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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

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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

https://technode.global/2023/12/08/wwf-bcg-and-think-city-launch-regional-initiative-for-nature-based-solutions-climate-analytics-and-ai/

WWF, BCG, and Think City launch regional initiative for nature-based solutions, climate analytics and AI

The World Wide Fund for Nature (WWF)The trio said in a statement on Wednesday that SEACAR Alliance is a regional initiative that aims to emphasize the importance of nature-based solutions (NbS), climate analytics and artificial intelligence (AI) in advancing the resilience of cities and communities across six key themes: natural ecosystems, infrastructure, water, agriculture, health, and trade. According to the statement, the SEACAR Alliance is a response to the urgent need to address the impacts of climate change on the Southeast Asian region, which is home to more than 673.3 million people of the global population, and some of the world’s most biodiverse and vulnerable ecosystems. With a focus on collaborative action, the alliance welcomes and encourages other stakeholders, cities, and communities from across the region to join this effort and share ideas, insights, and actions to speed up adaptation and resilience in the region. “Nature is the foundation of life. Our disconnect with nature is the root cause of climate change threatening our very existence, “In Southeast Asia, where communities and cities are at the forefront of climate change, embracing nature as an ally is not just a choice; it is a necessity for a sustainable and resilient future,” said Lavanya Rama Iyer, Director of Policy and Climate Change, WWF-Malaysia. Dave Sivaprasad, Southeast Asia Lead in Climate and Sustainability, Managing Director and Partner, BCG, said that Southeast Asia is a region that is heavily exposed to the physical impacts of climate change. “However, this is also a region rich in nature and natural capital, and we have enormous potential in the region to capitalize on both the oldest and newest solutions to adapt and build resilience, “Specifically, this comes in the form of NbS and technology in the form of AI to plan, prioritize, and implement measures to adapt and build resilience for people, communities, and economies in Southeast Asia,” he added. Hamdan Abdul Majeed, Managing Director of Think City said the firm is proud to join forces with BCG and WWF in a pivotal collaboration aimed at tackling climate change in“Our commitment to enhancing livability in cities, as engines of growth, aligns with the recognition that cities play a significant role in climate change, stemming from carbon emissions, pollution, water scarcity, and urban heat island effects, “Leveraging our expertise in city making and NbS for climate adaptation, we aim to actively contribute our knowledge and foster partnerships with cities and urban settlements across the region as part of this meaningful alliance,” he added. WWF is an independent conservation organization, with over six million followers and a global network active in nearly 100 countries. Its mission is to stop the degradation of the planet’s natural environment and to build a future in which people live in harmony with nature, by conserving the world’s biological diversity, ensuring that the use of renewable natural resources is sustainable. It does this by promoting the reduction of pollution and wasteful consumption. Founded in 1963, BCG is a global consulting firm that works with leaders in business and society to tackle their challenges and capture their opportunities. Think City is an impact organization established in 2009 to create more sustainable and equitable places for the benefit of all. It focuses on urban solutions, the environment, social communities, and the cultural economy. It is a wholly owned subsidiary of Khazanah Nasional, the sovereign wealth fund of the government of Malaysia. Malaysian Central Bank, World Bank announce initiatives to enable financial sector to support nature-positive outcomes

https://technode.global/2023/12/08/gentari-plans-to-team-up-with-mercedes-benz-malaysia-to-drive-ev-ecosystem-growth/

Gentari plans to team up with Mercedes-Benz Malaysia to drive EV ecosystem growth

Gentari Sdn BhdGentari said in a statement on Thursday the duo will be exploring the potential development of EV charging infrastructure, along with value-added services, such as tailored charging subscription plans, that will enhance the customer experience of Mercedes-Benz EV owners. According to the statement, the potential charging point operations would be jointly developed with EV Connection Sdn Bhd (EVC), and to cater to EV drivers’ needs, these facilities would be installed at selected strategic locations across Malaysia, to ease long distance travel. This potential initiative is also aimed at providing range confidence for EV drivers. “Gentari is excited to expand our relationship with a like-minded partner like Mercedes-Benz Malaysia,” said Shah Yang Razalli, Deputy Chief Executive Officer of Gentari and Chief Executive Officer of Gentari Green Mobility Sdn Bhd. He said Gentari understands that providing long-distance range confidence is important to EV drivers, and therefore, as the operator of the largest DC network in the country, Gentari is committed to continue building high-powered chargers and establishing connectivity across states in Malaysia. “This will directly contribute to propelling EV adoption numbers in the country, fostering a sustainable shift towards electric mobility,” he added. According to the statement, Gentari Green Mobility currently operates 79 DC chargers across nine states including Wilayah Persekutuan in Malaysia and is rapidly expanding its reach in Asia Pacific. “We are delighted to continue our strategic partnership with Gentari, to spearhead the widespread adoption of electric vehicles in Malaysia,” said Amanda Zhang, Chief Executive Officer and President, Mercedes-Benz Cars Malaysia. Through the intended collaboration, she said the firm aims to explore and develop cutting-edge electric vehicle charging infrastructure and solutions, alongside value-added services such as charging subscription plans tailored for its Mercedes-Benz EV owners. “Together with EV Connection, Gentari’s expertise aligns seamlessly with our vision to redefine the automotive landscape, providing not only high-performance electric vehicles but also a robust and accessible charging network, “In line with our Electric Only vision, this planned partnership signifies an important step towards sustainable mobility in Malaysia,” she added. Lee Yuen How, Managing Director, EV Connection Sdn Bhd (EVC), said that the transition to EVs is not one that can be achieved alone. “It requires a concerted effort from all stakeholders, including automotive manufacturers, charging infrastructure providers, and government agencies, “That is why we are so proud to have partnered with Mercedes-Benz Malaysia and Gentari, two industry leaders who share our vision for a cleaner and more sustainable future. ” he added. To date, since its introduction in June 2022, Gentari has deployed over 200 charging points in Malaysia and over 190 charging points in India, through its affiliated entities. With a mission to be Asia Pacific’s most valued clean energy solutions partner by 2030, Gentari aims to capture over 10 percent market share of public charge points and vehicle-as-a-service (VaaS) offerings, across key markets in Asia Pacific. Malaysia’s Plus partners Gentari to roll out modular, portable EV fast charging station with BESS at Behrang Lay-by

https://technode.global/2023/12/07/securities-commission-malaysia-to-introduce-streamlined-transfer-of-listing-to-encourage-more-exit-options/

SC Malaysia to introduce streamlined transfer of listing to encourage more exit options

The Securities Commission Malaysia (SC) is looking to introduce a streamlined automatic transfer mechanism that will enable qualifying ACE Market companies to transfer to the Main Market beginning next year in a bid to encourage more exit options in the public market space, said its chairman Awang Adek Hussin. “Details of the proposed automatic transfer framework will be announced later this month. The introduction of a new simplified and accelerated transfer process will facilitate a seamless transfer of listings to promote sizeable and quality ACE Market companies to the Main Market,” he said in his keynote speech at the Malaysia Venture Forum 2023 on Wednesday. By being in the Main Market, it will open up opportunities for foreign investors to participate. This in turn should encourage greater foreign participation in its capital market, he added. SC and Bursa Malaysia will continue to facilitate exits for promising companies, especially in the tech sector, according to Awang Adek. “Recent capital market initiatives aimed at supporting IPO-ready companies are expected to have a positive impact. “These measures are designed to enhance fundraising efforts, sustain the vibrancy of the IPO market, and improve trading liquidity,” he added. With IPOs being one of the more common exit routes for start-ups in the region, the SC, together with Bursa Malaysia is working to improve efficiency in the public markets to facilitate a start-up’s IPO, with measures such as expediting the IPO process and reducing time-to-market for companies seeking to list on its stock exchange. Awang Adek also said that access to funding can also be obtained through a Special Purpose Acquisition Company (SPAC). The SC revamped the SPAC Framework in Malaysia in 2022, allowing venture capital and private equity professionals with asset sourcing and deal making experience to steer SPACs. Under the previous framework, SPACs could only acquire businesses in cash. The new SPAC rule also allows SPACs to acquire companies through the issuance of securities. “We have also made it easier for SPAC acquisitions to be approved. Where before, a SPAC required a special resolution for the acquisition to be approved, now, it only needs to obtain a simple majority approval amongst shareholders,” Awang Adek said. The revised SPAC framework as an exit strategy for VC and PE firms, has the potential to broaden the target asset universe and spur listings and deals in Malaysia. This should also encourage mergers and acquisitions and spur corporate transformation, he added. Awang Adek also said it is worth noting that sustainability is an area of increasing importance in the minds of investors as we navigate through the current landscape with various climate challenges. As asset owners demand more sustainable portfolios and capital to finance energy transitions, he said firms must develop their capabilities to incorporate sustainability practices. “In this regard, the SC has recently published the SRI Guide for Private Markets to help VC/PE firms and recognised market operators to embrace important considerations and best practices for incorporating sustainability into their investment operations,” he said. In addition, VC/PE firms can also look into the SC’s principles-based SRI Taxonomy, which was developed to help asset managers and investors identify sustainable projects. Capital Markets Malaysia (CMM) has created a Simplified ESG Disclosure Guide to provide SMEs with practical guidance on ESG disclosures. Startup Week Malaysia to be held from Dec 1 – 9

https://technode.global/2023/12/06/malaysias-tnb-unveils-vision-for-sustainable-energy-future-and-collaboration/

Malaysia’s TNB unveils vision for sustainable energy future and collaboration

Malaysia’s utility firm TNB President and Chief Executive Officer Baharin Din said during his keynote address at the 24th Conference of the Electricity Power Supply Industry (CEPSI) held recently in China that TNB is currently finalizing partnerships and conducting feasibility studies for the development of Renewable Energy (RE) Zones for large-scale solar (LSS) and hybrid floating solar photovoltaic (PV), totaling an impressive 2,500 MW in capacity. He also said the company is also exploring groundbreaking co-firing projects involving hydrogen and ammonia, signaling a clear commitment to innovation and sustainability. “We are fast-tracking these key projects under National Energy Transition Roadmap (NETR) which is in line with our Energy Transition Plan (ETP), spanning the entire electricity value chain. These initiatives represent tangible steps in our journey towards fulfilling our sustainability commitments and vision, all the while fostering robust business growth,” he said. He also said TNB is actively formulating a robust business case for hydrogen production, encompassing both export and domestic usage, with an anticipated completion timeline of two years. According to him, green hydrogen will play a prominent role in TNB’s co-firing initiatives under TNB Genco. Next generation gas-fired power plants, equipped with hydrogen-ready technology, will be introduced starting in 2030, leading to electricity production characterized by significantly lower carbon emissions, he added. Baharin also underscored the significance of the ASEAN-China collaboration in the relentless pursuit of net zero goals. “Together, both powerhouses aren’t simply embracing net zero goals but leading the charge in navigating the global energy transition, forging monumental strides towards a low carbon future, and catalyzing substantial economic growth,” he said. He also said that TNB stands at the forefront of the ASEAN energy transition, forging robust alliances with Chinese counterparts to harness cutting-edge green technology including advanced expertise and capabilities in green tech manufacturing. According to him, the ASEAN Power Grid, a beacon of opportunity, promises economic prosperity for Southeast Asia and China, steering them closer to collective net zero aspirations. Baharin also underscored TNB’s commitment to supporting Malaysia’s position as the regional data center hub, introducing the Green Lane Pathway – a game-changer tailored for the data center market, streamlining electricity supply and implementation timelines significantly. “It is an exclusive initiative tailored to the needs of the data center market, offering expedited electricity supply options, and reducing implementation time from 36-48 months to 12 months, “TNB also provides a One-Stop-Centre (OSC) for data center investors and anticipates the potential demand from data centers to exceed 4,300 MW by 2035,” he added. Shifting gears, Baharin highlighted TNB’s commitment to empowering the ASEAN Power Grid and expressed anticipation for China’s support in RE projects, foreseeing immense growth, job creation, and economic development across the region. “ASEAN and China are undeniably prominent players on the global energy stage, both playing pivotal roles in the ongoing energy transition, “The immense potential for growth and collaboration between these two regions holds the key to achieving our shared objective of advancing towards a low-carbon, sustainable future,” he concluded. Malaysia’s TNB partners Perak state government to drive large-scale renewable energy initiatives

https://technode.global/2023/12/06/malaysia-launches-sustainable-energy-development-prospectus-paper-to-advance-energy-transition/

Malaysia launches Sustainable Energy Development prospectus paper to advance energy transition

Malaysia has on Tuesday launched the Sustainable Energy Development prospectus in an effort to showcase Malaysia’s strategic intent in “Advancing Just Energy Transition” at the 28th Conference of the Parties to the UNFCC (COP28) at Dubai Expo City, emphasizing its commitment to climate action on a global stage. The prospectus serves as an expression of Malaysia’s openness to international collaborations, outlining the extensive efforts the country has taken in transforming its energy system into one with a lower carbon footprint as well as its continued commitment in ensuring a fair and responsible transition, according to a statement. Unveiled by Malaysia’s Minister of Natural Resources, Environment and Climate Change (NRECC) Nik Nazmi Nik Ahmad, the prospectus was launched in the presence of local and international delegates at the Malaysian Pavilion of the climate conference. Nik Nazmi Nik Ahmad stated in his keynote address at the launch that the urgency for Malaysia’s shift to sustainable energy is fuelled by global commitments, particularly the Paris Agreement and the need to fortify economic diversification and energy security. “The launch of Malaysia’s Sustainable Energy Development prospectus signifies our commitment towards energy transition with plans to accelerate the decarbonization of energy generation, develop a modern and flexible grid, as well as to embrace innovation and empower consumers. With this, we welcome trade, technical and policy collaboration with global partners in our collective endeavor for a low-carbon energy system and a sustainable future,” he said. Recognizing the crucial role that energy plays in the climate challenge, he said Malaysia acknowledges that collaborative action within the industry is essential in its journey to accelerating renewable energy deployment to 70 percent in 2050 from the existing 25 percent. According to him, this goal aligns with Malaysia’s commitment to reducing greenhouse gas emissions under the Paris Agreement, aiming for a 45 percent reduction in carbon intensity to gross domestic product (GDP) in 2030 compared to 2005 levels. The prospectus, which was developed in collaboration with the Sustainable Energy Development Authority (SEDA), Energy Commission (ST), Malaysian Green Technology and Climate Change Cooperation (MGTC) as well as national utility, Tenaga Nasional Berhad (TNB), presents Malaysia’s plans and strategies for energy-related companies to embark and contribute to the country’s aspiration to attain a sustainable energy transition. Alongside this document, Malaysian delegates have been actively engaged in talks and discussions throughout the climate conference, leading to many successful sustainable energy collaborations. Malaysian Central Bank, World Bank announce initiatives to enable financial sector to support nature-positive outcomes

https://technode.global/2023/12/05/bursa-carbon-exchange-inks-deals-with-sarawak-energy-hydropower-sustainability-alliance-i-rec-for-renewable-energy-certificates/

Bursa Carbon Exchange inks deals with Sarawak Energy, Hydropower Sustainability Alliance, I-REC for renewable energy certificates

Bursa Carbon Exchange (BCX)The four-way MOC brings together a collaboration between Malaysian and international organizations in paving the way for the offering of renewable energy certificates (RECs) on Bursa Carbon Exchange, Malaysia’s voluntary carbon market exchange, according to their statement. Sarawak Energy is a vertically integrated electricity utility serving the state of Sarawak and also Malaysia’s largest renewable energy developer. Meanwhile, the HSA is an independent and multistakeholder standard-setting body that governs the Hydropower Sustainability Standard an assessment and certification system that advances demonstrable sustainability in the hydropower sector. The I-REC Standard is a non-profit organization based in Netherlands that provides a robust standard for developing attribute tracking systems for renewable energy. The scope of the MOC will cover the following four areas – to explore potential supply of RECs from Sarawak Energy; to facilitate cross-border RECs trading and international attribute tracking standards for RECs, using the I-REC platform; to raise awareness through joint knowledge building sessions on sustainability certification, such as the Hydropower Sustainability Standard and understanding credible renewable energy claims; and to help promote the use of sustainability certifications in conjunction with RECs, such as by layering the Hydropower Sustainability Standard onto the I-REC’s International Attribute Tracking Standard, to help end-users identify and purchase premium hydropower RECs from BCX. “BCX aspires to be a global, multi-asset environmental products exchange, to meet the diverse needs of our customers,“By adding RECs to our existing portfolio of high-quality carbon credits, we aim to provide more options and flexibility for our customers to access and trade environmental products,” said Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia. “Today, our partners and BCX have formalized this collaboration to promote the trading of hydropower RECs on BCX, targeted to be launched next year. We are honoured to have Sarawak Energy sign this MOC with us, given that they are a very significant renewable energy supplier in Malaysia. We applaud Sarawak Energy commitment to obtain Hydropower Sustainability Standard certification for all its hydropower plants, “Meanwhile, BCX is planning to offer RECs from projects complying with the I-REC Standard. This MOC demonstrates our commitment to collaborate with international and domestic partners to advance climate action and support the transition to net zero,” he added. Haji Sharbini Suhaili, Group Chief Executive Officer of Sarawak Energy, said that given the increasing awareness and commitment to sustainability among corporates in Southeast Asia, REC plays a key role in ensuring a credible mechanism for tracking renewable energy consumption and supporting the global transition towards a low-carbon economy. “Since our REC launch in 2019 during our inaugural Sustainability and Renewable Energy Forum (SAREF) in Kuching, Sarawak Energy has supported various players from different industries in their sustainability journey through the REC mechanism, “Today’s signing empowers all stakeholders by promoting awareness of renewable energy and sustainability, while reinforcing Sarawak’s hydropower as an essential source of renewable and sustainable energy in Malaysia,” he added. Joao Costa, Executive Director of the Hydropower Sustainability Alliance, also expressed optimism about the groundbreaking collaboration. According to him, this partnership underscores the vital role of collaborations between industry, civil society, and financiers in championing sustainable practices and advancing renewable energy. “By exploring the potential integration of sustainability certifications onto Sarawak Energy’s RECs that will be part of the product offering on BCX, we aim to contribute to a global movement for a more resilient future, “We are not only excited to be part of this impactful venture but also see it as a model to be replicated globally, showcasing the potential of cooperative efforts to address socio-environmental challenges and create a more sustainable world,” he added. Roble P. Velasco-Rosenheim, Director of Global Partnerships and Asia Pacific (APAC) at the I-REC Standard Foundation highlighted that this collaboration is a perfect example of how countries, companies, and the non-profit community can come together to support the procurement of high-quality clean electricity products, in line with both national and international ambition. “We are confident that BCX will provide significant value to the wider Malaysian market by facilitating transactions. At the same time, HSA will improve the selection process of end-users by making it easier to credibly select RECs from sustainable hydro generation assets, “Sarawak Energy’s engagement in the market will facilitate access to end-users across the country. Overall, we’re honored to be a part of the development of a robust market in Malaysia,” he added. According to the statement, Bursa Malaysia plans to offer RECs on BCX in 2024, in support of Malaysia’s net-zero GHG emissions target by as early as 2050, and in line with the country’s National Energy Transition Roadmap. Bursa Carbon Exchange inks deal with Gold Standard to grow Malaysia’s voluntary carbon market

https://technode.global/2023/12/05/ocbc-partners-fintech-firm-moby-to-provide-more-payment-collection-options-for-micro-merchants/

OCBC partners fintech firm MOBY to provide more payment collection options for micro merchants

