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https://technode.global/2023/02/03/southeast-asias-used-motorcycle-platform-imotorbike-targets-20m-revenue-in-2023/ | Southeast Asia’s used motorcycle platform iMotorbike targets $20M revenue in 2023 | 41 | Southeast Asia’s used motorcycle platform “We clocked $2.5 million (MYR10.5 million) revenue – in 2022. We are gross profitable at every single motorbike sold,” its Chief Executive Officer and Co-Founder Gil Carmo told According to him, iMotorbike has seen a 20 percent increase in quarterly sales in the pre-loved motorcycle market this year. “Our site has over 150,000 monthly visitors and 5,000 registered dealers from across Southeast Asia where we operate,” he added. iMotorbike is Southeast Asia’s pioneering e-commerce platform for buying and selling motorbikes. iMotorbike said it offers a fast, secure, and hassle-free online experience with 170 inspection checkpoints, a 100 percent money-back guarantee return policy, warranty, nationwide delivery and a bundle of finance, road tax and insurance. Headquartered in Singapore and have a growing presence in Malaysia and Vietnam, it said its mission is to address four pain points associated with buying and selling pre-loved motorbikes: reliability, transparency, market fragmentation, and time consumption. Today, iMotorbike is in six locations across Malaysia and Vietnam. The company plans to move into more tier-2 markets in Malaysia with its inspection centers and into other countries. “In 2023, we aim to have 30 inspection centres spread out into more towns and cities across the country. This includes showrooms which will bring us closer to the consumer, helping them buy and sell their bikes to iMotorbike. More hubs means better reach, as we transport the bikes flexibility and it decreases the cost for the customers,” Carmo said. iMotorbike, which plans to raise its Series A funding round, has raised a total of $1.6 million in funding over seven rounds, according to data platform Crunchbase. Their latest funding was raised on Sep 3, 2021 from a Seed round. “We have been part of accelerator programs from US and China. When we were in the classifieds, we raised some money and then again once we pivoted to this current business model, and now we’re going for our Series A,” Carmo said. “We had the angel seed round first, preseed, and then we had a continuation of that for this new business model and right now we’re doing our series A. Up till today, we raised close to $1.6/1.7 million. So we’re doing a $3 million to $5 million round and we’re also doing equity and debt finance,” he added. iMotorbike counts SOSV, The Hive Southeast Asia, 500 Global, Alto Partners Multi-Family Office among its investors, according to Crunchbase. In the interview, Carmo also shared iMotorbike’s plans in 2023, and the outlook of the motorbike market, among others. Below are the edited excerpts:Our site has over 150,000 monthly visitors and 5,000 registered dealers from across Southeast Asia where we operate. iMotorbike has seen a 20 percent increase in quarterly sales in the pre-loved motorcycle market this year. Our site has over 150,000 monthly visitors and 5,000 registered dealers from across Southeast Asia where we operate. We’ve learnt since we started this business that the more bikes we purchase, the more bikes we sell and it’s really really fast and there’s no greater magic to it. Two-wheelers remain a viable, low-maintenance option for many commuters, e-commerce riders and micro tourism operators, amongst others. According to the Federation of Asian Motorcycle Industries, new motorcycle purchases in Malaysia to-date have hit 501,587 units, already surpassing last year’s total of 499,175 motorcycles. There are an estimated 16 million registered motorbikes in Malaysia currently. We recognise that owning new motorcycles may be financially steep for some, and as such, iMotorbike offers affordable pre-loved motorbikes (with the same benefits of a new bike) – including in the B2 category – with guaranteed quality as all bikes have undergone and passed a minimum 170-point inspection. Motorbikes purchased through iMotorbike also include a 6-day return policy and 6 months warranty – which gives peace of mind to buyers. The process is also fast, secure and simple as we also offer insurance & roadtax service. The more motorbikes we buy, the more we can sell. We offer buyers and sellers a process that is hassle free, convenient, professional, trustworthy and credible. Sellers get cash on the spot upon inspection which takes 20 – 30 mins max. iMotorbike appeals to the masses – everyone can own a bike, everyone who owns a bike – small, big, new, old, young, etc – can connect with us. We trade any type of motorbike.1) TechnologyB – Inventory management enhancementC – Expanded website functionality 2) GeographyIn 2023, we aim to have 30 inspection centers spread out into more towns and cities across the country. This includes showrooms which will bring us closer to the consumer, helping them buy and sell their bikes to iMotorbike. More hubs means better reach, as we transport the bikes flexibility and it decreases the cost for the customers. ● More and more sellers are seeing the value of the clear process, easy experience of selling their motorcycles to us, we have even experienced customers coming all the way from Johor or Terengganu just to get their bikes inspected and sold to us. On top of this, we provide a super experience in buying from us as buyers have peace of mind that our post purchase policies provide. Buying via iMotorbike becomes a no brainer. ● Most popular bike models traded are still the “capchai” from Yamaha and Honda. (RS150 & Y15) – Scooters are popular too● Largest age group of sellers / buyers: ranges from 18 to 45 years old1)It’s financially efficient. Motorbikes present an affordable alternative – for the same level / distance in commute, you would be spending MYR16 vs car MYR300 to fuel up. Insurance is 10 to 20X cheaper. This is especially attractive for first time vehicle owners – who want to have their first asset – affordably2) It’s energy efficient.3) It’s time and space efficient.4) It’s a great avenue for added incomeWe hope the government will review a subsidy to allow more people to mobilise for such work quickly and affordably to generate side income. More than 47,000 new Class B2 licences are expected to be obtained each year and enabling a segment of the market to hop into this new sector will help alleviate financial burdens. As a startup, how are you gearing up for 2023?We have been managing cash to the point that we were told that we are “too cash efficient”, we care about every single dollar spend and harvest more than growth at all costs. What are the interesting differences — buyers/sellers habits, supply/demand, procedures/protocols — you’ve seen between the Malaysian market and the Vietnamese market?a) Roads & Regulations:Vietnam also has traffic regulation systems that enforce on the rider a much more cautious commuting approach. That single factor makes motorcycle riders in Vietnam move at low speed and thus the motorcycles are less mechanically exerted compared to the ones in Malaysia. b) Ownership:c) Average kilometres made per year by an average motorcycle user:d) Vehicle ownership transfers:e) Perception:The market we are addressing is huge, and today we are the only player in Southeast Asia addressing it, although similar successful models exist in other parts of the world ie Mundimoto, Ozon, Credr, Beepkart. I believe there’s room for several players to grow in this ecosystem and take it to the next level, while expanding and the market and making it exciting businesses. Based on today’s data, there’s no single company in the line of automotive that also does motorcycles as trade, as there is huge competition in that space and with so much to do, it is unlikely that they would venture into this space. That said, they would be in a better position to address the question than we are. While in theory it seems like a similar business but in reality, it has a different target audience, and requires different operational capabilities and skills in marketing and sales – and stepping in to this space may mean spreading themselves thin and possibly compromising their core focus altogether. We have been part of accelerator programs from US and China. When we were in the classifieds, we raised some money and then again once we pivoted to this current business model, and now we’re going for our Series A. We had the angel seed round first, preseed, and then we had a continuation of that for this new business model and right now we’re doing our series A. Carsome expands Malaysia-based regional headquarters |
https://technode.global/2023/02/02/gobi-partners-onboards-malaysian-startups-durioo-lapasar-paywatch-and-pitchin-to-the-gobi-superseed-ii-fund/ | Gobi Partners onboards Malaysian startups Durioo+, Lapasar, Paywatch and pitchIN to the Gobi Superseed II Fund | 41 | Gobi PartnersGobi said in a statement that the four firms being onboarded are Islamic-themed streaming service Durioo+, e-commerce marketplace Lapasar, earned wage access provider Paywatch and online investing platform pitchIN. All four companies have been identified as leaders in their respective fields and have the capability to scale up and bring sizeable returns to the Malaysian economy. Gobi Managing Partner (Malaysia) Jamaludin Bujang is excited to welcome the new portfolios to the Gobi family and to also help guide them through the expected economic headwinds this year. “We are continuing our efforts to help spur the growth of entrepreneurs, especially startups and small and medium enterprises (SMEs), in the local ecosystem during a challenging time for the Malaysian economy, as evidenced by our latest investment into these four companies under the Gobi SSII Fund,” he said. “The tough situations faced by startups do in a way, act as a natural filter for us to choose the best companies. Because of this, we were able to identify and then invest in Durioo+, Lapasar, Paywatch and pitchIN who have not only successfully adjusted themselves to remain relevant to their markets but have also thrived and strengthened their respective positions,” he added. Durioo+Islamic-themed streaming service Durioo+, which is subscription-based and accessible on smart devices and appliances, was launched in February 2022 to showcase high-quality Islamic and kid-friendly content. The streaming platform showcases Durioo+ Originals, high-quality Islamic cartoons and kid-friendly content from around the world. In ten months, the platform has gained over 20,000 subscribed users and is airing more than 1,600 episodes of content thus far. Harnessing more than a decade’s worth of experience leading Digital Durian, the publisher of Didi & Friends and Omar & Hana, Durioo+ Founder, Sinan Ismail wants to build a platform that produces content for Muslim children and educational mobile games that teach Islamic values. “There are over 400 million Muslim children around the world, but there are too few high-quality Islamic animations and games, that children love to watch and play. What we want to do is instil good values and virtues through the lens of a Muslim,” he said. In the next five years, the company plan is to enter the global market – specifically the United States, the United Kingdom, Middle East and North Africa (MENA), Indonesia, Europe and South Asia countries. Durioo+ aims to collaborate with other local and foreign animation studios, production houses and game companies to produce more content and games. LapasarLaunched in 2018, the business-to-business e-commerce marketplace Lapasar focuses on the distribution of fast-moving consumer goods (FMCG) for general trade. It has served over 10,000 small and medium-sized enterprises (SMEs) throughout the country through its own warehousing, distribution and financial services capabilities. Although Lapasar transformed into a wholesale procurement platform for small retailers only in June 2020, it grew 172 percent year-on-year in 2021 and above 100 times since its first funding round. The aim, Lapasar Founder and Chief Executive Officer (CEO) Thinesh Kumar said is to become the largest wholesale platform in Malaysia by 2026. “We aim to be the go-to mobile app for retailers to source and buy their FMCG goods at consistently low prices, delivered within 48 hours for free, “Lapasar is also beginning to explore lines of credits with partners for the shops which has shown early promise and will continue to expand on that as well,” he said. PaywatchWith the growing demand for earned wage access (EWA) in Asia, Paywatch has established itself as the leading earned wage access (EWA) solution that helps employees bridge cash flow gaps between paychecks. As the only EWA solution that is partnered with top-tier banks, Paywatch also fosters financial inclusion by helping unbanked and underbanked Malaysian workers gain access to the banking system. Paywatch is the only EWA solution of its kind in Asia and has been recognised by the UN Capital Development Fund, Bank Negara Malaysia, and Malaysia Digital Economy Corporation (MDEC) for its financial inclusion efforts. Moreover, Paywatch is the only EWA solution that has been licensed and is recognised by regulators in its operating markets. Its EWA service is being trusted and widely adopted by notable companies in Malaysia such as Lotus’s, KFC, Pizza Hut, QSR Brands, Wilmar and Kenny Hills Bakers. “Paywatch aims to promote financial inclusion by helping workers achieve financial security and gain access to major banks. Employees that feel financially empowered and safeguarded by their employers have also shown a higher retention rate, contributing to better service and lower turnover rates in organisations,“We are proud of what we have achieved since our launch in 2020, and are looking forward to expanding our services and adding more benefits to the platform in order to provide more holistic financial solutions to an underserved segment,” said Paywatch Co-Founder and Chief Technology Officer Patrick Hew. To date, Paywatch continues to grow its product offerings and strengthen its presence in existing markets Malaysia, South Korea and Hong Kong, while also accelerating expansion efforts into new Southeast Asian markets, including Indonesia and the Philippines. pitchINOnline investing platform pitchIN has, since its inception in 2016, raised in excess of $65 million (RM280 million) on its equity crowdfunding (ECF) platform from over 7,600 individual investments made by retail and sophisticated investors to help fund 154 of Malaysia’s fast- growing companies. PitchIN will launch its Secondary Market and Initial Exchange Offering (IEO) platforms this year following approval from the Securities Commission Malaysia (SC) in 2022. It also received approval from SC to list Shariah-compliant campaigns on the ECF platform. PitchIN Chief Executive Officer Sam Shafie said that the company had been preparing to grow into a digital investments fintech hub with multiple offerings“We believe that IEO and the pitchIN Secondary Market will enable pitchIN to offer more fundraising options as well as add liquidity options for investors,“That said, the upcoming Secondary Market and IEO are just the first on our roadmap. We look forward to launching even more services soon, not just in Malaysia but also regionally in countries such as Indonesia, the Philippines and Vietnam,” he added. The Gobi SSII Fund targets early-stage (Seed, Series Pre-A and Series A) technology-enabled local startups operating in segments such as artificial intelligence, big data, cloud, e-commerce, FinTech, Internet of Things and Halal economy. Aside from the new additions, the fund has since its launch in late 2020 invested in four other Malaysian startups namely Sunway Innovation Labs, TechNode, Speedhome and PolicyStreet. Ethis Group and Gobi Partners to debut Shariah-compliant $20M seed fund |
https://technode.global/2023/02/01/malaysias-wellous-appoints-lee-koon-tan-as-group-president/ | Malaysia’s Wellous appoints Lee Koon Tan as group president | 41 | Wellous Group LimitedWellous said in a statement that it has appointed Lee Koon Tan as the group’s president. According to the statement, Tan brings decades of experience as a corporate leader. In this role, Tan will oversee and drive the company’s transformational initiatives and expansion plans. He is responsible for corporate development activities, including strategic partnerships and investment opportunities. Previously, Tan held leadership roles across various companies in the Hong Leong Group, a leading Southeast Asia conglomerate with portfolio companies in financial services, manufacturing, real estate and consumer goods. He is also a CFA Charterholder. Wellous also announced the appointment of Jorrine Ang as chief financial officer, effective from December 2022. Ang has over 10 years of experience in senior management roles of public companies listed on the Bursa Malaysia Stock Exchange, where she was responsible for the formulation and implementation of corporate strategies as well as overseeing corporate finance, fund raising, and investment management. Prior to joining Wellous, Ang founded and ran her own advisory practice, providing pre-initial public offering (IPO) advisory, capital fund raising, mergers and acquisitions and corporate restructuring services for corporate clients. She completed an ACCA (the Association of Chartered Certified Accountants) and holds a Master’s Degree in Business Administration from the University of Portsmouth, United Kingdom. “Lee Koon and Jorrine are both highly accomplished, seasoned professionals and exceptional leaders,” said Wee Kuan (Andy) Tan, Co-Founder and Chief Executive Officer of Wellous. “I am confident they will help to drive Wellous forward at this important time as we transition to a public company. Their considerable experience and demonstrated excellence make them the right choice for Wellous,” he added. Meanwhile, Wellous Co-Founder and Chairman Henry Chin said :“We look forward to working closely with Lee Koon and Jorrine to better develop the markets we serve and deliver more value for our customers, partners, employees and shareholders. ” “With these key leadership changes, we believe this better positions Wellous to realize our full potential,” he added. On December 13, Wellous announced that it had entered into a definitive business combination agreement with Kairous Acquisition Corp. Limited, a special purpose acquisition company (Kairous), that, if and when approved by the shareholders of Kairous, will result in Wellous becoming a publicly listed company on Nasdaq upon the closing of the proposed transaction. Founded in 2016, Wellous is a health food and nutrition company that develops, manufactures, markets and distributes trusted and beneficial health and wellness products. With a strong and growing presence across the Asia Pacific region, the company offers only the best of nature, the most precious ingredients from a wide sourcing network. The firm’s products and services are distributed through its tech-enabled distribution channels. It has a strong footprint in the Asia-Pacific markets and growing presence in other markets across the world. Having introduced over a dozen product series to the market using premium raw materials, the upcoming listing will be a key milestone in the company’s further expansion across the world. Malaysia HealthTech startup BookDoc partners with Childhope Philippines Foundation for CSR collaboration |
https://technode.global/2023/01/30/shopees-parent-firm-sea-to-increase-investment-in-malaysia/ | Shopee’s parent firm Sea to increase investment in Malaysia | 41 | Sea LtdThe Ministry of International Trade and Industry (MITI) of Malaysia said in a statement that Sea’s proposed expansion plans in Malaysia involving the setting up of cloudservices, data hosting and processing, as well as new logistics e-commerce warehouse. The cloud computing project will be located in a three-storey green facility in Kulai, Johor, with 24 data hall suites, M&E rooms, office space, as well as storage and parking facilities, targeted to be completed by the first quarter of 2024. Additionally, its Shopeee-commerce platform will also expand its footprint in Malaysia through a newly-constructed mega warehouse located at Bukit Raja, Klang. The two-storey,1.4-million square-foot warehouse is an integrated hi-tech logistics park equipped with cloud infrastructure. The warehouse will be among the biggest logistics warehouses in Malaysia. Both projects are expected to create more than 2,000 direct job opportunities. Sea operates three core business across digital entertainment, e-commerce, as well as digital payments and financial services known as Garena, Shopee, and SeaMonday. Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan. The investment decision for SEA was shared with the Minister of International Trade and Industry Zafrul Abdul Aziz, during his visit to Sea, where Shopee’s headquarters is also located. The Minister’s three-day investment mission is in conjunction with Malaysian Prime Minister Anwar Ibrahim’s first official visit to Singapore on January 30. As one of Malaysia’s top foreign direct investment sources,the Prime Minister and Minister’s working visits to Singapore are of paramount importance to Malaysia’s continuous efforts to attract high quality foreign direct investments(FDIs)into the country, a portfolio led by the MITI and its agency the Malaysian Investment Development Authority (MIDA). “SEA Limited’s decision to expand its investment footprint in Malaysia clearly reflects its confidence in the prospects, as well as the operational and policy stability of Malaysia’s business landscape,” said Zafrul. According to him, Sea planned FDI in cloud computing and hi-tech warehousing are set to create 2,000 new jobs for Malaysians which will also help the country upskill its human capital, while enhancing national productivity and competitiveness in the long run. “We are also expecting positive spillover effects for our small and medium-szied enterprises (SMEs), corporates and the surrounding local communities. This includes local sourcing, vendor development and the strengthening of local industrial ecosystem particularly in the digital space,“MITI and its related agencies will continue to enhance the nation’s business ecosystem toward ensuring that Malaysia will always be perceived as pro-business, pro-investment and pro-trade,” he added. Meanwhile, Sea Co-Founder and Group Chief Operating Officer YeGang said this is a significant development not just for Sea but for the local digital ecosystem. “Our aim is to enable and support the growth of the overall ecosystem, empowering more players to benefit from the opportunities that this [investment] will create,“We are also committed to supporting the creation of more employment opportunities that will drive Malaysia’s economic growth,” he added. To date, Singapore is the second largest investor in the manufacturing sector in Malaysia with a total of 3,475 manufacturing projects in operation with investment amounting to MYR96.36 billion ($25.4 billion). Sea Ltd’s top management to forgo salaries as firm cuts cost – report |
https://technode.global/2023/01/26/whyq-secures-1-08m-in-extended-series-a2-funding-round-led-by-kairos-capital/ | WhyQ secures $1.08M in extended Series A2 funding round led by Kairos Capital | 41 | WhyQThe extended round was led by the Kairos FoodTech Fund of Kairos Capital Group, WhyQ said in a statement. The initial Series A2 round of MYR11.8 million ($2.78 million) closed in 2021 and included Delivery Hero, Chope, Angel Central, and RB Investments. With this additional funding from the extended Series A2 Round, WhyQ plans to continue expanding its digitalization platform and supporting the growth of small businesses in Singapore and Malaysia. WhyQ will focus on improving their existing products and developing new ones to help small businesses better compete in the digital economy. As part of its planned project trajectory in 2023, WhyQ plans to add more features to the eBiz app, such as customisable templates for online storefronts and integrations with popular e-commerce platforms like Shopee and Lazada. The firm also plans to partner with more logistics providers and payment gateways to give small businesses even more options for fulfilling orders and accepting payments. Additionally, it plans to enhance their digital bookkeeping app with new features such as automatic sales and expense categorizations, inventory management, and bill payments. The firm will also continue to expand its network of lending partners to provide more options for small businesses seeking low-interest and quick loans. It will also strengthen the digital payment infrastructure for MSMEs by offering a wide range of payment solutions that solve the needs of merchants as they go digital. Overall, WhyQ’s goal is to provide small businesses with the tools and support they need to thrive in the digital world. “Collaborating closely with hawkers in Singapore for the past five years has allowed us to understand the challenges that small business owners face when it comes to digitalization,” said Varun Saraf, Chief Executive Officer and Co-Founder of WhyQ. “Leveraging on our experience partnering with small-scale food and beverage (F&B) owner-operators like hawkers, we would like to extend our expertise to now help small business owners in Malaysia to digitalise properly, with simple and free products, “With key backers and partners such as Kairos, Delivery Hero, Ant Group, Chope, we are in a strong position to lead in the region,” he added. WhyQ started as a hawker food delivery service in 2017, and grew to become the largest MSME-focused food delivery platform in Singapore. The firm has since added products to build a digital infrastructure for MSMEs – enabling them to sell and grow their business online, and helping them with digital bookkeeping and microfinancing. WhyQ currently powers over 20,000 small businesses in Singapore and Malaysia by providing them with the tools they need to succeed in the digital world. The firm offers two free products: an eBiz app (WhyQ EBiz) and a digital bookkeeping app (WhyQ Kira Kira). The eBiz app enables micro, small and medium-sized enterprises (MSMEs) to create their own online storefronts, connect with popular marketplaces like Foodpanda, accept online payments, and connect with logistics services like Lalamove – all within 60 seconds. This makes it easy for micro, small and medium-sized enterprises (MSMEs) to set up a digital presence quickly and easily and start selling online. The digital bookkeeping app, Kira Kira, on the other hand, allows small businesses to track their daily transactions, manage their accounts, and apply for low-interest loans from partners such as Funding Societies. This makes it easy for businesses to stay on top of their finances and access the funding they need to grow. “Small and medium-sized enterprises (SMEs) are the economic backbone of Southeast Asia, accounting for more than 90 percent of all companies and are the primary drivers of social mobility. The pandemic has increased demand for more adoption and integration of digital technology among SMEs, “However, many SMEs face numerous barriers to adopting technology at a critical time of need. WhyQ is well positioned to help SMEs with their digitalisation challenges, by providing the digital infrastructure and tools to close the digital divide for merchants in SEA,” said Eric Cheong, Co-Founder and Managing Partner of Kairos Capital Group. “Kairos Capital is excited to work closely with the WhyQ team in driving the digital transformation agenda for SMEs in SEA forward, creating an economic wave to uplift the livelihoods and resilience of small business owners and merchants in an increasingly competitive online commerce environment,” he added. Rishabh Singhvi, Chief Operating Officer and Co-Founder of WhyQ, said :”In Malaysia, small businesses play a crucial role in both the economy and culture. However, they often struggle to find products that cater to their specific needs. This problem has intensified since the pandemic, making it more important than ever for small businesses to adapt to the online world of commerce. ”“WhyQ is dedicated to helping merchants do just that, and we are already one of the market leaders in Malaysia. We are closing the digital gap for tens of thousands of merchants and paving the way for a more comprehensive and accessible digital infrastructure,” he added. SEA food delivery platforms total GMV grows 5% y-o-y to $16.3B in 2022 |
