ace-market-to-main-market-for-eligible-companies/

Securities Commission Malaysia introduces accelerated transfer of listing from ACE Market to Main Market for eligible companies

The The framework will take effect on January 1, 2024 through amendments to the Equity Guidelines, SC said in a statement. According to the statement, the accelerated transfer of listing is part of a slew of capital market measures introduced by the SC to improve stock market vibrancy and reduce market friction. The SC Chairman Awang Adek Hussin said the ACE Market has remained a significant source of financing within the Malaysian equity capital market, with 20 ACE Market listings raising MYR 1.26 billion ($270 million) through initial public offerings as of October this year. “This accelerated transfer process will benefit sizeable, qualified ACE Market public limited companies (PLCs) by accelerating the transfer to the Main Market for greater visibility and access to a larger pool of investors, including foreign and institutional investors,” he said. According to the statement, transferring to the Main Market, which is the prime market for established companies, demonstrates that the ACE Market PLCs have achieved the standards in terms of quality, size and operations. It noted the newly simplified and accelerated transfer process should incentivize more companies listed on the ACE Market to make continuous efforts to improve their corporate values and achieve sustainable growth for shareholders. Under the new accelerated transfer process, it said an ACE Market PLC must, among others, have a daily market capitalization of at least MYR 1 billion ($210 million) for the past six months, and meet the profit requirements for companies seeking listing on the Main Market. SC, a statutory body reporting to the Minister of Finance in Malaysia, was established under the Securities Commission Act 1993. It is the sole regulatory agency for the regulation and development of capital markets in Malaysia. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Capital Markets and Services Act 2007. SC Malaysia to introduce streamlined transfer of listing to encourage more exit options

https://technode.global/2023/12/11/drb-hicom-geely-form-joint-venture-to-develop-the-automotive-hi-tech-valley-in-malaysia/

DRB-Hicom, Geely form joint venture to develop the Automotive Hi-Tech Valley in Malaysia

Malaysia-based conglomerate DRB-Hicom said in a statement on Monday that this follows the recent master collaboration agreement signed in October 2023, which had set forth the underlying principles, governance framework, and mutual commitment for the AHTV project. The joint venture agreement outlines the key principles of the strategic collaboration, alignment on objectives, and terms of the partnership. A joint venture company will leverage on the respective strengths and expertise of DRB-HICOM and Geely Holding in establishing AHTV as the international next generation vehicle hub in Malaysia. According to the statement, AHTV will encompass extensive automotive and mobility solutions across the value chain, from a full-fledged high technology global research and development center, to world-class automotive original equipment manufacturers and manufacturing clusters. In addition, it would support services within an associated ecosystem, such as logistics, training and learning institutions within a smart city for the automotive industry. DRB-Hicom said in earlier statements that the project is targeted as a hub to attract investments to the tune of MYR 32 billion ($6.83 billion) from multiple global parties over a ten-year development period. AHTV will also receive direct and indirect benefits from DRB-Hicom and Geely-owned automaker Proton’s plan to fully relocate its manufacturing facilities to Tanjong Malim by 2026. Proton currently produces five models in AHTV and another two models in Shah Alam, Selangor. AHTV will also include a research-based university to nurture new talents and development in areas of new and emerging technologies for the industry and the automotive sector in general. It will also house a research and development (R&D) center that will provide carmakers with a tropicalized setting to test their vehicles. DRB-Hicom believes that AHTV is the right move forward Malaysia in the new automotive technology space, and the inclusion of multiple global investors augurs well for the domestic industry and economy, as well as adding value to the Malaysian automotive landscape. DRB-Hicom is one of Malaysia’s leading group of companies with core businesses in the automotive, aerospace and defense, banking, postal, services, and properties sectors. DRB-Hicom has 84 active companies in its stable with more than 45,000 employees group-wide. In the automotive sector, the firm is involved in the manufacturing, assembly and distribution of passenger and commercial vehicles, including the national motorcycle. In aerospace and defense, the firm is involved through its subsidiaries CTRM and DEFTECH, while it is represented in the postal segment through its subsidiary Pos Malaysia, and banking through Bank Muamalat. In the services segment, DRB-Hicom is involved in various businesses, including concession, education, aviation and logistics and investment holdings whereas in properties, the firm is involved in the development of industrial properties. Geely is a Chinese multinational automotive company headquartered in Hangzhou, Zhejiang. Its flagship brand, Geely Auto, has launched several new energy vehicles (NEVs), including the intelligent luxury electric vehicle (EV) brand Zeekr. The company has also invested in a range of battery technologies and has a dedicated new energy division which is focused on developing and producing NEVs, and has announced plans to launch more than 30 new energy models across its brands by 2025. Malaysia’s DRB-Hicom and China’s Geely set framework for development of Automotive Hi-Tech Valley