OCBC Bank (Malaysia) Berhad (OCBC Bank)With this, merchants are now able to accept credit and debit card payments through their mobile phones with the SmartPay solution, OCBC Bank said in a statement on Tuesday. In addition, small and micro merchants who register with MOBY will be able to offer an array of payment options which range from online and offline acceptance of debit, credit cards to Buy Now Pay Later (BNPL) with both conventional and Shariah-compliant options. According to the statement, the SmartPay solution helps eliminate the use of clunky credit card terminals, empowering small and micro merchants to accept contactlessIt works the same way as a contactless transaction on a standard Electronic Data Capture (EDC) credit card terminal by enabling seamless and efficient transactions throughThis simplifies record-keeping and supports environmental, social, and corporate governance (ESG) objectives with e-receipts sent via short message service (SMS) or email. According to OCBC Bank Managing Director and Head of Consumer Financial Services Anne Leh, the collaboration with MOBY is a game-changer and combines the expertise of a respected and established bank with the approach of a fintech player, revolutionizing the way financial services are delivered to micro businesses. “We wanted to be inclusive and reach out to the often-neglected micro businesses and are delighted to tie up with MOBY to create yet another option in the secure digital payments ecosystem. This is part of our overarching aim to deliver greater convenience and speed to our merchants,“We see great opportunities ahead working with fintechs such as MOBY and look forward to future collaborations of this nature as we continue to make payment solutions more seamless and efficient,” she added. MOBY’s Founder and Chief Executive Officer Rian Philip said the company sees its new value-added payments app as the start of a revolutionary series of products being built to not only assist small and micro merchants in payment collections but also to improve the way financial transactions are carried out by both merchants and consumers. He said the firm is delighted to partner with OCBC Bank, which is part of the largest banking groups in Southeast Asia, in meeting the demands of its strategic move towards an even more enriched payment ecosystem, “We are elated to join forces with OCBC Bank in this ground-breaking venture. Together, we are transforming how small and micro merchants transact and manage their finances, “By introducing innovative products like SmartPay we are bringing unparalleled convenience, speed and efficiency to businesses and individuals alike,” he added. Moby is a fintech company based in Malaysia. The firm has introduced MOBY ISLAMIC, the first homegrown Shariah-compliant BNPL player in Malaysia to cater to a diverse customer segment and to promote inclusivity in the financial sector. It has also expanded its offerings beyond BNPL, through its various collaborations with strategic partners. OCBC is an established Singapore bank formed in 1932 from the merger of three local banks. The bank is the second largest financial services group in Southeast Asia by assets. It offers a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services. The group’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 410 branches and representative offices in 19 countries and regions. OCBC Bank ties up with five electric vehicle-related companies to provide affordable payment options in Malaysia

https://technode.global/2023/12/05/bursa-carbon-exchange-inks-deal-with-gold-standard-to-grow-malaysias-voluntary-carbon-market/

Bursa Carbon Exchange inks deal with Gold Standard to grow Malaysia’s voluntary carbon market

Bursa Carbon Exchange (BCX)The duo said in a joint statement that the MOU will enable BCX, the world’s first Shariah-compliant carbon exchange, to enhance the offerings on the carbon exchange and increase the knowledge of its ecosystem players in areas such as the process of registering a carbon project, to the operationalization of methodologies and standard setting initiatives by Gold Standard. This will support BCX as it expands the offering of carbon credits from both local and international carbon projects. Gold Standard is an established and internationally recognized standard setter, certifier and issuer of carbon credits, which are recorded and tracked on the Gold Standard Impact Registry. “The broadening of offerings on BCX will support the country’s transition to a lower carbon economy,” said Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia. According to him, this MOU signing is timely as we aim to expand BCX’s trading platform to include Gold Standard-certified carbon credits from next year onwards. “With the adoption of both leading international carbon credit standards – Verra and Gold Standard – on BCX, we will open our marketplace to more carbon project developers and methodologies, which aligns with our role of facilitating access to a wider range of high-quality carbon credits,” he said. As part of the MOU, Gold Standard will, among other activities, support capacity building for local project developers and encourage the development of validation and verification bodies, for the operationalization of carbon projects in the Malaysian market. “This complements the incentive for carbon projects that was announced during the tabling of Malaysia’s Budget 2024 in October this year. We are confident that this will strengthen BCX’s position as an international, Shariah-compliant carbon exchange,” Umar added. Margaret Kim, Chief Executive Officer of Gold Standard, said that by collaborating with exchanges such as Bursa Malaysia, the firm hopes to encourage the adoption of carbon credits as part of credible corporate climate plans, and promote the growth of the voluntary carbon market with integrity. “Not every carbon credit is created equal, and it is vital that investors can see and value the different levels of quality, “Gold Standard will always advocate for the highest integrity that carbon credits can deliver, in terms of both environmental and sustainable development impact,” she added. BCX is the world’s first Shariah compliant carbon exchange that enables corporates to take practical climate mitigation action through the trading of carbon credits from projects with measurable climate action outcomes that adhere to the international standards. The exchange was incorporated in 2022 and operated by Bursa Malaysia Carbon Market Sdn Bhd. Gold Standard was established in 2003 by WWF and other international non-governmental organizations (NGOs) as a best practice standard to help the world grow to zero. All Gold Standard certified projects and programs accelerate progress towards the net-zero ambition of the Paris Climate Agreement while catalyzing impact toward the broader Sustainable Development Goals. Its standard, Gold Standard for the Global Goals, allows climate and development initiatives to quantify, certify and maximize their impacts toward climate security and sustainable development. Certification against the standard provides the confidence that these results are measured and verified, enabling credible impact reporting. ISEAL Code Compliant and backed by a broad NGO Supporter Network, Gold Standard has 2900+ projects underway in over 100 countries, creating billions of dollars of shared value from climate and development action worldwide. Malaysian bourse commences carbon credits trading

https://technode.global/2023/12/05/malaysian-stock-exchange-to-launch-platform-for-mandatory-esg-reporting/

Malaysian Stock Exchange to launch platform for mandatory ESG reporting

Bursa Malaysia Securities Berhad (Bursa Malaysia)The firm said in a statement that this platform will act as a repository for disclosures conforming to the prescribed format mandated under Bursa Malaysia’s enhanced sustainability reporting requirements within the main market listing requirements and ACE market listing requirements, introduced on September 26, 2022. Without additional cost, listed issuers will access the ESG Reporting Platform via the Bursa LINK system to generate a summary performance table, which must then be disclosed in their respective sustainability statements. The performance table must include indicators and data pertinent to the listed issuer’s material sustainability matters. Listed issuers can refer to Bursa Malaysia’s Illustrative Sustainability Reporting Guide for a visual representation of this requirement. “We are implementing the enhanced sustainability reporting requirements for main market and ACE market listed issuers in a phased approach, accompanied by supporting user guides and illustrative toolkits, to provide listed issuers time to familiarize themselves with the respective requirements,” said Julian Hashim, Chief Regulatory Officer, Bursa Malaysia. “We are pleased to see the enhanced disclosures being undertaken with noteworthy progress in sustainability-related practices and disclosures by many listed issuers even before the mandatory periods, “This puts our listed issuers in good stead as Malaysia pushes the bar for more robust ESG disclosures over the next few years,” he added. Cradle Fund & Bursa Malaysia collaborate to facilitate listing of local startups on Malaysia stock exchange

https://technode.global/2023/12/04/malaysia-science-ministry-to-present-full-framework-for-ai-code-of-ethics-in-1q-2024-report/

Malaysia Science Ministry to present full framework for AI code of ethics in 1Q 2024 – report

The Ministry of Science, Technology and Innovation (Mosti) in Malaysia is expected to present a comprehensive framework related to the code of ethics for artificial intelligence (AI) in the first quarter of next year, national news agency Its minister, Chang Lih Kang, said the presentation aimed at detailing the guidelines and regulations that stakeholders in all sectors need to adhere to. “A special committee has been formed under Mosti to develop this comprehensive framework related to AI technology in collaboration with various parties, including industry players. “This is essential because currently, there are no guidelines or regulations in place to ensure ethical use of AI across all sectors,” he told reporters at the 2023 Deepavali Open House organised by Perak PKR Leadership at Dewan Merdeka on Sunday. In September, it was reported that Mosti secretary-general Datuk Dr Aminuddin Hassim said that the effort to develop the AI code of ethics was in response to several significant issues, particularly concerning privacy, security and its impact on human life. He said the initiative to regulate this new technology is being drafted based on the Recommendation on the Ethics of AI adopted by the United Nations Educational, Scientific and Cultural Organisation (Unesco) in November 2021. Meanwhile, Chang said the ministry also assures that the widespread use of AI would create more high-skilled job opportunities, while indirectly providing added value, particularly in terms of upskilling or reskilling for workers. “At Mosti, we do not foresee AI technology replacing human tasks in terms of jobs. Instead, future jobs will come with a new set of skills through new training capacities,” he said. Malaysia’s Science ministry proposes initiatives to enhance startup ecosystem, STEM education to be included in Budget 2024

https://technode.global/2023/12/04/malaysian-central-bank-world-bank-announce-initiatives-to-enable-financial-sector-to-support-nature-positive-outcomes/

Malaysian Central Bank, World Bank announce initiatives to enable financial sector to support nature-positive outcomes

Bank Negara Malaysia (BNM)BNM said in a statement on Sunday that the two initiatives are financial risks assessment guide for Malaysian financial institutions and businesses to assess nature-related risks and impacts; as well as private capital mobilization for nature-based solutions. According to the statement, the risk assessment guide will be developed in consultation with the Taskforce on Nature-related Financial Disclosures (TNFD) Secretariat. The aim is to support Malaysian financial institutions and businesses in identifying and assessing an organization’s nature-related dependencies, impacts, risks and opportunities. The guide will be based on the integrated approach that TNFD has developed for the identification and assessment of nature-related issues, called the LEAP approach (Locate, Evaluate, Assess, Prepare), an integrated process developed by TNFD to help organizations identify and assess nature-related impacts, dependencies, risks, and opportunities, even without formal disclosureThis consultation will follow BNM becoming a member of the TNFD Forum, a global multidisciplinary consultative group that is aligned with TNFD’s mission and principles. BNM and the World Bank will facilitate the development of innovative financial instruments to support private investments in nature. This includes enabling regulations to support nature-positive outcomes and piloting new financial structures. According to the statement, these initiatives will facilitate the integration of nature-related considerations into decision-making while supporting financial flows towards nature-based solutions. Bank Negara Malaysia Governor Datuk Abdul Rasheed Ghaffour said the partnership announced is in recognition of the implications of nature-related risks to a megadiverse country like Malaysia. He said the collaboration sealed will bring about greater alignment between financial flows and positive outcomes. The World Bank Country Director for Brunei, Malaysia, Philippines and Thailand Ndiame Diop said that with this collaboration, Malaysia aims to develop robust measures to increase finance for the natural world, thereby setting a good example for other nations grappling with nature-related financial and economic risks. Malaysian Stock Exchange, United Nations Global Compact collaborate to advance capability, capacity building on sustainability in the marketplace

https://technode.global/2023/12/04/malaysian-agritech-startup-qarbotech-lands-700000-seed-funding/

Malaysian agritech startup Qarbotech lands $700,000 seed funding

QarbotechThe round was led by multi-stage venture capital firm, 500 Global, and includes innovation grants from the Temasek Foundation for winning the Climate Impact Innovations Challenge 2023, and Khazanah Nasional’s Dana Impak for winning the Khazanah Impact Innovation Challenge (KIIC) 2023, Qarbotech said in a statement. With this round of financing, Qarbotech said it will make significant investments in strengthening their research and development, and expand its manufacturing facility to produce up to 50 times its current capacity to serve farmers and growers in new markets across Southeast Asia. “As the industry’s most accessible photosynthesis enhancer, we are pioneering a new and disruptive solution that will reshape conventional approaches to farming, “The strategic support from our investors propels us towards scalable growth, but more importantly, allows us to empower more farmers around the world to feed the rest of us,” said Chor Chee Hoe, Chief Executive Officer and Co-Founder of Qarbotech. Qarbotech is a sustainability and green tech company that is committed to using technology to make a positive impact on the world. The company’s flagship product, QarboGrow, is a revolutionary photosynthesis enhancement technology that helps farmers increase crop yields while reducing their environmental impact. Qarbotech’s patented photosynthesis enhancement nanotechnology is an on-plant or in-soil solution that boosts agricultural productivity – increasing crop yields by up to 60 percent. The company’s unique formulation contains biocompatible organic compounds with properties similar to chlorophyll, thus increasing the photosynthesis rate of leafy plants. By optimizing photosynthetic efficiency and shortening growth cycles, farmers and growers of all sizes can enhance their crop yield. “Qarbotech’s journey, from the labs of the university to the fields of commercial farms, shows the transformative power that research and innovation can have in our lives, “This milestone not only signifies Qarbotech’s commitment to driving positive change through science, but is also a proud moment for Universiti Putra Malaysia, where our groundbreaking research took root and flourished,” said Dr. Suraya Abdul Rashid, Chief Scientist and Founder of Qarbotech, and Deputy Director at Universiti Putra Malaysia’s Institute of Nanoscience and Nanotechnology. According to the statement, the population in Southeast Asia is estimated to grow by 12 percent, from 670 million in 2020 to 750 million by 2035. It said this population surge and climate volatility are expected to drive a 40 percent increase in food demand by 2050. It also noted that limited agricultural resources, widespread land degradation, and diminishing arable land caused by urbanization and industrialization in the region pose a threat to food production. It opined that Qarbotech’s technology is essential for farmers to grow more with less arable land. “Agriculture is an industry that’s ripe for investments, “When we have the privilege to meet a team that’s catalyzing a step change for farmers, we back them,” Khailee Ng, Managing Partner, 500 Global. “Qarbotech’s technology has exciting potential to solve the global food security challenge of the world’s growing population, of which about 30 percent do not have food security, “We believe that when Qarbotech wins, these 2.3 billion people win too,” he added. Malaysia’s JCorp invests $1.74 million into Singapore-based agritech firm Archisen

https://technode.global/2023/12/04/axiata-concludes-sale-of-ncell-exits-nepal/

Axiata concludes sale of Ncell, exits Nepal

Malaysian multinational telecommunications conglomerate Axiata said in a statement last Friday that the group’s decision to withdraw from Nepal is based on a thorough evaluation of the prevailing business environment in Nepal, which led to the conclusion that continuing operations under the current conditions of unfair taxation and regulatory uncertainties was no longer sustainable for Axiata. Axiata entered the Nepal market in 2016, following the acquisition of Reynolds for the purchase price of USD1.365 billion, effectively securing an 80 percent equity interest and controlling stake in Ncell. Between 2016 to 2020, Ncell had settled a total of NPR 47 billion ($421.9 million) in capital gains tax (CGT) as full and final liability under Nepalese law and received confirmation from Large Taxpayers Office of Nepal (LTPO) in April 2020 that no further taxes remain in relation to the acquisition of Reynolds in 2016. Despite the payment of CGT, Ncell was further assessed in January 2021 by the LTPO under Section 57 of the Income Tax Act of Nepal for a sum of approximately NPR 57.9 ($433.6 million) for the same transaction. Collection on this assessment by the Tax Authorities has thus far been suspended due to an interim order issued by the Supreme Court of Nepal based on Ncell’s petition disputing the applicability of the assessment. Capital gains tax was imposed on Ncell and Axiata after Nepal’s efforts to collect tax from the seller failed. The international arbitration proceedings filed by Axiata to the International Centre for the Settlement of Investment Disputes (ICSID) were concluded on June 9, 2023. In delivering its award the arbitration tribunal ruled in the award that Nepal should refrain from demanding any further tax, fees, penalties or interest in relation to the acquisition of Reynolds in 2016 and, in particular, that Nepal should refrain from enforcing the January 2021 assessment. While Axiata has prevailed on the government of Nepal to abide by the terms of the award, and specifically the termination of any attempts to repeatedly tax the same transaction, the government of Nepal and its tax authority the LTPO have thus far failed to withdraw the January 2021 assessment which is likely to carry a present day value of $433.6 million inclusive of interest up to January 13, 2021 and penalties but excluding any further interest after that date. If the January 2021 assessment was upheld, and ignoring any further interest after January 13, 2021, this would take the total taxation on the $1.37 billion transaction in 2016 to $855.5 million, or 62.7 percent of the transaction value. Considering the imminent and existential exposure arising from the scenario of double taxation, additional risk associated with the expiry of the company’s mobile license in 2029, with the potential of expropriation of Axiata’s stake by the government of Nepal and the unfavorable foreign investment protection environment in Nepal, Axiata had accelerated its exploration of an exit. The terms of the share purchase agreement (SPA) with Spectrlite UK would enable Axiata to exit on a clean basis. Key terms of the SPA include a fixed consideration and a conditional consideration. The fixed consideration is $50 million, of which $5 million is payable within six months of transaction completion and the remainder is payable after 48 months post transaction completion. Meanwhile, the conditional consideration is a share of the going forward distributions contingent upon the future business performance and net distributions declared by Ncell until 2029, and any windfall gains secured by the Purchaser during this period. Ncell retains full responsibility for its business and any of its liabilities, and Spectrlite UK will further indemnify Axiata against existing and future Nepalese tax claims in relation to Ncell. The board of Axiata has resolved that the best path forward for the group would be to exit Nepal on the terms described. According to the statement, Axiata and Ncell have made significant contributions to the socio-economic development of Nepal. As the country’s largest taxpayer, Ncell contributed NPR 283 billion ($2.12 billion) in taxes and fees as of last Fiscal Year FY 2021/2022 since its inception. Ncell, both directly and indirectly, supports more than 25,000 jobs and connects over 17 million customers across its networks. Under its corporate social responsibility ambit, Ncell has invested more than NPR 1.75 billion ($13.12 million) in various social projects identified as critical to the nation that include education, health, disaster management and environment. Meanwhile, over the past seven years, Ncell has made a total dividend contribution to the group of MYR 2.2 billion ($470 million). “This transaction has allowed us to exit the country in a responsible manner. The closing of the sale and the completion of our exit from Nepal enables us to focus on our strategic priorities and continue our value creation journey, “We are now in a much stronger position to deliver on our strategy, refine our capital allocation priorities and explore the right strategic partnerships,” Axiata Chairman Shahril Ridza Ridzuan said. Vivek Sood, Group Chief Executive Officer and Managing Director of Axiata, said that Axiata has been in Nepal for seven years, working alongside hard-working colleagues in Ncell. “However, the increasing challenges in the operating environment represents a fundamental shift, “It has led the Axiata board to conclude, after a thorough process, that our foray in Nepal cannot continue due to the unfavorable conditions for Axiata, the uncertain regulatory and tax environment and the looming risks associated with the expiry of the mobile license in 2029,” he said. He also noted that the offer the firm received has enabled and accelerated a clean exit for Axiata. “Ncell retains full responsibility for its business and any of its liabilities, while Spectrlite UK will further indemnify Axiata against existing and future Nepalese tax claims in relation to Ncell, “We believe this decision is in the best long-term interests of all our shareholders,” he added. He is confident that Ncell will continue to thrive in the future under the helm of Spectrlite UK. Ncell is the first private sector telecommunications service provider of Nepal since 2004 and is constantly working towards its goal of connecting every Nepalese through its network, providing high-quality modern services to consistently create better value for our customers and partners. The firm has built networks and communication services and operates the widest 4G network in the country, fulfilling the national need of high-speed mobile broadband. Ncell converted into a public limited company into Ncell Axiata Limited on August 3, 2020. The firm has been serving over 16 million Nepalese. Japan’s Mitsui invests $58M in ADA via Axiata Digital, valuing ADA at $550M

https://technode.global/2023/12/01/five-telcos-take-up-70-stake-in-digital-nasional-berhad/

Five telcos take up 70% stake in Digital Nasional Berhad

Five Mobile Network Operators (MNOs) have on Friday executed share subscription agreements (SSAs) to take up 70 percent equity stakes in DNB said in a statement that the five telcos are CelcomDigi Berhad (CelcomDigi) through Infranation Sdn Bhd, Maxis Broadband Sdn Bhd (Maxis), U Mobile Sdn Bhd (U Mobile), Telekom Malaysia Bhd (TM) and YTL Power International Bhd (YTL). According to the statement, the SSAs give effect to the MNOs’ collective subscription, subject to satisfactory due diligence, of 70 percent equity or 14 percent each in DNB with the government, through the Minister of Finance (Incorporated) (MOF Inc), retaining the remaining 30 percent and holding a special share. The signing of the SSAs will see each MNO injecting approximately MYR 233 million ($49.86 million), which will be utilized to meet DNB’s funding requirements. According to the statement, the execution of the SSAs by the MNOs marked a significant achievement by the task force for the Implementation of 5G Dual Network in Malaysia (5G Task Force), whose members comprise representatives from the Ministry of Finance, the Ministry of Communications and Digital, the Malaysian Communications and Multimedia Commission (MCMC), DNB as well as the MNOs. The 5G Task Force was established by the government on May 9, 2023 with the objective to ensure the smooth transition from the single wholesale network (SWN) model to the dualAs of end-October 2023, Malaysia has recorded 3.6 million 5G service subscriptions, representing an adoption rate of 10.8 percent. To boost the adoption rate among consumers, the government, with the cooperation of telecommunication companies, launched the 5G Rahmah Package, under which participating telcos offer more affordable 5G data and device bundle plans, in August 2023. MRANTI, DNB, Ericsson extend MOU to boost technology clusters in MRANTI Park

https://technode.global/2023/12/01/capital-as-airasia-move-quarterly-revenue-up-68-percent-on-year-to-36-59-million/

Capital A’s airasia MOVE quarterly revenue up 68 percent on year to $36.59 million