https://technode.global/2023/01/20/mystartup-dnb-announce-winners-for-mystartup-hackathon-2022/ | MYStartup, DNB announce winners for MYStartup Hackathon 2022 | 41 | MYStartup, a Malaysian government initiative powered by Cradle Fund Sdn Bhd. (Cradle), in partnership with Digital Nasional Berhad (DNB), has on Wednesday announced the winners for the recently concluded MYStartup Hackathon 2022. This year’s Hackathon saw DNB issuing three problem statements which participants were then tasked to create solutions for, MYStartup said in a statement. The winning teams are each receiving an MYR10,000 ($2329) cash prize from MYStartup and a chance to present their solutions in more detail to DNB. Cradle Senior Vice President of Ecosystem Development Ahmad Kashfi Alwi said MYStartup registered an encouraging 111 applicants for the Hackathon with diverse expertise and backgrounds. “We have the privilege of hearing from some of the brightest minds in the field, who have been working hard to develop cutting-edge solutions using 5G technology to tackle the problem statements of this hackathon,” he said. The programme which commenced on January 6 came to a close on January 14 after a series of intensive masterclasses, one-on-one mentoring sessions, and boot camp as preparation for finale. Three winners were selected based on relevant judging criteria and viability of ideas that“The winners ingenuity and out-of-the-box thinking was crucial in solving the three problem statementsMYStartup Hackathon X DNB is a programme under the MYStartup initiatives in partnership with DNB. MYStartup Strategy is a national initiative by the Ministry of Science, Technology and Innovation (MOSTI) and powered by Cradle. It consists of several programmes which aim to strengthen the startup ecosystem and community in Malaysia. Among them are; MYStartup Roadshow, MYHackathon, MYStartup Pre-Accelerator, MYStartup Accelerator, MYStartup Internship and MYStartup Mentorship. The programmes aim to ensure startups are thoroughly guided starting from the ideation stage, trained, supported and opportunity to highlight their company profile to attract foreign investors. The MYStartup Programme is part of the Malaysian Startup Ecosystem Roadmap (SUPER), while Cradle as the focal point agency for the startup ecosystem which has been mandated to ensure that this strategy benefits the startup ecosystem as a whole. This effort is also in tandem with MOSTI’s target of creating 5,000 start-ups and producing five unicorn status companies by 2025. MYStartup partners DNB to solve corporate problems through MYStartup Hackathon 2022 |
https://technode.global/2023/01/18/touch-n-go-partners-visa-to-launch-touch-n-go-visa-prepaid-card-in-malaysia/ | Touch ‘n Go partners Visa to launch Touch ‘n Go Visa prepaid card in Malaysia | 41 | Touch ‘n Go GroupTouch ‘n Go said in a statement on Wednesday that the Touch ‘n Go eWallet’s CSR-linked Visa card is the first numberless card in Malaysia, providing stronger privacy with enhanced card security controls. With this card acting as a complementary payment channel to the eWallet, users will be able to make payments even at merchants who do not have a Duitnow QR code. The card also permits users to withdraw cash at automated teller machines (ATMs) and perform online and offline payments internationally. Users can also opt for flexible payment settings via the Touch ‘n Go eWallet app. It is noted that the design of the new Visa card incorporates the artwork by Damien Wong, a talented artist from United Voice who was diagnosed with autism at a young age. The painting, consisting mainly of splashes of colours in blue, green, and yellow, depicts Damien’s view of the world – “In my eyes, this is how the world looks like to me, a splash of colours”. The proceeds from the group’s purchase of this painting go directly to Damien. According to Touch ‘n Go, for every card applied, MYR2 ($0.46) will be donated to United Voice. The proceeds will be used by United Voice to run projects to drive new employment opportunities by upskilling, training, and educating people with learning disabilities. This initiative is a further extension of the group’s long-term collaboration with United Voice, which started in September 2022 with the purchase of ten paintings from United Voice artists. The paintings were incorporated on specially designed enhanced Touch ‘n Go cards, with the aim of profiling the talented artists while raising funds for United Voice. “We are pleased to continue our collaboration with United Voice, with the purpose of creating awareness for their cause and empowering those with learning disabilities to develop the necessary skills which will help them live independently,” said Alan Ni, Chief Executive Officer of TNG Digital Sdn Bhd. According to him, this initiative is also aligned with the group’s commitment towards championing inclusivity in line with its sustainability pillar of Treating People Fairly. “Together with Visa, we have integrated innovation and advanced technology to deliver enterprise grade security and features for this Visa card. At the same time, it is also the first-of-its-kind CSR-linked Visa card in Malaysia, “With all the features incorporated in this card, Touch ‘n Go eWallet is now able to offer all the services equivalent to an alternative bank to all eWallet users for free. We expect strong demand for the card as this will expand our eWallet customers’ payment horizon internationally,” he added. Ng Kong Boon, Visa Country Manager for Malaysia, said this prepaid product that is tied to the Touch ‘n Go eWallet will enable cardholders to pay at Visa’s wide network of over 80 million merchants worldwide. “We are also heartened that cardholders who apply for this product will be able to contribute to United Voice’s upskilling initiative and do their part for charity, while benefitting from making seamless and convenient card payments,” he added. United Voice, set up in 2005, is Malaysia’s first non-governmental organisation (NGO) to be run by persons with learning disabilities. The firm promotes self-advocacy to reduce the isolation of people with learning disabilities such as Down syndrome, autism, attention deficit hyperactivity disorder (ADHD), and cerebral palsy, providing them with the tools, training, platforms, and experience to take control of their lives. Touch ‘n Go Group’s sustainability framework is aligned with United Nation’s Sustainable Development Goals (SDGs) and centred around 4 pillars – Tech 4 Good, Treating People Fairly, Digital Inclusion, and Our Planet. At the core of the group’s sustainability efforts is the ethos that the group strives to achieve net positive in all its activities. The group’s collaboration with United Voice is in line with the longer-term strategic focus under its Treating People Fairly pillar which encompasses empowering the differently-abled; fostering the inclusion of underbanked communities; and promoting responsible consumption. Touch ‘n Go eWallet partners Fave to offer cashback to eWallet users in Malaysia |
https://technode.global/2023/01/13/thailand-e-wallet-provider-truemoney-enters-malaysia/ | Thailand e-wallet provider TrueMoney enters Malaysia | 41 | TrueMoneyWith a focus on providing a seamless payment solution in the digital age, TrueMoney is now the official payment provider for all of Lotus’s locations across the country, TrueMoney said in a statement. With TrueMoney’s hassle-free e-wallet and contactless QR Code payments, Lotus’s customers can now make prepaid and game credit top-ups, as well as pay utility (eg. electricity, water) and phone bills in addition to their day-to-day expenses with simplicity. Furthermore, customers will be able to make peer-to-peer transactions through the True Money app and trace every transaction they conduct because every action is recorded in real-time. “We, TrueMoney, have now expanded into the Malaysian market, marking the company’s 7th Southeast Asian country of operation. Through our eWallet, we offer seamless payment and convenience to all users, with a wallet size of MYR10,000 ($2306) and the utmost assurance of safe and secure payment,” said Jessie Chong, Ascend Group’s Country Managing Director. “We aim to leverage our international presence to create a holistic and dynamic approach to creating a payment ecosystem within Southeast Asia that benefits individuals and small and medium-sized enterprises (SMEs); which includes cross-border payments in the pipeline, “We might be the new kid on the block, but we bring with us a strong tech infrastructure & pre-existing businesses to connect with users in Malaysia,” she added. The TrueMoney e-wallet is currently available in Malaysia via both the Apple App store and Google Play store. Users of the TrueMoney e-wallet will also be able to receive instant benefits upon activation, apart from enjoying Lotus’s cashback and points, along with a RM10 TrueQuest reward. To make its mark in the country, TrueMoney has decided to make everyone’s grocery shopping experience more convenient for Malaysian consumers. By partnering with Lotus’s Malaysia, TrueMoney provides consumers with the convenience they need to effortlessly transact and manage their expenses for their essentials with its app. “Given today’s climate, consumers are more technologically sophisticated, they seek seamless, easy, and convenient shopping experiences all the time. As part of Lotus’s ongoing digital transformation, we are delighted to welcome TrueMoney to Malaysia and to our customers,” said Vivian Yap, Executive Director, Customer of Lotus’s Malaysia. “By incorporating TrueMoney into our e-wallet service portfolio, our customers have more cashless options at all of our 65 stores, “Not only will customers have an easy cashless option with TrueMoney, but it will also be very rewarding as TrueMoney Malaysia will reward our customers with My Lotus’s loyalty points. My Lotus’s loyalty points can then be used to pay for purchases, giving them further savings on their shopping,” she added. As of 2022, more than 50 million people across the Southeast Asian (SEA) region have used TrueMoney’s e-wallet app. TrueMoney Malaysia hopes to form more local partnerships with well-known merchants in the future and build up the whole ecosystem of financial services. Founded in 2003, TrueMoney is a regional fintech company in Southeast Asia, under Ascend Money, a joint venture between The Charoen Pokphand Group (CP Group) and Ant Financial (Alibaba). TrueMoney operates in six countries and has the largest agent network with over 88,000 agents to seamlessly send money both domestically and internationally, as well as an e-wallet that offers a wide range of new financial solutions, such as cashless payments, mobile top-ups, bill payments, international remittances, and many more. Lotus’s Malaysia is a member of the Charoen Pokphand Group Co Ltd (C. P. Group) since December 2020. The C. P. Group is a multinational conglomerate, operating across various industries ranging from agricultural, and industrial to service sectors. C. P. Group currently has investments in 21 countries and economies. Having acquired Tesco Malaysia’s business in December 2020, Lotus’s Malaysia has assumed the operations of all existing Tesco stores, employing 9,000 employees across one head office, two distribution centres and 65 stores throughout Peninsular Malaysia. Lotus’s also has Malaysia’s most extensive online grocery home shopping network with over 100 delivery trucks and operations in Penang, Johor Bahru, Melaka, Negeri Sembilan and Ipoh. GHL partners Alipay+ to enable travelers to use mobile e-wallets |
https://technode.global/2023/01/12/malaysias-carsome-strengthens-cooperation-with-indonesia/ | Malaysia’s Carsome bolsters Indonesian operations via Electrum partnership and Nusantara expansion | 41 | Malaysia-based integrated car e-commerce platform Carsome said in a statement on Tuesday that it is joining forces with Indonesia-based Electrum to further accelerate two-wheeler electric vehicle (EV) adoption in response to growing local demand for sustainable and economical transportation. The partnership aims to contribute to the future of Indonesian mobility by encouraging the adoption of sustainable mobility solutions as the nation ramps up towards meeting its energy transition goals. Electrum is a joint venture established in 2021 between TBS and Gojek with a mission to develop and transform the two-wheeled electric vehicle (EV) ecosystem in Indonesia. “Our partnership with Electrum will be game-changing. Together, we are exploring options to encourage two-wheeler EV adoption as demand grows for more economical and sustainable mobility solutions to power the nation’s economic growth,” said Carsome’s Co-Founder and Group Chief Executive Officer Eric Cheng. As the leading car e-commerce platform with significant operations in Indonesia and the South East Asia region, he said the Carsome will be able to complement Electrum’s growth aspirations to drive EV adoption in Indonesia. “This partnership also signals a new era in Carsome’s journey to mature our plans and support the anticipated growth in EV adoption across the region,” he added. Carsome, which participated Malaysian Prime Minister Anwar Ibrahim’s working visit to Jakarta, also submitted a letter of intent (LOI) citing the company’s interest to set up operations in Nusantara and to invest in digitalizing its automotive industry. “Carsome thanks the Malaysian Government for the opportunity to be amongst front-runners to invest in the growth of Indonesia’s future capital city Nusantara,“We’re well-placed to contribute towards strengthening Nusantara’s automotive ecosystem through digitalisation and to drive talent development and job creation with the establishment of new centers in the capital,” said Cheng. He noted the firm has been present in Indonesia since 2017 and it is committed to taking meaningful actions that support and contribute towards the nation’s socio-economic development needs. At present, Carsome operates 42 retail centers in Jabodetabek, West Java, and East Java. It launched Indonesia’s first Carsome Certified Lab in August 2022 which is the largest across its four markets of operation. In June 2022, Carsome Academy, Carsome’s automotive technical institute, was launched in Jakarta to further increase skilled workforce in the automotive industry. Other strategic alliances in Indonesia include acquisitions of iCar Asia, Southeast Asia’s largest online auto classified platform which operates Mobil123 in Indonesia; equity share acquisition of PT Universal Collection, Jakarta-based car and motorcycle auction service company with subsidiaries across Indonesia. Carsome is Southeast Asia’s largest integrated car e-commerce platform. With operations across Malaysia, Indonesia, Thailand and Singapore, the firm aims to digitize the region’s used car industry by reshaping and elevating the car transaction and ownership experience. Together with subsidiary brands iCar Asia, WapCar and CarTimes, Carsome provides end-to-end solutions to consumers and used car dealers across the decision funnel, from car content consumption, car inspection, ownership transfer to financing and other ancillary services. Carsome currently has more than 4,000 employees across all its offices in Asia. Carsome Mobility Lab unveils five up-and-rising stars |
https://technode.global/2023/01/12/mystartup-partners-dnb-to-solve-corporate-problems-through-mystartup-hackathon-2022/ | MYStartup partners DNB to solve corporate problems through MYStartup Hackathon 2022 | 41 | MYStartupThe joint hackathon is envisioned to bring technological advancements within the problem-solving space of corporates and commercial industries to encourage ideation activities between corporations, emerging startups, and public tech teams, MYStartup said in a statement on Thursday. Paving the way for future collaborative opportunities between startups and established corporations, MYStartup will provide a platform for startups to develop creative technological solutions for corporations in tackling their key challenges. This strategic collaboration strives to accelerate innovation within corporate by working closely with startups. While the 5G rollout is still a work in progress, it is crucial to encourage activities that allow innovative solutions to be built on top of the 5G’s infrastructure. The MYStartup Hackathon 2022 will enable DNB to gain valuable insights using the startups’ ideation process on effectively incorporating 5G services that are accessible to all. The central theme around the hackathon is to objectively solve DNB’s areas of concern, which have been detailed in the following problem statements:“We hope that this programme will act as a catalyst for even more strategic collaborations between startups and players from the corporate sectors in Malaysia and across the region as well”, saidAhmad Kashfi Alwi, Senior Vice President of Ecosystem Development, Cradle. Starting on January 6, the hackathon consisted of three days of hackathon, masterclasses and one-on-one mentoring sessions. Shortlisted participants will undergo a boot camp to prepare them for the final pitching session on 14 January. Winners will receiveMYR10,000 ($2294)for solving each problem statement and a partnership with DNB to help implement the winning solutions in its ecosystem. Eligible startups and entrepreneurs are invited to participate in this event to explore the endless possibilities of technological advancements that can assist corporate solutions in an increasingly digital age. MYStartup Strategy is a national initiative by the Ministry of Science, Technology and Innovation (MOSTI) in Malaysia. It consists of several programmes which aim to strengthen the startup ecosystem and community in Malaysia. Among them are; MYStartup Roadshow, MYHackathon, MYStartup Pre-Accelerator, MYStartup Accelerator, MYStartup Internship and MYStartup Mentorship. Cradle is Malaysia’s early-stage startup influencer, incorporated in 2003 with a mandate to fund potential and high-calibre tech startups through its Cradle Investment Programme (CIP). The firm is presently administered by MOSTI. Cradle has helped fund over 1000 Malaysian tech startups and holds the highest commercialization rate amongst government grants in the country. Currently allocated under the 12-Malaysia Plan, two new grants are made available to the startup ecosystem – CIP SPARK and CIP SPRINT. MYStartup Accelerator Program Cohort 2 offer funding and opportunities for tech startups
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https://technode.global/2023/01/11/solarvest-borneo-inks-mou-with-centexs-and-huawei-malaysia-to-develop-green-energy-lab/ | Solarvest Borneo inks MOU with CENTEXS and Huawei Malaysia to develop green energy lab | 42 | Solarvest Borneo Sdn Bhd, a subsidiary of Malaysian clean energy firm The lab will provide green energy-related learning programme involving solar, green mobility, battery storage systems, as well as green hydrogen, Solarvest said in a statement. According to the statement, the learning and talent partnership is intended to spur research and development collaboration and intellectual property creation in clean energy solutions. “As envisioned by the Sarawak government to transform the state into a regional renewable energy powerhouse, this programme is timely in nurturing the talents needed for the industry to attain the vision,” said Director of Solarvest Borneo Leon Liew Chee Ing. “Being born and raised in Sarawak, as a Sarawakian, I am grateful to be able to contribute to the local community with CENTEXS, “Together with the partnership with Huawei Malaysia, we believe human capital development is a vital step in building a resilient and progressive society,” he added. CENTEXS Chief Executive Officer Syeed Mohd Hussien Wan Abdul Rahman said the firm is cognisant of the importance of equipping our local talents with relevant hands-on trainings to enable seamless integration into the industry workforce. “Green Energy Lab has developed three programme, namely Solar, Green Mobility and Storage and Green Hydrogen. Hence, we are pleased to offer our facilities as testbeds for these programme, “This is a small step, but a meaningful one as we help Sarawak meet its aspiration for green power generation as outlined in the Post Covid-19 Development Strategy 2030,” he added. Huawei Malaysia Digital Power Business Unit Vice President Chong Chern Peng said the firm is committed to providing the best green technology and in continuously skiling local talents in this area as it heads towards fulfilling the government’s carbon neutrality goals. “We believe the development of local talents in Sarawak will help us capture and fulfill the ever-growing green industry market needs and demands. We hope the programme offered under this collaboration are able to attract and enhance their employability, “This will help the industry to progress towards creating a self-generating energy environment where the goal of carbon neutrality can be realised,” he added. Solarvest is a clean energy firm with a multi-national presence across Asia-Pacific. The Malaysia-based company started as a one-stop solar photovoltaic system solution provider for residential, commercial and industrial, and utility-scale solar farms. Today, the firm owns renewable energy generation plants with a cumulative capacity of over 50MW (on-going and completed). The company is currently venturing into other clean energy solutions including, among others, energy efficiency, low-carbon mobility, and renewable energy certificatesThis collaboration is a part of Solarvest’s 5-Year strategic roadmap to transform into a regenerative clean energy expert. As the group expands vertically in the clean energy ecosystem, it has launched several green initiatives, including the green mobility arm, “PowerBee” in November 2022. CENTEXS was established by Sarawak state government to train more people on technical skills that the state needs to industrialize the economy. The firm was given the responsibility to train and upskill the young generation and organization workforce to meet the technical needs and requirements of the state industries focusing on the industry of oil and gas, electrical, construction, textile and heritage, hospitality and tourism, digital and agriculture. Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. The firm has more than 195,000 employees, and it operates in more than 170 countries and regions, serving more than three billion people around the world. Malaysia’s Exabytes partners with China’s Huawei Cloud to provide cloud-first smart solutions |
https://technode.global/2023/01/11/touch-n-go-ewallet-partners-fave-to-offer-cashback-to-ewallet-users-in-malaysia/ | Touch ‘n Go eWallet partners Fave to offer cashback to eWallet users in Malaysia | 42 | FaveThrough the partnership with Fave, Touch ‘n Go eWallet users can now scan any Fave DuitNow QR, and earn up to 15 percent cashback across 17,000 food and beverage (F&B) outlets and retailers, both parties said in a statement. Participating outlets include Subway, Auntie Anne’s, San Francisco Coffee, Puma, Clarks and more. The new service will create an easy, quick and rewarding digital payment experience on one platform. More than 18 million Touch ‘n Go eWallet users will be able to earn cashback every time they pay for purchases by scanning the Fave-issued DuitNow QR code with a Touch ‘n Go eWallet scanner and deduct it from the payable amount upon the next purchase. Users will also be able to link their Fave account and import all cashback, view and use the cashback for their purchases to create a unified experience and maximise their savings. The partnership reinforces how Fave’s vision aligns with Touch ‘n Go eWallet’s in providing a seamless and convenient mode of payment while rewarding a new generation of smart consumers in their day-to-day transactions. Merchants will now have access to more than 18 million Touch ‘n Go eWallet users nationwide via the Fave DuitNow QR and extend their loyalty cashback to more customers, reconciling them under one FaveBiz platform. “We are excited to be partnering with Touch ‘n Go eWallet which manifests our continuous effort to create an integrated payment ecosystem that enhances user experience and creates more value with every digital transaction for all Malaysians,” said Joel Neoh, Chief Executive Officer of Fave. “This partnership integrates both fintech capabilities on one single platform, enabling a smoother, faster, and simpler payment flow, “As for our merchants, this partnership helps them capture new businesses while retaining customers as we brave through the uncertainties of the retail landscape together,” he added. Meanwhile, TNG DIgital Chief Executive Officer Alan Ni said rewards programmes are a proven strategy for growing and sustaining market share. “Besides tapping into Fave’s Loyalty Programme, this new partnership grants access to Fave’s capabilities of offering rewards and savings options which will encourage consumers to shop digitally, “We are pleased to team up with Fave to continue providing our seasoned and new customers with more value-added services coupled with the flexibility to pay and transact,” he added. Fave is one of Southeast Asia’s fintech platforms providing a smart payment app for the smart generation of consumers to pay and save. The firm empowers offline businesses to grow and digitally connect with their customers in a whole new way. The firm currently operates in over 35 cities across Malaysia, Singapore, Indonesia and India. Fave is part of Pine Labs Group of Companies – a merchant platform company that provides financing and last-mile retail transaction technology. TNG Digital was founded by Touch ‘n Go Sdn Bhd and Ant Group, parent company of Alipay, China’s largest digital payments platform. Established in 2017, TNG Digital is the owner and operator of Touch ‘n Go eWallet with more than 18 million registered users and over 1.2 million merchant touch points including DuitNow QR. Combining Touch ‘n Go’s strong domestic brand, dominance in toll, transit and parking use cases and nationwide user base, together with Ant’s deep domain expertise and leading the development of open platforms for technology-driven inclusive financial services, Touch ‘n Go eWallet provides financial services and payments services to both retail users and small to mid-sized businesses, across physical and online infrastructure. Touch ‘n Go eWallet expands cross-border payment to China in collaboration with Alipay |
https://technode.global/2023/01/10/malaysias-bintai-kinden-ventures-into-digital-assets/ | Malaysia’s Bintai Kinden ventures into digital assets | 42 | Bintai Kinden Corporation BerhadBintai Kinden said in a statement that the venture through its wholly-owned subsidiary Bintai Trading Sdn Bhd (BTSB) is part of the company’s treasury management while taking into consideration longer-term needs in business expansion. As part of this initiative and to take into consideration the longer-term needs, BTSB has an account with a digital currency exchange licensed by the Securities Commission Malaysia. “This is an opportune time to venture into digital assets as values across the board has fallen, especially among the main ones such as bitcoin and ethereum,“We will devote a portion of our free cashflow for digital assets and will take a dollar-cost averaging approach when buying into them,” said Azri Azerai, Executive Director of Bintai Kinden. According to him, this is also part of the company’s treasury management as it needs to ensure cashflow to manage its daily operations while taking into consideration its longer term needs and strategies involving the M&E business. “We will continue to seek opportunities in Malaysia and neighbouring countries to expand,” he added. Cited Coinbase Global Inc. ’s 2023 Crypto Market Outlook published in December 2022, Bintai Kinden said a flight to quality among institutional investors; creative destruction that will eventually lead to new opportunities and; foundational reforms that usher in the next cycle, are the key themes for the year. It said the Coinbase report noted that the coefficients that led to the high, positive correlation between bitcoin and ethereum versus United States stocks have trended lower since May 2022 and expects investors to select higher-quality cryptocurrencies based on factors such as sustainable tokenomics, maturity of ecosystems and relative market liquidity. It also said a survey sponsored by Coinbase, the “2022 Institutional Investor Digital Assets Survey”, conducted between September 21 and October 27, 2022 among 140 institutional participants, revealed that 53.6 percent expect cryptocurrency prices to remain range-bound over the next 12 months versus 29.3 percent who expect prices to trend lower while 7.9 percent expect prices to trend higher and 9.3 percent expressed no opinion on where prices will move. Bintai Kinden is a multidisciplinary building and industrial service engineering outfit founded in 1973. The company has designed, installed and commissioned systems that include the full range of engineering services for commercial buildings to industrial complexes. Headquartered in Malaysia, the firm has worked on projects in Southeast Asia, China and the Gulf region of the Middle East. Malaysia’s K-One to conduct cloud computing business in Vietnam |