https://technode.global/2023/12/10/zetrix-and-beitou-launch-digital-id-and-drivers-license-services-on-blockchain/

Zetrix and Beitou launch digital ID and driver’s license services on blockchain

Zetrix, a layer 1 public blockchain platform of Malaysia-based MY E. G. said in a statement that this innovative solution addresses the challenges of traditional paper-based credentials, offering a range of benefits that will transform the way individuals, organizations, and governments interact in the digital realm. The launch marks the commercialization of the collaboration announced on September 18, 2023 between Malaysia’s MY E. G. Services Berhad and China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co Ltd (Beitou), the information technology (IT) arm of Guangxi Beibu Gulf Investment Group listed as one of China’s Top 500 enterprises. According to the statement, the service initially will be offered to domestic China nationals who can choose to digitize their national ID or driving license as a verifiable credential (VC) on Xinghuo International, the international gateway for China’s national Public Blockchain. Through Zetrix, which is integrated with Xinghuo, the national ID or driving license VC can then be presented abroad to be authenticated by any verifier wishing to verify the relevant identity or driving license data according to their needs. Beitou IT’s integration to China’s nationwide police and transport department databases ensures seamless authentication and digitization of the documents into VCs. Furthermore, in view of the immutability of blockchain, verifiers will have the assurance of knowing that the VCs and all data contained in the document are true and genuine. It is foreseen that besides IDs and driving licenses, other important credential documents held by individuals or businesses would also be digitized as VCs in the near future. According to MY E. G. , the use of digital credentials, with the initial pilot of driving licenses based on blockchain technology will significantly enhance security and combat counterfeiting of electronic licences. By leveraging on thesSelf sovereign identity (SSI) framework, Zetrix’s Digital Credentials platform enables the real time verification of documents digitized as VCs, providing a robust defense against fraud and forgery. “In addition to ensuring authenticity, documents digitized as VCs offer the ability for selective disclosure or confirmation of data. For instance, document holders can have their age or their home location verified without actually having to provide their date of birth or full address, “This is extremely useful as it protects raw user data from being shared unless absolutely necessary, thus reducing the possibilities of cyber attacks,” explained TS Wong, Founder of Zetrix. Lai Shuiping, Chairman of the Board of Guangxi Beitou IT Innovation Investment Group Co. ,Ltd, Lai Shuiping, said the China-ASEAN digital driving license cross-border verification platform is jointly developed by Beitou IT and MYEG. “The platform will continue to expand into providing more convenient services for communication between citizens of China and ASEAN countries, and promote economic development across the entire region,“In future, Beitou IT will further strengthen cooperation with Malaysian enterprises in the field of transportation digitalization, and promote continuous improvement of intelligent transportation in ASEAN countries,” he added. According to the statement, Zetrix’s digital credentials platform also leverages a multi-chain e-wallet that is able to store Zetrix’s native tokens as well as VCs from Xinghuo International and Ethereum. This feature facilitates seamless cross chain transactions and simplifies identity and document verification across multiple scenarios, enhancing the experience for travelling individuals. It is also noted that the digital credentials service exemplifies the World Wide Web Consortium (W3C) standards of VCs and decentralized identifiers as self-sovereign identity. This will be a key catalyst to enable a greater interoperability across blockchains and decentralized applications. Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Its cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. Developed by MY E. G. , the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as blockchain-based identifiers (BID) and VCs. Beitou IT stands as a wholly owned subsidiary of Beibu Gulf Investment Group, boasting total assets exceeding RMB 300 billion. Established in October 2020 with a registered capital of RMB 1 billion ($140 milion), Beitou IT has emerged as the foremost digital company in Southwest China. Beitou IT strategically concentrates on four primary business domains: ITAI project implementation and operation, information technology (IT) product research and development (R&D), integration and sales, and the development of New Infrastructure. Over the past three years, Beitou IT has successfully undertaken numerous government and enterprise-level projects encompassing digital government, digital transportation, digital port, smart court, and enterprise digitalization. Malaysia’s MY E. G. blockchain unit Zetrix launches cross border supply chain financing pilot with Chinese banks