Airasia MOVE, the travel, lifestyle and financial digital platform of Malaysia-based Capital A said in a statement on Thursday that the unit also posted an aarnings before interest, taxes, depreciation, and amortization (EBITDA) of MYR 11.7 million ($2.5m), primarily driven by travel (flights and hotels) and rides segments. In an effort to boost demand in a typically slower quarter, airasia MOVE ramped up its flight marketing initiatives, which led to a rise in operating expenses for the period. “We are prioritizing the development and execution of a strategic plan that emphasizes cost restructuring and operational efficiency, cutting out smaller businesses to focus on core businesses around the travel segment with the return of global travel,” airasia MOVE Chief Executive Officer Nadia Omer said. “Leveraging the solid foundation laid by flights and hotels, we are now amplifying the potential of our hotel business, with the vision of going beyond mere market participation but becoming market leaders, “The expansion and enhancement of our hotel services are critical steps towards establishing airasia MOVE as the go-to Online Travel Agency in the Asean region,” she added. According to the statement, e-wallet BigPay’s quarterly revenue rose by 30 percent year on year to MYR 11.1 million ($2.38 million), narrowing its EBITDA loss by 33 percent year on year to MYR 22 million ($4.71 million). The revenue growth was seen across all core product sectors, with payments climbing by 21 percent, remittances by 40 percent, and marketplace sales surging by 167 percent year on year. Efforts were also made to better integrate BigPay within airasia MOVE to access a wider customer base, thus boosting sales and widening service offerings. Meanwhile, the group’s logistics venture Teleport’s quarterly revenue grew by 71 percent year on year to MYR 189 million ($40.45 million) but incurred an EBITDA loss of MYR 3.7 million ($790,000), attributed to one-off induction costs of the freighter to its fleet mix. E-commerce segment recorded an average of 80,000 daily deliveries, equivalent to a 171 percent year on year growth despite continued industry headwinds. Teleport continued to unlock end-to-end operational capabilities to better serve its e-commerce customers and to continue scaling recurring growth in the coming quarters. Volume growth is also attributed to capacity injection across Teleport’s extended network with the induction of Awan, its first of three A321F freighters, as well as added capacity via its partner airlines such as UPS and SF Airlines. “Teleport has delivered significant quarter on quarter volume growth, with tonnage up 27 percent and e-commerce parcel growth up 50 percent, respectively. This is despite challenging the market backdrop, “While industry outlook is poor, Teleport is winning; operating on the back of a highly favorable cost structure built on a valuable combined belly and freighter network and an end-to-end model,” Teleport Chief Executive Officer Pete said. AirAsia parent Capital A to list brand management business on NASDAQ via SPAC deal

https://technode.global/2023/12/01/dbs-provides-kwap-green-loan-to-expand-sustainability-footprint-in-australia/

DBS provides KWAP green loan to expand sustainability footprint in Australia

Development Bank of Singapore (DBS)DBS said in a statement on Tuesday that this is the first green loan that KWAP has secured to expand its environmental, social, and corporate governance (ESG) footprint in Australia. Wholly owned by KWAP, the 17-level office building located in Collins Street, Melbourne, holds a 6 Star NABERS energy rating (without Green Power) – the highest rating for building energy efficiency in Australia. This is in recognition of its many sustainability attributes, including rooftop solar panels and a trigeneration system that recycles waste heat from onsite power generation for heating and cooling purposes. According to the statement, DBS provided the green loan for the building in accordance with its Sustainable and Transition Finance Framework and Taxonomy, which was launched in 2020 to help clients transition towards more sustainable business models. The loan provisions are aligned with internationally -recognized Green Loan Principles. “The built environment sector is ripe for decarbonization as it accounts for a quarter of all greenhouse gas emissions,” said Niraj Mittal, Country Head of DBS Australia. According to him, the industry recognizes this as the firm has observed growing demand for green finance products from a wide spectrum of organizations and not just real estate companies. He said the firm has been financing green infrastructure and properties across Asia Pacific to support the region’s transition towards a low carbon future. “In Australia, we are very active in green and sustainability-linked financing to support our strategic clients’ sustainability goals, “DBS is proud to be partnering with KWAP as a pioneer in sustainability,” he added. It is noted that TrustCapital Advisors Investment Management is KWAP’s investment manager for this green loan. KWAP said in a separate statement that the building is one of KWAP’S major asset holdings in the region since October 2013. It noted that DBS, is the incumbent lender for the building in the last seven years, starting in 2016. “Building a portfolio that generates long-term returns for our stakeholders has always been KWAP’s top priority as part of our value creation journey,” said Hazman Hilmi Salahuddin, Chief Investment Officer of KWAP. “It is an even greater achievement if it can be accomplished in a way that supports our effort to continue spearheading the ESG agenda, “We are thrilled to work with DBS as we progress on this path towards making environmentally and sustainably conscious decisions for our portfolio,” he said. DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, the bank is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank provides a full range of services in consumer, small and medium-sized enterprise (SME) and corporate banking. Established in 2007, KWAP manages contributions from the federal government and relevant agencies made into the retirement fund to obtain optimum returns on its investments through sound management and investment of the fund in equity, fixed-income securities, money market instruments, and other forms of investments. The fund will be applied towards assisting the federal government in financing its pension duties. In 2015, KWAP was officially appointed as an agent of the federal government for the purpose of pension payment, gratuity, or other benefits granted under any written law from the consolidated fund as agreed between the federal government and KWAP. DBS divests majority stake in AXS to Tower Capital Asia

https://technode.global/2023/11/30/grab-backed-gxbank-official-open-to-malaysians/

Grab-backed GXBank officially open to Malaysians

Grab-backed digital bank Looking ahead, GXBank will progressively be rolling out additional features which will also include their debit card – GX card and how its various features will benefit Malaysians, GXBank said in a statement on Thursday. “Since we commenced operations in September 2023, we have tested our app to thousands of beta testers, almost 50 percent have created ‘Pockets’ – the app’s savings goal feature. Emergencies, holidays and investments are the top three reasons our customers are saving for, “Following the months of testing amongst GXBank internal staff, shareholders, partners and selected Malaysians, we feel optimistic and encouraged to now expand to the rest of Malaysia,” said Pei Si Lai, Chief Executive Officer of GX Bank. According to the statement, this is in tandem with the recent RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2023 indicating Malaysians want to save more as currently their savings can only last up to three months. This resonates with GXBank’s purpose for introducing “Pockets” to encourage the habit of saving especially amongst the younger generation. “Many Malaysian brands began with a humble vision and through time, built themselves to be household names. The tenacity of many of these homegrown brands inspire us as we have built the bank with Malaysia in mind – making banking seamless, convenient and accessible to all, “The journey was a challenging one, but we are humbled by the support of many to get us to this moment. As Malaysia’s digital bank, we look forward to continued partnerships toLai further expressed the excitement for the launch of the GX Card as it symbolizes a tangible way for the bank to connect with customers. “As a digital bank, we are born of tech with no physical branches, “This makes our GX Card very special to us as it is currently the only physical manifestation of GXBank that customers can proudly keep in their pockets,” she added. The GX Card, a partnership between GXBank and Mastercard offers rewards such as unlimited 1 percent cashback for every online and offline spend with the card, zero markups or fees on foreign transactions, MYR 1 ($0.21) fee waiver when used at 10,000+ MEPS ATM nationwide, and 1.5 times GrabRewards points when users spend at Jaya Grocer. Additionally, the design of the card boasts the brand’s distinct colors and aims to differentiate it amongst others when placed in the wallet, making it distinctly recognizable. GXBank is licensed by Bank Negara Malaysia and all deposits are protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to MYR 250,000 ($53,733) for each depositor, which is inline with regulatory standards. Customers can earn daily interest of 3 percent per annum when they park their money in the main accounts or “Pockets”, which are savings goals to encourage them to cultivate a saving behavior for their needs and dreams. They can save for a variety of purposes such as their retirement plan, an upcoming holiday or for a new home. Through the app, they can also monitor their savings progress and receive periodic tips to fast-track their savings goals. GXBank is Malaysia’s first digital bank that commenced operation on September 1, 2023. With a workforce of almost 99 percent Malaysians from both the finance and technology sectors, the bank aims to disrupt the current banking industry with customized innovative solutions that empower Malaysians to be financially resilient and support their financial goals. GXBank is a subsidiary of GXS Bank Pte. Ltd. , – the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel) – and a consortium of other Malaysian investors, including Kuok Group. Grab-backed GXBank unveils beta bank app

https://technode.global/2023/11/30/malaysias-cradle-fund-appoints-of-norman-matthieu-vanhaecke-as-group-ceo/

Malaysia’s Cradle Fund appoints Norman Matthieu Vanhaecke as Group CEO

The Board of Cradle said in a statement on Tuesday that born of Malay and Belgian descent, Norman has been the acting GCEO of Cradle since June 1, 2022. Prior to joining Cradle in 2020 and initially serving as its Head of Finance and Corporate Services, he began his professional career as an auditor at KPMG and has since held various key Strategy, Financial and Management positions in both local and multinational oil and gas related companies and government agency. He holds a degree in Accounting from University of Queensland, Australia, and a degree in Software Engineering from Multimedia University, Malaysia. His deep interest in technology and innovation grew from his experiences and educational background, igniting his passion to drive local Malaysian tech companies to become more competitive compared to their global counterparts. Cradle Chairman Yvonne Chia lauded the appointment, stating that the board is very excited as it is an internal promotion that reflects the strength of Cradle’s internal talent and effective succession planning. “Over the past 18 months, Norman has proven his leadership skills as the acting GCEO, significantly impacting the organization under his guidance, “With his solid background and expertise, and his demonstrated track record of success, I’m assured that Cradle will continue to spearhead the nation’s startup agenda bringing positive impact to society, individuals and businesses, as well as the country as a whole, echoing theCradle also expresses deep appreciation for the unwavering support provided by the Ministry of Finance (MOF) and MOSTI since its inception. According to the statement, the robust collaboration between Cradle and both ministries has played a pivotal role in shaping an inclusive, impactful and sustainable startup ecosystem aligned with the government’s target to rank Malaysia in the Top 20 Global Startup Ecosystem by 2030. It said MOF and MOSTI’s steadfast commitment have fuelled startups growth and contributed significantly to the broader economic landscape. Cradle, a focal point agency for Malaysia’s early-stage startup, incorporated under the Ministry of Finance Malaysia (MOF) in 2003 with a mandate to fund potential and high-calibre tech startups through its Cradle Investment Program (CIP). Cradle is presently administered by the MOSTI. Cradle has helped fund over 1000 Malaysian tech startups and holds the highest commercialization rate amongst government grants in the country. Having more than a decade of experience in the nation’s grant funding scene, Cradle further expanded its role from grant provider to investor through the establishment of its venture arm, Cradle Seed Ventures in 2015 and following its portfolio expansion to equity investment in early 2017, Cradle offered both funding and investment assistance. Currently, two new grants are made available to the startup ecosystem namely CIP SPARK and CIP SPRINT. Allocated under the 12th Malaysia Plan, CIP SPARK is a funding program targeting technology startups for the development of ideas and Minimum Viable Product (MVP) as well as other pre-commercialization activities and CIP SPRINT is for the commercialization of innovative technology products and services, aimed at assisting technology startups at an early stage to develop and commercialize their products in the market. Following the announcement of the Malaysian Startup Ecosystem Roadmap (SUPER) in 2021, Cradle has been appointed as the focal point agency for Malaysia’s startup ecosystem and mandated to ensure the successful running of a holistic ecosystem to enable and encourage growth among startups. Cradle also spearheads the MYStartup initiative – one of the interventions identified under five ecosystem drivers in SUPER – where it contributes directly to efforts in increasing the number of innovative and quality startups. Cradle also administers the Angel Tax Incentive (ATIO), designed for angel investors to be accorded a tax deduction of up to MYR 500,000 ($107,474) to stimulate and encourage angel investments from private sector into technology-based startup companies in Malaysia. Cradle Fund & Bursa Malaysia collaborate to facilitate listing of local startups on Malaysia stock exchange

https://technode.global/2023/11/29/funding-societies-partners-halal-development-corporation-berhad-to-enhance-financing-access-to-halal-smes/

Funding Societies partners Halal Development Corporation to enhance financing access to halal SMEs

Singapore-based digital finance platform Funding Societies has partnered with Funding Societies said in a statement on Wednesday that the collaboration aims to offer halal businesses access to Shariah-compliant digital financing facilities, enhancing the development of the halal ecosystem. According to the statement, the collaboration supports the development of the local halal industry and caters to the growing global halal market, which is forecasted to be worth $5 trillion by 2030. Locally, the Halal Industry Master Plan 2030 projects Malaysia’s halal industry to grow to $113.2 billion in 2030 and is projected to contribute 8.1 percent to gross domestic product (GDP) by 2025. As at 2022, the total halal export was valued at 59.5 billion, with the halal industry contributing 7.4 percent to the country’s gross domestic product (GDP). “Consequent to the introduction of our comprehensive Islamic Financing solutions in May 2023, we are well positioned to serve the growing demand for Shariah-compliant SME digital financing from Muslim entrepreneurs and those in the halal economy,“Increasingly, given the emphasis on fairness and transparency of fees and charges, this class of products appeals to non-Muslims alike,” said Chai Kien Poon, Country Head of Funding Societies Malaysia. He said that since the launch, Funding Societies has disbursed more than MYR 100 million ($21.49 million) under its Islamic Financing solutions. “This collaboration will help to boost trade and investment activities in the halal economy as well as expand market access (export) for halal industry players in the country,” he added. HDC Chief Executive Officer Hairol Ariffien Sahari said that the collaboration between HDC and Funding Societies is a testament that HDC is proactively finding ways to address“Our goal is to empower micro-SMEs (MSMEs) and to close the gaps for the underserved in the halal economy so that we can create a more conducive environment that cultivates more halal homegrown champions,” he added. Cited the Department of Statistics Malaysia (DOSM), Funding Societies noted that MSMEs represent 97 percent or 1.2 million of overall business establishments as of 2022. As the backbone of the Malaysian economy, which accounts for almost half of total employment, it said SMEs’ ability to participate in the nation’s economic trajectory is crucial to the country’s growth. According to the statement, the introduction of government policies through support packages in the 2023 Malaysia Madani Budget, coupled with collaborations within the private sector, such as Funding Societies, will help widen access to business financing for MSMEs and help sustainably advance the Malaysian economy especially in the development of the halal industry. It said the signing of the memorandum comes at an important juncture for the malaysian halal ecosystem as it reinforces the private sector’s role and commitment in driving and supporting the nation’s MSMEs and economic growth in line with the goals outlined in Budget 2024. Operating in Malaysia since 2017, Funding Societies has provided financing to thousands of underserved and unserved SMEs in the country and disbursed more than MYR 2 billion ($430,000) in financing in Malaysia since its inception. Across the region, more than MYR 15 billion ($3.22 billion) has been disbursed in working capital through more than 5 million transactions as of November 2023. The fintech platform targets to have 50 percent of its disbursement from its Shariah-compliant financing portfolio by 2025. Funding Societies | Modalku is the largest unified SME digital finance platform in Southeast Asia. It is registered with the Securities Commission Malaysia (SC), as well as licensed in Singapore, Indonesia, and Thailand, and operates in Vietnam. The firm is backed by SoftBank Vision Fund 2, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others. The fintech company provides business financing to SMEs, which are funded by individual and institutional investors. HDC is a dynamic organization dedicated to promoting and facilitating the development of the halal industry in Malaysia. Committed to driving innovation and growth, HDC plays a pivotal role in supporting businesses within the halal economy. Funding Societies raises $7.5M in debt from Norfund

https://technode.global/2023/11/29/catcha-digital-acquires-51-percent-interest-in-digital-agency-digital-symphony-for-4-55m/

Catcha Digital acquires 51 percent interest in digital agency Digital Symphony for $4.55M

Malaysia-based digital media firm Catcha Digital said in a statement on Tuesday that the firm has entered into a letter of intent (LOI) to acquire the stake. According to the statement, the acquisition is expected to materially increase Catcha Digital’s earnings per share. “If the proposed acquisition materializes, this would enable Catcha Digital Group to leverage on DS Services’ expertise to deliver a more comprehensive range of solutions to the clientele of both the Group as well as DS Services,“Similarly, DS Services would also be able to strengthen its market position by gaining access to the financial strength and client base of the group,” said Catcha Digital. It is noted that Catcha Digital Group operates businesses in the digital media, advertising and software industries, providing advertising solutions to clients in the fast-moving consumer goods, retail, property, entertainment and other industries in Malaysia. Meanwhile, Digital Symphony is principally engaged in providing digital consulting and digital marketing services, encompassing the areas of market research, analytics, turnkey management of digital marketing strategies as well as development of applications, websites and mobile applications. According to the statement, the consideration payment will be split into two tranches over two years, payable upon Digital Symphony achieving a profit guarantee of audited profit after tax of MYR 4 million ($860,000) for the first year post acquisition and MYR 4.3 million ($920,000) for the second year post acquisition. Payment for the purchase consideration of Digital Symphony is expected to be funded via a combination of internally generated funds, debt financing and equity financing. Digital Symphony is a Malaysia-based data-driven digital agency, operating across Malaysia and Singapore. Leveraging its proprietary software and analytics tool, Digital Symphony provides differentiated performance marketing solutions to its clients. The company serves a broad range of enterprise clients with a focus on the property development sector, including prominent companies such as Malaysian property firms Gamuda Land, Mah Sing, Sunway Property, Tropicana Corporation and Sime Darby Property. Digital Symphony was founded by Kuhan Kumar A/L Palaniappan in 2014. Prior to founding Digital Symphony, Kumar was Founder and Chief Executive Officer of Techworks Solutions Sdn Bhd, an information technology (IT) and software service provider with clients like Maybank, Sepang International Circuit and Baker Hughes Malaysia. Prior to that, he was with the research and development (R&D) team in Western Digital (Malaysia) Sdn Bhd, working on automated assembly lines. “We are excited to become part of Catcha Digital as this will enable us to unlock new growth opportunities, “At the same time, we look forward to bringing our proprietary software and analytics tools along with our capabilities in performance marketing to Catcha Digital’s existing clients,” said Kumar, Founder and Chief Executive Officer of Digital Symphony. Catcha Digital Chairman Patrick Grove said that recognized broadly in Malaysia as one of the leaders in their field, Digital Symphony will form a key part of Catcha Digital’s strategy going forward. “I am confident with Kuhan and his team and I believe we can grow hand in hand, “We look forward to working with the Digital Symphony team to bring the business to greater heights,” he added. Catcha Digital is a Malaysia-based investment holding company, focused on operating businesses in the digital media, advertising and software industries. The group’s wholly-owned subsidiary, iMedia Asia Sdn Bhd, is a digital media company that provides integrated advertising solutions to major brands in the fast-moving consumer goods, retail, property, entertainment and other industries in Malaysia. Catcha Digital sets up new unit to develop technology solutions and software for Malaysia’s public sector

https://technode.global/2023/11/28/mranti-supports-191-malaysian-innovators-to-accelerate-since-2020/