https://technode.global/2023/01/10/malaysias-incite-foodtech-acquires-eatcosys-to-create-aseans-retail-tech-ecosystem/ | Malaysia’s Incite Foodtech acquires Eatcosys to create ASEAN’S retail tech ecosystem | 42 | Incite Foodtech Sdn Bhd“The acquisition will enable us to advance our ambition of building a comprehensive, unified retail tech ecosystem in ASEAN region, which comprises consumer tech, retail marketing solutions, retail tech solutions and fintech services,” Incite Foodtech Chief Executive Officer Karen S Puah said in a statement on Tuesday. The move witnesses both parties combining expertise and capabilities and diversifying their offerings to create a unified retail ecosystem that benefits both the business to business (B2B) and business to consumer (B2C) segments. This development also will be a fitting response to the latest government demand for industry players to develop more innovative products and market development strategies by leveraging the digital economy to revolutionise the retail industry. According to the statement, the ecosystem’s business model comprises of four divisions including the consumer sector, which focuses on food and beverage brands and future expansion will include groceries, convenience stores, pharmacies, and electrical appliances chain stores. It also includes retail marketing solutions that offer redemption programmes, licensed-character promotions, merchant partnerships, and user activation; retail tech solutions, which focuses on point-of-sales, customer relationship management, data analytics, and payment gateway; and fintech services comprise digital lending, equity crowdfunding and venture capital. The live transactional data from the consumer sector, retail marketing solutions and retail tech solutions is harvested as guiding benchmarks for fintech services. All offerings related to finance are licenced by the Ministry of Local Government Development Malaysia and Bank Negara Malaysia, and regulated by the Securities Commission Malaysia. “Both parties aim to revolutionise the retail tech market in Malaysia, embedded with fintech. It couldn not have come at a better time for us to join forces and build a comprehensive ecosystem, with an initial public offering (IP)O as the ultimate goal,” said Tham Lih Chung, Co-Founder and Chairman of Eatcosys. Tham, who will be listed as the Group Chief Executive Officer, stated they aim to hit MYR100 million ($23,000) in revenue within 12 months and are looking at expanding their business operations in the ASEAN region. Incite Foodtech Sdn Bhd is a food tech venture headquartered in Kuala Lumpur. The venture creates and acquires quick-serving-beverage-and-food (QSBF) brands that satisfy customer needs and sentiment by leveraging on big data. With its unique and “plug-in and scale” business model, Incite Foodtech supercharges QSBF brands development in a variety of formats, including physical outlets, shared space, kiosks, and cloud kitchens. As of the third quarter of 2022, Incite Foodtech operates in more than 25 locations with eight brands under its QSBF brands portfolio (Union Artisan Coffee, Hope Coffee, Eggdicted, Lada Merah, Wondermama, Halley, Goodbooch and K-Pop Grille). Eatcosys is a one-stop retail technology solutions provider fronted by a group of specialists with a steadfast commitment: to support the underserved and unserved businesses with a broad suite of retail and digital services. Its all-round solutions include a cloud-based POS system, CRM software, loyalty management, a transit advertising platform, e-commerce platforms, data insights, and financial services to address the business hurdles for micro, small and medium enterprises (MSMEs) and small and medium-sized enterprises (SMEs). Eatcosys goal is to build a network that empowers enterprises and start- ups to grow, thrive, and sustain long-term prospects. Malaysia’s Penjana Kapital, AC Ventures, Indies Capital Partners ink deal for cross-border investments and technology transfer |
https://technode.global/2023/01/09/malaysias-penjana-kapital-partners-ac-ventures-indies-capital-partners-for-cross-border-investments-and-technology-transfer/ | Malaysia’s Penjana Kapital, AC Ventures, Indies Capital Partners ink deal for cross-border investments and technology transfer | 42 | Malaysia’s In a statement, the trio said the memorandum establishes a framework for Penjana Kapital, Indies Capital Partners, and AC Ventures to explore co-investment opportunities in Malaysia-Indonesia growth companies through existing and soon-to-launch funds. It also solidifies a commitment to facilitating cross-border investments and technology transfer in key sectors such as data centers, education, hospitality, mobility, and waste management involving Indonesian and Malaysian startups. According to the statement, Malaysia and Indonesia have shown immense commitment to fostering sustainable economic development and promoting the growth of the green economy. Cited data from the Malaysia External Trade Development Corporation, it said the total trade value between Malaysia and Indonesia rose 43.5 percent to MYR95.1 billion ($21.6 billion) in 2021 compared to 2020. Total Malaysian exports to Indonesia were up 32.5 percent to MYR39.22 billion ($6.9 billion) while total imports saw a 52.3 percent improvement to MYR55.88 billion ($12.7 billion) in the same period. The partnership will help Penjana Kapital find new and impactful investment opportunities from emerging sectors in Indonesia’s fast-growing economy. Further, Indies Capital Partners and AC Ventures, with the help of Penjana Kapital, will help Indonesian and Malaysian companies pursue scalable business opportunities, exchange key knowledge, and share technology for industry development and trade networking. “Penjana Kapital, Indies Capital Partners, and AC Ventures are all major players in the investment landscapes of Indonesia and Malaysia,“Through cross-border cooperation and investment, our firms have the opportunity to tap into new markets, access new sources of capital and expertise, and drive innovation and growth in both markets,” said Pandu Sjahrir, Founding Partner at ACV and Managing Partner at Indies. “By working together, we can also deepen economic ties between Indonesia and Malaysia, and promote a more interconnected and prosperous ASEAN region,“The key to realizing this potential is in fostering a spirit of collaboration and prioritizing the interests of both nations,” he added. Malaysian Prime Minister Anwar Ibrahim and Minister of International Trade and Industry Senator Zafrul Tengku Abdul Aziz witnessed the signing ceremony during the Prime Minister’s two-day working visit to Jakarta. Penjana Kapital incorporated in 2020 as part of the Malaysian government’s initiative to catalyze the development of innovative startup companies. Its main role is to stimulate the Malaysia’s economy by futureproofing Malaysia businesses through innovation from start-ups, funded by private capital from strategic international and private domestic investors, matched by the government and in turn creating a vibrant and sustainable venture capital industry in Malaysia. Penjana Kapital administers and facilitates the deployment of the Dana Penjana Nasional, a matching fund-of-funds program where the Government of Malaysia will match, on a 1:1 basis, funds raised by the venture capital fund managers from foreign and private local investors. Indies Capital Partners is one of the earliest established private credit-focused managers in Southeast Asia. Since its inception, the firm has evolved into a top-quartile, award-winning alternative asset manager in the region, with strategies spanning private credit, private equity, and more, with more than $800 million in assets under management. ACV is a leading Southeast Asian venture capital firm investing in early-stage technology startups focused on Indonesia and ASEAN. The firm partners with and empowers entrepreneurs with more than capital by combining operational experience, industry knowledge, deep local networks, and resources to create value for the companies it backs. With more than $500 million in assets under management, ACV is a generational partner to founders driving positive societal change and economic impact in Indonesia and beyond. Malaysia’s Penjana Kapital partners Indonesia’s AC Ventures to pave way for Malaysian start-ups to access $1T Indonesian market |
https://technode.global/2023/01/09/ushering-into-an-uncertain-2023-heres-what-vcs-experts-think/ | Ushering into an uncertain 2023: here’s what VCs & experts think | 42 | Many are expecting a tough year in 2023, as the three major engines of global growth – the United States, Europe and China – are all experiencing weakening activity. The new year is going to be “tougher than the year we leave behind,” IMF Managing Director Kristalina Georgieva said recently on the CBS Sunday morning news program “Face the Nation. ”“Because the three big economies – the US, EU and China – are all slowing down simultaneously,” she said. “For the first time in 40 years, China’s growth in 2022 is likely to be at or below global growth. ”The IMF Global GDP growth in 2023 is expected to slow to 2.7 percent, compared, down from its July forecast of 2.9 percent, the IMF said then. Zooming into Southeast Asia, the Asean region will remain one of the fastest-growing regions of the world in 2023 but economic growth will likely fall marginally from 2022, largely due to worsening global economic conditions and tightening monetary policy, according to a note on The Asean region, however, will remain attractive to foreign direct investment, with trends in commercial and state investment likely to remain consistent throughout the year, despite a more challenging macroeconomic environment, the consulting firm noted. “There are many reasons to expect that the world economy will face a rough ride next year; inflation, recession, the strong dollar and not mention wars, trade issues, job cuts, falling market indices, the spectacular meltdown of big tech companies and many others,” regional VC firm “A lot of these have a direct impact on startups, including those in Southeast Asia. For startups, raising funds is getting harder. For fund managers, while there is still plenty of dry powder, they taking a more cautious stance until leading indicators turn more positive,” he said. Tech sector is expected to remain a ‘wait-and-see’ approach going into 2023, considering the current developments in this industry of late, Marissa Salim, Vice-President, Hedge Fund Research of Preqin told But still, there are reasons to be optimistic, according to VC firms. “Southeast Asia is a large producer and consumer market and is still relatively sheltered from political problems faced by the Western world,” Gobi’s Jamaludin shared. “We think this zone will maintain its strong growth and will be politically stable to ensure long term prosperity, supported by demands from the West and China. ”“The tough situations faced by startups currently in a way act as a natural filter for us to choose the best companies, those which have successfully adjusted themselves to remain relevant to their markets,” he added. As for Indonesia, the largest economy in the region, 2023 could be seen as a good year to invest in technology, according to Indonesia-focused VC firm “From a US perspective, we expect inflation to peak early next year and rate hikes ending. This should support the US avoid a recession with minimal growth. The re-opening of China, and reduction of high inventories should further support this as well. This bodes well for Indonesia as commodities demand will remain strong and enable slower domestic rate increases to support the economy,” Indonesia-focused VC firm AC Ventures Founder and Managing Partner Adrian Li told Indonesia’s central bank expects gross GDP to grow by 4.5 percent to 5.2 percent this year and the country will become a $1.3 trillion economy, he noted. Technology companies will benefit from continued digital adoption and increased engagement by consumers as well as reduced labor costs as the supply of talent increases in the ecosystem, Li said. “Companies with strong balance sheets and health unit economics stand to benefit the most, in particular those who were fastest to recognize the challenges of 2022 and implemented swift and appropriate cost-cutting measures. ”According to Li, many funds continue to have large amounts of capital to deploy in the best companies and those businesses which can demonstrate sustainable growth with quality metrics will be able to fundraise. “2023 will be one of the best years in the past decade to invest in technology as digital penetration is at its highest ever and capital efficiency is paramount,” he shared. According to Li, there are pillars in the Indonesian economy that are mainstays as value drivers for the industry as they solve fundamental problems that exist in its market with technology. “That is why historically, and in the future, we invest in Fintech, MSME, e-commerce and consumer verticals,” he said. “Recently, however, we have also seen some interesting developments in some emerging sectors including ESG and upstream B2B platforms. ”“ESG is the hot theme now and rightfully so, given the climate, inclusivity, sustainability and governance issues the world is facing now. We think technologies addressing these complex issues will drive the industry further into the future. We are actively looking out for suitable companies in Malaysia and in this region now,” Gobi’s Jamaludin said. Gary Khoeng, Partner at Singapore-headquartered VC firm These include cost-effective consumer solutions, new wave of products and services empowering the Creator Economy, digital finance deepening their services for the underbanked, digital health alleviating strain on public healthcare systems and enabling care at home, agriculture, climate and sustainability and mobility beyond electric vehicles. Commenting on the firm’s plan, he said the VC firm focuses on “building and enriching local startup communities across Southeast Asia and India, expanding our physical footprint to more locations within Southeast Asia to invest in top in class opportunities by quality founders. ”Gobi’s Jamaludin opined that investors who seize the opportunities now rather than taking the wait-and-see approach will be in a better position. “Unlike previously, this is currently the investor’s market. This may not hold for a long time given the high dry powder in the market now but we think investors that are willing to take the risk and take the opportunity to invest now rather than wait for the market to turn, will be in a better position,” he said. Fundraising activity in Southeast Asia over the past year (2022) has been quite different when compared to previous years, according to Preqin’s Marissa. “From what we are seeing, the average size of a fund raised in 2022 for managers based in Southeast Asia is larger compared to even five years ago, partly due to a couple of private capital funds which closed this year on bigger ticket,” she added. Following the G20 event in Indonesia last year, AC Ventures’ Li noted that many geopolitical tensions are expected to be improved as the global economy is trying to pick itself back up. “Additionally, many new government regulations promoting a wide range of sectors from healthcare to industry and the environment will serve as a tailwind for digitization moving forward,” he said. As large listed incumbents such as Sea Ltd, GoTo and Grab focus on profitability, large non-core verticals have been deprioritised or stopped altogether. This reduces competition and opens up new opportunities for startups to grow sustainably and focus on their quality metrics. “We also believe the strongest entrepreneurs and businesses are likely to emerge in times like these which creates a highly compelling time to be investing in technology,” he shared. The best startups and teams will find that they have plentiful sources of capital and that many firms have invested heavily in providing highly value-adding support services to their portfolio. The past two years have also seen venture firms raise the bar on how they invest and work with their founders, according to AC Ventures’ Li. “Later-stage investors will find great opportunities in Indonesia at better valuations than have been seen in the past three years. Coupled with a fast-emerging exit market the next few years could be the best vintages of technology investment the market has seen,” he said. Both AC Ventures and Gobi Partners also gave their suggestions on how the startup ecosystem can further improve. Li hopes that there will be more collaboration between the government and the startup ecosystem in Indonesia. “We hope that there will be more collaboration and dialogues between the government and the startup ecosystem in Indonesia as we can reach mutual goals in 2023 and beyond. This includes agile processes amongst investors, startups and the government,” Li said. For governments, there is a need to continue providing a conducive and supportive environment for startups to thrive such as making it easier to hire foreign experts, Gobi’s Jamaludin said. “For startups, take this opportunity to learn to be nimble and start paying more attention to managing cash flow and their resources effectively. ”TechNode Global’s Top 10 feature articles in 2022 |
https://technode.global/2023/01/06/malaysias-worqapp-raises-1m-seed-funds-to-launch-super-app-for-effective-execution/ | Malaysia’s WorqApp raises $1M seed funds to launch super app for effective execution | 42 | WorqApp“In less than one month since the soft launch, we have already customers from Malaysia, Middle East and Europe. WorqApp is a very customer-centric product and we have a goal to help more than 1000 organisations with Effective Execution within the next 3 years,” WorqApp Co-Founder and Chief Executive Officer Hassan Mehmood said in a statement. Despite the challenging COVID pandemic period, the company has made constant progress since its establishment. Sharing his experience from building the platform over 3 years, Mehmood said one of the key success factors for WorqApp is the ‘all-in-one’ approach. “You can think of super app like Grab or Wechat for social matters or aspects related to lifestyle but there is none for Effective Execution at the workplace,“WorqApp’s approach reduces the cost for our customers and makes it possible for leaders to use one digital platform for effective execution,” he added. Jonas Lind, Managing Director of Megadeals Invest and Chairman of WorqApp said interacting in today’s world is easier than ever yet the gap between strategy and execution is widening. “This gap is especially prevalent in large companies and in fast-growing startups. Companies that manage to close this gap will see a tremendous impact on financial performance,” he added. WorqApp is owned and developed by Nib Technologies Sdn. Bhd (NibTech) — a Malaysian-born startup on a mission to make Enterprise Execution effective. Established in 2018 by co-founders Teh Chee Hoe, Jonas Lind and Hassan Mehmood, the firm is the platform for teams and businesses to implement enterprise execution effectively. The core method of WorqApp involves the behavioral design and nudge theory to support its mission. The app involves tools to communicate, collaborate and boost engagement making it easier to manage teams of all kinds, run high-impact initiatives that enable a business to see and achieve their long-term goals, develop talent among individuals for fast-moving career growth, and to help with everyone’s productivity using its smart tools. UK’s activpayroll acquires Malaysia-based payroll outsourcing and employee mobility specialist Propay Partners |
https://technode.global/2023/01/05/mystartup-accelerator-programme-cohort-2-offer-funding-and-opportunities-for-tech-startups/ | MYStartup Accelerator Program Cohort 2 offer funding and opportunities for tech startups | 42 | MYStartupIn a statement, MYStartup said the Accelerator Program was initiated by the Ministry of Science, Technology and Innovation (MOSTI) of Malaysia to create and nurture successful global Malaysian startups, and is part of Cradle Fund Sdn. Bhd. (Cradle)’s mission to become a world-class startup ecosystem regionally and globally. Cohort 2 of the MYStartup Accelerator Program is now open for registration to startups who are (i) an incorporated company in Malaysia; (ii) a tech startup with a scalable nature; (iii) in the stage of MVP or revenue-generating, and (iv) looking to expand regionally and globally. Successful candidates will be selected to undergo a six-month intensive enrichment program that will provide their startups with access to experienced mentors, interactive workshops, and masterclasses by world-leading industry experts to help them scale their businesses. Some of the added advantages that come with the program include a once-in-a-lifetime chance to be selected to participate in an Overseas Immersion Programme, where the startups will have the chance to connect with other players in the industry, and at the same time gain real-life insights into expanding their business regionally and even globally by experiencing how other startups work. All successful candidates will be provided full support and guidance via workshops and seminars to ensure that they are well-prepared to enter any market for further business expansion. Registration for the MYStartup Accelerator Programme for Cohort 2 is still open and will be closed on January 9th, 2023. MYStartup Strategy consists of several programs which aim to strengthen the startup ecosystem and community in Malaysia. Among them are; MYStartup Roadshow, MYHackathon, MYStartup Pre-Accelerator, MYStartup Accelerator, MYStartup Internship and MYStartup Mentorship. With a mandate to fund potential and high-caliber tech startups through its Cradle Investment Programme (CIP). Cradle is presently administered by MOSTI. Cradle has helped fund over 1000 Malaysian tech startups and holds the highest commercialization rate amongst government grants in the country. Currently allocated under the 12-Malaysia Plan, two new grants are made available to the startup ecosystem – CIP SPARK and CIP SPRINT. MYStartup partners airasia academy to enable startup community to learn and upskill |
https://technode.global/2022/12/28/technode-globals-top-10-feature-articles-in-2022/ | TechNode Global’s Top 10 feature articles in 2022 | 42 | It’s the time of the year again as we take a look back at what had happened in 2022 in the tech and startup scene, before ushering into 2023. The year 2022 has generally looked less rosy as compared to 2021 as the tech industry is clouded with layoffs and a slowdown in fundraising activities. We have written some analysis and feature articles in 2022, covering various sectors, including FinTech, DroneTech, Web3, and electric vehicles, among others. Here are the most popular ones: 1. Fintech continues to be a hot sector in Southeast Asia after a booming 2021FinTech continues to be a hot sector in Southeast Asia after a booming 20212. Malaysia’s drone tech hub ambition: Opportunities & Challenges [Part 1]
Malaysia’s drone tech hub ambition: Opportunities & Challenges [Part 1]3. Women in tech: How these VCs are helping to close gender gap in Southeast AsiaWomen in tech: How these VCs are helping to close gender gap in Southeast Asia4. Vietnam’s homegrown carmaker VinFast’s in high gear to win US & European EV marketsVietnam’s homegrown carmaker VinFast’s in high gear to win US & European EV markets5. Finding a niche in the Philippines’ Iron TriangleFinding a niche in the Philippines’ Iron Triangle6. Consortiums partnering banks, e-wallets have an upper hand to bag Malaysia digital bank licensesConsortiums partnering banks, e-wallets have an upper hand to bag Malaysia digital bank licenses7. Malaysia’s Carsome banks on digital banking to complement existing car businessMalaysia’s Carsome banks on digital banking to complement existing car business8. The rise of Web3: Asia Pacific expected to grow at fastest rateThe rise of Web3: Asia Pacific expected to grow at fastest rate9. Malaysia’s drone tech hub ambition: Opportunities & Challenges [Part 2]
Malaysia’s drone tech hub ambition: Opportunities & Challenges [Part 2]10. KPMG-HSBC report spots 10 potential unicorns in Malaysia: here’s a closer lookKPMG-HSBC report spots 10 potential unicorns in Malaysia: here’s a closer lookTechNode Global’s Top 10 most-read news articles in 2022 |
https://technode.global/2022/12/22/bursa-malaysia-and-ram-collaborate-on-a-new-debt-fundraising-platform/ | Bursa Malaysia and RAM collaborate on a new debt fundraising platform | 42 | Malaysian stock exchange The platform will facilitate listed and unlisted small to mid-sized companies tapping into a new pool of capital outside of traditional wholesale markets, offering a new avenue and greater flexibility to these companies looking to raise funds, both parties said in a statement. According to the statement, the platform provides for a ‘bond-like’ experience allowing investors to invest in investment notes with credit and environmental, social, and governance (ESG) ratings as easily as they would invest in shares in a transparent and regulated market, facilitating informed investment decisions. Under the agreement, the joint venture will be carried out through a new company whereby Bursa Malaysia will hold a 51 percent equity interest and RAM will hold the remaining 49 percent. “This agreement marks a significant milestone in our journey to become a multi-asset exchange,” said Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia. According to him, the collaboration with RAM will broaden fund raising avenues for both public limited companies (PLCs) and unlisted entities – specifically enabling better access to both conventional and Shariah investment notes. “At the same time, we would also be able to provide new fixed income investment opportunities to both retail and sophisticated investors,“This will further create an alternative fund-raising avenue for businesses which are currently underserved in this challenging environment and that are not yet ready to list on the exchange,” he added. RAM Group Chief Executive Officer and Executive Director Chris Lee said to enhance transparency in the ecosystem of debt-based financing and investments, RAM will contribute its expertise in credit ratings, ESG ratings and fixed income pricing. 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. The firm operates and regulates a fully-integrated exchange offering a comprehensive range of exchange-related facilities, and is committed to creating opportunities, growing value. RAM is a 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 & analytics and sustainability services. In 2016, RAM Sustainability commenced offering Sustainability Ratings, a tool and framework that measure companies’ environmental, social and governance (ESG) performance. Bond Pricing Agency Malaysia Sdn Bhd (BPAM) 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. Temasek, DBS jointly launch $500M debt financing platform for Asia’s growth stage tech firms |