https://technode.global/2023/12/08/ytl-partners-nvidia-to-build-ai-infrastructure-in-malaysia/

YTL partners NVIDIA to build AI infrastructure in Malaysia

Malaysian utility firm YTL said in a statement that the firm will deploy NVIDIA H100 Tensor Core GPUs, which power today’s most advanced AI data centers, and use NVIDIA AI Enterprise software to streamline production AI. It is noted that NVIDIA AI Enterprise includes NVIDIA NeMo, an end-to-end, cloud-native framework for building, customizing, and deploying generative AI models from anywhere. It is also noted that NVIDIA H100 GPUs deliver industry-leading generative AI and can speed up large language models (LLMs) by an incredible 30 times compared with the previous-generation GPUs. According to the statement, the AI infrastructure will be hosted in the YTL Green Data Center Park in Kulai, Johor (Southern region of Malaysia), a 500 MW facility developed by YTL that will be uniquely powered by an equivalent amount of on-site solar energy. YTL Communications Sdn Bhd, the telecommunications subsidiary of YTL, will own and manage the AI infrastructure that will provide AI computing services to the nation. It is learnt that YTL Communications owns and operates a national mobile network and was the first to offer 4G and 5G services in the country under its “Yes” brand. According to the statement, the AI infrastructure will provide the foundation for scientific research and the development of solutions and applications that will accelerate Malaysia’s progress towards becoming an AI nation. YTL will not only provide green, energy-efficient AI infrastructure to scientists, developers, and startups across the nation, it will also create AI-specific applications and services for its customers. YTL also plans to use NVIDIA NeMo to customise and deploy a Malay language foundation model that will be sensitive to Malaysia’s multi-cultural heritage. The YTL Group’s deep experience and expertise in infrastructure development will enable the rapid rollout of AI data centers, with the first phase expected to be operational by mid-2024. “This collaboration with NVIDIA comes at an opportune time. In the 12 months since the launch of ChatGPT, we have seen how AI is changing the way we work, live, and learn, “Having our own supercomputing infrastructure and the ability to train talent locally will accelerate Malaysia’s advancement towards being a top AI nation,” said Yeoh Seok Hong, Managing Director of YTL Power International. According to him, this will be the foundation for a digital economy powered by innovative solutions and applications built on the firm’s very own sovereign large language model (LLM). “This collaboration with NVIDIA is poised to bring many benefits to the nation. Our green data centers and low energy solutions are an ideal fit to be used with their high-performance supercomputers, “We are excited to begin this journey to bring our nation to the forefront of AI development,” he added. Raymond Teh, Senior Vice President of the Asia-Pacific region at NVIDIA, said that Malaysia is embracing AI to enhance jobs, drive competitiveness, and supercharge innovation. “This collaboration will help deliver advanced AI computing infrastructure to enable Malaysia to build its own LLMs and power the country’s next wave of generative AI applications,” he added. Zafrul Abdul Aziz, Minister of Investment, Trade and Industry (Miti), said that by offering supercomputing cloud services and leveraging AI to power innovations, such partnerships enhance Malaysia’s economic complexity, paving the way for the country to become a high technology and high-income nation while further positioning Malaysia as a top investment destination. “We welcome partnerships such as the one between YTL and NVIDIA, exactly the kind of strategic collaborations targeted by our New Industrial Master Plan 2030,” he added. Malaysian Investment Development Authority (MIDA) Chief Executive Officer Arham Abdul Rahman also applauds the unwavering commitment of YTL to embrace and invest in cutting-edge technology, through partnership with NVIDIA. “In an era fuelled by technological advancements, it is truly commendable to witness YTL’s pivotal role in developing a robust data infrastructure, “This initiative not only underscores YTL’s dedication to innovation, but more importantly, contributes towards advancing our local business ecosystem technologically,” he added. YTL is an international multi-utility infrastructure developer listed on the main board of Bursa Malaysia. In addition to its physical infrastructure assets, YTL is developing a new generation of digital infrastructure underpinned by its subsidiary YTL Data Centers which is developing 500MW of hyperscale data center capacity on a 1,640 acre site in Johor, the first data center park in Malaysia to be powered by adjacent on-site solar energy. YTL is also involved in mobile communications and internet-based services through YTL Communications Sdn Bhd – the operator of the “Yes” telecommunications platform. In March 2023, Yes along with Nvidia, launched Nvidia’s GeForce NOW cloud gaming service to its customers. YTL alongside its partner Sea Ltd. was granted a digital banking licence by Bank Negara Malaysia in April 2022. This digital bank is expected to be operational in 2024. YTL owns Wessex Water Limited, a water and sewerage provider in the United Kingdom, and YTL PowerSeraya Pte Limited, Singapore’s second largest power producer with a total licensed capacity of 3,100 MW. YTL’s projects under development include the development of Brabazon, Bristol, a mixed use residential and commercial property project in the United Kingdom. US-based NVIDIA partners Taiwan’s Foxconn to build factories and systems for the AI industrial revolution