MRANTI supports 191 Malaysian innovators to accelerate since 2020

The MRANTI said in a statement on Tuesday that a rapidly growing number of local innovators are getting a boost from the MRANTI in advancing their research and development (R&D) and entering new markets especially in the last 12 months. According to the statement, in 2023, the National Technology and Innovation Sandbox (NTIS) spearheaded by MRANTI has enabled 27 Malaysian technology companies to commercialize 27 products, turning in MYR 87.2 million ($18.67 million) in sales. Meanwhile, 191 Malaysian companies have been accelerated since 2020 through 11 Sandboxes. It is noted that NTIS allows researchers, innovators and entrepreneurs with products at a mature technical readiness level to test their solutions and services in a live environment where regulations are relaxed – a critical step towards commercialization. The sandbox also provides innovators with access to a network of funding partners, as well as 50 industry experts and ecosystem players. “With strategic interventions to accelerate commercialization, we have assisted more than 191 companies work through regulatory, technical and funding challenges, through 11 Sandbox programs since 2020, “These efforts increase our security of innovation supply and raises our stature as a high-income, high-technology economy,” said Rais Hussin Mohamed Ariff, Chief Executive Officer of MRANTI. On improving regulatory support for innovators, MRANTI said the agency is working closely with the Medical Devices Association (MDA) and the Ministry of Health to shorten theIt said that through the NTIS, several regulatory improvements have been made for the deployment of drones in the agriculture sector. It is noted that companies in the sandbox stress-test many technologies, across various sectors. Over the past three years, drone and robotics as well as fourth industrial revolution (4IR) technologies, with 129 solutions designed to improve the agriculture, medical and healthcare and logistics sectors. “One of the key learnings in the past three years in running the NTIS, is that there is a need to provide more avenues, scenarios and locations for experimentation, validation and testing for innovators who are at an earlier stage of their solution development, “As such, MRANTI recently launched its Food Security Sandbox with the Northern Corridor Implementation Agency (NCIA) to allow technology providers to test their inventions in a live setting specifically to improve crop yield for paddy and fruits,” Mohamed Ariff said. According to the statement, an additional two Sandboxes are expected to be rolled out in 2024, with aims to attract more companies and partners with solutions in more technology and sectoral areas. “We hope to nurture more local innovators and close more gaps in the innovation lifecycle, “As such, we will be expanding the existing 50 developmental programs next year, to ensure the effective transition of more prototypes to proof-of-concepts,” said Mohamed Ariff, adding that the agency had a target of 100 commercialized products by 2025 under the 12th Malaysia Plan. It is learnt that products and solutions which have attained commercial status are further supported by MRANTI through market-expansion programs. For example, the MRANTI Global-Market-Fit Program (GMP) provides assistance for high-growth innovative companies to strengthen their product position in a new market, gain insights and new opportunities in international markets. The GMP offers eligible companies mentorship, specialized workshops, and government funding. Since it was incepted in 2020, 81 companies have been supported to 11 international destinations including Japan, Indonesia, the European Union, China, Thailand, Germany and more. Nomatech is an agritech company that has benefited from both program. The firm recently commercialized new breeds of rice – including a low glycemic-index red rice and high-yield, high-resistance white rice. The company is now offering its rice grain, flakes and flour products at major supermarket chains in Malaysia, and has received strong interest from Japan, Ireland and other international locations. Meanwhile, GPS Fleet is another Malaysian company that has since opened up a company in Indonesia, having commercialized their fleet management and logisticsIt is serving a growing logistics industry in one of the world’s largest archipelagos. MRANTI’s GMP program is expected to reach two more destinations in 2024. MRANTI, a convergence of Technology Park Malaysia (TPM Corp) and the Malaysian Global Innovation and Creativity Center (MaGIC), is Malaysia’s central research commercialization agency that fast-tracks the development of technology innovations from ideas to impact. MRANTI serves as a connector, incubator and catalyst to enable early-stage ideation to mature entities to commercialize and scale. The agency offers innovators and industry access to world-class integrated infrastructure, programs, services, facilities and a suite of resources. In doing so, MRANTI aims to expand Malaysia’s funnel of innovation supply, and unlock new R&D value by ensuring effective transitions in the commercialization lifecycle. It will also link academia with industry and the public sector to streamline market-driven R&D efforts for mission-based outcomes. MRANTI is headquartered at MRANTI Park, an extensive 686 acre 4IR innovation hub in Kuala Lumpur, supporting the growth of smart manufacturing, biotech, agritech, smart city, green tech and enabling technology clusters. MRANTI opens autonomous vehicle experimental lab to accelerate Malaysia’s mobility sector development

https://technode.global/2023/11/28/malaysias-airo-enters-into-the-fintech-with-actively-managed-digital-investment-platform/

Malaysia’s Airo enters fintech as actively managed digital investment platform

AiroAiro said in a statement on Tuesday that its algorithm-driven system uses an active investment strategy to identify key investment opportunities, while monitoring portfolio risk and returns by tracking overall market dynamics. According to Airo, almost 73 percent of Malaysians aged 18 to 40 years old admit to being in debt, with more than half surveyed citing financial constraints and inflation as serious impediments to their financial stability. It opined that to these citizens, a pathway to fiscal security through investments may seem completely out of reach due to a lack of financial know-how or resources. The firm also noted that many young Malaysians consider their potential as investors hampered by a lack of knowledge of what an effective investment strategy entails — a painful reality in a world where successful investing is viewed as a method of achieving financial freedom. Cited a 2022 survey by the Security Commissions Malaysia, it said that only 38 percent of survey respondents were considered to have high financial literacy, and only 35 percent of the respondents were shown to have capital market knowledge. Knowing this, while more learned investors are more likely to actively seek out opportunities to diversify their investments, it said that effective asset management and diversification might be intimidating for newcomers. It also said that risk mitigation could also prove an issue, particularly for first-time investors — especially those without the time or freedom to focus exclusively on monitoring individual stock performances. It said that Airo’s investment platform, however, could offer a solution to this as they bring together the best of fintech with real-life experience from their team of professional fund managers. According to the statement, Airo is committed to helping Malaysians from all walks of life achieve their investment goals by curating personalized investment strategies according to individual profiles. The platform’s algorithm-driven investment engine assists with this by tracking and monitoring investment opportunities which match anyone’s unique requirements. It also said an active investment strategy, which allows for the direct adjustment of investment portfolios to better align with prevailing market conditions is generally the preferred plan of attack. Airo said the firm takes this up a notch through a dynamic asset allocation strategy, adapting swiftly to the ever-changing global economic landscape and tailoring strategies to meet each user’s specific fiscal goal. Whether these first-time investors want to realize a dream holiday, fund their child’s education, or build a retirement nest egg, Airo said its advanced technology operates ceaselessly, crafting bespoke investment strategies for each user. In addition to this, Airo also provides automated, algorithm-driven investment services at a starting point of only MYR 50 ($10.70) — effectively removing a massive cost barrier for first-time investors, and enabling them to take their first steps in their investment journey. “At CP Global Fintech Solutions, we are committed to delivering long-term solutions to help our fellow Malaysians from all walks of life achieve their wealth goals, “To do so, we use a systematic global macro system to harness the flexibility and opportunities that stem from an active investment strategy — all the better to meet the needs of our users directly,” said William Yii, Chief Investment Officer, CP Global Fintech Solutions Sdn Bhd. According to the statement, Airo utilizes a modified robust risk measurement system to provide round-the-clock risk management capabilities. This conditional-value-at-risk (CVAR) system monitors portfolio risk on a 24/7 basis and helps to manage and hedge any possible downturn going forward, actively protecting the overall portfolios’ risk and return as effectively as possible. Airo said its proprietary technology is also designed to mitigate damage from severe market corrections by being able to handle cash as a safe haven option, as well as employing hedging instruments such as inverse exchange-traded fund (ETFs). Additionally, it said investors’ monies are held securely in a separate custodian account with Pacific Trustees, with secure AWS servers, 2FA authentication, and biometric-enabled access guaranteeing the highest level of cybersecurity for investors. It opined that this allows investors to maximize potential returns from multiple streams at minimal risk to themselves or their carefully constructed portfolios. With a Digital Investment Manager (DIM) license from the Securities Commission of Malaysia, Airo said the firm aims to combine the best of technology and hands-on experience to guide the Malaysian public. With this, they intend to usher in a new era of accessible and personalized financial solutions for Malaysians, ensuring that first-time investors get the help they need to achieve their financial goals. Airo is a digital investment app developed and launched by CP Global Fintech Solutions, a licensed digital investment manager with the Securities Commission of Malaysia. Airo is a digital investment management platform that leverages an active investment strategy to help investors better navigate the increasingly uncertain and volatile investment landscape. Its proprietary technology seeks to deliver personalized investment portfolios, robust risk management and globally diversified strategies to help the average individual achieve their unique financial goals. It currently offers four core portfolios targeting different levels of risk and goals, and plans to include Shariah-compliant portfolios by the first quarter of 2024. Malaysia’s Hextar Technologies ventures into FinTech with the launch of mobile super app

https://technode.global/2023/11/27/malaysia-brunei-collaborate-to-advance-capability-capacity-building-on-sustainability-in-the-marketplace/

Malaysian Stock Exchange, United Nations Global Compact collaborate to advance capability, capacity building on sustainability in the marketplace

Bursa Malaysia Berhad Bursa Malaysia said in a statement on Monday that under the memorandum of collaboration, both parties will explore several initiatives including developing sustainability-related programs or certifications that will support the upskilling of sustainability practitioners of public listed companies (PLCs) and small and medium sized enterprises (SMEs) in their supply chains in a targeted manner. The efforts build on an earlier collaboration, which resulted in the release of the Corporate Sustainability Practitioner Competency Framework in 2021, which is a tool for practitioners to ascertain their level of the competencies on sustainability-related functions. This current initiative comes at a time where companies are increasingly scrutinized by their stakeholders on how they incorporate sustainability strategies and considerations in their business operations. Bursa Malaysia opined that Malaysian businesses must be adept at responding to the multitude of sustainability challenges. Thus, the collaboration aims to identify needs and bridge the gap between current practices and what is now required of Malaysian companies, as well as the complex requirements these companies are expected to adhere to in continuing to carry out business with the international community. “A sustainability capacity building program for Malaysian companies is essential to ensure that companies are able to fill gaps in the sustainability talent pool, by pointing listed companies towards credible avenues to upskill the sustainability capabilities of their employees,” said Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia. “The expanded collaboration with the UNGCYMB reaffirms Bursa Malaysia’s commitment to working with stakeholders in developing a capable, and sustainability-focused marketplace, “This signals our collective intent to support the Malaysian talent pool in navigating the increasingly complex global environment,” he added. In addition, the collaboration will also provide a channel for SMEs in the supply chain of PLCs to improve their climate disclosures and onboard onto the Bursa Malaysia Centralized Sustainability Intelligence (CSI) Platform as part of the SME Decarbonization Program. As part of its commitment to supporting the decarbonization of SMEs, UNGCMYB recently rolled out the SME ESG Hub, a comprehensive environmental, social, and corporate governance (ESG) resource platform for Malaysian SMEs. The hub aims to support SMEs in planning, implementing, and communicating their ESG initiatives through practical resources including local and global case studies, and toolkits. “Sustainability competency is critical to bridge the do-gap for sustainability and this expanded collaboration with Bursa Malaysia looks to develop an ecosystem of sustainability talents, “We aim to do this by scaling and accelerating ESG competence by providing relevant programs, workshops and tools for both corporates and SMEs,” said Faroze Nadar, Executive Director of UNGCMYB. 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. Bursa Malaysia operates and regulates a fully-integrated exchange offering a comprehensive range of exchange-related facilities, and is committed to creating opportunities, growing value. UNGC is a strategic policy initiative for businesses that are committed to take actions to advance broader societal goals. UNGCMYB is the official local network of UNGC, that supports Malaysian and Bruneian companies in enabling them to contribute towards the sustainable development goals (SDGs) and achieve business excellence via our 10 principles, programs and tools while providing access to partnerships with a range of stakeholders – to share best practices and emerging solutions. The network also seeks to position Malaysian and Bruneian businesses as a benchmark and a primary agent in driving a sustainable world. Cradle Fund & Bursa Malaysia collaborate to facilitate listing of local startups on Malaysia stock exchange

https://technode.global/2023/11/27/malaysias-redtone-offers-starlink-satellite-broadband-services-to-government-and-enterprise-customers/

Malaysia’s REDtone offers Starlink satellite broadband services to government and enterprise customers

Malaysia-based integrated telecommunications and digital infrastructure services provider REDtone said in a statement on Monday that with its team of more than 150 dedicated engineers across the country, it can quickly deploy Starlink’s broadband services to users in remote locations as well as areas with geographical and environmental constraints. REDtone’s Chief Executive Officer Lau Bik Soon said the firm’s strength as a network integrator will enable them to offer seamless satellite-based services to government and enterprise customers. “We are targeting sectors which are showing an increasing reliance on satellite services such as oil and gas, telecommunications, shipping and maritime, financial services and plantations, “These are expected be a significant driver of satellite market growth in the country and will enhance the company’s profitability,” he added. According to the statement, the satellite market in Malaysia is estimated to be worth $4.2 billion by 2025, growing at a compound annual growth rate of 10.9 percent. “Today, we also take another step forward to help realize the government’s vision to achieve 100 per cent internet access in populated areas,” said Lau. According to him, about 3 percent of Malaysia’s population are residing in areas with little or no internet connectivity. “This is where we come in to fill the broadband gap via satellite, to enable economic growth, provide access to education and healthcare, and enhance public safety,” he added. REDtone is one of the leading providers of Universal Service Provision. The company is assisting the Malaysian Communications and Multimedia Commission (MCMC) to deploy Starlink satellite services to connect various rural communities across the country. Currently, there are some 5,000 Starlink satellites in orbit and Starlink has started launching the Gen 2 satellites which promise enhanced speeds. This will enable Starlink to provide digital support to every corner: connecting the unconnected and bridging the digital divide in MalaysiaStarlink is a firm delivers high-speed, low-latency internet to users all over the world. As the world’s first and largest satellite constellation using a low Earth orbit, Starlink delivers broadband internet capable of supporting streaming, online gaming, video calls and more. Starlink is engineered and operated by SpaceX. As the world’s leading provider of launch services, SpaceX is leveraging its deep experience with both spacecraft and on-orbit operations to deploy the world’s most advanced broadband internet system. As of September 2023, Starlink connects more than 2 million active customers in over 60 countries. REDtone Digital is a subsidiary of Malaysian conglomerate Berjaya Corporation Berhad. Listed on Bursa Malaysia, Main Market, REDtone is a leading integrated telecommunications and digital infrastructure services provider. Founded in 1996, REDtone has evolved from a voice provider to one that offers an extensive range of services under three main categories – telecommunications services; managed telecommunications network services and cloud and internet of things (IoT). The firm offers data, voice, mobile and managed cyber security services to government, enterprises and small and medium-sized enterprises (SMEs). The firm is the only service provider in the industry to provide infrastructure integration expertise. Its access to a unique suite of last mile technologies also enables it to offer broadband-on-demand. The firm’s managed telecommunications network services include building, maintaining and operating large scale telco engineering projects, WiFi hotspots, base stations and fiber infrastructure. The firm also offers smart farming, IoT, cloud services and applications and data center services to enterprises and government. Malaysia becomes 60th country SpaceX’s Starlink provides high-speed internet service

https://technode.global/2023/11/27/startup-week-malaysia-to-be-held-from-dec-1-9/

Startup Week Malaysia to be held from Dec 1 – 9

Editor’s note: Startup Week MalaysiaHosted by a coalition of startup organizations, including Female Founders in Malaysia, Nextupasia, Asia School of Business, and Cradle — each known for their significant contributions to Malaysia’s entrepreneurial landscape — this event promises to be a cornerstone for startup founders and the ecosystem at large. Spanning from Penang to Johor, and extending to Kota Kinabalu and Klang Valley, Startup Week Malaysia unites aspiring and seasoned founders, angel investors, community leaders, and other pivotal players. This initiative opens up avenues for participants to gain insights from industry experts, forge co-founder relationships, and secure mentorship crucial for their startup’s success. Keynote sessions like Startup School will showcase seasoned founders like Richard Ker, illuminating the art of “Expanding Your Value Through Storytelling,” while Rong Liew demystifies “Building Effective Products,” and Bikesh of 1337 Ventures breaks down the essentials of startup funding. Additionally, the event brims with unique engagements such as networking sessions spearheaded by Female Founders in Malaysia & Southeast Asia, the thrilling “Fundrace” by Digital Penang, the insightful “Bridging the Tech Talent Gap in Malaysia” by Malaysia Pay Gap and 42Malaysia, the invigorating “Hiking with Founders” led by Yeoh Chen Chow, and the interactive “BarCamp Cyberjaya,” among others. Some highlights participants can look forward to:– Startup School on Dec 4 featuring talks by successful founders like Richard Ker of RK Digital on storytelling and“We envisioned Startup Week Malaysia as a catalyst for the vibrant startup community, equipping founders with the knowledge, connections, and resources they need to thrive. For our first year, our focus is on creating an inclusive platform for learning and networking that’s as diverse as Malaysia’s entrepreneurial spirit,” Daniel Cerventus, the co-founder of Malaysia Startup Week, said in a statement. For a complete lineup and to secure your place in this groundbreaking event, extend your network and join the nation’s innovators at Full List of events happening & RSVP form: Startup Week Malaysia is a weeklong celebration dedicated to educating, inspiring, and connecting entrepreneurs across the nation. Inaugurated in 2023, the series is powered by a coalition of organizations that are at the forefront of nurturing startups and fortifying the entrepreneurial ecosystem in Malaysia.

https://technode.global/2023/11/23/malaysias-tnb-partners-perak-state-government-to-drive-large-scale-renewable-energy-initiatives/

Malaysia’s TNB partners Perak state government to drive large-scale renewable energy initiatives

Malaysian utility firm TNB said in a statement on Thursday that the firm is in another significant step to drive large-scale RE in line with the country’s National Energy Transition Roadmap (NETR). It said the firm is cooperating with the state government of Perak to explore the vast potential of floating solar systems in the vicinity of the Sungai Perak hydroelectric scheme, dam and reservoir. In a parallel effort under NETR’s Centralized Solar Park project, TNB is teaming up with Perak government-linked company, Majuperak Holdings Berhad (MHB) to develop a substantial 100-Megawatt (MW) ground mounted solar project in Perak. In the first strategic partnership, TNB through its wholly owned subsidiary, TNB Power Generation Sdn Bhd (TNB Genco) is collaborating with Perbadanan Kemajuan Negeri Perak (PKNPk). The second partnership is between TNB’s wholly owned subsidiary, TNB Renewables Sdn Bhd (TRe) and MHB. These initiatives reflect a collective commitment to expedite Malaysia’s transition to cleaner and more sustainable energy sources, aligned with NETR’s objectives. “These visionary endeavors are aligned with the NETR aimed at propelling Malaysia into a future marked by cleaner and more sustainable energy sources, “The strategic partnerships with the Perak state government entities signify a collective commitment to expedite the transition to environmentally friendly energy,” TNB President and Chief Executive Officer Ir. Baharin Din said. According to the statement, the collaborations were formalized through the signing of the memorandum of understanding (MoUs) during The Energy Transition Conference 2023 held last August, with each geared towards enhancing Malaysia’s renewable energy portfolio and concurrently reducing its carbon emissions. On the TNB Genco-PKNPk collaboration, Baharin said that this pioneering initiative is poised to redefine energy generation as both parties will embark on an extensive feasibility study for the development of floating solar photovoltaic (FSPV) systems. “The two-year timeline for this comprehensive study underscores TNB Genco and PKNPk’s strong determination to the realms of RE and environmental, social and governance (ESG) matters, “By harnessing the power of hybrid technologies, specifically hydro and FSPV, our objective is to support the country’s RE targets by efficiently utilising land and existing bodies of water,” he added. As for the TRe-MHB partnership, he said that Perak has been identified as one of the potential states for this development, with MHB entrusted as the state entity for this initiative. “The signing of the MoU demonstrates the unwavering commitment of both parties to explore the possibilities of ground mounted and floating solar development in Perak,” he added. He also said TRe is set to develop a substantial 100 MW ground-mounted solar project across five sites in several states under NETR’s Centralised Solar Park project. The project will be co-owned by TRe as the master developer together with Small and Medium Enterprises (SME) and state agencies, according to him. According to the statement, TNB’s strategic partnerships also reflect its dedication to transforming Malaysia’s energy landscape, advancing renewable energy, and contributing to a greener and more sustainable future. Malaysia’s TNB partners Petronas to explore CCS technology for gas-fire power plants

https://technode.global/2023/11/23/vietnams-akabot-expands-its-reach-into-malaysia/