https://technode.global/2022/12/22/berjaya-corp-partners-mnc-group-to-explore-e-money-business-in-malaysia/ | Berjaya Corp partners MNC Group to explore E-Money business in Malaysia | 43 | Malaysia-listed conglomerate Both parties said in a statement on Wednesday that the strategic partnership aims to leverage both BCorp’s and BCAP’s strengths to develop and expand the e-money-related services specifically between Indonesia and Malaysia. “I am excited with the strategic partnership with the MNC Group. We see the tremendous value that MNC Group will bring as our strategic partner in enhancing the group’s ability to meet the needs of our customers, “I look forward to the possibility of expanding the scope of our collaboration with the MNC Group moving forward as we work to further strengthen our position as the leading global consumer group,” said Vincent Tan Chee Yioun, Founder and Chairman of BCorp. Meanwhile, MNC Group Executive Chairman Hary Tanoesoedibjo said the partnership between MNC Group and BCorp is expected to create synergy in providing convenience to the Indonesian people in Malaysia. “I hope this partnership will also lead to more collaboration between Indonesian and Malaysian companies to benefit both countries and their people parƟcularly in trade, investments and businesses, “I am confident that our expertise in digital financial services will be a gamechanger and bring significant value to this partnership,” he added. BCAP is established by MNC Group, one of the largest national business groups in Indonesia. Under the leadership of Hary Tanoesoedibjo, MNC Group has become the leader in four strategic investments: media and entertainment, financial services, entertainment hospitality, and energy. BCorp is a company listed on the main market of Bursa Malaysia Securities Berhad and is a global consumer group with interests in four core business segments – retail (food and non-food), hospitality, property and services. BCorp’s interests under these business segments include amongst others, food and beverages, consumer marketing, property development and investment, financial services, hotels and resorts, recreation clubs, air charter services, gaming, environmental services, motor trading and distribution, telecommunications, digital solutions and others. Binance & Cuscapi Bhd take strategic stakes in Malaysia FinTech firm MX Global |
https://technode.global/2022/12/21/malaysias-sersol-ventures-into-electric-scooters-business/ | Malaysia’s Sersol ventures into electric scooters business | 43 | Malaysia-listed coatings business firm Sersol said in a bourse filing on Wednesday that the joint venture companies of Sersol Energy Sdn Bhd, a wholly owned subsidiary of the company, namely Sersol Takuni (M) Sdn. Bhd. , Sersol Takuni (Thailand) Co. Ltd. , and PT Sersol Takuni (collectively referred as ST) have entered into a Memorandum of Understanding (MOU) with Chongqing Beidou Jiean Neo-Energy Technology Ltd. (Beidou). Under the MOU, the parties will sell, distribute, assemble and produce electric scooters and related accessories and infrastructures which will include the charging of the electrics scooters throughout Malaysia, Thailand, and Indonesia. Beidou is a China-based technological company specialized in providing total solution for new energy technology and its application for various industries. The MOU is to pave way for ST and Beidou to collaborate with each other exclusively in Malaysia, Thailand and Indonesia. ST will assist and facilitate Beidou in conducting and to accomplish all business activities in Malaysia, Thailand and Indonesia including show rooms, product on-road certification and essential stocks. Beidou will provide the products of Beidou, including technology transfer and patent licensing when parties want to set up the manufacturing base in either Malaysia or Thailand. This MOU will be effective from the signing date of the MOU and remain in force for a period of three months. Sersol Bhd, which was listed on Bursa Malaysia on 2004 is an entity involved in the coating industry. The company’s main plants are located in Johor, while its business reach stretches from Malaysia all the way to Thailand. Ni Hsin partners with SIRIM to set up lithium-ion battery recycling plant |
https://technode.global/2022/12/21/uks-activpayroll-acquires-malaysia-based-payroll-outsourcing-and-employee-mobility-specialist-propay-partners/ | UK’s activpayroll acquires Malaysia-based payroll outsourcing and employee mobility specialist Propay Partners | 43 | United Kingdom-based human resources tech firm Activpayroll said in a statement on Monday that the firm has delivered significant year-on-year growth, growing revenues over the last year by an impressive 27 percent, with the Asia Pacific business proving to be a significant part of that success. It said the acquisition of Propay Partners will accelerate this growth and provides the ideal opportunity to support existing customers while building on activpayroll’s success in the region. “At activpayroll, we are targeting long-term sustainable growth, building an ambitious approach to acquiring new business while continuing to provide excellent service to our existing customers, “Acquiring Propay Partners and the associated growth in the Asia Pacific region is key to us achieving this objective,” said Jason Allen, activpayroll Chief Executive Officer. According to him, Propay Partners and activpayroll have a long-standing partnership spanning over ten years and have fostered a strong collaborative working relationship which places people at the heart of their success. “When we decided to make the strategic move and strengthen our presence in Asia Pacific, we knew that Propay Partners was the perfect fit,“The coming together of our two companies will ensure our continued high service delivery to our growing customer base, and I’m confident that together we will meet our strategic objective of being best-in-class in the Asia Pacific market,” he said. He also said that the Propay Partners team’s brilliant service delivery to both colleagues and customers are perfectly aligned with activpayroll’s own values. “We will build on Propay’s two decades of knowledge in the market, and together, we will meet our ambitious growth objectives,” he added. According to the statement, Propay Partners has built a strong reputation for high customer service during its 21-year history by consistently delivering excellence. It has a strong track record in streamlining payroll outsourcing solutions and employee mobility and has ensured its clients stay ahead of the curve when it comes to offering innovative payroll and mobility technology solutions. Activpayroll said the firm has big plans for growth in Asia Pacific and sees the Propay Partners business at the centre of that expansion. It said Malaysia is perfectly placed geographically to service the largest customers in Asia, and access to a highly skilled talent pool will help further enhance the service offering. It also said key to meeting this objective is the continuation of the strong partnership that already exists between the two businesses. “We’ve spent the past 21 years building and growing our business and now feels like the right time to integrate with activpayroll, “We are confident that they will help support the team on the next stage of their journey,” said Manish Mehta, Co-Founder and Business Director of Propay Partners. “The values and commitment that activpayroll has to its people and customers will help ensure a seamless transition for our team members, clients and partners, “The Propay Partners team is excited to be joining activpayroll and helping to drive future growth and success in the region,” he added. Manish is bringing his considerable experience to activpayroll as he joins the team as the new Regional Director for Asia Pacific. Malaysian EWA startup Paywatch raises $9M funding led by Third Prime |
https://technode.global/2022/12/20/malaysias-aerodyne-acquires-controlling-stake-in-brazils-drone-inspection-company-grupo-dr1/ | Malaysia’s Aerodyne acquires controlling stake in Brazil’s drone inspection company Grupo DR1 | 43 | Aerodyne GroupThis strategic investment marks Aerodyne’s entry into Brazil, the largest market in LATAM, Aerodyne said in a statement. The deal also provides Aerodyne with the opportunity to tap into the largest oil and gas drone services market in the said region, which is expected to grow at a compound annual growth rate (CAGR) of more than 70% in the next few years. The strategic investment also serves as a regional platform to launch Aerodyne’s new technology and solutions in precision agriculture, advanced air mobility, and remote and autonomous drone-based solutions space, among others. This partnership capitalizes on the strengths of both parties creating a synergy towards the advancement of the industry in the region. Headquartered in Rio de Janeiro, Grupo DR1 has established a strong track record servicing major clients in multiple sectors including oil and gas, and mining. The firm’s existing management team, led by the Chief Executive Officer Mateus Santos and Chief Operating Officer Ricardo Santos, will continue to lead the company and remain as co-shareholders. According to the statement, this partnership will solidify Grupo DR1’s position in LATAM beyond the oil and gas sector by complementing its existing solutions with Aerodyne’s turnkey DT3 solutions. Leveraging Aerodyne’s proven track record in various sectors such as powerline and telecommunications, the strategic investment allows for Grupo DR1’s synergistic expansion into such verticals. Through Aerodyne’s global support, Grupo DR1 is now able to expand its presence beyond the borders of Brazil, providing scalability and opportunities for diversification. “This investment is a platform for Aerodyne to expand our footprint into Brazil and to export our technology solutions and other value-added services to Grupo DR1’s existing clientele and beyond,“We are proud to be the world’s leader in the use of artificial intelligence (AI) as an enabling technology for large-scale data operations, analytics and process optimisation,” said Aerodyne’s Chief Strategy Officer Amir Zakwan Anuar. According to him, this is the first of a new wave of investments in the Aerodyne Group pipeline in the company’s strategy to consolidate the drone technology market. “We look forward to fuelling the next phase of growth in LATAM and contribute to the development of the region,“Grupo DR1 already has a strong foundation which is perfectly aligned to our vision and has the expertise to further realise the immense potential,” he added. Grupo DR1 Chief Executive Officer Mateus Santos also expressed excitement on being Aerodyne’s strategic partner, leveraging on the global footprint and expertise in data technology and digital transformation. “We are pleased to welcome this investment and in being a strategic partner of Aerodyne Group,“This partnership will allow us to offer the most innovative and differentiated value proposition for our clients, enabling Grupo DR1 to expand its wings not only in new verticals but also increase depth of technology solutions with existing clients,” he added. Aerodyne Group is a DT3 (drone tech, data tech, and digital transformation) drone-based enterprise solutions provider, and a pioneer in the use of artificial intelligence as an enabling technology for large-scale data operations, analytics, and process optimisation. The firm employs over 1,000 drone professionals who operate on an unprecedented level in the UAS services sector, having managed more than 560,000 infrastructure assets with 458,058 flight operations and surveyed over 380,000 km of power infrastructure more than 30 countries globally. Grupo DR1 is one of the leaders of drone-based enterprise solutions in Brazil. The company is focused on the asset management and topographic survey for multiple sectors through technological innovations focused on drones and software. Under management, the firm has seven contracts and more than 35 active clients. Supported by a team of 32 people, with experienced trained operators and equipment suitable for the activities, the company holds over 90 percent of market share in offshore drone inspections. Until 2021, Grupo DR1 was responsible for delivering more than 1,000 projects for the largest companies in the oil and gas, mining, steel and cement sectors in Brazil. Malaysia’s Aerodyne secures $30M strategic investment bridging round led by Petronas |
https://technode.global/2022/12/19/mystartup-partners-airasia-academy-to-enable-startup-community-to-learn-and-upskill/ | MYStartup partners airasia academy to enable startup community to learn and upskill | 43 | MYStartupIn a statement, MYStartup said as part of its efforts in building up and strengthening the Malaysian startup ecosystem, major corporations have been identified as strategic partners to ensure the ecosystem’s holistic growth. This latest partnership with airasia academy reaffirms MYStartup’s vision through a specific initiative of helping entrepreneurs and startups alike accelerate their upskilling efforts through accessible guided learning content. According to the statement, education and knowledge have always been at the forefront of any company culture that demands innovation and enhanced growth. Especially more so now, with today’s rapid technological advancements in the world, learning has become even more crucial for startups to keep up with the latest knowledge and trends in their respective industries. MYStartup has recognised that by helping provide entrepreneurs and startups with a tool they can use to upskill themselves, they will be able to solidify their foundation, adapt through changing environments, solve current gaps, and constantly stay ahead of their competition. Airasia academy is a one-stop tech, leadership and innovation academy aimed at supercharging the digital economy within the ASEAN region. Airasia academy, along with MYStartup, prides itself in being the key player to bridge the gap between tertiary education and advanced industries for Malaysians in the startup scene, aiding those looking for additional courses and certifications that may not be offered in the public education system. MYStartup and airasia academy are working together to offer courses ranging from coding to digital marketing, cybersecurity, and software engineering, covering many essential skills and aspects of a startup journey. The one-stop learning hub for anyone to complete their startup needs will be curated and led by industry experts and top universities around the world and will not only allow the startup community, but also those who are exploring starting up their own company to equally benefit from this new course. Users will not only have access to a wide range of skills and courses, but upon completion of each course, they will be awarded an airasia academy certification that is supported by Google Cloud and recognized by HRD Corp, MOSTI and the Malaysian Academic Consortium. “Through the provision of these courses on airasia academy, we at MYStartup, hope to empower the local startup community as we strive to become one of the best startup ecosystems regionally and globally,” said Ahmad Kashfi Alwi, Senior Vice President of Ecosystem Development, Cradle. “It is through our continuous efforts we hope to ensure that the startups within our network are fully equipped and have the added advantage to take on real-world challenges that might face them ahead, “Be it to increase productivity, profitability, or to improve employee engagement and retention, they will be provided with the best learning platform to upskill and reskill in their journey to becoming leaders in their fields,” he added. According to Kashfi, the startups will have access to new knowledge and the ability to reach new heights under the guidance of top experts in the industry. He hopes that through this initiative, Malaysia’s local startups will be able to build a strong foundation for themselves as they take their businesses to the next level. Cradle is incorporated in 2003 with a mandate to fund potential and high-calibre tech startups through its Cradle Investment Programme (CIP). The firm is presently administered by MOSTI. “In our endeavour to facilitate the local startup community keep up with the digital age and help them grow our nation’s economy, it is essential that we support the startups and the dynamism that they bring,” said Airasia academy Strategy and Innovation Director Ram Gopal Raj. “Airasia academy is proud to furnish the educational needs of the startups by forming part of the talent and knowledge hub that will help them and the Malaysian startup ecosystem in general, prosper,“However, everybody can benefit from this wealth of knowledge and I welcome all users regardless of their backgrounds to check out airasia academy and the vast reskill/upskill courses that we offer,” he added. Launched in October 2020, airasia academy is a one-stop tech, leadership and innovation academy aimed at supercharging the digital economy within the ASEAN region. MYStartup accelerator Program Cohort 2 opens for registration, offering funding to fuel tech startups in Malaysia |
https://technode.global/2022/12/19/malaysias-ficus-capital-announces-13-58m-fund-to-invest-in-malaysia-and-south-east-asia-growth-startups/ | Malaysia’s Ficus Capital announces $13.58M fund to invest in Malaysia and South East Asia growth startups | 43 | Malaysian based venture capital firm With its flagship MYR 60 million ($13.58 million) fund, Ficus SEA, the world’s first shariah compliant venture capitalist is looking for revolutionary, sustainable and purpose-driven startups that are bringing impact to the environment, social and governance (ESG) in a sustainable way, Ficus Capital said in a statement. According to the statement, Malaysia Venture Capital Management Berhad (Mavcap) is the fund’s anchor investor. Ficus Capital was founded in 2018 by a group of accomplished professionals and entrepreneurs who have had accumulated years of experience in banking, investment and technology industry. The company has invested $450,000 in Eclimo, a Malaysian designed and owned electric vehicle company. It has also invested $400,000 in Assemblr, Indonesia’s revolutionary augmented reality (AR) platform company that helps users to create AR contents via its web-based platform. “Eclimo and Assemblr are testimonials to our principles in investing in companies that are making future impact, now, “We are committed in supporting the growth of companies that are beneficial to the society and sustainable economically,” said Abdullah Hidayat, co-Managing Partner, Ficus Capital. Being a shariah compliant venture capital, he believes ESG and sustainability are deeply rooted in Islamic economics and investment ethics within the parameters of people, planet, profit and principle. “All our investment portfolios will be based on that,” he emphasized. Meanwhile, Ficus Capital Co-Managing Partner Rina Neoh said as a key enabler to the ecosystem, the firm is aware of the challenges faced by start-ups as it regularly engages with them. “Ficus is not just a financial investor, as we commit our energy to help the start-ups scale their growth and sustain their businesses, “Our network and experiences are their value-adding resources to help them bridge the gaps in their strategic planning, market expansion and increasing their valuation,” she added. Eclimo champions the nation’s aspirations of sustainable energy through its electric vehicles. Initially embarking on green technology research and development, the firm then focused its efforts on productization, building its way towards manufacturing electric motorcycles (ES11 and EB25) and lithium-Ion battery packs (Eclimo Power) and modules. “At Eclimo, we believe in unleashing the power of collaboration and partnership. The investment from Ficus is a solid partnership that supports our plan to enter the regional market, “Ficus is a strategic and value-added investor who understands our vision and is a proponent of sustainable investment,” said Eclimo’s Founder Dennis Chuah. Assemblr is an AR online platform that creates, discovers, and shares AR experiences for businesses, personal users and students. The platform empowers its users, especially the youth to digitally build and visualise their own world and place it in real-life settings with only a few taps, dragging and dropping on their computing devices. Assemblr currently has more than two million projects created, globally. Assemblr is an alumnus of various renowned international accelerators including Techstars Hub 71, Facebook Accelerator and Plug And Play. It has also been featured as Apple App Store’s App of the Day in more than 100 countries. “We have always been committed to make AR accessible for everyone. The partnership with Ficus Capital will help us to accelerate the adoption of Assemblr as we will reach more users across the region and subsequently the world, “We have put an extra emphasis on the design and usability of the platform’s UI/UX to empower user to easily create their content and enliven their ideas,” said Hasbi Asyadiq, Founder and Chief Executive Officer of Assemblr. Malaysia’s MAVCAP launches two new tech-focused venture capital funds, targets total fund size of $35.83M |
https://technode.global/2022/12/16/ni-hsin-partners-with-sirim-to-set-up-lithium-ion-battery-recycling-plant/ | Ni Hsin partners with SIRIM to set up lithium-ion battery recycling plant | 43 | Malaysia-listedIn a statement, Ni Hsin said its wholly-owned subsidiary Ni Hsin EV Tech Sdn. Bhd. (NH EV TECH) has inked the deal to set up the plant through public-private partnership (PPP) funding model. According to the statement, the SIRIM-Ni Hsin lithium-ion battery recycling pilot plant will be fully operational in 2023 with annual recycling capacity of 550 tonnes of lithium-ion batteries. For a start, the output will be sold to lithium-ion batteries manufacturers in the form of black mass. “The setting up of a lithium-ion battery recycling plant is the right step in furthering Ni Hsin’s green mission in support of the government’s commitment towards a more sustainable, resilient and inclusive development in line with the United Nations’ 2030 Sustainable Development Goal (SDG),” said Khoo Chee Kong, Managing Director of NH EV TECH. He said the collaboration also aims to create an eco-system for a circular economy model in mitigating the impact on the environment and to spearhead the formation of a lithium-ion battery recycling policy working with the government of Malaysia. According to him, the current lithium-ion battery recycling market is estimated to be worth approximately $1.7 billion and is expected to increase significantly over the next ten years. “In the ASEAN region there is only one such recycling facility in Singapore with a recycling capacity of 14 tonnes of lithium-ion batteries per day. Being one of the first movers in this region makes Ni Hsin more attractive to investors who are beginning to consider sustainability factors in their investment decision-making process,” he said. Meanwhile, SIRIM President and Group Chief Executive Officer Indera Dr Ahmad Sabirin Arshad said under the green technology master plan 2030 of Malaysia, several strategies were outlined to create a low-carbon and resource efficient economy, thus, in complementing this master plan, SIRIM will be embarking on various projects towards enhancing and promoting sustainability in line with the SDG. “SIRIM is ever ready to work with any parties who are keen to explore any form of recycling business where we can contribute in terms of the latest technologies towards building our local recycling capabilities for e-waste,” he said. According to him, under this collaboration, both companies will focus on the recovery of precious metals such as lithium and cobalt in 2024 and embark on lithium-ion battery manufacturing 2025, when the volume by processing more lithium-ion batteries from other nations. NH EV TECH is in the business of manufacturing, assembling, promoting and marketing of all kinds of electric vehicles (EV) and accessories and development of concepts, facilities and fittings using EV battery systems for the delivery industry. The focus of NH EV TECH is in smart mobility and its applications with safer and more efficient charging in a sustainable and environmentally-friendly mode. SIRIM is a wholly-owned company of the Malaysian Government under the Ministry of International Trade and Industry. The firm is an organization for technology and quality solutions specializing in industrial research, technology development and commercialization; certification, testing and inspection; measurement and calibration; training; standards research and development; technology-based entrepreneurship; and design advisory. Ni Hsin launches electric vehicle motorcycles in Malaysia |
https://technode.global/2022/12/16/ni-hsin-partners-vsd-automation-for-ev-motorcycles-distribution/ | Ni Hsin partners VSD Automation for EV motorcycles distribution | 43 | Ni Hsin EV Tech Sdn Bhd (NH EV TECH)Under the BPA, VSD shall act as the distributor for NH EV TECH in the local and international markets, Ni Hsin said in a statement. NH EV TECH shall also work exclusively with VSD in relation to enquiries or tenders from any government departments and government-linked companies on the TAILG EBIXON EV motorcycles initiated or referred by VSD. The rationale of the BPA is for Ni Hsin to leverage on VSD’s established network of clientele in the energy and utility sectors, including government departments and government-link companies to promote and market TAILG EBIXON EV motorcycles. The BPA shall come into force for a term of two years, and may be extended for a further term of one year upon the terms and conditions mutually agreed by both parties. VSD is an established player in the energy sector with following credentials: certified bumiputra company with the Ministry of Finance (MoF) Malaysia; certified ESCO company specializing in solar photovoltaic (solar PV) and energy efficient systems and solutions; and registered PV Investor (RPVI) and registered PV Service Provider (RPVSP). Among the major customers of VSD are Tenaga Nasional Berhad, AEG, Prasarana, Petronas and Air Selangor. VSD provides end-to-end solution and services in monitoring, metering and protection of transmission and distribution infrastructure with leading technologies and strategic global partnership. The firm has secured the rights to develop and install charging system and infrastructure for electric vehicles (EV) for LADA in Langkawi, Malaysia. “We are delighted to have VSD as our partner to develop the distribution and market segmentation of the products in the local and international markets, “We are confident of their capability to market the products as they have the necessary experience, technical expertise and network to fulfill the tasks,” said Khoo Chee Kong, Managing Director of NH EV Tech. According to him, VSD endeavors to sell 10,000 units of the products within the next three years. “We foresee a healthy demand for EV motorcycles over the next three to ten years, “This growth is supported by the region’s e-commerce market, which is valued at $2.53 billion in 2022 and is expected to have a compound average growth rate of 20.6 percent over the five-year period to 2027 according to International Trade Administration data,” he added. NH EV TECH is a wholly-owned subsidiary of Ni Hsin group , a public company listed on the main board of Bursa Malaysia Stock Exchange. NH EV TECH is in the business of manufacturing, assembling, promoting and marketing of all kinds of EV and accessories and development of concepts, facilities and fittings using EV battery systems for the delivery industry. The focus of NH EV TECH is in smart mobility and its applications with safer and more efficient charging in a sustainable and environmentally-friendly model. Ni Hsin launches electric vehicle motorcycles in Malaysia |