https://technode.global/2023/12/08/asean-reinsurance-working-committee-inks-mou-to-establish-asean-renewable-energy-pool/

ASEAN Reinsurance Working Committee inks MOU to establish ASEAN renewable energy pool

The The ideation on the formation of AREP was initially proposed by Malaysian Reinsurance Berhad （Malaysian Re), Chair of the ARWC for the 2021-2022 term, during the 4th ARWC meeting on October 15, 2021 as a facility or pool to support the ASEAN governments’ renewable energy policies, Malaysian Re said in a statement on Friday. “Given the potential challenges in respect of the capacity and expertise in environmental, social, and corporate governance (ESG)/renewable energy and the complexity of the solar, wind, and other renewable energy resources, the inherent financial risk associated with these ventures can be potentially overwhelming for one insurance company to manage effectively, “Therefore, there is a need for a group of companies to pool their resources and band together to form an insurance pool to underwrite the risks associated with these renewable energy sources” said Ahmad Noor Azhari Abdul Manaf, President and Chief Executive Officer of Malaysian Re. The MOU signed at the 26th ASEAN Insurance Regulators’ Meeting & 49th ASEAN Insurance Council Meeting indicates joint commitment from the participating ARWC Members under the supervision of AIC, to collaborate, work together and lead ASEAN (re)insurance industry to support ASEAN countries’ effort to achieve net zero emission target and deal effectively with climate change. The participating ARWC Members for this collaboration are Malaysian Re (as Pool Manager), PT Reasuransi Indonesia Utama (Persero) (Indonesia Re), Vietnam National Reinsurance Corporation(VINARE), Cambodian Reinsurance Company (Cambodia Re), Thai Reinsurance Public Company Limited(Thai Re) and National Reinsurance Corporation of the Philippines (Nat Re). Malaysian Re is the largest national reinsurer (by gross written premium and asset) in the ASEAN region. The reinsurer underwrites all classes of general reinsurance business as well as general and family retakaful businesses through its retakaful division. Leveraging on its breadth and depth of experience and expertise, excellent ratings and proven record of accomplishment, Malaysian Re has grown in stature as an international player having established a strong market presence in Asia Pacific and the Middle East with an emerging footing in Europe. Malaysian Re is a wholly owned subsidiary of MNRB Holdings Berhad (MNRB). Malaysia launches Sustainable Energy Development prospectus paper to advance energy transition