Vietnam’s akaBot expands its reach into Malaysia

AkaBotThe company said in a statement on Thursday that it will offer Malaysian businesses in finance, banking, retail, and manufacturing a range of holistic solutions for automation and digitization, enhancing overall productivity and cost savings. According to the statement, Malaysia is witnessing a surge in the demand for digitalization in response to ongoing corporate investments. Projections for the 2023 digital economy in Malaysia indicate a significant contribution of 24.4 percent to the nation’s gross domestic product (GDP), with expectations of a further increase to 25.5 percent in the subsequent year. Looking ahead to 2024, it said the Malaysian government has allocated a substantial sum of MYR 100 million ($21.36 million) for digitalization grants, aiming to support over 20,000 small and medium-sized enterprises (SMEs) in expediting their digitization and automation initiatives. “Malaysia stands out as a compelling market for akaBot, thanks to its diverse and rapidly expanding economy coupled with a commendable level of economic stability,” said Ginny Truc To, Country Manager of akaBot. “Despite witnessing rapid growth, it’s noteworthy that only 30 per cent of business establishments have embraced digital technology, potentially impeding further market expansion,“We aim to address and resolve these challenges in Malaysia by offering automated operations that promise heightened productivity, enhanced reliability, improved performance, and reduced operating costs,” she added. According to the statement, the level of digitalization in businesses is still relatively low compared to developed markets. It said the high cost and lack of localization in the current market offerings have been significant barriers to growth. With akaBot being able to develop customized automation solutions that suit local business needs, as well as provide affordable solutions, the company sees a strong potential for growth in the market. “We anticipate a strong demand for our solution in Malaysia, driven by the country’s considerable potential,” said akaBot Chief Executive Officer Giap Bui. “We see significant growth opportunities here. The fact that there are over 1.15 million SMEs in Malaysia emphasizes the clear need for a solution like akaBot, “We look forward to working with our new and future customers to contribute to the development of Malaysia’s digital economy,” he added. Founded in 2018, akaBot, a subsidiary of Vietnam’s information technology (IT) firm FPT Information System, is a provider of RPA and hyper automation services, aiming at helping organizations achieve operational excellence with minimum effort and low licensing costs. The firm has experienced remarkable growth, expanding its operations to encompass eight countries, including Malaysia. With over 3500 customers in 21 countries globally, akaBot has successfully reached and deployed over 10,000 virtual robots for a vast range of brands of multiple industries across the world including Panasonic ITS, Mizuho Bank,Driven by a vision of creating the ideal digital workspace, akaBot’s virtual assistants have freed more than 11 million employees from mundane tasks, slashing processing time by a remarkable 70 per cent and saving up to 21.9 million working hours annually. Additionally, akaBot champions environmental sustainability, reducing paper consumption by 60 percent, fostering a greener office environment. In 2023, akaBot implemented its RPA solutions for various companies in Malaysia, addressing the main issue of manual and repetitive tasks. In the retail sector, akaBot focuses on automating order purchase processes to save 50 percent processing time, translating to potential savings of up to $500,000 in operational costs. Especially for manufacturing and financing clients, the RPA solutions improve workflows with a 95 percent reduction in invoice processing time, coupled with an impressive accuracy rate of 99 percent. AkaBot’s automation solution operates by leveraging advanced RPA technology to streamline and optimize various business processes. The system is designed to handle repetitive and rule-based tasks, such as data entry, supply chain management, inventory, document verification and many more. This ensures that businesses benefit from increased efficiency and accuracy in day-to-day operations. Vietnam’s FPT acquires US product engineering services firm Cardinal Peak

https://technode.global/2023/11/21/smart-malaysia-launches-all-new-gen-ev-smart-1/

Smart Malaysia launches all-new gen EV smart #1

Smart Malaysia, a unit of Chinese automaker Geely, has on Tuesday announced the official pricing for its all-new electric vehicle (EV), the smart #1. Smart Malaysia said in a statement that the prices of the smart #1 Pro, Premium and BRABUS are ranged from MYR 189,000 ($40,619) to MYR 249,000 ($53,514). According to the statement, PRO-NET, the exclusive distributor for smart #1 in Malaysia and Thailand, has strengthened its support for the Proton EV roadmap by acquiring valuable insights and seamlessly establishing an integrated ecosystem. This spans dealer networks, aftersales services, the user-friendly digital ‘Hello smart’ App, and high-voltage battery management in Malaysia, showcasing the company’s readiness for the electric mobility revolution. With the tagline #TAKETHEsmartWAY, be captivated by the intelligent features of the smart #1 Pro, Premium, and flagship BRABUS models, each with its distinctive characteristics, paving the way for a premium experience and a high-performance driving future. “We are committed to reshaping the landscape of premium all-electric mobility in the country, “Our dedication lies in reshaping consumer confidence through exceptional aftersales service, which includes readily available parts, an integrated public charging map, and a seamless digital ecosystem,” said Zhang Qiang, Chief Executive Officer of PRO-NET. He said the company firmly believes the key to success is to place customer needs and desires at the heart of every product and service they offer. “Today, we celebrate our smart enthusiasts and eagerly look forward to expanding the presence of the smart #1 on Malaysian roads, providing a distinctive, premium, and intelligent all-electric urban mobility experience,“With our ambitious vision, we aspire to revolutionize the automotive EV industry,” he added. Tesla starts accepting orders in Malaysia

https://technode.global/2023/11/17/malaysia-and-singapore-launch-cross-border-real-time-payment-systems-connectivity/

Malaysia and Singapore launch cross-border real-time payment systems connectivity

Malaysian central bank The duo said in a joint statement on Friday that the initiative follows the QR payment linkage announced on March 31 which enabled cross-border QR payments to merchants. According to the statement, the DuitNow-PayNow linkage enables instant, secure and cost-effective peer to peer (P2P) fund transfers and remittances between the two countries. This real-time payment systems linkage is also the first to include the participation of non-bank financial institutions from both countries, providing access to a broader group of users. Consumers of participating financial institutions are now able to send and receive funds of up to MYR 3,000 or SGD 1,000 ($641) daily by using the recipient’s mobile phone number or virtual payment address (VPA). For users in Malaysia, the service will first be available for all Maybank, CIMB and TNG Digital’s users, with other financial institutions gradually onboarded thereafter. The service will be made available to Singapore customers of Liquid Group, Maybank Singapore, OCBC and UOB under a phased approach, where these institutions will progressively increase the number of eligible user groups from today until end-January 2024. This is to support customers’ familiarisation with the service. According to the statement, the DuitNow-PayNow linkage is an outcome of extensive collaboration among the central banks, payment system operators, scheme owners, and participating financial institutions of both countries. It is an important milestone in improving the cost, speed, access and transparency of cross-border payments. The two central banks opined that users from both countries will benefit from the linkage’s cost-effectiveness, inclusivity and accessibility. They also said it is also aligned with the objectives of the ASEAN Payment Connectivity Initiative and the G20 Roadmap for enhancing cross-border payments. It is noted that in 2022, P2P and remittance transactions between the two countries stood at 7.8 billion ringgit/$2.3 billion Singapore dollars. “Cross-border payments that are fast, secure, and cost-efficient can provide immense benefits, especially for individuals and small businesses in countries with very close economic ties such as Malaysia and Singapore,” BNM governor Abdul Rasheed Ghaffour said. He said the DuitNow-PayNow linkage enables the two countries to reap these benefits towards their shared growth and prosperity, while laying the foundations for scalable cross-border payment networks across and beyond ASEAN. MAS managing director Ravi Menon also said the PayNow-DuitNow linkage is the culmination of a shared aspiration by Singapore and Malaysia to facilitate cross-border payments between the two countries. “This linkage represents another step toward ASEAN’s vision for regional payments interconnectivity,” he added. BIS and central bank partners to explore protocols for embedding policy and regulatory compliance in cross-border transactions

https://technode.global/2023/11/17/malaysias-unicorn-carsome-cutting-hundreds-of-jobs-to-reach-profit-report/

Malaysia’s unicorn Carsome cutting “hundreds of jobs” to reach profit – report

Malaysia’s first tech unicorn Quoting people familiar with the matter, The company has scaled down its operations significantly in those two markets, which it entered in 2017, the people added. It has about 4,000 employees. Carsome delayed its dual listing plans in Singapore and the US scheduled for last year on concerns that deteriorating macroeconomic conditions could dent its valuation. The company expects to Carsome “makes adjustments to its workforce where necessary,” the company said in an emailed response to Carsome raised $290 million early last year at a valuation of $1.7 billion in a series E round led by the Qatar Investment Authority as well as 65 Equity Partners and Seatown Private Capital Master Fund, both of which are backed by Singapore’s Temasek Holdings Pte. The round also saw participation from investors such as Mediatek, Sunway, Gokongwei Group, YTL Group, and Taiwan Mobile. Carsome has become Malaysia’s first tech unicorn as part of a share-swap deal that take a stake in iCar Asia in July 2021. In Southeast Asia, Carsome competes with Singapore-based Carro, Indonesia’s OLX Auto and Carousell Auto Group. One of its rivals, Softbank-backed Carro, announced it has achieved profitability in its last financial year ended March 2022 (FY2022) as revenue more than doubled to S$650 million ($463.49 million). Founded in 2015, Carsome has expanded into Indonesia, Thailand and Singapore. The company works with more than 13,000 dealers and sold more than 150,000 cars last year. Malaysia’s unicorn Carsome open to new funding, open to dual-listing – report

https://technode.global/2023/11/16/deloitte-southeast-asia-raises-about-5-5-billion-year-to-date-the-lowest-in-eight-years/

Deloitte: Southeast Asia raises about $5.5 billion year to date, the lowest in eight years

Southeast Asia has raised approximately $5.5 billion via initial public offering (IPO) in the first 10.5 months of 2023, the lowest in eight years, Deloitte said in a statement that the total IPO raised down from $7.6 billion in 2022. Meanwhile, the IPO amount for the first 10.5 months of 2023 stands at 153, also down from 163 in the full year of 2022. Indonesia, Thailand and Malaysia collectively raised approximately $5.4billion, accounting for 98 percent of the total funds raised across Southeast Asia. According to Deloitte, 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. Correspondingly, it 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. Meanwhile, there is an observable trend of an increasing number of companies listing on the secondary boards of Southeast Asian bourses. It said listing on the junior boards of the stock exchanges, which cater to high growth small and medium enterprises (SMEs), may be seen as a springboard to the Main Board for some IPO aspirants. It also said the listed-company status may propel them towards business growth expansion and further fund raising. It also noted there are many small and medium-sized enterprises (SMEs) in Southeast Asia with good growth potential, and a good financial ecosystem can provide these companies with the right environment to thrive and maximize this potential. Overall, the energy, resources and industrials and consumer industries are two of the strongest in the Southeast Asian market. According to Deloitte, the push to pursue green technologies has created favorable conditions for companies in the energy, resources and industrials industry, which make up the top five listings in Southeast Asia in the first 10.5 months of 2023. As urbanization continues to shape consumer behaviour across Southeast Asia, there has also been a shift in the characteristics of companies in the consumer industry that are growing and seeking listings. “The challenge of sustaining a vibrant and attractive cash equities market is not unique to the Southeast Asian region,” Tay Hwee Ling, Disruptive Events Advisory Leader, Deloitte Southeast Asia and Singapore. According to her, globally, the number of IPOs and IPO proceeds raised has normalized to pre-COVID-19 levels. She said this is driven by the trend of companies staying private for longer, and more recently, against the backdrop of a challenging global macroeconomic and interest rate environment. She noted that companies considering possible public listings have several commercial objectives in mind. While the regional bourses can think of innovative ways to attract listing candidates, she opined that there are limits to how their measures can directly influence listing decisions. She noted investors will ultimately determine how to allocate their capital based on their strategies and how they view the market. She also noted governments recognize the value of an attractive equities market as part of the overall financial services ecosystem and must constantly adapt to the shifts in global capital markets. On the outlook for the remaining year through to 2024, Tay said that amidst the more challenging macroeconomic environment, many stock exchanges are dealing with the trend of local Southeast Asian companies looking to list on large overseas markets to access a deep capital market and investor base, or where they perceive they can secure the best valuations. “For quite a few companies, listing in the United States is attractive due to the US’ deeper pool of investors and liquidity,“Companies may choose to list in jurisdictions that give them better exposure to key target markets,” she added. IndonesiaIndonesia saw 77 IPOs which raised $3.6 billion, making up half of the region’s number of IPOs and 66 percent of the total IPO amount raised across the six exchanges. This makes it the fourth strongest stock exchange year-to-date in 2023 globally, behind only China, the United States and the United Arab Emirates. According to Deloitte, Indonesia has managed to sustain its momentum, even in the face of pandemic-related challenges that began in 2020, after it bounced back in 2021. It said this accomplishment underscores Indonesia’s lasting attractiveness to investors, backed by its dedication to maintaining political and macroeconomic stability. Notably, Indonesia has made significant contributions to the Southeast Asian IPO market, with six Indonesian companies featuring among the top ten listings in Southeast Asia. “A new trend is on the horizon, marked by the global shift towards the renewable energy and electric vehicle battery sectors,” said Imelda Orbito, Disruptive Events Advisory Leader, Deloitte Indonesia. According to her, Indonesia has set its sights on becoming a global hub in the electric vehicle supply chain, and the country is exceptionally well-positioned to attract both foreign and domestic investors alike. “Notably, the substantial number of IPOs originating from the renewable energy and metals/minerals sector hint at the potential for 2023 to be a standout year for the Indonesian Stock Exchange,” she added. ThailandWith $1.06 billion raised through 37 IPOs thus far, Thailand is also the runner-up in the region, said Deloitte. The country’s consumer industry continues to pave the way, making up approximately 40 percent of the regional funds raised and 38 percent of the number of listings originating from this sector. However, the country did not observe any blockbuster listings which were presented in 2022. The interest rate environment and political stalemate has also resulted in the withdrawal of approximately $4.8 billion from foreign investors in the first 10 months of 2023. “We continue to observe several IPOs from a diverse pool of industries on the Stock Exchange of Thailand, including fast-moving consumer products, life sciences & healthcare, and industrial products,” said Wilasinee Krishnamra, Disruptive Events Advisory Leader, Deloitte Thailand. According to her, 2024 will be an exciting year as there are 38 companies in the listing pipeline. “There is one company with an effective filing, and 12 companies have already obtained approval from the Thai Securities and Exchange Commission,“The parliamentary endorsement of the new Prime Minister in August should bring stability and confidence to foreign investors after the resolution of the prolonged political stalemate,” she added. Malaysia Deloitte data showed the Malaysian bourses saw 28 IPOs raising $715 million in the first 10.5 months of this year. Bursa Malaysia performed reasonably well, considering its target of 31 listings for the whole of 2023, said Deloitte. It is also notable that its IPO market capitalization for 2023 to-date has already surpassed that of 2022. Once more, the ACE Market dominated this year’s IPO with 21 listings, while the improvement in the performance of the Main Market was encouraging. On the other hand, there was a slight dip in listings on the LEAP market, likely because companies were assessing the LEAP Transfer Framework before deciding on their listing. “Malaysia’s IPO market remains active, led by quality issuers that sustained or exceeded their market capitalization upon listing, and supported by active investor participation,” said Wong Kar Choon, Disruptive Events Advisory Leader, Deloitte Malaysia. According to him, the listing requirements for the ACE Market are more accommodating towards companies with good growth propositions, and the lower ticket size of IPO offer shares continues to attract a steady flow of investor participation. He observed that, generally, IPOs with reasonable valuations generated strong interest from the market and a good majority continue to demonstrate decent post-IPO share price performance. “The capital market initiatives that have been announced further have also boosted market vibrancy and enhanced investors’ access into the market,“A formidable IPO pipeline is expected in 2024, buoyed by a healthy institutional and retail appetite, especially for consumer and tech or tech-related industries,” he added. SingaporeSingapore saw five Catalist IPOs raising US$29 million in the first 10.5 months of this year, according to Deloitte. Singapore typically has some sizable Mainboard IPOs, real estate investment trusts (REITs) or special purpose acquisition companies (SPACs) bolstering its overall IPO performance, which were sorely missing this year. It is noted that REITs and Business Trusts have historically been the stronghold of the Singapore IPO market. However, with the uncertainties surrounding interest rates, REIT aspirants may adopt a wait-and-see approach and postpone their listing plans. Out of the three SPACs that were listed in early 2022, Temasek-backed Vertex Technology Acquisition Corporation (VTAC), may become the first SPAC to acquire a target firm. It is noted that VTAC has inked a deal to buy Taiwanese live-streaming platform 17Live for over $900 million. The conditional sale and purchase agreement is subject to approval by VTAC’s shareholder and SGX. Deloitte noted that when that happens, the market may see more SPACs coming on board. “While the Singapore IPO market may appear subdued this year, it is important to note the wealth of high-calibre Singaporean companies ready to explore cross-border listings on global exchanges,” said Darren NG, Disruptive Events Advisory Deputy Leader, Deloitte Singapore. According to him, the companies are also enjoying international recognition for their robust business fundamentals. “The comprehensive economic infrastructure and initiatives by the Singapore government in conjunction with SGX provides an ideal platform for companies aspiring to go public,“Singapore, with its political stability and strong regulatory environment, sets the stage for unprecedented capital inflows, acts as a strategic bridge between United States and China, and is the regional headquarter of choice for numerous funds and family offices,” he added. VietnamVietnam saw only three IPO listings raising approximately US$7 million in the first 10.5 months of 2023, according to Deloitte. The low number of IPOs was driven mainly by the tightened IPO and listing approval process, and higher net-withdrawal from foreign investors due to global and local factors affecting its market liquidity in 2023. These unfavorable conditions, coupled with Vietnam’s falling VN-index performance since the first half of 2022, resulted in IPO aspirants delaying their IPO plans and waiting for the right moment to list. “Although Vietnam’s stock indexes have recovered towards the end of 2023, it is still far from the 2021 and early 2022 peak,“Nevertheless, the Vietnam government has introduced several measures to stimulate the economy and initiatives to improve the ratings of the Vietnam stock market to bolster investors’ confidence going into 2024,” said Van Trinh Bui, Assurance Leader, Deloitte Vietnam. Southeast Asia’s IPO market remains investor favorite amid global economic uncertainties, Deloitte says

https://technode.global/2023/11/16/myeg-and-yayasan-chow-kit-join-hands-to-prepare-youth-for-the-web3-era/

MYEG and Yayasan Chow Kit join hands to prepare youth for the Web3 era

MY E. G. Services Berhad (MYEG)MYEG said in a statement on Tuesday that in collaboration with YCK, the firm conducted a Digital Literacy Workshop for youth aged 13-17 years old, aimed at empowering them with essential digital skills and basic artificial intelligence (AI) knowledge. According to the statement, the workshop covered topics such as safe internet practices, information evaluation, and the creation and sharing of digital content. The curriculum was tailored to be simple to comprehend, ensuring that participants could easily grasp complex concepts such as cybersecurity, digital ethics, and the basics of AI, and to spark an early interest in technology that could inspire future learning. The goal of the workshop is to prepare and upskill young individuals from different backgrounds with fundamental digital knowledge and skills, enhancing their career prospects while fostering personal growth and development that is beneficial for their future. Furthermore, it also plays a vital role in safeguarding these youth from rising cyber threats, such as scams and fraud, ensuring their safety. This effort is a step towards ensuring that all Malaysian youth have the opportunity to become competent digital citizens as we move into the Web3 era. Cited a study conducted by McKinsey & Co, MYEG said AI is anticipated to contribute up to $13 trillion to the global gross domestic product (GDP) by 2030, with the majority of these economic gains stemming from advancements in the workforce. Additionally, the study highlights that AI is poised to generate millions of new jobs, particularly in high-skilled sectors such as engineering, healthcare, and data science. “At MYEG, we help digitalize government services and build next generation applications with AI and blockchain technology,” said Mohd Rushdan Khairul Anuar, information technology (IT) Director of MYEG. “As we make technology an integral part of our daily lives, we want to help bright young minds from different backgrounds gain access to the same digital knowledge as everyone else, “We are here to provide the necessary tools and support to help level the playing field so that every child can develop the skills they need to navigate the future,” he added. YCK Program Coordinator Jamil Ishak said that education is the key to progress and the most powerful tool the organization has for making a meaningful impact on the world. “We appreciate MYEG’s support in delivering this workshop, which has helped equip our youth with fundamental digital competencies, “We want the best for them, and we understand that these fundamental skills are not just for navigating the current digital landscape, but are instrumental to their future success in an increasingly digitized global economy,” he added. According to the statement, Malaysia has demonstrated progress in fostering digital inclusion, witnessing a significant rise in household internet access from 76 percent to 97 percent in urban areas and from 49 percent to 89 percent in rural areas between 2015 and 2022. Despite these advancements, it said there remains a concern outlined in the e-Conomy Southeast Asia 2023 report, a collaborative effort by Google, Temasek, and Bain and Company. Cited the report, it said the potential widening of the digital economic divide beyond metropolitan regions, posing a risk to the active engagement of consumers in the digital economy across various sectors. MYEG opined that addressing this issue is crucial, as it could impede Malaysia’s digital economy from realising its full potential, estimated at a $30 billion gross merchandise value by 2025. Cited the report, it said Malaysia can unlock the full scope of its digital economic growth by removing existing barriers. Recognizing the significance of this challenge, it said the Malaysian government is already measuring and tackling the digital divide. It noted that the Mid-Term Review of the 12th Malaysia Plan (12MP MTR) unveils the development of the Malaysia Digital Inclusiveness Index (MyDID). This index aims to empower policymakers with insights into the extent of the digital divide, enabling them to craft targeted strategies for resource allocation and talent development. In addition, it said the report also underscores the government’s commitment to enhancing digital literacy and fostering trust in digital adoption, with a specific focus on vulnerable groups. In response to these goals, it said the government plans to roll out programs and initiatives designed to uplift digital literacy and improve accessibility for these marginalised segments of the population. MYEG is a Malaysia digital services company. Having commenced operations in 2000 as the flagship e-government services provider, the firm brings solutions spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive, healthcare and financial services. The firm has also recently embraced the potential of blockchain technology. It has operations in key regional markets such as the Philippines and Indonesia. MYEG partners Beitou IT Innovation to spearhead international digital identity credentials service on Zetrix blockchain

https://technode.global/2023/11/16/us-silicon-battery-company-enovix-builds-1-2b-high-volume-manufacturing-facility-in-malaysia/