https://technode.global/2022/12/14/teleport-raises-50m-to-extend-cross-border-delivery-services-in-southeast-asia/ | Teleport raises $50M to extend cross-border delivery services in Southeast Asia | 43 | TeleportIn a statement on Wednesday, Teleport said it will use the funds to induct additional freighters, build critical hubs in Indonesia, the Philippines and Malaysia, and further invest in technology that allows anyone to ‘Teleport It’ in 24 hours across Southeast Asia. Since its inception in 2018, Teleport’s core focus has been in serving business to business (B2B) customers of all sizes with fast, affordable air logistics solutions across Southeast Asia, supported by a unique mid-mile advantage through AirAsia Aviation’s extensive network of passenger flights. “Our mission from day one is to deliver consistently better than anybody else in Southeast Asia. We believe if we guarantee next-day speed at a cost anyone can afford, everyone will choose to ‘Teleport It’,” said Pete Chareonwongsak, Chief Executive Officer of Teleport. “Today we are profitable, larger, and growing faster than pre-COVID. We are battle-tested and believe a challenging environment is the perfect opportunity to build the leading cross-border logistics company in Southeast Asia,” he said. According to him, key to Teleport’s leadership in the next three years is the extension of its network coverage by air with the induction of A321F freighters starting in 1Q2023. He added that the firm aim to easily connect manufacturers, exporters and e-commerce directly to any Southeast Asian market. Founded in 2018, Teleport is on a mission to enable everyone, from single merchants to the largest companies, to move things across Southeast Asia better than anybody else in 24 hours. Currently, the firm is present in Malaysia, Thailand, Indonesia, Philippines, India, Singapore and China. According to the statement, Teleport has quadrupled its intra-SEA market share in terms of cargo volume from 2 percent in 2021 to 9 percent as at the third quarter of 2022 and grew its e-commerce business six times year-on-year. The logistics venture of Capital A is also currently serving three of the largest marketplaces in Southeast Asia, namely Shopee, Lazada and Zalora. This was achieved by focusing to serve three key business segments across the Southeast Asian region – first, global freight forwarders looking for the widest regional network; second, e-commerce marketplaces seeking affordable mid-mile solutions by air, and most recently, consumers looking for affordable international next-day parcel delivery. AirAsia logistics arm Teleport invests in Indonesian trucking marketplace Kargo Technologies |
https://technode.global/2022/12/14/malaysias-wellous-to-list-on-nasdaq-in-merger-with-malaysia-based-spac-kairous-acquisition/ | Malaysia’s Wellous to list on NASDAQ in merger with Malaysia-based SPAC Kairous Acquisition | 43 | Editor’s note: Updated with additional information on Wellous’ market value upon listing. Wellous Group LtdUpon closing, the combined company will be renamed “Wellous Group Holdings Ltd” (the combined company) and expects to list its ordinary shares on NASDAQ. The combined company is set to have a market value of at least $304 million upon listing, depending on the outcome of the final redemption, Kairous Acquisition told According to the merger agreement, the merger consideration is $270 million, payable by newly-issued securities of the combined company valued at $10.10 per share. Additional earnout shares may be issuable to Wellous stockholders after closing, upon achievement of certain trading price-based and/or profitability targets. Cash proceeds raised will consist of Kairous’s approximately $21 million in trust (assuming no redemptions by Kairous’s existing public shareholders) which is anticipated to support the company’s growth capital needs and to be used for general working capital purposes. After the closing, Wellous shareholders are expected to retain a majority of the outstanding shares of the combined company and Wellous will designate a majority of proposed directors for the combined company’s board. The Wellous management team, led by its Co-Founders Andy Tan and Henry Chin, will continue to run the combined company after the closing of the proposed transaction. “Over the past decade, I have evaluated over a thousand fast-growing companies in Asia, and I believe that Wellous is a hidden gem. The company understands the high-growth consumer wellness and nutrition industry in Asia, and successfully found the right brand story, products and marketing strategy to serve rising middle-income consumers,” Joseph Lee, CEO of Kairous Acquisition said in a statement. “By innovatively leveraging on social techpreneurs and supporting them with its proprietary tech stacks, Wellous’ business model is highly scalable across different markets. Wellous is a testament to the global investor community that Southeast Asia companies are capable of being profitable while maintaining high growth. With the proposed transaction, we strongly believe Wellous will grow stronger and increase its grand recognition internationally. ”Founded in 2016, Wellous is a health food and nutrition company that develops, manufactures, markets and distributes trusted and beneficial health and wellness products. The company said it offers only the best of nature, the most precious ingredients from a wide sourcing network. Based in Malaysia, Wellous’s products and services are distributed through its tech-enabled distribution channels. “Wellous strives to bring its high quality, innovative and tailored health products across the world, and we are targeting future expansion opportunities in markets which go beyond Southeast Asia”, Tan said. “We see a vast addressable market, totaling approximately $700 billion annually by 2027, as provided in a study by Grand View Research, due to increased demand for food and supplements that provide health benefits tailored to specific individual needs”, Chin said. According to the statement, the boards of directors of both Wellous and Kairous have unanimously approved the proposed transaction, which is expected to be completed in mid–2023, subject to approval by Kairous’ and Wellous’ shareholders, regulatory approvals, among satisfaction of other conditions. Chardan is serving as M&A and Capital Markets advisor and Loeb & Loeb LLP is serving as legal advisor to Kairous. Robinson & Cole LLP is serving as legal advisor to Wellous. ICR is serving as Investor Relations and Public Relations for the proposed transaction. Kairous Acquisition Corp. Ltd is an Asia-focused special purpose acquisition company (SPAC) led by Joseph Lee, the founder and Managing Partner of Malaysia-based Kairous Capital. Kairous Capital is a regional venture firm focused on technology investments across China and Southeast Asia. Kairous Capital is an investor in Malaysia-based SPAC Kairous Acquisition starts trading on NASDAQ |
https://technode.global/2022/12/13/capital-a-launches-airasia-gifts-with-south-koreas-coop-marketing-groupon-for-airasia-super-app/ | Capital A launches airasia gifts with South Korea’s COOP Marketing Groupon for airasia super app | 44 | Capital ACapital A said in a statement that it has unveiled its vision of a more community led experience on airasia super app, introducing features such as airasia chat, games and the newly launched airasia gifts – allowing the community of airasia members to connect, play and share. Capital A Chief Executive Officer Tony Fernandes said that it has been his vision to set up its own airasia community and engagement platform, especially a messenger service like airasia chat, even when the firm was just an airline. “Now that we have evolved into a travel super app, it makes even more sense for us to push this through and introduce this to the world,” it said. According to him, the firm has a database of 51 million travellers who are seeking for content, information, and entertainment – which are integral to the pre, actual and post-travel experience. “Essentially, this community pillar, or what we would like to call airasia Republic, is the future of airasia super app and integral to the airlines, which will also include features to enhance customer engagement and experience,” he said. He also said that the feature is a space where airasia brings the whole of Asean closer together, enabling the community to share information, engage and build meaningful connections, share creativity and learn from each other – thus creating a strong sense of community. “Aside from everything I’ve mentioned, we will continue to enhance our ecosystem, creating a more self-sustaining engagement based user experience – making airasia Community truly an airasia way of life,” he added. According to the statement, airasia super app users can now set up their own social profile in the community via the Profile section. The social profile is the heart of the community experience whereby users can engage in 1-to-1 chat, interact with other community members with similar passions and personalise the content they receive. Their social profile will enable them to interact with other travellers as well as those in their contact list via airasia chat as a messenger service. They can also engage with over 20 active communities ranging from foodies, travellers to adventure seekers and follow channels to get the latest news and promotions from the whole airasia ecosystem. Meanwhile, accessible only via airasia chat (a hub of the community), users are able to experience cross-border mobile gifting and select from gift categories which include:airasia products – flights, hotels, food; beauty, health and wellness (Watsons, BMS, Thai Paradise, Ogawa); entertainment (PlayStation Network, Razer); fashion (Zalora, Adidas, FootLocker); food and beverages (Starbucks, FamilyMart, Secret Recipe, Dominos); over 300 brands of mobile gift vouchers to choose from. Capital A Commercial President Colin Currie said the global mobile gifting or e-gifting industry is valued at $258 billion in 2020 and is projected to reach $1.1 trillion by year 2030. According to him, the airasia super app has set up the right infrastructure such as airasia chat, which can facilitate mobile gifting easily, especially cross-border gifting, which no other travel super app is able to offer. “We are happy to work with COOP Marketing to make it happen. And as we are in the season of giving, this is the right time for us to launch this in Malaysia, Singapore and Indonesia today, “The vision is to drive engagement and app stickiness on our platform, and in the future develop this into our own advertising platform,” he added. Airasia super app completes Asean expansion with official launch of platform in Indonesia |
https://technode.global/2022/12/09/airasia-launches-new-low-cost-airline-in-cambodia/ | AirAsia launches new low cost airline in Cambodia | 44 | AirAsia Aviation Group Limited (AAAGL), the aviation arm of AirAsia said in a statement that the new airline will further cement AirAsia’s brand in Cambodia and Indochina, providing AirAsia with greater access to its domestic market and most importantly connecting it to the international markets across Asean, North Asia and beyond. According to the statement, this new airline will allow AAAGL to operate to the various existing markets where it already has presence and operations to build scale, network connectivity and further reduce the cost of operations. It said AirAsia Cambodia aims to further stimulate the Cambodian aviation and tourism industries, launch exciting new destinations, create jobs and bring a true low cost operation to the country. Subject to obtaining the relevant regulatory approvals, the JV is expected to commence operations in late 2023. “Capital A continues to focus on Asean where we know best and our brand is the strongest. Cambodia is the fifth Asean country where we are continuing our march of being the region’s number one mover of people and cargo, and providing a linchpin of economic growth for Asean countries,” said Tony Fernandes, Chief Executive Officer of Capital A. According to him, the value of AirAsia’s network is an insurmountable asset, and it will be another flag of extensive connectivity in Cambodia and into the region, namely China, India and North Asia. “2022 was about restarting our airline to pre-Covid levels. That machine is in place and will be completed by the second quarter of 2023. The second half of 2023 will be when we focus on our continued efforts in growth, “We are confident of profitability in the first year. As Cambodia is a market that is familiar to us and where we have deep infrastructure in place. That’s why all our future airlines will be based in Asean. As this is an area we know well and can derive quick profitability and connect our very large network to the main points of Cambodia, namely Phnom Penh, Siem Reap and Sihanoukville,” he said. He also said the company’s mission remains the same – to democratise air travel and connect people and places, providing the best values, driving tourism and boosting economic growth in Asean. “Capital A will continue to build on this growth and I am confident about the opportunities serving one of the most dynamic, fastest-growing economies in Asean both in the digital and aviation sectors,” he added. Sivilai Asia Director Vissoth Nam said as one of the first countries to open up international travel with no quarantine in November 2021, Cambodia has led the way in Asean’s air travel recovery journey post-COVID, with the rest of countries in the region following suit. “An increase in connectivity alongside best value fares, will certainly stimulate demand for air travel amongst the population due to increased airline and destination choices,“This will open the doors for students travelling abroad, supporting work-related travel, boosting trade ties, and providing a welcome boost for the growth of new small and medium enterprises,” he said. AAAGL Group Chief Executive Officer Bo Lingam said setting up a majority controlled JV in Cambodia is a natural step for the group as AAAGL is the largest foreign airline and the second largest airline group overall operating into Cambodia in terms of capacity. According to him, pre-pandemic, AirAsia operated 90 weekly flights from Malaysia and Thailand and is currently flying about 49 weekly flights to Cambodia. “Setting up a JV in Cambodia is in line with our Asean expansion strategy. We plan to operate mostly to our existing stations within the four hour radius from the Kingdom. AirAsia Cambodia will increase Cambodia’s network offerings by launching new services to Asean, North Asia and beyond in the future,” he said. “This is a true testament to a successful partnership between AAAGL and Sivilai Asia. We are excited about the prospect of delivering the best value low-cost air travel connectivity, experience and convenience to the seventh largest country in Asean,” he added. AAAGL operates five routes to Cambodia from Kuala Lumpur to Siem Reap and Phnom Penh, from Penang to Phnom Penh (starting January 3, 2023) as well as from Bangkok (Don Mueang) to Siem Reap and Phnom Penh. Since entering the Cambodian market in 2005, AirAsia has carried over 10 million guests to and from Cambodia. Airasia super app completes Asean expansion with official launch of platform in Indonesia |
https://technode.global/2022/12/08/cloud-embedded-finance-and-no-code-low-code-expected-to-influence-financial-services-in-malaysia-in-2023/ | Cloud, embedded finance, and no code/low code expected to influence financial services in Malaysia in 2023 | 44 | Cloud, embedded finance, and no code/low code expected to influence financial services in Malaysia in 2023, according to annual Partner Predictions report revealed by software as a service (SaaS) cloud banking platform The report noted that the impact of the pandemic will continue to be felt for many years to come and has been a key driver of the accelerated adoption of digital banking across Malaysia and the wider Asia Pacific region. The adoption of public cloud technology in financial services has also been accelerated by the pandemic, with the rapid growth of digital banking services across the region a direct result. Other trends and issues expected to have a significant impact on the Asia Pacific financial services industry include:● Low code / no code: This approach will drive faster speed to market for new digital banking products and services by empowering business teams to quickly protoype and launch without the need for complex development processes and specialised coding skill sets. ● Big tech in banking: Already many big tech companies have moved into banking in Asia, with institutions like Grab, AEON, and the SEA Group all now part of conglomerates holding digital banking licences. This move by big tech will force banks to drive more effective digital transformation – customers now have higher expectations for their digital experiences, so traditional banks need to partner with technology providers to offer more competitive banking services. ● ESG and ethical impact finance: We will see a shift towards ESG across Asia Pacific, which will not only drive traditional banks towards more inclusive composable financial products and services, but also keep sustainability in mind for the benefit of their customers. In Asia, Islamic banks will see growing interest from potential customers outside of the Muslim faith who have a keen interest in ethical finance. ● The future of payments: Online, mobile, or digital payments have surged in Asia Pacific since the start of the pandemic, with Asia also having one of the biggest uptakes of e-wallets in the world. The year ahead will see a change in focus for banks around the payments theme, with greater emphasis placed on creating their own interfaces and making them more engaging, relevant, and interesting in order to increase brand loyalty, rather than integrating their products into external platforms. “[In 2023], we expect more organisations to leverage cloud-based data and analytics to derive market insights and develop seamless, personalised customer experiences, “In Malaysia, we’re helping Bank Islam build and deploy new services for customers that comply with Shariah/Islamic financial requirements. In Vietnam, we’re working with TNEX to build application functions that promote healthy living, improve personal finance management, and drive financial inclusion,” said Conor McNamara, Managing Director ASEAN at AWS. Meanwhile, Mambu Asia Pacific Regional Vice President William Dale said a number of the predictions made in last year’s report have carried over into 2023, including a focus on embedded finance, digital payments and a switch from competition to collaboration. “So, we expect to see more of the same, but faster, bigger and more impactful. Within the Malaysian digital banking industry, we’re seeing banks and fintechs starting to embed their services into merchant and super-app platforms, creating an ecosystem of services that work together seamlessly, “This has outstanding benefits for consumers, who can subsequently manage all their financial, personal, social and ‘general life admin’ tasks in one place. We expect to see more of this kind of approach in 2023 as we head towards the goal of making financial services ubiquitous,” he added. Mambu Chief Technology and Product Officer Fernando Zandona, on the other hand, said the financial landscape has been extremely turbulent for some time. “Economic uncertainty, big tech companies redefining the financial services space, fintechs looking to be more nimble and efficient, banks looking to reinvent themselves, there is a lot going on,“But no matter what, it is going to be the end customers who decide which players win and continue in the market, and these customers will favour those who move fast and innovate. Embracing technology will be one of the top approaches that financial services will need to survive and thrive,” he concluded. Malaysia cloud application platform Food Market Hub secures $8.5M in Series A round to boost Southeast Asia expansion |
https://technode.global/2022/12/07/mida-crest-team-up-with-dassault-systemes-to-enhance-cloud-based-collaboration-for-sme/ | MIDA, CREST team up with Dassault Systèmes to enhance cloud-based collaboration for SME | 44 | Malaysian Investment Development Authority (MIDA) The partnership aims to create a steering committee to discuss the scope, requirements, roles and plans in supporting Malaysia’s SMEs in their transformation journey to Industry 4.0, as well as enhancing cloud-based collaboration through adopting world-class Enterprise Resource Planning (ERP) solutions, Dassault Systèmes said in a statement. “This timely initiative aims to elevate our local SMEs, and equip them with the latest technology to enhance their business efficiency through adopting world-class Enterprise Resource Planning (ERP) solutions,” said Wira Arham Abdul Rahman, Chief Executive Officer of MIDA. “We take great pride in MIDA’s involvement in this initiative to empower Malaysian firms and SMEs to fortify their technical capabilities and embrace modern technology, thus enabling them to progress and flourish, “This day marks the momentous occasion of the government’s drive to propel industry players, especially domestic players and SMEs, to embrace the new technology and realise its potential by taking on the technological solutions of ERP,” he added. According to the statement, the ERP solutions will leverage Dassault Systèmes’ virtual twin technologies via its 3DEXPERIENCE platform, specifically its computer-aided design software and Product Lifecycle Management (PLM) solutions, which are used in various industries including manufacturing, engineering and life sciences. “The MoU aims to provide a platform that allows Malaysian businesses to thrive in a competitive business environment, post-pandemic. We constantly seek opportunities to collaborate with the Malaysian Government, industry leaders and academia to advance scientific knowledge in the country, “In turn, we aim to strengthen homegrown innovation and research while we help local businesses navigate their challenges and opportunities in the new normal,” said Jaffri Ibrahim, Chief Executive Officer of CREST. As the manufacturing sector is undergoing a significant transformation with a push to adopt and adapt value-added processes and digitalisation, this partnership will tap on the collective expertise of the parties to help local businesses via a three-pronged approach, namely enabling Industry 4.0 readiness, providing access to the global marketplace and adopting true cloud-based collaboration. The intent is to develop a programme to enhance the efficiency and operations of SMEs in Malaysia with the state-of-the-art Enterprise Resource Planning (ERP) solutions, aimed at integrating business processes and applications. “At Dassault Systèmes, we have worked with many successful businesses across the globe to build connected ecosystems that allow them to tap on data to create actionable insights, and be competitive and efficient in the digital economy, “With enhanced connectivity, Malaysian SMEs can benefit from data-driven decision making, build closer relationships with customers and partners, and continuously improve their operations and processes as they compete in the global business arena,” said Josephine Ong, Managing Director, Asia Pacific South, Dassault Systèmes. Dassault Systèmes, the 3DEXPERIENCE Company, is a catalyst for human progress. It provides business and people with collaborative 3D virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with its 3DEXPERIENCE platform and applications, its customers push the boundaries of innovation, learning and productionto achieve a more sustainable world for patients, citizens, and consumers. Dassault Systèmes brings value to more than 300,000 customers of all sizes, in all industries, in more than 140 countries. Malaysia’s George Kent inks MOU with MDEC to promote growth of Malaysia’s tech ecosystem |
https://technode.global/2022/12/06/malaysian-ewa-startup-paywatch-raises-9m-funding-led-by-third-prime/ | Malaysian EWA startup Paywatch raises $9M funding led by Third Prime | 44 | Malaysian earned wage access (EWA) service provider The round also saw participation from Hana Ventures (the venture arm of Hana Financial Group in Korea), Parkwood Corp. and notably, the endowments of Vanderbilt University and University of Illinois Foundation, Paywatch said in a statement. The firm, which currently provides its services in Malaysia and South Korea, plans to use the new funds to grow its product offerings, strengthen its presence in existing markets, and accelerate expansion efforts into new markets, including the Philippines and Hong Kong where it expects to launch in 2023. “Though macroeconomic conditions are catching up to everyone globally, many low-income workers were already experiencing financial burdens. During our year in Malaysia, we have seen first-hand how much of a difference our service makes to employees’ state of mind, “For companies, we have proven to increase recruitment and retention,” said Richard Kim, Founder and Chief Executive Officer at Paywatch. Founded in 2020, Paywatch’s earned wage solution has already reached a 50 percent engagement rate among its Malaysian users this year. Its flexible payroll system aims to promote financial inclusion by helping workers achieve financial security and gain financial access to major banks. The company has over 100 corporate clients, including multinational companies and global brands like Lotus’s, KFC, Pizza Hut, Wilmar International, TGI Fridays, Outback Steakhouse, Metrojaya Department Stores and more. Its EWA solutions enable workers to access their already-earned wages early or mid-month for cash liquidity. What sets Paywatch apart is its partnership with major banks – the company is currently the only Central Bank-backed EWA solution in the region. Through these partnerships, not only are employees empowered to withdraw a percentage of their earned salary ahead of payday and proactively manage their finances with Paywatch’s solution, but they are also bridged into the banking system, which opens more doors for future financial aid and opportunities and disrupts high interest payday lending practices and other predatory services. “The momentum Paywatch has generated in Malaysia this past year has been impressive, and it has served as a powerful proofpoint for how critical this product will be to improving financial opportunities and, ultimately, outcomes for workers, “We are excited to continue backing the company as it accelerates its growth and impact throughout Southeast Asia,” says Michael Kim, Partner at Third Prime. The investments from Vanderbilt University and University of Illinois Foundation also underscore Paywatch’s commitment to financial wellness. “Given Southeast Asia’s large unbanked and underbanked population, there’s an urgent need for EWA solutions in the market. Paywatch has emerged with a vision for financial empowerment, “Its early success is addressing wage-related issues and is also uniquely positioned to scale product and market expansion in a way that drives broader financial inclusion,” said Travis Shore, Chief Investment Officer of University of Illinois Foundation. In addition to growing its geographic reach in Southeast Asia, Paywatch is also focused on expanding the ways it can provide enhanced financial stability and broader financial inclusion at all levels of the workforce. Malaysia’s Revenue Monster clinches $6.6M funding from SEA Capital |
https://technode.global/2022/12/06/rpg-commerce-founder-melvin-chee-on-supply-chain-innovations-origin-innovation-awards-qa/ | RPG Commerce Founder Melvin Chee on supply chain innovations [ORIGIN Innovation Awards Q&A] | 44 | In this “Our vision is to build a new generation of consumer brands and be the world’s most consumer-centric products company through internet & supply chain innovation. We want every single household in the world to know and love our brands and hence, we will continue building impactful, thoughtful products and brands. We know that the consumer cycle is going through an interesting cycle, tempered by caution in the face of economic turbulence, hence we want to be prudent and able to adapt in the environment we’re in, blending newly gained digital fluidity with old-fashioned familiarity. ”I first started my career in Melbourne, Australia in a simple dropshipping experiment at the age of 18 where my first business was acquired and subsequently responsible for building three multimillion-dollar brands across different niches in e-commerce. I returned to Kuala Lumpur after establishing RPG Commerce, a house of brands that build, scale and manage a group of brands under its portfolio. I love building brands and we now serve 40 markets globally, including the US, Europe, UK and Australia. RPG Commerce is now a venture backed company, supported by SEA’s leading VCs – Vertex Ventures (Temasek backed fund), East Ventures, UOB & RHL Ventures. Demand for quality and uniqueness in productsConsumer data. Changing trends in social mediaTrend toward sustainable products. We had a massive disruption with our supply chain, as everything was delayed and nothing was certain. We had to identify if risks of any kind exist in the network, assess the potential impact of these risks and put mitigation strategies into place. We worked very closely with our partners to stay resilient and adapt to major disruptions with better planning. Besides that, we were also not trained to be remote and had to reskill our workforces almost overnight. We switched from an offline model (office setting) to a 100 percent remote-working one and had to rethink our entire learning and development strategy. We reacted quickly to building more robust working processes and accelerated a trend in workplace dynamics. Thirdly, we also struggled to hire the right talent as we had to digitise our recruitment process quickly and needed talents who could work “online” when really it was something many of us did not have the experience in. However, we navigated the challenges with a different mindset and reframed challenges into opportunities – it required a lot of “out of the box” thinking and flexibility. During the lockdown, we also had a lot more eyeballs on the channels we’re on, hence we were able to capitalise on the evolving needs of a consumer and this change was a huge opportunity for growth. As more consumers continue to favour online shopping, we automated as much as possible, whilst optimising the digital journey and prioritised digital investments in the pandemic. Yes for sure. Sustainability in business isn’t just good for the environment and society but can also benefit the operations of a business. It may take an initial investment but I think overtime, we will save some cost by going green — for example going paperless, reusing existing materials or even upcycling our materials and products. Customers now more than ever are demanding for environmental responsibility from brands, hence its a critical element in business growth and success. There’s never going to be a day where we’re short of mediocre products, hence it’s really important for us to build thoughtful and impactful products in society. This includes being sustainable so that there’s longevity in our products with lesser wastage to the environment. With this in mind, it trains organisations to be in a more “impact-driven” mentality when it comes to building products and running campaigns and marketing activities, so that we’re not just doing it for a single period in time but rather focuses on a long term success. Besides that, we are constantly working towards impactful products for every household, and that is not just creating new products – we’re also putting a lot of effort into upgrading existing ones. For us, a successful product launch involves preparing for its impact on our existing customers and our organisation. While it’s exciting to also capture prospective customers, we really want to assess the impact of what new launches/features/product would mean to existing customers. For example, one of our brands, Cosmic Cookware. We started having only one SKU for the brand and that lasted almost a whole year. During the one year, we are focused on tweaking the same product over and over to be the best version it could be for our customers. We want to only roll our products that have an impact in our customers’ lives and our product team does a good job in going on ground to speak to them in order to build the best possible solution. We’ve always been an e-commerce and have a strong online presence, and we know that our customers are gravitating towards blended experiences and are wanting a physical touch and connection with our brands. For 2023, we’re testing out our offline presence and rolling out an omnichannel plan where we could diversify beyond what we did not achieve before. We no longer want to focus on just being single channel brands, but rather wherever our customers are at, we want to be part of that journey for them. This ORIGIN Innovation Awards 2022 winners: Startup Leaders of the Year and Corporate Sustainability Champions |
https://technode.global/2022/12/02/securities-commission-malaysia-revises-venture-capital-and-private-equity-framework/ | Securities Commission Malaysia revises venture capital and private equity framework | 44 | The The enhanced VC/PE guidelines aimed to foster a more conducive environment and increase the vibrancy of private markets, notably in VC and PE asset classes, SC said in a statement on Tuesday. The SC Chairman Awang Adek Hussin said the enhancement is the latest measure taken by the SC to help provide a diverse range of funding options for micro, small and medium-sized enterprises (MSMEs), especially start-ups and high-growth enterprises. This, he added, is essential to foster innovation among the MSMEs and further strengthen Malaysia’s economic growth. Among others, the revisions focused on widening the investor base and enabling more capital to be made available particularly for early-stage start-ups encompassing the following:-1. Expand the pool of eligible investors that can invest in VC and PE funds, with the introduction of a new minimum investment test of MYR250,000 ($56,863). This will enable more investors, particularly angel investors, to pool their money into VC and PE funds.2. Streamline and simplify the registration requirements for both VC and PE firms. This is to encourage the establishment of new firms in Malaysia, both local and foreign, and deepen the professional VC and PE talent pool.3. Make registration necessary only for firms that perform fund management activities with respect to VC and PE funds. As a result, entities which are strictly fund vehicles will no longer need to be registered under the VC/PE guidelines.4. Remove the 50-investor limit on VC and PE funds. This is to accommodate the evolving needs of the industry and the increasing use of other structures such as limited partnerships. According to SC, the enhanced framework complements the various incentives for VC investments that are currently available. These include tax exemptions for qualified VC funds as well as for VC or PE managers and deductions for qualified investments into start-ups made either directly or indirectly through funds. To qualify for these incentives, VC or PE managers must, amongst others, be registered with and seek certification by the SC, said SC. Securities Commission Malaysia registers two initial exchange offering operators |
https://technode.global/2022/12/02/87-percent-of-malaysia-consumers-want-a-better-online-experience-from-banking-services-providers-a-survey-shows/ | 87 percent of Malaysia consumers want a better online experience from banking services providers, a survey shows | 44 | Confidence in digital banking is rising in Malaysia but consumers want a better online experience and more personalized offerings, according to the new Asia-Pacific focused Bank of the future survey revealed on Friday from Capco surveyed 999 consumers in Malaysia with a focus on Kuala Lumpur (46 percent of respondents) and selected urban areas to gauge their attitudes to banking services at a time of rapid change in the retail banking industry. The findings form part of a larger survey of nearly 5,000 consumers across five key markets in the Asia-Pacific region. Asked to identify areas where banks should focus to deliver a better online experience, Malaysia respondents selected mobile apps (61 percent), easy and clear navigation (60 percent) and money transfers (60 percent). Banking services that are more tailored to customers’ individual needs also emerged as a key regional theme in the survey. Almost seven in 10 (68 percent) Malaysian respondents said they would at least consider sharing the personal data required to facilitate such enhanced personalization, including 28 percent who said they would ‘definitely’ share such data. Of those willing to share their data, respondents said they would allow access to location data (47 percent), life event data (46 percent), and health test data (41 percent). There was more reticence around wearables data (33 percent of respondents) and social media data (32 percent), and the least popular choice was data from other bank accounts (22 percent). Key themes to emerge from the Malaysia survey include:1. Malaysian respondents are concerned about sustainability – 39 percent said the sustainability credentials of banking services such as their stance on climate action are ‘extremely important’, a markedly higher percentage than those responding to its Hong Kong survey (27 percent of respondents), for instance, though lower than in Thailand (52 percent).2. Rising confidence in digital banking over the last two years – 78 percent of Malaysia respondents said their confidence in mobile and digital banking services has increased over the last two years, including 28 percent who said they were ‘significantly more confident’. Three-quarters (75 percent) of respondents now use mobile apps to access banking services, underlining the degree to which the future of banking services is digital. Other digital channels surveyed included desktop/laptop (59 percent) and wearables (9 percent); non-digital channels included branches (41 percent), phone (41 percent) and mail (15 percent).3. Consumers are open to the idea of banking services in the metaverse – 30 percent of respondents were ‘definitely’ interested in buying banking services via the still emerging metaverse. The metaverse, which has the potential to be a significant banking channel over the next decade, is a more attractive option for the younger age groups surveyed, with the percentage of respondents stating a ‘definite’ interest increasing to 37 percent among 25 to 34 year olds. “Our survey indicates that bank customers are looking for intuitive, transparent and frictionless digital experiences. Malaysian consumers are willing to consider sharing various kinds of data to unlock personalized products and services that align with their individual needs and values,“Banks have an opportunity to reimagine their role in customers’ daily lives, and in particular explore how hyper-personalization can more effectively align banking services within customers’ lifestyles in order to address their ambitions and anxieties,” said Paul Sommerin, Partner and Asia Pacific (APAC) Head of Digital and Technology at Capco. “Digital-savvy, mobile-oriented consumers are playing a key role in reshaping banks’ priorities and the wider banking ecosystem. New technologies are granting consumers unprecedented freedom to pick and choose how they engage with their bank(s), access more personalized services, and see a more complete single view of all their finances, “As incumbent banks and their competitors aim to support consumers’ personal and lifestyle ambitions,our survey findings throw new light on the priorities that will define the bank of the future,” he added. The survey was conducted online during September and October 2022 and collected responses from a total of 4,889 respondents in five Asia-Pacific markets. Individual samples sizes – Hong Kong: 707; Greater Bay Area (ex-Hong Kong): 1293; Singapore: 1,000; Thailand: 890; Malaysia: 999. Survey respondents were drawn from six age groups – 18 to 24, 25 to 34, 35 to 44, 45 to 54, 55 to 64, and 65+ – and sample sizes were representative of age-related demographics in each market. Nine in ten companies in ASEAN face challenges in recruiting, nurturing and retaining tech talent, a survey shows
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https://technode.global/2022/12/02/al-rajhi-bank-malaysia-launches-digital-bank/ | Al Rajhi Bank Malaysia launches digital bank | 44 | Al Rajhi Bank Malaysia (ARBM)In a statement on Thursday, ARBM said Rize is built with state-of-the-art technology to provide a reimagined, end-to-end digital banking experience for its customers. “A year ago, we shared ARBM’s vision to build a customer-focused digital bank and our aspiration to become the #1 Islamic innovation bank in Malaysia. Today, we are pleased to announce the launch of Al Rajhi Bank Malaysia’s digital bank—Rize,” said Arsalaan (Oz) Ahmed, Chief Executive Officer, Al Rajhi Bank Malaysia. “Rize was conceived by our love for innovation for our customers. At its core, Rize is a digital bank seeking to inspire and empower our customers—whom we call Rizers—to achieve their hopes and dreams and encourage friends and family to help them realise their goals, “When Malaysians become Rizers, they get access to a reimagined banking experience powered by best-in-class technology. All a Rizers’ banking needs will be made available on their smartphone without the need to go to a physical branch,” he added. A wide range of Rize services are available from Thursday. The firm has an extensive product pipeline and more will be rolled out progressively. These include deposits, withdrawals, and transfers; account management and personal finance management; debit card application, purchase, and maintenance; ATM services and eStatements; personal financingRize offers personal financing options that its customers can afford and can be personalized for every one of their life goals. Personal Financing-i by Rize is a paper-less, hassle-free digital financing product that requires minimal documentation and no processing fee. The service takes only four steps and 15 minutes to having money in their account. With tailor-made personal financing plans, Rize enables Rizers to achieve their more, whether it’s a newly renovated home, higher education, or a dream holiday. Rize has also introduced an exclusive feature in Malaysia that no other financial institution or fintech player offers. Rize Savings Pot is Malaysia’s only savings pot with a profit rate, allowing Rizers to earn while saving for their goals. The more the users save, the more they will earn. In line with its mission to empower Rizers to achieve more, Rize Savings Pot allows multiple contributions, which means a Rizer can invite family and friends to chip into the pot to achieve common goals faster. “From the get-go, we will offer a wide range of financial services as you download the app today. In time, we will have a robust marketplace powered by a market-leading embedded finance ecosystem, “It is our hope that, with Rize, people will be able to discover— and achieve—their more. We are ready to serve all our new Rizers from today,” OZ added. ARBM is a wholly owned subsidiary of the world’s largest Islamic Bank, Al Rajhi Bank Kingdom of Saudi Arabia (KSA), and was locally incorporated in October 2006. Following its official launch in 2007, ARBM became the first Arab bank to start operating in Southeast Asia. The bank operates through a distribution network of 13 branches in Malaysia. The bank is part of a Shariah-compliant banking group that is instrumental in bridging the gap between modern financial demands and intrinsic values whilst spearheading numerous industry standards and development. GRAB-Singtel, Axiata’s Boost-RHB, Sea Ltd-YTL, AEON Credit consortiums among winners of Malaysia digital banking licenses |
https://technode.global/2022/12/01/fitch-solutions-sees-passenger-ev-sales-in-malaysia-to-expand-rapidly-in-2023/ | Fitch Solutions sees passenger EV sales in Malaysia to expand rapidly in 2023 | 44 | Fitch SolutionsThe research house said in a note that it forecasts passenger EV sales in Malaysia to increase by 45.6 percent in 2023 to reach an annual sales volume of around 4,449 units. It also expects plug- in hybrid electric vehicles (PHEVs) to lose market share in 2023 as the introduction of more battery electric vehicles (BEVs) offer consumers additional models to choose from. “We forecast that total EV sales as a percentage of total sales to breach the 1 percent mark by 2024 as an expected strong performance in both PHEVs and BEVs accelerates EV adoption,” it said. According to Fitch Solutions, Malaysia has unveiled measures to promote and stimulate electric vehicle EV adoption through incentives. For instance, a road tax exemption for EVs has now been implemented along with a subsidy of MYR2,500 ($600) for EV charging infrastructure purchases by consumers. Furthermore, a 100 percent reduction in import duties on completely built-up EVs lasting up to December 31 2023 has been introduced. Besides, completely knocked down (CKD) EVs will be eligible for the suspension of duties until December 31, 2025 along with sales tax and excise duty exemptions which will further improve the affordability for consumers due to the inherently high taxes on importing vehicles in the country. it said Malaysia is well positioned to increase the assembly of battery packs as existing players in the country take advantage of potentially higher demand for batteries due to automakers ramping up their EV offerings. For example, Ni Hsin EV Tech Sdn Bhd officially unveiled its two TAILG electric motorcycle models in the personal Tailg Ebixon Bold and commercial Tailg Ebixon Torq categories on November 22, 2022, both of which are locally assembled at its facilities in Seri Kembangan, Selangor. Meanwhile, the BYD Atto 3 and e6 EVs will go on sale in December 2022, with deliveries beginning in the first quarter of 2023. The two EVs are expected to cost between MYR150,000 ($33,500) and MYR170,000 ($38,000). Following the opening of order books and more than 100 bookings on the opening weekend, the Great Wall Motors (GWM) Ora Good Cat electric hatchback has also officially launched in Malaysia. The Ora Good Cat is available in Malaysia in two trim levels: 400 Pro and 500 Ultra, with prices starting at MYR139,800 ($31,440) for the 400 Pro and MYR169,800 ($38,200) for the 500 Ultra. It is also noted that Volvo Car Malaysia (VCM) wants EVs to account for 75 percent of total sales by 2025. The XC40 Recharge Pure Electric is the first EV to join VCM’s local lineup, with the company promising to launch a new EV in Malaysia annually for the next five years. VCM will continue to prioritize local production, and the XC40 Recharge Pure Electric is billed as Malaysia’s first locally produced EV model. Kuala Lumpur City Hall (DBKL) has also ordered 60 electric buses from SKSBus Group, which will be delivered in stages beginning in 2022. MAN Truck & Bus (M) Sdn Bhd (MAN Malaysia) and Gemilang International Ltd (GML), a Hong Kong-listed bus and bus body manufacturer based in Malaysia, also showcased the MAN eBus chassis. Beginning in 2023, MAN Malaysia will offer zero-emission, all-electric bus chassis as well as conventional bus chassis powered by low-emission Euro V engines as the company continues to drive change in Malaysia’s public transportation sector toward sustainable mobility. Swift Haulage Bhd and Volvo Malaysia also in August signed an memorandum of understanding (MOU) to introduce electric trucks to Malaysia. Petronas Dagangan Berhad (PDB) has also signed three MoUs with Gentari Green Mobility (Gentari), EP Blueshark, Blueshark Holding, and Handal Indah for the deployment of battery swap stations for two-wheeled electric vehicles and the establishment of charging infrastructure for electric buses. Tenaga Nasional (TNB), on the other hand, has partnered with Gamuda Land to construct two electric vehicle charging stations at Gamuda Land’s Selangor property development projects. Both companies have signed an MoU to collaborate on the development of EV stations, or charging hubs, to be branded as Electron. Gentari also officially unveiled their EV charging station, which includes a 350kW supercharger, two DC fast chargers, and five AC chargers, in collaboration with EV Connection Sdn Bhd (EVC). The EV charging station is the first one in Malaysia to receive a license from the Energy Commission, and it is situated at X Park Sunway Serene in the Sungai Way Free Trade Industrial Zone in Selangor (EC). Installation of 10,000 EV charging points in Malaysia on track, 700 ready, according to ministry |
https://technode.global/2022/12/01/hong-kongs-fwd-partners-malaysias-artem-ventures-to-launch-10-22m-fund/ | Hong Kong’s FWD partners Malaysia’s Artem Ventures to launch $10.22M fund | 45 | FWD Group Holdings Limited (FWD Group)“By launching TIM Ventures, we hope to support early-stage entrepreneurs in Malaysia by not just providing them with financing, but also helping to connect them with the networks and expertise they need to succeed,” FWD Managing Director and Group Chief Operating Officer Sim Preston said in a statement. “We hope to invest in businesses that share our vision as we work together on changing the way people feel about takaful,” he added. The fund has already invested into four start-ups, including winners from the FWD Start-Up Studio, a pre-accelerator programme launched in 2021, with the aim of becoming a leading innovation hub in Malaysia. The companies are Senang, an on-demand subscription-based insurance company; Pewarisan, an online platform providing digital solutions for Islamic inheritance planning; Du-It: a Malaysia-based fintech company; and Blueduck: a zero-deposit insurance agency. “The launch of this fund, together with our pre-accelerator programme, FWD Start-Up Studio, signifies our continued commitment to the Malaysian market and the role we want to play in closing the takaful protection gap,“This initiative allows us to partner with exciting emerging talent and develop innovative new technologies to achieve a brighter, digital future,” said Binayak Dutta, FWD Managing Director, Emerging Markets and Group Chief Distribution Officer. Ts. Mahadhir Aziz, Chief Executive Officer of Malaysia Digital Economy Corporation, said the agency welcome the establishment of this venture capital fund to support the growth of Malaysia’s small and medium-sized enterprises (SMEs) operating in these sectors. “We will strive to ensure further effective collaborations are formed, to support this growing technology ecosystem in line with our new national strategic initiative, Malaysia Digital (MD), “We are particularly focused on the innovative Islamic fintech segment, where Malaysia has been a global leader for eight consecutive years,” he added. FWD Group is a pan-Asian life insurance business with approximately 10 million customers across ten markets, including some of the fastest growing insurance markets in the world. Established in 2013, FWD is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Hong Kong’s Pickupp expands Malaysian footprint with first regional hub in Penang |
https://technode.global/2022/12/01/carsome-mobility-lab-unveils-five-up-and-rising-stars/ | Carsome Mobility Lab unveils five up-and-rising stars | 45 | Five mobility startups have presented their innovative pilot projects on Wednesday during the In a statement, Carsome said the five companies are Asia Mobiliti Tech (smart mobility solutions), Carmen Automotive (SG) (vehicle data analytics solutions), Moovby (peer to peer car-sharing marketplace), MyBump Media (leading crowd advertising platform) and SparexHub Genuine (car spare parts marketplace). Established in partnership between Carsome and Sunway Innovation Labs (iLabs), the four-month CARSOME Mobility Lab Accelerator Program is the first auto ecosystem-focused accelerator in Malaysia and ASEAN, that aims to support up and rising startups in their innovation, funding and scaling journey. “We look forward to continuously supporting these startups alongside Carsome, who have been a very engaging partner in strengthening the talent pool and accelerating innovation in our ecosystem. ” said Matt van Leeuwen, Chief Innovation Officer of Sunway Group and Director of Sunway iLabs. In addition to potential commercialisation of successful pilots, startups at the end of their respective pilot projects stand to receive an investment of up to $25,000 from the Carsome Mobility Lab, to further extend their impact and complement Carsome and Sunway in the wider automotive ecosystem. “We are honoured to play an integral part of the accelerator program and provide guidance to up-and-rising startups, “Through this program, we hope to find a partner capable of delivering cutting-edge innovation to strengthen our ecosystem and offering as we continue to deliver an elevated car ownership experience to our customers,” said Carsome Co-founder and Group Chief Executive Officer Eric Cheng. Under the mentorship from Carsome and Sunway iLabs, these five startups brought forward unique propositions and presented their progress to Carsome and Sunway;s management team, prominent venture capitals, angel investors and industry leaders. Throughout the program, these five and other shortlisted startups were given access to a range of assistance and expertise including:● Mentorship and hands-on workshops organised by entrepreneurs and industry experts in collaboration with relevant Carsome and Sunway business unitsCarsome said the firm is committed to continue innovating the mobility ecosystem and collaborate with synergistic startups to drive business growth, create new products and services, and optimize productivity through project integrations within Carsome’s ecosystem. It said these partnerships complement Carsome’s ongoing efforts to eliminate industry pain points, instill greater trust and transparency in the ecosystem, and ultimately bring about a delightful customer experience. Carsome is Southeast Asia’s largest integrated car e-commerce platform. With operations across Malaysia, Indonesia, Thailand and Singapore, Carsome aims to digitize the region’s used car industry by reshaping and elevating the car transaction and ownership experience. Together with subsidiary brands iCar Asia, WapCar and CarTimes, Carsome provides end-to-end solutions to consumers and used car dealers across the decision funnel, from car content consumption, car inspection, ownership transfer to financing and other ancillary services. Carsome currently has more than 4,000 employees across all its offices in Asia. Malaysia’s Carsome banks on digital banking to complement existing car business |
https://technode.global/2022/12/01/uss-equinix-enters-malaysia-with-40m-data-center-investment/ | US digital infrastructure firm Equinix enters Malaysia with $40M data center investment | 45 | EquinixWith an initial investment of approximately $40 million, JH1 is scheduled to begin operations in the first quarter of 2024, providing 500 cabinets and 1,960 square meters of colocation space, Equinix said in a statement. According to the statement, the IBX data center will support Malaysian companies and multinationals doing business in Malaysia with access to Platform Equinix to bring together and interconnect the foundational digital infrastructure that powers their success. Equinix said Malaysia’s digital economy is forecast to reach $34 billion in gross merchandise value by 2025, with the country on course to achieve a digital economy contribution to gross domestic product of at least 25.5 percent the same year. Thus, it opined that Equinix’s expansion in Malaysia will unlock opportunities for Malaysian businesses expanding internationally and for multinational corporations pursuing growth and innovation in the Malaysian market. It also said Malaysian companies will benefit from the ability to accelerate their evolution from traditional to digital businesses by rapidly scaling their infrastructure, easily adopting hybrid multicloud architectures and interconnecting with strategic business partners within the Platform Equinix ecosystem of more than 10,000 customers. Equinix’s expansion in Malaysia is also in line with the MyDIGITAL initiative launched by the Malaysian Government, which aims to provide a blueprint for the country to accelerate growth of digital products and services. “While the digital economy represents a catalyst for the Malaysian economy, data centers are integral in supporting digital ecosystems and their sustained growth,” said Onn Hafiz Ghazi, Chief Minister of Johor,“We welcome this investment by Equinix, along with the global expertise they bring to Johor, as well as the rich digital experiences and outcomes that will benefit this state and the country,“We are looking forward to working together, in transforming Malaysia into a digitally driven, high-income nation at the forefront of this region’s digital economy,” he added. This expansion marks Equinix’s second foray into the Association of Southeast Asian Nations (ASEAN) following the recently announced plans to expand into Indonesia, allowing the company to address digital infrastructure demand critical to the region’s digital growth. “Establishing a presence in Johor strengthens Equinix’s leadership position in Asia-Pacific within a strategic market such as Malaysia, one of the most requested markets in Asia-Pacific by our global customers,” said JeremyDeutsch, President, Asia-Pacific,Equinix. “We look forward to deepening our collaboration through future expansion, maximizing local businesses' digital growth potential with rich digital experiences and outcomes,” he added. JH1, a two-story facility, will be located at Nusajaya Tech Park (NTP) in Iskandar, Johor. It is 15 kilometers from Singapore, allowing the data center to address excess demand from organizations in the city-state in addition to Malaysian domestic demand. Meanwhile, Equinix has the option of acquiring additional land in NTP to build a second facility, supporting Malaysia’s digital growth aspirations. With the expansion, companies and multinationals doing business in Malaysia will be able to access Platform Equinix to store and distribute large volumes of latency-sensitive data and applications closer to end users and local markets. The Johor data center will also provide organizations with access to vibrant ecosystems made up of more than 2,100 networks and over 3,000 cloud, information technology (IT) and system integrator services that Equinix works with globally. When opened, the new IBX data center in Johor will increase Equinix’s total global footprint of more than 245 data centers across 71 metros and 32 countries, providing Equinix’s 10,000+ customers more ways to securely deploy, directly connect and effectively scale their digital infrastructure in a rapidly growing economy. It is expected to also present opportunities for further expansion into new metros and market segments in Malaysia. In Asia-Pacific, Equinix currently has 51 data centers across 13 metros across Australia, China, Hong Kong, India, Japan, Korea and Singapore. In addition, Equinix also announced expansions into Chennai in India, and Jakarta in Indonesia in 2022, strengthening its market leadership in the region. Malaysia’s NCT Group partners Microsoft to accelerate digital collaboration for NCT Smart Industrial Park |