US silicon battery company Enovix builds $1.2B high-volume manufacturing facility in Malaysia

Enovix CorporationThis marks a significant milestone in the company’s global expansion strategy, Enovix said in a statement on Wednesday. Further to the initial announcement in August 2023, Enovix said the firm will invest over a period of 15 years, which includes the first manufacturing line amounting to MYR 315 million ($70 million), which will co-partner with Malaysia-based machine industry company YBS International Berhad. Zafrul Tengku Abdul Aziz, Minister of the Ministry of Investment, Trade and Industry (MITI) MITI, said Enovix’s strategic decision to establish its first high-volume manufacturing facility in Malaysia signifies the country’s appeal as a preferred investment destination in Southeast Asia for advanced technology companies. “Enovix’s establishment of its hi-tech battery technology facility in Malaysia is in perfect alignment with the missions of our New Industrial Master Plan (NIMP) 2030, and promises significant local spillover impact, notably the creation of substantial high-quality job opportunities for Malaysians, and the enhancement of our nation’s industrial landscape,” he added. Meanwhile, Wira Arham Abdul Rahman, Chief Executive Officer of Malaysian Investment Development Authority (MIDA) said the Enovix’s presence in Malaysia will act as a catalyst for nurturing mutually advantageous partnerships with local stakeholders, especially in the battery technology industry. “As Enovix lays down its foundations in Malaysia, we foresee its transformation into a key industry collaborator and contributor to our economic progress and development, “Enovix’s investment in Malaysia is a testament to the company’s trust in our capabilities and workforce, and fortifies Malaysia’s research and development ecosystem,” he added. Ajay Marathe, Chief Operating Officer of Enovix, said Malaysia’s deep pool of technical talent, business-friendly environment and close proximity to the firm’s vendors and customers’ manufacturing facilities, makes it an ideal location for them to help develop the battery supply chain ecosystem and manufacture and scale their next-generation batteries. Enovix is headquartered in the United States of America with locations in India, Korea and Malaysia. Enovix’s battery technology application extends to internet of things (IoT), mobile, computing devices and vehicle. The firm is scaling its silicon-anode, lithium-ion battery manufacturing capabilities to meet customer demand. Enovix Malaysia Sdn. Bhd is currently in the process of machinery installation and is projected to initiate full operations in 2024. Bosch invests $384M for new semiconductor backend site for chips in Malaysia

https://technode.global/2023/11/16/malaysian-government-and-google-announce-strategic-collaboration/

Malaysian government and Google announce strategic collaboration

The government of Malaysia and global tech giant Google said in a statement that the collaboration brings both parties together to help businesses of all sizes advance their digital competitiveness through skilling programs, investment in digital infrastructure, responsible artificial intelligence (AI) innovation, and cloud-first policies. These initiatives build on Google’s investments in Malaysia over the last 12 years. In 2022 alone, the company’s products and programs supported more than 47,900 jobs and also contributed, both directly and indirectly, an estimated $2.8 billion in economic benefits to local businesses. “Malaysia’s MADANI Economy Framework aims to increase the size of our economic pie, as well as ensure that all stakeholders—particularly rakyat (Malaysians) and small businesses—will enjoy the ensuing socio-economic benefits, “This latest commitment by Google, aimed at accelerating local innovation and talent development in the field of AI, will certainly boost the nation’s digital competitiveness, in line with the MADANI Economy Framework and the New Industrial Master Plan 2030 (NIMP 2030),” said Anwar Ibrahim, Prime Minister of Malaysia. Meanwhile, Zafrul Aziz, Minister of Investment, Trade and Industry, said Google’s continued contributions to the Malaysians and homegrown businesses, especially through programs that nurture skilled talent and help small businesses scale regionally, not only support the achievement of NIMP 2030’s missions, but also enhance Malaysia’s overall global competitiveness to foreign investors. Ruth Porat, President and Chief Investment Officer, Chief Financial Officer, Alphabet and Google, said the partnership they are announcing with the government of Malaysia aligns Google’s local mission of Advancing Malaysia Together with the government’s goal to create a supportive ecosystem for innovation that includes more meaningful and equitable job opportunities. To advance these shared goals, she said the firm intends to assist Malaysian organizations in addressing real-world challenges using AI, and utilizing Google Cloud technologies to rapidly implement solutions for economic growth and public good. “As the country makes strides toward digitalization and AI adoption across industries, this collaboration recognizes the importance of no-cost access to digital skilling programs to empower all Malaysians to participate in a thriving and inclusive digital economy,” she added. To provide Malaysians from all backgrounds with more digital training opportunities, Google Cloud, CloudMile, and Trainocate are making five digital learning paths available at no cost. Accessible through the Go Cloud program—which aims to upskill 300,000 Malaysians by 2026—the learning paths consist of online courses to help individuals better apply generative AI (gen AI), data analytics, and cloud-based productivity tools. Learners who complete the five learning paths will earn digital skills badges that they can share on their resumes and extended 30-day access to more learning paths at no cost. This builds on Gemilang, a digital training program that has provided 31,000 Google Career Certificate scholarships to less fortunate individuals in partnership with educational institutions and nonprofits. This helps Malaysians earn professional certifications—at no cost—for entry-level jobs in high-demand fields such as data analytics; information technology (IT) support; as well as e-commerce and digital marketing. According to the statement, Google’s investments in infrastructure play a critical role in enabling more local companies, including small and medium-sized enterprises (SMEs), to expand their operations regionally. This is in alignment with the NIMP 2030, whose mission includes ensuring that Malaysian SMEs and manufacturing companies are appropriately enabled to embrace technology and digitalization rapidly. With the support of the government of Malaysia, Google is now exploring the potential establishment of an in-country Google data center to power digital services. The Malaysian government and Google Cloud will also embark on joint AI launchpad initiatives to create new jobs, enhance public service delivery, and help local companies tap into global markets. These may include empowering public and private sector organizations to address real-world challenges with gen AI and take advantage of Google Cloud technologies to rapidly deploy scalable solutions for productivity gains and public good. Priority areas include improving digital government services, financial inclusion, healthcare, and education, and advancing Industry 4.0. The initiatives also include digitalization projects to keep communities safe from natural disasters and make low carbon mobility more accessible for Malaysians. The projects will look to leverage Google Cloud’s AI capabilities to prompt decisions to, for example, divert traffic or evacuate people ahead of an extreme weather event, recommend investment locations for more electric vehicle (EV) charging stations, enable lower-cost smart charging for users, and build a scalable energy exchange to support renewable energy exports, in alignment with Malaysia’s National Energy Transition Roadmap. The initiatives also include protecting public sector entities, businesses, and citizens against malicious cyber activity. The Malaysian government and Google Cloud will engage in cyber threat information exchange and joint capability building, in view of potentially establishing a National CyberShield Center of Excellence. This will enable the government to combine automation, analytics, threat intelligence, and AI to detect, investigate, and defend against cyber attacks on critical national infrastructure. Google will also support the Malaysian government’s refinement of its existing Cloud First Policy for Malaysia, contributing policy expertise and its Secure AI Framework to account for the latest advancements in cloud computing and AI. This reinforces Malaysian government’s efforts to prioritize the use of resilient, cost-efficient, and innovation-driven cloud services over capital-intensive on-premise systems, while aligning with global best practices on data privacy and security standards. Malaysia Airports, Asia Mobiliti enter strategic collaborations with Google Cloud to enhance travel experiences in Malaysia

https://technode.global/2023/11/15/asahi-kasei-gentari-and-jgc-team-up-for-green-hydrogen-production-in-malaysia/

Asahi Kasei, Gentari, and JGC team up for green hydrogen production in Malaysia

Gentari Hydrogen Sdn Bhd, a wholly-owned subsidiary of Petronas’ clean energy arm Gentari said in a statement on Wednesday that the parties also signed a memorandum of understanding (MOU) for a front-end engineering design (FEED) study for the said project. According to the statement, this project is supported by the Green Innovation Fund for Large-scale Alkaline Water Electrolysis System Development and Green Chemical Plant Project by Japan’s New Energy and Industrial Technology Development Organization (NEDO). Pursuant to the MOU, the parties are preparing for the FEED study to commence in January 2024. The operation is planned for start-up in 2027. This collaboration between Asahi Kasei, Gentari, and JGC will advance the deployment of a 60 MW class water electrolyser paired with an integrated control system to produce green hydrogen. This commercial-scale project demonstrates the companies’ commitment to fostering markets for green hydrogen and establishing a foundation for regional green hydrogen production, aligning with the broader mission of decarbonization in Japan, Malaysia, and across Southeast Asia. “We are pleased to collaborate with these two companies on a project that will demonstrate to the world the practical application of green hydrogen, “Asahi Kasei’s experience from demonstration experiments in Germany and managing a 10 MW electrolyser in Japan for over three years will play a pivotal role in this project’s success,” said Nobuko Uetake, Lead Executive Officer of Asahi Kasei and Senior General Manager of its Green Solution Project. Meanwhile, Gentari’s Chief Hydrogen Officer Michèle Azalbert said that this strategic collaboration between Gentari, Asahi Kasei, and JGC, amplifies value for all involved. “The project stands as a catalyst for advancing Malaysia’s hydrogen economy towards achieving its green hydrogen target of 200,000 tonnes per year by 2030, aligning with the National Energy Transition Roadmap and Hydrogen Economy and Technology Roadmap,“Beyond this, Gentari is developing hydrogen projects with national and state entities to position Malaysia as the region’s leading hydrogen hub, leveraging PETRONAS assets and the country’s strategic advantages,” she added. Masahiro Aika, Senior Executive Officer, Technology Commercialization Officer and General Manager, Sustainability Co-creation Unit of JGC, said that JGC Group is currently constructing a demonstration facility of clean ammonia production adjacent to Asahi Kasei’s electrolyser at Namie-machi, Fukushima Prefecture, Japan, together with an integrated control system. “We look forward to applying the lessons learnt from the demonstration and to utilising its technical outcomes toward the execution of this project in Malaysia,” he added. Gentari partners AM Green to drive large-scale green hydrogen production with global reach

https://technode.global/2023/11/14/malaysias-iskandar-investment-berhad-launches-net-zero-carbon-central-business-district/

Malaysia’s Iskandar Investment Berhad launches Net Zero Carbon Central Business District

Malaysia-based IIB said in a statement on Tuesday that the Net Zero Carbon CBD is aimed at solidifying IIB’s leadership in establishing the first net zero carbon CBD in the ASEAN region. According to the statement, by 2030, IIB is looking to achieve a target investment of MYR 9 billion ($1.91 billion). This number is expected to grow incrementally about 13 per cent every five years. It is also noted that the total amount of population for this CBD is expected to reach around 65,000 by 2030 against the total population of more than 600,000 people working and living in Iskandar Puteri. “We expect the population to grow significantly by 2050, thereby creating a more robust socio economic condition for the people in Medini and by extension Iskandar Puteri,” said Idzham Mohd Hashim, President and Chief Executive Officer of IIB. “We believe that our efforts will be produce a multiplier effect for the state of Johor, and Malaysia as a whole, “This multiplier effect would in turn result in improved gross domestic product (GDP), employment rate, growth in foreign investments and accelerate Malaysia’s goal to becoming a high income and fully developed nation,” he added. Meanwhile, Johor Chief Minister Onn Hafiz said that the state is fully committed to supporting and facilitating the successful implementation of these initiatives that is aligned with Johor’s aim to achieve a 7 percent of gross domestic product (GDP) growth, valued at MYR 260 billion ($56.11 billion) by 2030. “I look forward to seeing these transformative efforts take place as it will undoubtedly elevate Johor’s attraction as the preferred investment destination within the region,” he added. According to the statement, IIB also inked a memorandum of understanding and a collaboration agreement with Malayan Banking Berhad (Maybank) and Malaysia Green Technology and Climate Change Corporation MGTC (MGTC) respectively. “Our most recent collaboration with Maybank is to establish the net zero central business district in Medini by integrating sustainable transition support and nature-based solutions (NbS) into various aspects of Medini,” said Idzham. It is noted that Maybank is IIB’s first financial institution partner in the journey towards realizing the Net Zero Carbon CBD in Medini. “This nature-based solutions (NbS) project will set a benchmark for Malaysia in preserving land, generating carbon credits, and creating green jobs for local communities,” said Khairussaleh Ramli, Maybank Group President and Chief Executive Officer. According to him, participating in this collaboration advances Maybank’s M25+ strategic goals, underscoring its commitment to support clients in Malaysia and across ASEAN to decarbonize and progress toward a just transition. Apart from Maybank, IIB also signed a collaborative agreement with MGTC on programs ranging from green jobs, green economic growth, green lifestyle, green technology financing, climate change mitigation to net zero strategies. MGTC Group Chief Executive Officer Ts Shamsul Bahar Mohd Nor said that this strategic partnership with IIB includes becoming the key advisory panel in their sustainable development of Medini Central Business District and Iskandar Puteri. “MGTC has been driving the Low Carbon Cities initiative, which taps into the urban area,“This collaborative effort is imperative to drive sustainable development and promote a green economy, ultimately paving the way for a more resilient future,” he added. MGTC is an agency of the Ministry of Natural Resources, Environment and Climate Change (NRECC) mandated to drive the country in the scope of Green Growth, Climate Change Mitigation and Green Lifestyle. According to the statement, collaborations and partnerships are key to IIB’s ecosystem building initiatives which provides support in the five main areas of funding, market access, mentorship programs, business services and access to talents. IIB previously kick started the annual Match@Medini pitching session with partners in a bid to set up a dynamic platform for tech start-up. In June this year, IIB signed collaboration agreements with seven different partners in the sustainable electric vehicle (EV) industry, to promote use of electric vehicles (EVs) and renewable energy solutions in Iskandar Puteri. The collaboration brings together notable industry players such as Nano Malaysia Bhd, Handal Indah Sdn Bhd, Handal Green Mobility Sdn Bhd, Kumpool Sdn Bhd, Yinson Green Technologies (M) Sdn Bhd, GO TO U (M) Sdn Bhd, and UN Global Compact Network Malaysia and Brunei (UNGCMYB). It is noted that sustainable electric vehicles (EVs) are part of IIB’s mobility pillar. IIB have also outlined five strategic verticals in our roadmap to achieve carbon neutrality via the five pillars namely energy, waste, water, green building and mobility as its key ESG initiatives. “The advent of EVs is seeing quick expansion globally. IIB intends to support the expansion of EVs as well as Avs (autonomous vehicles), hydrogen powered vehicles, zero emission door to door travel with relevant infrastructure and industry-wide collaborations, “Cycling and pedestrian paths will play a significant role in IIB’s pledge to ESG,” explained Idzham. Malaysia launches i-ESG Framework to tap into $12T global market on ESG-focused opportunities

https://technode.global/2023/11/14/malaysias-yinson-greentech-completes-construction-of-the-hydroglyder-prototype/

Malaysia’s Yinson GreenTech completes construction of the Hydroglyder prototype

Malaysia-based energy firm Yinson Holdings Berhad (Yinson)’s green technologies business unit The vessel is to provide the crew transfer services within the Singapore harbor craft segment that is fully built and integrated in Malaysia, YGT said in a statement on Monday. According to the statement, the Hydroglyder is equipped with advanced hydrofoil system, which provides better energy efficiency as compared to traditional electric vessels of the similar size. The onboard batteries provide power to propel the vessel while the flight control system maintains the stability ofThe vessel will debut in Singapore to start its sea trials and aims to contribute to the achievement of the country’s decarbonization goals. The Hydroglyder will be the first vessel of its kind within the Singapore harbor craft market, providing a more efficient and environmentally-friendly alternative to current crew transfer vessels. “I am proud that Malaysia was selected for the Hydroglyder prototype’s assembly and construction, demonstrating the country’s ability to deliver worldclass, technologically advanced engineering projects, “This aligns well with the National Transport Policy that aims to enhance Malaysia’s economic competitiveness by developing a skilled workforce, fostering a conducive business environment, and facilitating trade and investment,” said Malaysia’s Minister of Transport Loke Siew Fook. Meanwhile, Yinson Group Chief Executive Officer Lim Chern Yuan said that the Hydroglyder prototype will be a game changer and is a prime example of the firm’s commitment to transform the maritime industry. “I would like to express our appreciation for the Malaysian government’s forward-thinking policies that have provided a progressive and stable environment for innovation, which is particularly instrumental in developing prototype green technologies,” he said. YGT Chief Executive Officer Eirik Barclay said that the Hydroglyder prototype is a major milestone in the firm’s quest to reduce the maritime industry’s carbon footprint, reduce local particulate air pollution and prepareAccording to him, collaboration with like-minded partners has been crucial to the successful completion of this prototype. “Special mention to Ctruk Boats, whose expertise in composite material technology allowed us the full flexibility to modify the vessel’s design as needed during the construction process, “We also hope that the project has contributed to the nurturing of local talent and industrial capabilities,” he added. OCBC Malaysia Head of Wholesale Banking Jeffrey Teoh said that the bank is proud to support this project, the first electric prototype vessel of its kind to be built in Malaysia and one which has the potential to revolutionize the maritime industry. As a partner that supported the development of this innovative foiling crew transfer vessel, the Hydroglyder prototype, he said the firm hopes marinEV in continuing its sea trials and commercialization process in Singapore. YGT which has businesses in offshore production, renewable energy, green technologies and offshore marine, has presences in 18 countries. The firm was established in 2020 as a green technologies solution provider delivering a clean, integrated and technology-enhanced ecosystem across the marine, mobility and infrastructure segments. The business unit invests in novel green businesses, research and development (R&D) and strategic partnerships to develop integrated smart green assets and infrastructure. It aims to create a proprietary digital marketplace that provides affordable and accessible tech-based low carbon products and services to help businesses and communities achieve their own net zero ambitions. Its strategic investments currently include an advanced hydrofoil system for electric vessels, e-bike and swappable batteries, autonomous and robotic technology, autonomous systems for electric vehicles, marine energy storage solutions and electric vehicle charging solutions. Yinson GreenTech inks partnership with Pos Malaysia to launch EV charging stations

https://technode.global/2023/11/14/malaysias-sme-corp-allocates-1-27m-to-bumiputera-youth-entrepreneurs/

Malaysia’s SME Corp allocates $1.27M to Bumiputera youth entrepreneurs

SME Corporation Malaysia (SME Corp. Malaysia)Funding Societies said in a statement on Tuesday that the funding which is under the newly launched program, Bumiputera micro, small and medium-sized enterprises (MSMEs) Financing Initiative (BMFI), is aimed at enhancing access to financing for MSMEs who participated in SME Corp. Malaysia’s Tunas Usahawan Belia Bumiputera (TUBE) program. Funding Societies, as the appointed Financial Partner, will extend its digital financing solutions to the young entrepreneurs through their Tunas Financing-i program. “The specific allocation for Bumiputera youth entrepreneurs under the BMFI is befitting due to their important role with regard to the MADANI Economy framework’s goal in achieving balanced, inclusive and sustainable growth,” said Rizal bin Nainy, Chief Executive Officer of SME Corp. Malaysia. “We hope to leverage on this partnership with Funding Societies to provide innovative and quick short-term financing solution for Bumiputera MSMEs through digital platform, in addition to existing government funding, “Hence, it is envisaged that more Bumiputera MSMEs will take advantage of this initiative to address their financing needs, especially in working capital,” he said. Meanwhile, Chai Kien Poon, Country Head, Funding Societies Malaysia, said that collaborating with SME Corp. Malaysia marks a key milestone in their journey to foster the growth and resilience of Bumiputera MSMEs. According to him, this partnership is a testament to the firm’s shared vision of equipping these dynamic entrepreneurs with the financial assistance they need to thrive and contribute to the nation’s economy. “Microenterprises and youth entrepreneurs play a significant role in realising a more inclusive, sustainable, and balanced growth vision for our country. Yet, they face persistent challenges in obtaining access to financing, often due to a lack of collateral and credit history, “As a leading digital financing platform in the region with a proven track record of promoting financial inclusion among MSMEs, we are honoured to have the opportunity to work with SME Corp. Malaysia in further empowering these young entrepreneurs,” he added. SME Corp. Malaysia is the central coordinating agency (CCA) that coordinates the implementation of development programs for MSMEs across all related ministries and agencies. It acts as the central point of reference for research and data dissemination on SMEs and entrepreneurs, as well as provides business advisory services for MSMEs and entrepreneurs throughout Malaysia. Funding Societies | Modalku is a fintech firm registered with the Securities Commission Malaysia (SC), as well as licensed in Singapore, Indonesia, and Thailand, and operates in Vietnam. It is backed by SoftBank Vision Fund 2, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others. The FinTech company provides business financing to small and medium-sized enterprises (SMEs), which are funded by individual and institutional investors. Funding Societies raises $7.5M in debt from Norfund

https://technode.global/2023/11/14/jcorp-invests-1-74-million-into-singapore-based-agritech-firm-archisen/

Malaysia’s JCorp invests $1.74 million into Singapore-based agritech firm Archisen

Malaysia-based state investment firm The duo said in statement on Tuesday that FarmByte, a digital-first agrofood company within the JCorp, has signed a heads of agreement (HOA) with Archisen, proposing the FarmByte investment into Archisen and the establishment of an automated vertical indoor farm through a joint venture in Johor, Malaysia. This follows the signing of a memorandum of understanding in August 2023, which formalized the collaboration to establish this groundbreaking joint venture in urban farming. According to the statement, the joint venture will develop vertical farms that will supply produce to Malaysia and Singapore. FarmByte and Archisen will combine their resources, technical expertise, and network to achieve this goal. FarmByte will provide the farming infrastructure and critical local market insights, while Archisen will supply the technical knowledge on indoor farming practices, including the use of automation systems and data analytics. Additionally, Archisen will facilitate comprehensive training for FarmByte’s employees. Established earlier this year as part of the JCorp Agrofood Strategic Plan, FarmByte was created to enhance Johor and Malaysia’s food security agenda. Adopting a digital-first strategy, FarmByte aims to transform the agrofood sector by integrating the ecosystem and elevating the livelihoods of farmers with the production of high-quality produce. “We are excited to advance our collaboration with Archisen, underscoring our dedication to a digital-first approach in revolutionizing Malaysia’s agrofood sector,” said Syed Aiman Kifli Syed Jaafar, Chief Executive Officer of FarmByte Sdn Bhd. “Our joint efforts will bolster vertical farming capabilities in Johor, leveraging the expertise of an established partner in urban solutions to guarantee food resilience for the country and beyond, “The HOA represents another significant milestone in propelling Johor’s agrofood sector toward a more food secure future,” he added. Meanwhile, Archisen Chief Executive Officer Vincent Wei said that through technology, the firm can optimize food production using fewer resources, enhancing its food resilience while minimizing its environmental impact. “We are thrilled to collaborate with FarmByte, which shares our commitment to improving farming efficiency through innovation and technology, “Together, we hope to bring the advantages of vertical farming to Johor and Malaysia, contributing to the region’s food security and sustainable living,” he added. Archisen is a agritech company that designs, builds, and operates solutions to grow ultra-fresh, ultra-local produce in cities. It operates one of the highest yielding indoor farms in Singapore, with a projected yield of up to 100 tonnes of vegetables a year. Today, Archisen provides quality products to leading retailers in Singapore through its flagship brand, Just Produce. It is also a firm in Singapore that provides a comprehensive farm management solution for partners through its turn-key urban farm solution, Cropdom. Singapore’s agritech firm Archisen eyes expansion to cities in APAC & Middle East while expanding capacity at home market

https://technode.global/2023/11/14/grab-backed-gxbank-unveils-beta-bank-app/

Grab-backed GXBank unveils beta bank app

GX Bank Berhad (GXBank)This comes after successfully testing the beta app amongst employees of the bank and partners, GXBank said in a statement on Tuesday. As the first digital bank to commence operations in Malaysia, the GXBank App boasts a clean and easy navigation interface with key safety functions to secure users’ trust and security. Each step of the app building process is in line with regulatory expectations and norms, to ensure it is in line with the technical requirements of a digital bank and prioritizing the safety and security of users’ data and funds. Fadrizul Hasani, Chief Technology Officer of GXBank, shared that the beta app is a product of an inter-company, multi-team collaboration and customers feedback. According to him, the bank leveraged the combined learnings from its partners, their techstack and their deep understanding of their customers to develop something it hopes will address the needs of Malaysians. “With their support and knowledge, we have built a convenient, seamless, fuss-free and secure digital banking app, compatible with all mobile phones with the latest operating system,“This enables us to offer digital banking services to users of all financial capabilities and tech understanding,” he added. During the beta-testing phase, users will be able to create a GXBank Savings Account and up to ten “Pockets. ”“Pockets” are savings goals to encourage users to cultivate a saving behavior for specific needs and dreams. Users can save up for a variety of purposes such as their retirement plan, an upcoming holiday or even for a new home. Money parked in “Pockets” will earn daily interest of up to 3 percent per annum, and users can monitor their savings progress and receive periodic tips to fast-track their savings goals. Asides from being licensed by Bank Negara Malaysia, GXBank is also protecting and earning users’ peace of mind by assuring all deposits are protected by Perbadanan Insurans Deposit Malaysia (PDIM), up to MYR 250,000 ($52,938) for each depositor. It is also enabling users to lock and secure their accounts if they observe any fraudulent or unauthorised transactions, and limiting daily spending to help users not overspend. Other benefits users can enjoy are MRY 20 ($4.24) cashback with a minimum deposit of MYR 100 ($21.18); waiver on MYR 1 (0.21) processing fee for cash withdrawals at MEPS automated teller machines (ATMs) nationwide (coming soon); unlimited cashback every time they spend with our debit card (coming soon). GXBank Chief Executive Officer, Pei Si Lai shared that this is just the beginning of a whole suite of financial services, products and benefits GXBank has lined up to help Malaysians achieve and reclaim their financial independence and goals. “As we continue to test the stability of our app and gather feedback from users, we hope to develop a digital banking experience and app that is uniquely tailored to the financial needs of Malaysians of all generations,” she said. As a bank built predominantly by Malaysians, she said the bank is uniquely positioned to understand and develop financial solutions that address the needs and challenges of the everyday Malaysian. “We are one step closer to our nation’s vision of a financially resilient country where Malaysians can have equitable access to financial products that cater to their individual needs, without the intimation and hassle of elaborate paperwork, processes and jargon,“We are honored to be entrusted by Bank Negara Malaysia to help Malaysians achieve their financial dreams, regardless how big or small – all with a few simple taps on their mobile device, tucked in their physical pockets,” she added. GXBank is Malaysia’s digital bank that commenced operation on September 1, 2023. With a workforce of more than 95 percent Malaysians from both the finance and technology sectors, the bank aims to disrupt the current banking industry with customized innovative solutions that empower Malaysians to be financially resilient and support their financial goals. Powered by Grab, GXBank is a subsidiary of GXS Bank Pte. Ltd. , – the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel) – and a consortium of other Malaysian investors, including Kuok Group. Grab-led digibank GXBank becomes first to get Malaysia central bank’s approval to commence operations

https://technode.global/2023/11/09/mranti-opens-autonomous-vehicle-experimental-lab-to-accelerate-malaysias-mobility-sector-development/

MRANTI opens autonomous vehicle experimental lab to accelerate Malaysia’s mobility sector development

Malaysian Research Accelerator for Technology & Innovation (MRANTI)MRANTI said in a statement that MRANTI AV XL is a center of excellence for testing and research in AVs and next-generation vehicles (NxGVs) designed to accelerate the development of Malaysia’s mobility sector. Following discussion with industry, government agencies and stakeholders, the experiential lab represents a comprehensive approach based on the principles of human-centered innovation and designed for co-creation, adaptability and responsiveness. “This effort is supportive of the National Automotive Policy (NAP 2020) which includes objectives such as the creation of AV test sites and promoting NxGVs,” said Chang Lih Kang, Minister of Science, Technology and Innovation. “In addition, it is also an initiative that can improve efficiency and reduce carbon emissions in the future, “MRANTI AV XL which is the largest AV technology testing and verification site in the country,” he added. MRANTI AV XL comprises a 12-km marked test route and enclosed multi-storey car park, a digital twin for virtual testing prior to physical deployment, 5G network coverage and infrastructure for ultra fast data cellular transmission. Efforts are also underway to offer an AV simulator and the MRANTI Deploy AV-as-a-Service Certification which aims to be the base reference for the national adoption and deployment of AVs on Malaysia’s roads depending on the approval of the relevant parties. “Our vision for this one-stop AV XL is to provide innovators, corporates, researchers, and companies the support they need to rapidly explore, test, validate and evolve solutions in a controlled environment,“MRANTI AV XL is capable of hosting multiple scenarios at any stage of the research and development (R&D) commercialization and innovation (C&I) lifecycle and by bringing these key AV players together on this platform, we hope to fast-track the development of the industry and drive the future of mobility in Malaysia and the region,” Chang added. During the launch, eight AV research projects were announced with partners – University of Nottingham Malaysia, NanoMalaysia, and the Energy Research Institute at Nanyang Technological University Singapore which manages the Centre of Excellence for Testing & Research of AVs (CETRAN). MRANTI is working closely with industry partners – Malaysian Institute of Road Safety Research (MIROS), Malaysia Automotive, Robotics & IoT Institute (MARii) and Futurise as well as other regulators and relevant government agencies to gear the industry forward. “MRANTI Park is leading the way as Malaysia’s first 5G-enabled innovation park, featuring a 5G Experience Center, “Being 5G infrastructure-ready means the park community, innovators and researchers benefit from communication efficiency (higher data rates, lower latency), connection density (reliability, availability and coverage) and position accuracy (higher user mobility),” said Datuk Rais Hussin, Chief Executive Officer of MRANTI. “In the context of an AV XL, these 5G capabilities bring about a profound transformation. AVs depend heavily on the ability to transfer data instantly and maintain uninterrupted connectivity to operate safely and efficiently,“With 5G technology, MRANTI AV XL is able to carry out advanced testing, development and research with an unprecedented level of precision and reliability that was previously beyond reach,” he added. MRANTI serves as a connector, incubator and catalyst to enable early-stage ideation to mature entities to commercialise and scale. The agency offers innovators and industry access to world-class integrated infrastructure, interventions and programs, partnership and a suite of resources. In doing so, MRANTI aims to expand Malaysia’s funnel of innovation supply, and unlock new R&D value by ensuring effective transitions in the commercialisation lifecycle. It will also link academia with industry and the public sector to streamline market-driven R&D efforts for mission-based outcomes. MRANTI which is headquartered at MRANTI Park, an extensive 686 acre 4IR innovation hub in Kuala Lumpur, is supporting the growth of smart manufacturing, biotech, agritech, smart city, green tech and enabling technology clusters. MRANTI launches Malaysia innovation matching platform to propel commercialization rate

https://technode.global/2023/11/09/analyst-sees-challenges-for-malaysia-to-embrace-electric-vehicles/

Analyst sees challenges for Malaysia to embrace electric vehicles

Malaysian analyst The research house said in a report on Wednesday that the rollout of the EV infrastructure in Malaysia and for Malaysia to become a suitable EV investment destination are still facing several challenges. In terms of EV infrastructure, it said that the government’s target of achieving the 10,000 charging stations seems challenging. “Malaysia’s ambitious goal of deploying 10k EV charging stations by 2025, with 9k alternating current (AC) chargers and 1k direct current (DC) fast chargers, appears challenging, in our view,” it said. According to the report, presently, there are 1.2k charging stations in operation, consisting of 1k AC chargers and 0.2k DC fast charging points. In Affin view, achieving this target within the specified timeframe is hampered by concerns regarding: (i) the economic viability of charging stations, (ii) the EV adoption rate, (iii) the substantial cost and investment consideration, and (iv) a reliable electricity supply. Affin also noted DC charging stations are limited and unevenly distributed. “The uneven distribution of DC charging stations in Malaysia is not surprising to us, as it mirrors the distribution pattern of electric car ownership that is primarily concentrated in urban and developed areas,” it said. However, it noted that the high density of chargers within Klang Valley, often leads to under-utilization and charging stations situated along highways and in rural areas may experience low usage throughout most of the year, only to face capacity shortages during peak holiday travel periods. This unbalanced availability of charging infrastructure can, in turn, discourage EV sales in these underserved areas, presenting a challenge to broader market adoption, it added. While the government has outlined nine initiatives to foster the development of EV charging infrastructure Affin said limited interest among potential entrants in this sector persists, primarily due to the significantly long payback period, which can deter investment. “We believe that the high initial costs, coupled with low utilization rates and a relatively modest rate of EV adoption present challenges with the primary concern being the extended cost recovery period,” it said. It is noted that as of the nine months of 2023, Malaysia’s EV sales accounted for just 1 percent of the total industry volume (TIV), with 560 units sold, which would not provide sufficient returns for potential entrants in the short term. Affin also noted the shortage of suppliers in the market for DC charging stations stems from their hesitation to enter the industry until demand becomes more established and predictable. As a result, it sees limited charging operators venturing into this segment. According to the report, the primary deterrent for new entrants and operators is the substantial initial investment required, which can amount to around about MYR 300,000 ($64,048) for a 200kW DC charging station. Additionally, even with this significant upfront expenditure, charging equipment typically has a limited operational lifespan of around five years, which results in rapid capital depreciation, further impacting the return on investment for charging station operators. Besides, EV charging operators seem far from being profitable. Based on Affin assessment in operating DC charging stations, the revenue from a single charging point, at MYR 1.30 ($0.28) per kWh, can only reach MYR 52 ($11.1) – MYR 104 ($22.2) per day based on a 40kWh – 80kWh consumption assumption of a mid-range priced EV. Given the relatively small number of EV users and the low utilization rate of EV charging stations, Affin said this revenue falls short of covering the costs associated with procuring and delivering electricity, as well as the ongoing maintenance and operating expenses. It opined that this misalignment between costs and revenue presents significant profitability challenges for charging operators, especially considering the substantial capital investments required in this sector. While Malaysia’s expertise in the EV ecosystem revolves primarily around midstream components and collaboration with cutting-edge electronics companies, Affin recognize that the landscape for four-wheel EV production is currently dominated by only a handful of key players. While the government actively encourages major EV companies to invest in the country, it acknowledged the intense competition in Southeast Asia, with nations like Thailand, Indonesia, and Vietnam striving to establish themselves as leading EV hubs, each offering unique incentives to attract investments. However, considering the flexibility of MRA AP, it believed that Malaysia has the potential to capitalize on the favorable entry of global EV players, thereby bolstering production in the downstream operations of auto players. Notably, Malaysian automaker EP Manufacturing Berhad (EPMB) obtained a manufacturing license from the government to manufacture and assemble EVs and recently sealed a partnership with Chinese automobile manufacturers BAIC and Great Wall Motors for the local production of EV and internal combustion engine (ICE) vehicles. Meanwhile, Affin opined that protective policies in Malaysia must be removed to attract foreign investment in EV. According to the report, policies favoring local brands, like Perodua and Proton, lead to market inefficiencies. Stricter regulations such as the preferential treatment that foreign investors are typically required to provide, such as taking on local partners or paying substantial premiums to introduce non-local brands, can also discourage foreign investment, in its view. However, it understands that the market liberalization will be implemented gradually with a focus on strategic segments, which include: (i) foreign director investment-friendly policies and support, (ii) accommodating employment opportunities for foreign graduates in local campuses and (iii) reduced preferential treatment. Despite the relatively small contribution from the EV segment to the companies, Affin also foresee as potential slowdown in local players EV sales due to pure EV players’ competitive pricing and attractive after-sales package tailored for the mid-income segment. Malaysia’s EPMB invests $21M for new EV car manufacturing facility in Melaka

https://technode.global/2023/11/08/carsome-appoints-miguel-fernandez-as-cfo/

Carsome appoints Miguel Fernandez as CFO

Southeast Asia’s largest integrated car e-Commerce platform Carsome said in a statement that Fernandez will report directly to Carsome’s Chairman and Group Chief Executive Officer, Eric Cheng. Fernandez succeeds Juliet Zhu, who will remain in her role as Group President. According to the statement, Fernandez’s extensive background spans public, private, and venture capital-funded firms, with successful tenures in a diverse range of industries including FinTech, e-commerce, manufacturing, distribution, private equity, and financial services. He has held senior financial leadership roles at Fortune 100 companies such as Amazon, Dell and Coupang and has served in the Asia Pacific region for close to seven years. Prior to joining Carsome, he was the Group Chief Financial Officer at Maya, a KKR and Tencent backed FinTech portfolio company in the Philippines. Prior to Maya, he was the Chief Financial Officer at Coupang Fulfillment Services, Coupang’s largest subsidiary. Known for his keen business and financial acumen, he has held noteworthy financial roles, including Head of Commercial and Operations Finance in some of the most notable global companies. Fernandez also brings valuable experience in operations and supply chain logistics that complements his technology background. Cheng said that Fernandez has a remarkable track record and global experience especially within the e-commerce industry and the firm has much to gain from his financial, strategic and operational excellence strengths. “Fernandez’s impressive background, strategic acumen, and financial leadership experience make him an invaluable addition to our team as we approach 2024, a year of accelerated profitable growth for Carsome,” he added. He also said that Zhu who took on the role of CFO in January 2020 has played a critical role in Carsome’s growth journey for the past four years. “We will continue working closely with her to drive growth and synergy creation across Carsome’s businesses,” he added. Fernandez, on the other hand, said that Carsome’s commitment to innovation in elevating the customer and car ownership experience within Southeast Asia’s used car industry has unlocked significant value creation potential. “I look forward to contributing to Carsome’s financial strategy, operational excellence, and overall success in delivering the next normal of digitized car ownership in this region,” he added. According to the statement, Fernandez holds a Bachelor of Science in International Business and Logistics from Regis University, where he graduated with Magna Cum Laude Honors. Carsome appoints former PwC Singapore chairman as first independent director

https://technode.global/2023/11/08/malaysias-maybank-expands-cross-border-services-to-china-boosts-asean-financial-integration/

Malaysia’s Maybank expands cross-border services to China; boosts ASEAN financial integration

Malaysian lender Maybank said in a statement that this initiative aims to benefit over eight million Maybank MAE app users visiting China as well as more than 700,000 Maybank QRPay merchants in Malaysia via transactions made by visitors from China. Earlier in 2023, Maybank launched the cross-border QR Pay feature made available for Malaysian MAE app users travelling to Thailand, Indonesia and Singapore, allowing existing Maybank QR Pay merchants to accept payments from tourists and visitors who use supported payment apps from these countries. The recent addition of the China corridor reaffirms Maybank’s commitment to fostering international financial connectivity. John Chong, Group Chief Executive Officer of Community Financial Services Maybank said that Maybank’s active engagement in the cross-border initiative demonstrates the bank’s unwavering commitment to provide convenience to its customers, and aligning with Maybank’s M25+ strategic thrusts, to strengthen its regional presence. “Our entry into China offers an exceptional opportunity to access the dynamic and thriving Chinese market, further solidifying our international footprint,” he added. According to him, this is a significant milestone in the firm’s mission to deliver unmatched payment solutions that is seamless and secure, and the bank is excited to bring this new development to its customers. According to the statement, while in China, Malaysian MAE app users can make cashless payments with AliPay merchants. Users will need to scan the QR code using the MAE app and subsequently enter the payment amount which will be converted to China’s local currency, Chinese Renminbi. This is followed by an instant payment confirmation which details the exchange rate and deductible amount in Ringgit Malaysia. Similarly, merchants in Malaysia are now able to accept QR payments from incoming travellers from China. It is fast, convenient and secure by scanning the DuitNow QR through Alipay, one of the preferred payment platforms in China. The strategic initiative is a result of Maybank’s ongoing collaboration with Payments Network Malaysia Sdn. Bhd. (PayNet) aiding Malaysians travelling to China, and in-bound Chinese tourists visiting Malaysia. According to the statement, Chinese tourists continue to be a key target segment for Malaysia, with the Tourism Ministry announcing approximately 16 million tourists for 2023, of which 5 million are expected from China. Before the pandemic in 2019, Chinese tourists made a significant contribution of MYR 15.3 billion ($3.27 billion) in tourist receipts. Malaysia’s PayNet partners China’s Ant Group for cross-border digital payments

https://technode.global/2023/11/08/malaysias-paynet-partners-chinas-ant-group-for-cross-border-digital-payments/