https://technode.global/2022/11/29/policystreet-partners-foodpanda-malaysia-to-digitise-delivery-partners-insurance/ | PolicyStreet partners foodpanda Malaysia to digitise delivery partners’ insurance | 45 | Malaysia-based insurance technology firm Both parties said in a statement on Tuesday that all of foodpanda Malaysia’s delivery partners classified as gig workers nationwide will be enjoying simplified insurance processes as part of PolicyStreet’s commitment to close the insurance protection gap among gig workers. The benefit set to affect the tens of thousands of delivery partners is an extension of PolicyStreet and foodpanda Malaysia’s efforts to insure and protect delivery partners social and financial welfare, which began in 2020. Through PolicyStreet’s latest digital solution– the Gig Workers’ Claims Portal, delivery partners can monitor their insurance coverage status, submit, and monitor their claims’ progress while on the go. Developed to ease the insurance operations and processes, the proprietary technology can be rolled out to p-hailing companies nationwide in Malaysia and neighbouring countries such as Singapore and Australia. “While the growth of the digital economy has made life infinitely easier for consumers, the delivery partners who power the industry bear the brunt of the risk of financial insecurity due to the industry’s protection gap,” said Lee Yen Ming, Chief Executive Officer of PolicyStreet. By developing innovative digital solutions, and with the launch of this new solution, he hopes to work towards ensuring the digital economy will remain sustainable for the long term by protecting the social and financial welfare of gig workers. “We understand that delivery partners are fluid in the p-hailing service provider they serve, oftentimes having to serve more than one p-hailing service provider to make ends meet,“We are working to onboard more p-hailing service providers onto the platform so gig workers can monitor their various insurance policies from their coverages across different various employers, all from one portal,” he added. Leading the way as a responsible employer within the gig economy space, foodpanda Malaysia is among the first p- hailing companies to adopt the technology. Delivery partners from foodpanda Malaysia can rest assured knowing that in addition to being insured while on the job, the processes to monitor and claim have been made simple for them and their next of kin. “Foodpanda Malaysia is proud to collaborate with PolicyStreet in protecting our delivery partners as they carry out the arduous and sometimes dangerous task of delivering food, groceries, and other conveniences to our customers,” said Kelvin Chan, Director ofAccording to him, the partnership with PolicyStreet is a longstanding one, and the existence of the Gig Workers’ Claims Portal was borne out of constant collaboration and feedback from both ends. “The parallel and symbiotic growth of PolicyStreet and foodpanda Malaysia is a paragon of the Malaysian tech ecosystem, and without them, we would not have been able to progress so far ahead in insuring our delivery partners,” he added. PolicyStreet is an insurance technology group of companies providing cutting-edge digital insurance solutions to businesses and consumers in Southeast Asia and Australia. The firm works directly with over 40 life, general, and takaful providers globally to offer a comprehensive range of products and services. Foodpanda is a subsidiary of Delivery Hero, a global leader of the food delivery industry. It is a leading delivery platform in Asia Pacific dedicated to bringing consumers a wide range of food, groceries and more, quickly and conveniently. Powered by technology and operational excellence, foodpanda is spearheading the growth of quick-commerce (q-commerce) across the region with its network of retail partners, as well as pandamart cloud stores to provide more on-demand options beyond the millions of food delivery options. The firm operates in more than 300 cities across 11 markets in Asia Pacific – Singapore, Hong Kong, Thailand, Malaysia, Pakistan, Taiwan, Philippines, Bangladesh, Laos, Cambodia, and Myanmar. Deliveroo, Foodpanda and Grab jointly launch digital platforms industry association in Singapore |
https://technode.global/2022/11/25/mystartup-accelerator-programme-cohort-2-opens-for-registration-offering-funding-to-fuel-tech-startups-in-malaysia/ | MYStartup accelerator Program Cohort 2 opens for registration, offering funding to fuel tech startups in Malaysia | 45 | MYStartupMYStartup said in a statement, Cohort 1 graduated with an intimate Demo Day event held on November 4, where the top ten startups pitched their products and services to a panel of investors to secure investment opportunities. The Demo Day concluded with two impressive announcements – six startups that received a total of MYR1.57 million ($35,000) in investments from 17 angel investors and top five best startups that were selected to participate in the exclusive MYStartup Accelerator Immersion Programme. The Accelerator Program for Cohort 2 will commence with registration from November 14, 2022 to January 9, 2023. To meet the criteria for the Accelerator Program, the startup must be (i) an incorporated company in Malaysia; (ii) a tech startup with a scalable nature; (iii) in the stage of MVP or revenue-generating and; (iv) looking to expand regionally and globally. Following which, successful candidates will be selected to undergo MYStartup Accelerator’s six-month intensive enrichment program that will support and bring value to early-stage startups by giving them access to experienced mentors, interactive workshops, and masterclasses by industry experts to help them scale their businesses. Executed by Cradle Fund Sdn Bhd (Cradle), the MYStartup Accelerator program is part of the larger MYStartup strategy initiated by the Ministry of Science, Technology and Innovation (MOSTI) in Malaysia where it aims to create global successful Malaysian startups throughout their market expansion and scaling-up journey. As one of the ecosystem drivers in the Malaysian Startup Ecosystem Roadmap (SUPER) 2021-2030, the program plays a significant role in empowering economic growth by enriching the startup network to encourage high-impact collaborations and partnerships at the ecosystem level. “The success of Cohort 1 has validated our impact on the Malaysian startup ecosystem. As we strive to become one of the best ecosystems regionally and globally, we endeavour to continue providing local startups with world-class mentorship, guidance, funding opportunities and access to resources worth up to MYR2 million ($45,000) through the MYStartup Accelerator Program”, said Ahmad Kashfi Alwi, Senior Vice President of Ecosystem Development, Cradle. According to the statement, the top five best startups of Cohort 1 that were selected to participate in the exclusive immersion programme include:1. Cult Creative – network platform that matches creatives with employers through data technology. “Aside from investment and funding opportunities, it is with the mentorship and real-world experience brought in by the Accelerator Program that provided us with the chance to be where we are today,” said Shermaine Wong, Founder of Cult Creative. The startups that are selected for the immersion program will have the chance to connect with other players in the industry and ecosystem, and at the same time gain real-life insights into expanding their business regionally or globally by experiencing how other startups work. This immersion program is designed to ensure that these startups are well-prepared to enter any market for further business expansion. “We’re excited to be one of the very few selected for the Overseas Immersion Program, where we will be engaging with a range of potential partners from across the globe”, added Shermaine. The program’s Cohort 2 will commence on November 14, 2022, targeting a more comprehensive range of technology verticals. MYStartup Pre-Accelerator Cohort 2 Program launched with 38 startups |
https://technode.global/2022/11/25/uk-based-fintech-giant-wise-sees-cross-border-payments-in-malaysia-still-lag-behind-aims-to-close-gap-country-manager-says-qa/ | UK FinTech giant Wise sees cross-border payments in Malaysia still lag behind, aims to close gap [Q&A] | 45 | London Stock Exchange-listed FinTech giant “The domestic payments system in Malaysia has grown by leaps and bounds in the last decade, thanks to innovations in real-time payments infrastructure like ‘DuitNow’ and the emergence of digital-first payment methods like e-wallets,” Wise Malaysia Country Manager Lim Paik Wan told Although Wise did not apply for the digital banking licenses in Malaysia and in Singapore, the FinTech firm is looking to expand its businesses in these two countries and regionally. On WednesdayEarlier this month, Wise announced that it has received a capital markets services license in neighboring Singapore, from the Monetary Authority of Singapore (MAS), which will enable the firm to bring its new investment product, Assets, to Singapore in the coming quarters. Currently available in the UK, Assets gives Wise business and personal customers more choices about how their money is held, and potentially earn a return on their money in over 50 currencies. Last month, Wise also said it is bolstering its Asia ambitions, with the company on track to hit over 400 employees in Singapore by the end of 2022, doubling its team here since the start of the year. Co-founded by Taavet Hinrikus and Kristo Käärmann, Wise launched in 2011 under its original name TransferWise. It said it is one of the world’s fastest growing, profitable tech companies. Currently, 13 million people and businesses use Wise, which processes over £9 billion ($10.72 billion) in cross-border transactions every month, saving customers over £1 billion ($1.19 billion) a year. Wise, one of British largest and best-known FinTech unicorns, came into the limelight last year when the money transfer firm opted to list in London through a direct listing, a rare method of going public pioneered by music streaming firm Spotify in the US in 2018. Rather than raising money in an IPO, Wise’s private backers are selling their existing shares to the public, Wise’s early investors include Peter Thiel’s Valar Ventures and Andreessen Horowitz, among others. Wise, which makes money through cross-border transaction fees, has been profitable since 2017, according to earlier reports. In its 2021 fiscal year, the company doubled profits to £30.9 million ($42.7 million) while revenues climbed 39 percent to £421 million. Trading at £616.6 per share, Wise has a market capitalization of £6.32 billion at the time of writing. Meanwhile, in the interview with
Below are the edited excerpts:Wise is a global technology company, building the best way to move money around the world. Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise when our founders realized how much money it costs to transfer money between the UK and Estonia. It was here that Wise’s mission; money without borders – instant, convenient, transparent and eventually free, was born. The Wise account is the most universal account allowing people to send, spend and receive money like a local anywhere they go, making it easier than ever to live a global lifestyle. It offers instant, affordable money transfers at the mid-market rate to 80 countries, the ability to hold more than 50 currencies in a multi-currency account and an accompanying debit card to spend in more than 150 countries. Another feature of the Wise account is the ability to get bank details for the UK, Eurozone, New Zealand, Singapore, The US, Canada and more. With just a few clicks, and without needing a local address in any of those countries, Malaysians can start receiving payments like a local from others in those countries. The main benefit of having a Wise account over a traditional bank account is being able to transact without foreign transaction fees or unfair exchange rates. With Wise, users always get the real, mid-market exchange rate and low fees across all our features. The Wise account is game-changing because when you look at the current offerings in Malaysia, it’s often costly, difficult, slow, and non-transparent whenever you need to transact in another currency. This is where Wise stands out as an account that works easily for anyone that needs to transact in multiple currencies. So, whether you work or have family abroad, pay for overseas mortgages, shop online at international stores, a traveler, an international student — Wise lets you manage your life between countries and currencies with financial ease in a low-cost, convenient manner. People are often unaware of the hidden charges associated with foreign currency transactions. Consumers think they’re getting a better deal than they actually are, or they don’t realize how much costs they pay for exchange rate mark-ups. With foreign currency transactions, there are typically two costs:a. The upfront fee (the advertised cost). b. The exchange rate (the hidden cost)Banks and other service providers are not obligated to use the mid-market exchange rate to convert your money — in fact, many usually don’t. Often, you will find that an undisclosed markup has been added to the exchange rate. The difference between the rates result in a hidden fee, costing people extra unknowingly when they send money. Up to £150 billion ($177 billion) is lost globally in hidden fees on foreign currency transfers yearly, which is an enormous problem and this is primarily due to the low awareness about costs associated with foreign currency transactions (transaction fee and marked up exchange rate). An independent report from Edgar, Dunn and Company, with research undertaken in January 2021, shows that over £150 billion is paid in fees to traditional banks each year. These fees are either extracted through an exchange rate mark-up or a rate mark-up plus additional fee. The same research shows that only 4 percent of surveyed bank customers understand what they are being charged in these transactions. In Malaysia, our study revealed that Malaysians had spent MYR10.5 billion ($2.29 billion) in total card fees (card ownership and miscellaneous fees, transaction fees and exchange rate margin fees) when shopping overseas from 2015 to 2020 and MYR1.5 billion ($327.8 million) was paid in transaction fees and hidden exchange rate markups yearly when shopping overseas, based on yearly average calculated from the total amount on card transaction fees and exchange rate margin fees only on overseas card spend from 2015 to 2020. Wise doesn’t markup the exchange rate. We use the mid-market rate which anyone can look up on Google and Reuters, always show our fees upfront and only charge customers a low, upfront fee. Wise customers are anyone who needs to spend, send, receive and manage money in multiple currencies. For example, we would see expats who live in Malaysia needing to send money back home. We would also have locals who may have lived overseas previously, or have family living abroad, and have a need to send or receive money in multiple currencies quickly and cheaply. There are also people who often shop from international sites using Wise, as well as avid travellers who need a low cost, transparent way to make purchases while abroad. The domestic payments system in Malaysia has grown by leaps and bounds in the last decade, thanks to innovations in real-time payments infrastructure like ‘DuitNow’ and the emergence of digital-first payment methods like e-wallets. Domestic digital payments today are convenient and fast, but cross-border payments, however, still lag behind in terms of cost, speed, convenience and transparency. Our focus is on solving the cross-border payments problem as we see a gap in the market for a low-cost, fast, easy and transparent way for people in Malaysia to manage their international transactions. One of the biggest challenges is hidden fees awareness. Because foreign exchange markup is rarely stated, we call this the hidden fees problem and even have a price comparison tool on our website for customers to know what it should really cost. Our teams also work hard to understand customer behaviour and develop campaigns and content that bring awareness to this problem so people can make informed choices on what’s right for them. Secondly, continuing with the theme of understanding customer’s needs is making sure our product is relevant for local needs. Our users expect the best experience with sending, spending or receiving foreign currencies, but the way they use us can differ slightly based on their location. This is especially crucial in Southeast Asia, a region that is incredibly diverse in language, culture and technology adoption. For example, can we make prices even cheaper? Can we make the customer journey even more seamless? How should we make payments move faster? We’re always trying to improve our product and the customer journey that’s relevant to the local context. To achieve this, we need to have a good understanding of the local user’s needs as well as the local market knowledge. When you’re committed to a market, it’s important to have boots on the ground which enables us to work smoothly with local partners and regulators to unlock ways we can develop relevant solutions that make a real impact on customers’ lives. So for example, one way we’ve done this is to build partnerships to integrate with ‘DuitNow’ to make it easier and faster for people in Malaysia to receive money from abroad. Wise’s mission is to build money without borders — instant, convenient, transparent and eventually free. The problem of high fees, hidden exchange rate markups, delays and fine print on cross-currency transactions is universal, and our focus is on solving this problem for everyone, everywhere. Within Asia, people from Malaysia, Singapore, HongWe think of expansion across two dimensions:Wise Business and Wise Platform are products we continue to build on, in addition to bringing them to even more places around the world, including Malaysia (where it’s not yet available). For the most part, I’d say that the global banking network we’ve built to move money across the world cheaply, quickly and conveniently is what sets us apart. This has allowed us to make a significant impact on the speed, price, convenience and transparency of moving money around the world. In addition to serving consumers and businesses, our payment rails also powers the infrastructure of banks and financial institutions. For example, Monzo in the UK, Shinhan Bank in South Korea, and Aspire in Singapore use Wise Platform (our infrastructure offering for banks and non-banks) to offer their customers cheaper, faster, and more transparent cross-border payments. Competition and variety in financial services are always good things, so it’s great to see both incumbents and new players innovate to respond to customer needs and make their services better. Within the cross-border payments industry, it’s a massive space expected to hit $156 trillion this year according to Ernst & Young, and we’re still only scratching the surface with much more to solve for the benefit of consumers. United Kingdom’s Wise gets licence from MAS for investment product launch |
https://technode.global/2022/11/25/malaysian-central-bank-aims-to-issue-up-to-five-dito-licences/ | Malaysian Central Bank aims to issue up to five DITO licences | 45 | Malaysian Central BankBank Negara Malaysia (BNM) said in a statement it aims to finalise the policy document and invite the applications for licence in 2023. It also said up to five licences may be issued to applicants that meet all requirements. The exposure draft outlines the proposed framework to facilitate the entry of DITOs in Malaysia that can offer strong value propositions to realise the following outcomes: inclusion – enhanced financial resilience of consumers whose protection needs are currently not served or not adequately served; competition – innovative products to cater to diverse protection needs; and efficiency – convenient and seamless consumer experience with greater cost savings. DITOs are envisaged to carry on insurance or takaful business wholly (or almost wholly) through digital or electronic means. This in turn is expected to drive new types of business and operating models to meet diverse consumer needs through wider product choices and more efficient service quality. In advancing these innovations, BNM continues to preserve a strong focus on sound risk management and consumer protection. The exposure draft specifies licensing and application procedures, as well as specific requirements on the eligible business models and distribution channels of DITOs. This is intended to promote sustainable business operations, while delivering value to policyholders. DITOs will have to comply with the existing requirements under the Financial Services Act 2013 (FSA) or Islamic Financial Services Act 2013 (IFSA). This includes standards on prudential aspects, business conduct and anti-money laundering and terrorism financing measures. As part of the licensing application process, BNM will require an applicant to submit acomprehensive five-year business plan, which includes, among others, planned measures to effectively manage technology and cyber risks in delivering its products and services. In line with the requirements applied to other financial institutions under the risk management in technology policy document, the applicant will also be expected to demonstrate its ability to protect consumer data and authenticate online transactions to mitigate fraud/cyber risks. Similar to digital banks, a foundational phase will be observed for licensed DITOs. During this period, lower minimum paid-up capital requirements and proportionate regulatory flexibilities will be applied to DITOs, commensurate with their early stage of operations. The foundational phase is applicable for a maximum period of five years, but no less than three years. At the end of the foundational phase, DITOs that are not able to demonstrate credible prospects for long-term viability or meet higher prudential standards consistent with that applied to all existing licensed insurers and takaful operators will be required to implement an exit plan according to the conditions set out in the exposure draft. Bank Negara Malaysia working with ‘relevant authorities’ to address concerns over BNPL |
https://technode.global/2022/11/25/ey-and-microsoft-expand-alliance-to-help-businesses-achieve-net-zero-goals/ | EY and Microsoft expand alliance to help businesses achieve net-zero goals | 45 | The EY said in a statement that through this commitment, EY and Microsoft will address a host of sustainability needs through technology, including improving carbon tracking and reporting, facilitating value chain traceability of carbon, and developing enterprise carbon management solutions that support carbon capture businesses. “Climate change is no longer a risk event on the horizon, it is happening here and now. Many organizations set ambitious targets to get to net-zero by 2050, or earlier, but face significant challenges to get there, “This strategic EY-Microsoft Alliance expansion will accelerate the pace of innovation needed for clients to meet ESG requirements,” said Matt Bell, EY Global Climate Change and Sustainability Services Leader. According to him, the expansion is underpinned by the 20-year proven sustainability and ESG service history of the EY Climate Change and Sustainability Services (CCaSS) EY teams. Leveraging leading-edge digital technology platforms (including Cloud for Sustainability) and the engineering prowess of Microsoft, he opined that this deepened relationship is well- positioned to assist some of the world’s largest companies in tackling their biggest sustainability hurdles. To address the growing set of challenges that organizations face, EY and Microsoft continue to strengthen their platforms and solutions on which they collaborate. The expansive portfolio of offerings provides enterprise-ready services and solutions across the sustainability life cycle, designed to help clients address planning and roll-out of decarbonization and end-to-end ESG strategies that build trust and drive change. With a focus on decarbonization through solutions such as the EY Decarbonization Management Platform, clients can more clearly understand their current state and manage, monitor and report against it. They gain full visibility of carbon footprints to make sound future decisions and prioritize and monitor the right intervention pathways and investments for their business. Meanwhile, the suite of offerings facilitates emissions and offsets data capture, accounting, scenario modeling, risk assessment and external disclosures across asset portfolios and investments. This results in a lower risk transition that will accelerate clients’ sustainability journey, helping them to model ESG strategies and support planning, management and roll-out of end-to-end decarbonization. Recognizing the complexity and variety of ESG data, EY and Microsoft are building a robust set of solutions unifying data intelligently, leveraging the Structured Data Manager and integrating with Microsoft Sustainability Manager. These solutions support better, more informed decision-making, financial analysis and external reporting for carbon and other critical ESG areas. Understating how the industry views ESG and sustainability performance requires a set of data intelligence, which is easily delivered with EY ESG IQ. This unique accelerator standardizes and enriches company rating data, calculates score gaps at the most granular level and makes rating improvements faster and easier. This is critical for end-to- end monitoring of supply chains. “The inherent flexibility of the Microsoft Cloud combined with deep EY sustainability experience and development of business applications will allow clients to rapidly adapt and implement solutions that help them to meet their sustainability goals,” said Elisabeth Brinton, Corporate Vice President, Sustainability at Microsoft. “This modular solution approach provides a highly scalable platform that utilizes artificial intelligence, machine learning and predictive analysis, “This will help clients to meet ESG requirements as they evolve and address them through a life cycle of services for end-to-end decarbonization, transforming their operations to not only reduce their environmental impact and address regulatory requirements but also seize opportunities along the way,” she added. By leveraging the knowledge and implementation capabilities of cross-functional EY teams and the power of the Microsoft Cloud, clients will be able to better assess and drive enterprise readiness for carbon tracking and traceability opportunities; obtain a clear understanding of both the technology landscape and data emission sources; identify digital opportunities to streamline data processing; evaluate industry standards; and identify opportunities to influence and lead. Malaysia’s NCT Group partners Microsoft to accelerate digital collaboration for NCT Smart Industrial Park |