Malaysia’s PayNet partners China’s Ant Group for cross-border digital payments

Malaysia’s payments firm Effective 31 October 2023, travellers with the eight Alipay+ supported wallets can expect the convenience of travelling cashless to Malaysia and make digital payments by simply scanning PayNet’s DuitNow QR at its network of over 1.8 million merchants touchpoints throughout the country, The duo said in a statement. The eight wallets are Alipay (China), AlipayHK (Hong Kong SAR), HelloMoney by AUB (Philippines), Hipay (Mongolia), MPay (Macau SAR), Naver Pay (South Korea), Toss Pay (South Korea) and TrueMoney (Thailand). According to the statement, more Alipay+ payment partners are also in the pipeline and will progressively be enabled in Malaysia. Additionally, the reciprocal connection to enable DuitNow QR users in Malaysia to make payment at Alipay+ global merchants is expected to gradually be in place from 2024 onwards. It is noted that the Alipay+ merchant ecosystem currently includes tens of millions of merchants in more than 50 markets. The collaboration was signified by a Memorandum of Understanding (MOU) signed in August this year between Ant Group, operator of Alipay+ and PayNet, operator of DuitNow QR. “With this collaboration with Ant Group, I am seeing a new Silk Route emerging; one that is powered by cross-border payment interoperability,” said Farhan Ahmad, Group Chief Executive Officer of PayNet. With the partnership, he said businesses in the DuitNow QR ecosystem can immediately access travellers from eight more regions in an efficient, seamless, and secure way, bolstering trade and commerce. “It could not have materialized at a better time. The Malaysian tourism industry is back on a steady growth path and will be further energized by Visit Malaysia Year in 2026,” he said. According to him, collectively, these linkages will connect economies that contribute over two-thirds to global gross domestic product (GDP) growth and home to over 60 percent of the world’s population whose median age is younger than global average. “At this rate, we may very well see ASEAN+3 economic integration sooner than we think,” he added. It is noted that the DuitNow QR is the National QR Standard operated by PayNet, which enables participating merchants to accept real-time payments from customers of participating banks and e-wallet in this, as well as other connected regions with a single unified QR code. “We are excited to collaborate with PayNet to make digital payments in Malaysia more convenient for users, with our partnership coming to life just as we approach the year-end travel season,” said Douglas Feagin, Senior Vice President of Ant Group and Head of Alipay+ Cross-Border Mobile Payment Services. According to him, a recent report commissioned found that intra-Asia cross-border travel and payments will accelerate over the next few years, with average consumer spending almost doubling from 2016-2025. “This growth reinforces the need to better connect local merchants with international visitors through payments, marketing and other digital services to not only enhance the travel experience, but also boost the local tourism ecosystem in Malaysia,” he said. According to the statement, the collaboration will go beyond connectivity to encompass joint digital marketing initiatives, aiming to enhance the visibility of merchants’ businesses within users’ e-wallets. Both parties will also collaborate through a marketing travel solution powered by Alipay+, for improved customer engagement, where international travellers using Alipay+ supported e-wallets’ can earn reward points or receive discounts and benefits at PayNet’s DuitNow QR merchants’ ecosystem. PayNet is a national payments network and central financial infrastructure for Malaysia with the vision to empower Malaysia’s digital economy. Its extensive retail payments suite, DuitNow (QR and P2P), JomPAY (Bill Payments), FPX (Online), MyDebit (Domestic Debit), MEPS (ATM), and IBG (Interbank GIRO) has nearIn addition, PayNet’s real time retail QR payments network, DuitNow, is also interoperable with domestic schemes in Singapore, Thailand, and Indonesia to enable cross-border transactions with those regions. PayNet is committed to promoting a secure, efficient, and innovative payments ecosystem in Malaysia, and works closely with its stakeholders to develop new products and servicesAnt Group is a firm aims to build the infrastructure and platforms to support the digital transformation of the service industry. Through continuous innovation, the firm strives to provide all consumers and small and micro businesses access to digital financial and other daily life services that are convenient, sustainable and inclusive. Alipay+ is a suite of cross-border digital payment, marketing and digitalization solutions that help connect global merchants to consumers. With the digital payment, consumers can enjoy payment and a broad choice of deals using their preferred payment methods while travelling abroad. Small and medium-sized businesses may also use Alipay+ digital tools to enhance efficiency and achieve omni-channel growth. Ant partners PayNet to promote payment for inbound and outbound Malaysian travellers

https://technode.global/2023/11/08/nefin-and-mydin-team-up-for-carbon-neutral-energy-solutions-in-malaysia/

NEFIN and MYDIN team up for carbon-neutral energy solutions in Malaysia

NEFINThe duo said in a statement that the partnership marks the first collaboration in the Southern region, engaging NEFIN to conduct the detailed energy audit (DEA) and to install solar systems boosting the generation and usage of clean energy, showcasing a significant step towards a greener future within the retail industry. According to the statement, the retail sector is one of the largest contributors to greenhouse gas emissions in Malaysia, accounting for 10 percent of the country’s total emissions. The industry is also a major consumer of energy, with electricity consumption accounting for 40 percent of the sector’s total energy use. With these increasing numbers, Malaysia has committed to achieving climate neutrality and cutting greenhouse gas (GHG) intensity against gross domestic product (GDP) by 45 percent by 2030 compared with 2005 levels. Thus, this partnership will help MYDIN to reduce its carbon emissions and energy consumption, while also setting a new standard for sustainable practices in the retail sector. “We are thrilled to embark on this partnership with NEFIN,“This collaboration perfectly aligns with MYDIN Prihatin#forfuture’s mission to promote sustainability and environmental responsibility,” said Haji Ameer Ali Mydin, Managing Director of MYDIN. According to him, the firm’s dedication to environmental conservation has always been a cornerstone of its values as a responsible retailer, and this partnership reaffirms its commitment to a more sustainable future. “Following the completion of Phase 1, MYDIN is excited to move forward with Phase 2 and we plan to expand the use of clean energy across all our mall locations,“We are eagerly anticipating the outcomes of this partnership and the positive impact it will have on both our operations and the environment,” he added. Founded in 2014, NEFIN is a regional leader in supporting corporations in Asia Pacific decarbonize, with the aim of achieving carbon neutrality. On the other hand, MYDIN is widely recognized for the company’s steadfast commitment to environmental sustainability. In 2023, MYDIN continues to demonstrate its dedication to environmental conservation through various initiatives. These efforts include the Zero Bag Plastic campaign, energy-saving measures in management, the installation of electric vehicle (EV) charging stations, and the recycle clothing garbage initiative. As part of this collaboration, NEFIN will propose the ideal energy efficiency solutions to Mydin with the energy audit report, particularly in the area of HVAC Retrofits/Chiller optimization. NEFIN has also offered the latest technology in solar photovoltaic panels, specifically the N-type solar PV panels from Jinko Solar, the world’s leading solar panel brand, for all the MYDIN sites. The combined solar energy system capacity deployed across the six stores in Senawang (Negeri Sembilan) Pulau Sebang, Jasin, MITC (Melaka) Pelangi Indah (Johor) of Malaysia. MYDIN is estimated to save MYR 71.05 million ($52.42 million) through this installation with a total generation of 286,746,066kWh of clean energy, equivalent to offsetting 199,002 tons of CO2 emissions over the system’s 30-year lifetime. This installation will be carried out by NEFIN’s engineer, procure and construct (EPC) contractor partner, Total IFM, that has 20 years of experience in providing integrated engineering services. “Following our projects with hypermarket chains in Malaysia in the past three years, we are excited to expand our impact on this industry, to join forces with MYDIN in revolutionizing the retailing industry through the implementation of carbon neutral solutions,” said Chong Bor Hung, Managing Director of NEFIN South East Asia and Head of Business Development. By embracing renewable energy, he said MYDIN is spearheading a transformation that will not only reduce carbon emissions but also set a new standard for sustainable practices within the retail sector. “This partnership marks a leap towards creating a greener and more environmentally conscious future for the entire retailing industry which will contribute significantly to Malaysia’s sustainability goals, “NEFIN is grateful that many of our clients trusted us to provide a broad range of services, like energy audit and RECs, to their multiple sites locally and even beyond Malaysia,” he added. As of 2023, NEFIN has successfully generated an impressive 200GWh of renewable energy. These efforts have resulted in offsetting around 118,800 tons of carbon dioxide emissions, planting approximately 1,980,500 trees, and providing power to over 20,000 homes. Through the collaboration with MYDIN, NEFIN remains committed to pushing the boundaries of sustainability and serving as a catalyst for the retail industry to embrace a greener future. Malaysia’s Solarvest secures 11 solar photovoltaic projects in Vietnam

https://technode.global/2023/11/08/malaysias-khazanah-impact-innovation-challenge-2023-unveils-top-3-winners/

Malaysia’s Khazanah Impact Innovation Challenge 2023 unveils Top three winners

The Khazanah Impact Innovation Challenge (KIIC) 2023 has concluded its Demo Day on Tuesday, where 15 finalists representing impactful Malaysian businesses pitched for potential equity investments and/or debt funding from Three winners were selected by the KIIC 2023’s panel of judges for having the most innovative and unique solutions with measurable impact, operating on a sustainable business model and offering solutions that are relevant to Malaysia, Khazanah said in a statement. The Top Three, Braintree Technologies, Ultimeat and Kapitani were awarded grants of up to MYR 500,000 ($106,781) each to realize their business plans. The other twelve finalists, on the other hand, stand to receive grants ranging between MYR 150,000 ($32,034) and up to MYR 400,000 ($85,424) each. Braintree Technologies Chief Executive Officer Arif MakhdzirHe noted that climate change has brought unprecedented production uncertainty to farmers as they can no longer rely on their usual crop cycle pattern. “The uncertainty in the crop calendar also causes uncertainty to the farm workforce, “Our robots are flexible, versatile workers that can do multiple types of work and help farmers deal with the uncertainty,” he said. Ultimeat Chief Executive Officer Edwin Lee said that the firm plans to amplify its community engagement efforts, ensuring Malaysians are well-informed about their distinctive products. “Given the pressing challenges of climate change and its implications on food security, Ultimeat’s innovative technology provides a sustainable solution by producing proteins in just seven days, mitigating environmental impacts,” he added. Kapitani Co-Founder Mohd Nazrul Hazeri said that the firm will use the grant to speed up its projects in two states and hire more talent. “We will also test our financing solutions for farmers. We want to pay them faster and easier,” he added. In addition, three other selected tech-based startups, namely Entomal, Hydroemission and Kairos, each received MYR 10,000 ($2136) as recipients of the “Partner Selection Award”, sponsored by Cradle’s MYStartup, as motivation for further development of their businesses. Cognisant of the importance and urgent need for a more sustainable future, the Partner Selection Award recognises the top innovators tackling climate change for Malaysia’s food security. Khazanah Managing Director Amirul Feisal Wan Zahir said that through KIIC 2023, the fund hopes to channel the necessary support and capital for the application of innovative and sustainable solutions to address the issue of food security while driving socio-economic resilience and growth potential for the country, in tandem with its Advancing Malaysia strategy. “The dedication and ingenuity of these startups will not only improve the agrifood landscape but potentially support countless households, “As we confront rising inflation, global uncertainties, and the challenges posed by climate change, the innovative solutions pioneered today will become the source of resilience for consumers and the nation,” he added. Launched on 25 July 2023, KIIC 2023 called for submissions from Malaysian businesses that have developed innovative and commercially viable solutions to address the challenges posed by climate change on Malaysia’s food security. Khazanah received more than 160 applications, with 15 finalists shortlisted by the committee, including its partners, for the Demo Day, which took place on November 7, 2023. Selections were done based on their entrepreneurial track record, business model and competitive advantage, impact measures, and execution strategy. The finalists attended a 4-week workshop and coaching by industry experts to prepare them for the Demo Day. KIIC 2023 is organized by Khazanah in partnership with its program partner, Plug and Play APAC (PNP), outreach partners, Impact Circle and Cradle Fund’s MYStartup, and funding partners Gobi Partners, 500 Global, and Agrobank. At the KIIC Demo Day, the finalists presented their business proposals to the KIIC panel of judges, which comprised subject matter experts as well as members of Khazanah’s senior management. 500 Global closes $143M across early-stage & growth vehicles for Southeast Asia; ropes in Khazanah, KWAP & EPF as LPs

https://technode.global/2023/11/08/malaysias-tnb-partners-singapores-charge-for-cross-border-ev-charging-platform/

Malaysia’s TNB partners Singapore’s Charge+ for cross-border EV charging platform

Tenaga Nasional Berhad (TNB)This platform will effortlessly connect their customers to EV charging points across Malaysia and Singapore, revolutionizing the EV driving experience, TNB said in a statement on Wednesday. The commitment to this innovative partnership was solidified with the exchange of a Memorandum of Understanding (MoU) during the TNB Energy Conference 2023, held last August. The MoU forms the cornerstone for the development of a seamless cross-border network of electric vehicle charging infrastructure, in alignment with the National Energy Transition Roadmap’s (NETR) goal to deploy 10,000 EV charging stations by 2025. TNB President and Chief Executive Officer Baharin Din described this collaboration as a remarkable opportunity to explore the technical and commercial feasibility of international roaming arrangements. “This partnership is designed to significantly enhance the customer experience for both TNB and Charge+ as they embark on cross-border journeys, “With seamless access to charging points, electric vehicle drivers will be able to enjoy unprecedented convenience and peace of mind,” he said. According to him, this MoU marks Malaysia’s pioneering cross-border roaming alliance in the EV charging sector. As part of the firm’s grand vision, he said this strategic partnership will be integrated into an expansive network of 30,000 charging points by 2030, spanning a 5,000-kilometer EV highway across five Southeast Asian countries namely Singapore, Malaysia, Thailand, Cambodia, and Vietnam. “TNB is taking significant strides to increase the accessibility of electric vehicle charging points within Malaysia and beyond,“This expansion of the TNB Electron network not only enhances the convenience of charging facilities but also reaffirms TNB’s dedication to delivering seamless services for our valued customers,” he added. Addressing concerns about the suitability of electric vehicles for extended journeys and crossborder travel, Baharin expressed his confidence that this roaming initiative will play a pivotal role in challenging and reshaping perceptions. “The improved convenience will alleviate concerns of range anxiety that EV drivers may have, thereby driving greater adoption of EVs in Malaysia,“The TNB and Charge+ partnership will also contribute to reducing overall carbon emissions in Malaysia, supporting our nation’s goal to achieve Net Zero 2050 and aligning with NETR objectives,” he said. Furthermore, Baharin highlighted that this strategic partnership will enable users of the TNB Electron charging stations’ mobile application (GO TO-U) and Charge+ (Charge+) to conveniently access the EV charging assets of both companies, providing a more convenient cross-border charging experience for TNB Electron and Charge+ customers. Malaysia’s TNB partners Petronas to explore CCS technology for gas-fire power plants

https://technode.global/2023/11/06/malaysias-tnb-partners-petronas-to-explore-ccs-technology-for-gas-fire-power-plants/

Malaysia’s TNB partners Petronas to explore CCS technology for gas-fire power plants

Malaysian utility firm The duo said in a statement on Monday that they have signed a memorandum of understanding (MoU) for the partnership. According to the statement, this collaborative endeavor underscores both parties’ commitment to Malaysia’s National Energy Transition Roadmap (NETR) and aligns with the country’s ambition to attain net zero carbon emissions by 2050. It is noted that NETR identifies carbon capture, utilization and storage (CCUS) as the 6th Energy Transition Lever and outlines a clear path to carbon neutrality, with the MoU translating these ambitions into actionable initiatives. TNB Chief Executive Officer Baharin Din emphasized that the MoU strengthens TNB and PETRONAS’s commitment to NETR. He said that CCS stands out as one of the key energy transition levers outlined in the NETR, and this MoU will enable TNB and Petronas to synergize their expertise and align their efforts in the realm of CCS technology for gas-fired power plants. “TNB is fully committed to achieving Net Zero by 2050 and is actively pursuing various initiatives to drive decarbonization in Malaysia. Among these efforts include the capturing and storing of carbon during power generation at gas-fired power plants,“The MoU resonates with TNB’s environmental, social and governance (ESG) agenda signifying our unwavering commitment to environmental sustainability through the exploration of CCS technology and aligning with Malaysia’s NETR,” he added. Petronas Chief Executive Officer Tengku Muhammad Taufik said that the complexity of the energy transition is a systemic challenge that will take work and cooperation with other sectors to achieve the target for carbon neutrality. According to him, the MoU bears testimony to the shared conviction of both Petronas and TNB to deliver a pathway to responsibly provide energy security while supporting the low carbon aspirations set forth in the NETR. “With the combined experience and technical capabilities as owners of energy infrastructures, Petronas looks forward to accelerating the development and deployment of CCS technology as part of a decarbonized energy system,“Together, we can tap the full potential of technologies at our disposal focused on the immediate need to reduce emissions. On our part, Petronas remains resolute to unlocking the solutions that will move the needle towards a more sustainable future – aligned to our net zero by 2050 target,” he added. As Malaysia transitions to a low-carbon economy, the statement noted that natural gas will play a pivotal role in the country’s energy landscape, offering a reliable and affordable transitional base load power source. Consequently, it said gas-fired power plants will enable greater integration of intermittent renewable energy sources, and the collaboration between TNB and Petronas on the implementation of CCS technology for the gas-fired power plants would help contribute towards the nation’s decarbonization endeavors. TNB is a Malaysian utility company in Asia with an international presence in the United Kingdom, Kuwait, Turkiye, Saudi Arabia, and India. Within the renewable energy space, as of December 2022, TNB has a total gross portfolio of 2,896MW in Malaysia (including 2,536.1MW of large hydro) and 993MW across the United Kingdom, Turkiye, and India comprising mainly solar, wind, and hydro energy generation assets. In addition to being the Malaysia’s primary electricity generation enterprise, TNB also transmits and distributes all the electricity in Malaysia. As of May 31, 2023, the firm supplies electricity to approximately 10.7 million customers. Petronas is a Malaysian energy group with presence in over 100 countries. The group produces and delivers energy and solutions and its group portfolio includes cleaner conventional and renewable resources and a ready range of advanced products and adaptive solutions. Malaysia’s TNB and Siemens Energy join forces in green hydrogen advancements

https://technode.global/2023/11/06/malaysias-my-e-g-blockchain-unit-zetrix-launches-cross-border-supply-chain-financing-pilot-with-chinese-banks/

Malaysia’s MY E.G. blockchain unit Zetrix launches cross border supply chain financing pilot with Chinese banks

Malaysia’s MY E. G. Services blockchain unit Starting with the Bank of China as the first financial institution to be onboarded under the project, the end-to-end solution offers a soft landing for trading firms with fully digital onboarding, including registration of a Chinese legal entity, bank account opening and credit assessments, MY E. G. said in a statement last Friday. According to the statement, approved clients will enjoy low-cost financing and quicker release of drawdowns as the service leverages on-chain events recorded and verified on Zetrix. MYEG said China has undergone rapid digital transformation in recent years, with most services, including financial services, now being delivered online and capitalizing on the advantages of blockchain technology. It also noted that China is a world leader in blockchain adoption, and the government is actively supporting the development of the blockchain industry. It is noted that Zetrix is a public blockchain network that also hosts the international supernode of China’s national blockchain, Xinghuo Blockchain Infrastructure and Facilities (Xinghuo BIF). The platform is focused on enabling global trade through its connection to Xinghuo BIF. Zetrix provides users with access to a secure and reliable blockchain platform that is endorsed by the Chinese government. Zetrix’s commitment to localization is further cemented by its partnership with Dixchain, who is a national level high-tech enterprise in China that integrates financial technology and financial services, focusing on providing comprehensive digital solutions for global crossborder trade and finance. “This is a game changer on several fronts. By tracking and verifying the transactions onchain, banks will be able to reduce their risks and enhance their ESG ratings, hence, in turn, reducing the overall cost of financing for end-users,“Trading companies can also leverage on the interest rate differentials their respective countries, as well as widen their financing options,” explained TS Wong, Founder of Zetrix. According to the statement, the pilot will provide more efficient and convenient cross-border financial services for trading enterprises, introduce lower cost overseas RMB funds, help enterprises to obtain lower cost financing, and increase cross-border trade transaction volume. Zetrix is a public blockchain platform that is powering digitization of cross border trade. It 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. , 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 verifiable credentials (VC). Bank of China has institutions across the Chinese mainland as well as 62 countries and regions, and BOCHK and the Macau Branch serve as local note-issuing banks in their respective markets. Bank of China has a global service network and an integrated service platform based on the pillars of its corporate banking, personal banking, financial markets and other commercial banking business, which covers investment banking, direct investment, securities, insurance, funds, aircraft leasing, asset management, financial technology, financing leasing and other areas. Dixchain is a national high-tech enterprise in China that integrated financial technology and financial services, focusing on providing comprehensive digital solutions for the global crossborder trade and financial field, with a number of independent research and development (R&D) platform-level fintech products including the integrated service platform of domestic and cross-border supply chain business, the cross-border financial assets exchange platform, etc,The company has the R&D and delivery capabilities of artificial intelligence (AI), big data, blockchain, biometric identification, identity authentication and other related technology products. At the same time, the company provides cross-border trade data verification, logistics traceability, trade financing, cross-border payment, asset transaction, fund settlement and other services to the global trade enterprises and financial institutions. MYEG partners Beitou IT Innovation to spearhead international digital identity credentials service on Zetrix blockchain