https://technode.global/2022/11/22/jt-launches-fresh-delivery-service-in-malaysia/ | J&T launches fresh delivery service in Malaysia | 45 | J&T Express MalaysiaIn a statement, the firm said the J&T Fresh Delivery service is an end-to-end delivery of fresh produce from Cameron Highlands to Klang Valley, ensuring that the produce reaches its destination in the shortest time possible. Through the fresh delivery service, J&T Express Malaysia seeks to expand its existing offering through the fulfillment of orders between local farmers and customers. The campaign, which offers delivery times as short as 24 hours, will run from November 22, 2022 to January 20, 2023. “Cameron Highlands has long been known for its fresh produce. I am pleased that the partnership between the local farmers and J&T Express Malaysia offers logistical solutions for the residents of Klang Valley to enjoy fresh products from Cameron Highlands,“The additional channel also expands the reach of the local farmers, allowing their fresh products to reach households in further areas,” said Roy Zeng, Chief Executive Officer of J&T Express Malaysia. Meanwhile, J&T Express Malaysia Sales and Marketing Director Yuan Kai Jin said the launch of the fresh delivery service demonstrates J&T Express’ commitment to its mission of being “customer-oriented and efficiency-based”. “To that end, a dedicated team has been formed to continuously enhance the fresh delivery service through the reduction in delivery times,” he said. Launched in August 2018, J&T Express Malaysia continuously seeks to adapt its offering to cater to the needs of the local markets. From the provision of standard delivery service, the company has since expanded to now include services such as J&T VIP, J&T International Shipping, J&T Next Day Delivery, J&T Express Document and J&T Fresh Delivery. J&T Express is a global logistics service provider with leading express delivery businesses in Southeast Asia and China, the largest and fastest-growing market in the world. Founded in 2015, J&T Express’ network spans thirteen countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the United Arab Emirates (UAE), Mexico, Brazil and Egypt. Adhering to its “customer-oriented and efficiency-based” mission, J&T Express is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics network, as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all. Tencent-backed J&T Express raises $2.5B ahead of Hong Kong listing – report |
https://technode.global/2022/11/22/ni-hsin-launches-electric-vehicle-motorcycles-in-malaysia/ | Ni Hsin launches electric vehicle motorcycles in Malaysia | 45 | Ni Hsin EV Tech Sdn Bhd, a wholly-owned subsidiary of Malaysia-listed In a statement, Ni Hsin said the firm has unveiled two models of its TAILG EV motorcycles in the personal and commercial categories: the TAILG EBIXON BOLD and TAILG EBIXON TORQ. According to the statement, these TAILG EV motorcycles are imported and assembled at the company’s manufacturing facilities in Seri Kembangan, Selangor Darul Ehsan, Malaysia. “We cannot emphasise the importance of our collaboration and cooperation with Dongguan Tailing Motor Vehicle Co. , Ltd, which has been instrumental in realising such a breakthrough,” said Khoo Chee Kong, Managing Director of Ni Hsin EV Tech. “We envisage a significant surge in demand for EV motorcycles in Malaysia and the ASEAN region in the near term. Our target is to sell 15,000 units of TAILG EBIXON EV Motorcycles a year over the next three years,” he added. According to him, the firm has signed a memorandum of agreements with several esteemed organisations to assist us in the marketing, promoting and distribution of TALG EV motorcycles. Meanwhile, Malaysian Investment Development Authority (MIDA) Chief Executive Officer Wira Arham Abdul Rahman said the production or assembly activities of Ni Hsin reflects the competitiveness of our local company at presenting themselves as one of the innovative leaders of electric vehicles. According to him, this is also in line with the government’s commitment in developing the EV technology ecosystem as outlined in the National Automotive Policy (NAP) 2020. “Despite thriving to positioning Malaysia as a regional hub for the production of EV, the country is also heading towards the aspiration of reducing the carbon emission from vehicles,” he said. He also said as highlighted in the Low Carbon Mobility Blueprint (LCMB) 2021-2023, the government is promoting the use of EVs and other low-carbon transportation choices to lower greenhouse gases (GHG) emissions in the country and aiming to be a significant participant in the regional electric mobility market from 2030 onwards. According to the statement, Malaysia is a strategic and ideal sustainable investment destination for investors of EV related industries to enter the Southeast Asia market. To encourage the use of EVs, the government is providing incentives in the form of direct and indirect tax relief for the assembly or manufacturing of electric vehicles, parts and the development of EV ecosystems such as charging facilities. Leading by example, the government is also expected to adopt EVs in government and government-linked company (GLC) fleets. In light of global warming, Ni Hsin opined that EV motorcycle makes perfect sense. It said the pandemic has brought about a spike in e-commerce and hence the demand for delivery services. It also said EV motorcycles are more energy efficient as they convert 77 percent of electrical energy from the grid. According to Ni Hsin, the running cost and maintenance of EV motorcycles are 70 percent cheaper than internal combustion engine (ICE) motorcycles. Environmentally beneficial businesses could expect to reap huge dividends. While the carbon markets turn CO2 emissions into a commodity by giving it a price, it said these emissions fall into one of two categories: carbon credits or carbon offsets, and they can be bought and sold on a carbon market. In the case of the manufacture and sale of EV motorcycles, it said an organisation generates a carbon offset which can be sold to other companies to reduce their carbon footprint. It also said Malaysian stock exchange marketplace, Bursa Malaysia, will open a voluntary carbon market (VCM) exchange by the end of 2022 and these will help boost transparency and allow entities to buy carbon credits to offset their emissions. It said the new Bursa Malaysia VCM exchange will boost investments in high-quality offsetting projects such as planting trees or shifting to cleaner fuels. According to the statement, from 2020 to June 2022, MIDA approved 25 projects worth MYR10.69 billion ($2.34 million) to expand EV and its related ecosystems. The investments are channelled into EV parts and components manufacturing and assembly. Ni Hsin EV Tech is in the business of manufacturing, assembling, promoting and marketing of all kinds of EV and accessories and development of concepts, facilities and fittings using EV battery systems for the delivery industry. The focus of the company is in smart mobility and its applications with safer and more efficient charging in a sustainable and environmentally-friendly model. Installation of 10,000 EV charging points in Malaysia on track, 700 ready, according to ministry |
https://technode.global/2022/11/21/chinas-xinghuo-bif-appoints-malaysias-myeg-to-own-and-operate-xinghuo-international-supernode/ | China’s Xinghuo BIF appoints Malaysia’s MyEG to own and operate Xinghuo International Supernode | 46 | China’s national blockchain Xinghuo Blockchain Infrastructure and Facility (XInghuo BIF) has inked an agreement with Malaysian listed digital services firm The agreement also entails the cross-border adoption and utilisation of the latest decentralised identifier standard (BID) to gradually create the Web3 of China and beyond, MyEG said in a statement. Xinghuo BIF is a global blockchain infrastructure devoted to a trustworthy digital foundation for the world. Up till now, 7 Xinghuo BIF supernodes cover main areas in China and 29 backbone nodes provide services to a broader range of industries and cities. Xiamen and Liuzhou Supernodes, Jiaozhou (Shandong) and Hengqin (Guangzhou) backbone nodes empower cross-border trade and provide international service overseas. International enterprises including SAP and Siemens partnered with Xinghuo to promote global blockchain innovative applications. Presently, Xinghup BIF resolves approximately 100 million blockchain identifiers daily, placing it as the most actively used blockchain platform globally. The international supernode will connect to MYEG’s layer-1 permissioned public blockchain, Zetrix, which is fully compatible with Xinghuo. This enables Zetrix network’s on-chain assets and transactions to cross seamlessly into Xinghuo, connecting governments, businesses and their people to a global blockchain-based economy. “We should cooperate more in building node network, seize the opportunity presented in the next generation of internet and empower industries with blockchain and other technologies, thus providing solid infrastructure and advancing innovative development,” said Xiaohui Yu, President of China Academy of Information and Communications Technology (CAICT). The agreement marks a milestone achievement in Xinghuo BIF’s global expansion since the memorandum of understanding that was signed on October 12th, 2021. The international supernode will connect to MYEG and develop blockchain infrastructure applications, which will increase the interconnectivity of infrastructure in countries, and enhance the capability of cross-chain operation. With its technologies and public service capabilities, Xinghuo BIF will provide blockchain services to Malaysia and other ASEAN countries and assist in cross-border commodity-tracing, identity verification and supply-chain finance. ”Xinghuo BIF is already the most advanced and heavily utilised chain for industrial and trade applications, “Now with the commencement of the Xinghuo International Supernode, the rest of the world can connect and be part of the China Web 3 evolution that will promote the establishment of international communities and facilitate global trade and finance,” said Wong Thean Soon, Group Managing Director of MYEG and Co-Founder of Zetrix. Xinghuo BIF and MyEG’s layer-1 public blockchain, Zetrix, had previously announced the introduction of cross chain blockchain identifiers (BID), Verifiable Credentials (VC), and on Chain Agreement signing. BIDs and VCs are critical building blocks of more interconnected Web 3, as they are the foundational tools that decentralised apps can call upon to deliver a myriad of new services. The agreement between the parties was befittingly signed on-chain using Zetrix’s blockchain digital signing service. MYEG is Malaysia’s premier digital services company. Having commenced operations in 2000 as the flagship e-government services provider, the firm continues to play a leading role in driving technological change in Malaysia and elsewhere in the region, bringing a diverse and complete range of innovations spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive, healthcare and financial services, among others. Committed to staying firmly at the forefront of the region’s digital revolution, the firm has embraced the potential of blockchain technology to enhance all aspects of life and is actively pioneering its adoption across its main markets. Beyond Malaysia, the firm has operations in other key regional markets such as the Philippines and Indonesia. 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. Owned by MyEG, the cross-border and cross-chain integration with Xinghuo Blockchain Infrastructure and Facility (BIF) enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as BID and VC. Xinghuo BIF is a national blockchain infrastructure supported by Ministry of Industry and Information Technology and led by CAICT. The firm provides services mainly to industrial Internet, makes breakthroughs in Internet identifier, increases the application of blockchain and drives the economy. With open construction strategies and governance model, Xinghuo BIF positions as a national blockchain infrastructure that provides service to the world and its construction was started in Aug 2020. On Aug 3, 2021, CAICT released BIF-Core, which marks the start of its primary chain operation and global service. Malaysia-listed MYEG’s Zetrix blockchain to launch mainnet |
https://technode.global/2022/11/16/visa-launches-google-wallet-for-visa-cardholders-in-malaysia/ | Visa launches Google wallet for Visa cardholders in Malaysia | 46 | VisaVisa said in a statement that its cardholders from Hong Leong Bank (credit) and Public Bank (credit and debit cards) can now make fast and secure purchases in stores, online, and in apps, and store their Visa cards within Google Wallet. Cardholders of HSBC (credit) and HSBC Amanah (credit) will also be able to add their cards to Google Wallet in the coming months. According to the Visa 2021 Consumer Payment Attitudes report, usage of mobile contactless payment solutions has increased for more than half (60 percent) of Malaysian consumers, citing safety (58 percent) and convenience (53 percent) as the top drivers for usage in comparison to carrying cash, because of the pandemic. In 2021, Visa found that 70 percent of all transactions were contactless, highlighting the rising interest and awareness among Malaysians. Ng Kong Boon (KB), Country Manager for Visa Malaysia said the impact COVID-19 had on the mobile payment landscape saw shifts in preference for digital payments, with more Malaysians opting for safer and more convenient payment solutions and having an overall positive attitude towards new payment trends. “Mobile devices are a key part of consumers’ day-to-day lives, and the launch of Google Wallet in Malaysia will enable more Visa cardholders to make mobile payments in a country where contactless payments are extremely well-received,” he said. According to him, in Malaysia today, more than seven in 10 Visa transactions are contactless payments and the firm is also rolling out new contactless acceptance in the country. “The introduction of Google Wallet will enable more Visa cardholders to make seamless and secure payments both online and face-to-face, propelling the country into becoming a cashless society,” he added. Cited the e-Conomy SEA 2022 report, Google Malaysia Managing Director Marc Woo said digital payments are gaining popularity and are expected to hit almost $200 billion in gross transaction value in Malaysia by 2025. “With millions of Malaysians now using their phones everyday to make payment, Google is excited to bring Google Wallet to Malaysia,” he said. With Google Wallet, he said Malaysians can tap to pay in stores or checkout seamlessly online. “They can also easily access their boarding passes when they jet off for their year end holidays. Google Wallet helps keep everything protected in one place, no matter where you go,” he added. Designed to create safe and secure payment experiences, Google Wallet works in tandem to make the consumer payment process safer, with multiple layers of security that is private by design and puts consumers in control of their data. Google Wallet uses tokens, a temporary alias for actual account numbers that keeps cardholder account information safe and is created when a card is added to Google Pay or the respective banking app. Consumer data is kept private as the tokenised account number is shared with merchants, instead of the actual account number. Visa cardholders will also be able to conduct transactions on WearOS devices and all Android devices running Android 5.2 or later and download the Google Wallet app in the Play Store. Singapore’s ADVANCE. AI partners Visa to strengthen credit decisioning for unbanked and underbanked in Southeast Asia |
https://technode.global/2022/11/14/funding-societies-partners-with-proton-to-provide-dealer-financing-for-used-car-dealers/ | Funding Societies partners with Proton to provide dealer financing for used car dealers | 46 | Funding Societies“Demand for personal vehicles saw an increase since the second half of 2020. Underlying this growth are concerns over shared transportation (Covid-19 health crisis) and accommodative government policies during the pandemic, “With Funding Societies’ revolving credit facility, PROTON’s dealers can tap into that growth by increasing their inventory for sale across by increasing their floor stocking inventory of used cars,” Funding Societies Malaysia Country Head Chai Kien Poon said in a statement. In line with Funding Societies’ mission to provide financing facilities to underserved, creditworthy SMEs, he said this revolving credit facility provides PROTON’s dealers with a more seamless experience. “They may utilise the facility any time and anywhere upon its activation. Additionally, dealers will have access to our online supply chain financing system to manage their financing facility with us,” he added. Funding Societies was founded in 2015 to empower SMEs in Southeast Asia by solving key pain points for small businesses in accessing financing which include the requirement for collateral, complicated and physical paperwork submission, as well as lengthy application process. As SMEs are the backbone of the nation’s economy, Funding Societies are committed to solving the huge SME financing gap in Malaysia and the region. “With PROTON’s sales volume increase over the past few years, we have seen an increase of trade-in or trade-up transactions,“Through the dealer financing service provided by Funding Societies, our dealers can finance the purchase of floor stocks to enable the trade-in transaction,” said Wan Ahmad Fadzli Wan Mustafa, General Manager, Proton Edar. Since its inception in 2019, Proton’s used car management (UCM) unit has introduced operating procedures and provided training for used car inspectors to manage transactions at each outlet and ensure services provided are in line with the expectations set by the brand. Currently, the company has 35 outlets retailing Proton certified pre-owned (PCPO) vehicles in the country. “Dealers who wish to apply for financing may do so via Funding Societies’ online platform. They will be able to provide financing for up to 85 percent of the transaction value with repayment periods of up to 90 days, “With this financial facility, our dealers can grow their business by raising short-term capital to manage their cash flow and even use it for new car purchases from Proton Edar as well,” concluded Wan Ahmad Fadzli. Vehicles sold under the PCPO programme undergo a thorough 201-point inspection and are assured to be free of any flood or major accident damage. Customers also enjoy one-year extended warranty which covers the engine and transmission as well as a one-time free basic service after six months from date of registration. With the increasing shift to online platforms, UCM has also set up a dedicated Proton used car website to attract tech-savvy buyers. Funding Societies | Modalku is the largest SME digital financing 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. In seven years, it has helped finance over 5.1 million business deals close to MYR11 billion ($2.39 billion) in funding. Singapore’s Funding Societies signs $50M credit facility with HSBC to drive SME growth in Southeast Asia |
https://technode.global/2022/11/09/installation-of-10000-ev-charging-points-in-malaysia-on-track-700-ready-according-to-ministry/ | Installation of 10,000 EV charging points in Malaysia on track, 700 ready, according to ministry | 46 | The Malaysia government’s target to install up to 10,000 public charging stations for electric vehicles (EVs) in the country by 2025 under the Low Carbon Mobility Blueprint 2021-2030 is on track, with around 700 charging stations nationwide having been set up so far, according to the Ministry of International Trade and Industry (MITI). Muhammad Zulhilmi Ahmad, the industrial development director at MITI, said installation is being successfully made through collaboration with the private sector, national news agency reported on Wednesday. “There are certain companies, mainly government-linked companies, willing to champion [this green effort]. We hope the target can be achieved to support the development of the local EV industry,” he was quoted as saying at Series 2 of Invest Malaysia titled “The Road to EV”. The government has provided companies which are interested to build EV infrastructure in the country with tax incentives, such as pioneer status, as well as financial assistance. The EV industry has become one of the hottest sectors among Southeast Asian countries. Often seen as the future of automobile, neighboring countries Indonesia and Thailand has hoped to become EV regional hubs, luring car makers from Japan, South Korea and the US to invest and build factories here. Countries including Malaysia and Vietnam have started to build EV charging infrastructure and governments are implementing policies to promote EV industry in a bid to reduce carbon footprint. Last monthUtility company Tenaga Nasional Bhd (TNB) expects the EV market to have grown to 18,000 charging points for 524,409 battery EVs on the road by 2030, with an annual electricity revenue of MYR1.25 billion ($265 million). This equates to potential reduction of 4.4 million tonnes of CO2 emissions by taking an equivalent number of internal combustion engines off the road. Stock exchange Bursa Malaysia chairman Abdul Wahid Omar said the EV industry is an exciting growth area for Malaysia, offering great potential to create economic, social and environmental gains. He noted that the Voluntary Carbon Market (VCM), to be launched by year end by way of auction, would play a key role in supporting the industries that could generate economic progress and environmental change. “I strongly urge corporates to be among the auction’s early participants to demonstrate their leadership in climate action,” he said in his welcoming remarks at the event. The VCM would facilitate price discovery for new products by serving as a reference price for carbon credit trading, and generating tangible price signals for potential issuers to embark on domestic carbon credit projects, he said. TechNode Global shares research insights on Indonesia EV landscape |
https://technode.global/2022/11/07/touch-n-go-ewallet-expands-cross-border-payment-to-china-in-collaboration-with-alipay/ | Touch ‘n Go eWallet expands cross-border payment to China in collaboration with Alipay | 46 | Touch ‘n Go Group“We are pleased to continue our partnership with Alipay+ on cross-border payment solutions and expand our service territory beyond Singapore, Japan and South Korea,” TNG Digital Sdn Bhd Chief Executive Officer Alan Ni said in a statement. “Touch ‘n Go eWallet is the first Malaysian eWallet which can be used for payments in China. This augurs well for all our users travelling there as they will enjoy the ease of making cashless payments, and in Ringgit Malaysia as well,“We expect our users to experience the same seamless convenience of using Touch ‘n Go eWallet in Mainland China as how they would in Malaysia, and with the assurance that their transactions are safe and secure. We will continue to grow our acceptance to more markets in time to come,” he added. Ant Group International Business President Angel Zhao said as businesses recover from the pandemic, Alipay+ is playing an important role in connecting global brands – both online and offline, big and small – with mobile-savvy consumers worldwide. “Through simple adaption, more than 2.5 million merchants around the world are able to access and better serve the growing user population of various leading digital payments providers, as digital transformation takes hold around the world,” she said. According to the statement, over the past six months, Alipay+ has been gaining ground in markets including Southeast Asia, South Korea and Japan, connecting local and regional merchants with various digital payment methods. China has become the latest destination for users of Malaysia’s Touch’n Go eWallet in a drive to enhance a seamless and convenient payment experience for international visitors ahead of the Hangzhou Asian Games. The global merchant coverage of Alipay+ by sector includes over 1,000 online platforms, more than 10 major airports, over 90,000 convenience stores, over 360,000 restaurants, nearly 200,000 taxis and major hotel brands, department stores, duty-free shops and tourist facilities in Asia and Europe. Apart from China, all Touch ‘n Go eWallet users can also make cross border payments wherever the Alipay+ QR code is displayed in Japan, South Korea, Singapore, United Kingdom, Italy, France, and Germany. The Touch ‘n Go Group is Malaysia’s leading consumer facing financial-technology enterprise with a key focus in the country’s transportation ecosystems and platform-based payments infrastructure. It comprises the service offerings of Touch ‘n Go Sdn Bhd (TNG), a wholly owned subsidiary of CIMB Group and TNG Digital Sdn Bhd (TNGD), a joint venture between TNG and Ant Group, parent company of Alipay, China’s largest digital payments platform. The TNG Group of companies serve Malaysians who use its card, RFID and eWallet offerings to fulfil a host of daily transactions. TNG Digital was founded by Touch ‘n Go Sdn Bhd and Ant Group, parent company of Alipay, China’s largest digital payments platform. Established in 2017, TNG Digital is the owner and operator of Touch‘n Go eWallet, Malaysia’s number one eWallet company, with more than 18 million registered users and over 1.2 million merchant touch points including DuitNow QR. Combining Touch ‘n Go’s strong domestic brand, dominance in toll, transit and parking use cases and nationwide user base, together with Ant’s deep domain expertise and leading the development of open platforms for technology-driven inclusive financial services, the Touch ‘n Go eWallet provides financial services and payments services to both retail users and small to mid-sized businesses, across physical and online infrastructure. Ant-backed e-wallet Touch ‘n Go launches digital personal loan facility |
https://technode.global/2022/11/07/techmurah-partner-asia-pacific-university-of-technology-innovation-to-nurture-green-tech-youth-entrepreneurs/ | Techmurah partners Asia Pacific University of Technology & Innovation to nurture green tech youth entrepreneurs | 46 | TechmurahTechmurah and APU said in a statement they have signed a memorandum of understanding (MoU) to formalise the collaboration. They said through training programmes, university students will learn about the information technology (IT) gadgets refurbished market and sales-related knowledge. The programmes aim to nurture more young green tech entrepreneurs with sustainable income and help the lower income community. Techmurah and ARP Electronic Services Sdn Bhd Founder Danny Ng said the signing of the MoU will create a win-win situation for all as students, the university, Malaysia, people and Mother Earth will benefit from the collaboration. According to him, providing training to students, nurturing the next generation of green entrepreneurs would allow them to earn sustainable income. He opined that through this programme, the university will benefit as it helps to create a net-zero carbon emissions environment. “For every refurbished laptop sold, it will help to reduce carbon footprint by 350kg. For every refurbished computer monitor sold, this will reduce 233kg carbon footprint,” he said. He said that using refurbished electronic devices is also in line with the United Nations Sustainable Development Goals (UN Sustainable Development Goals). “Purchasing refurbished computers have reduced the cost of owning a computer for the lower income households, “When there are more people using refurbished computers, this will helps to reduce electronic wastes and minimize the impact of electronic wastes to our environment. Therefore, Mother Earth is the ultimate winner,” he added. He also noted that this training programme will benefit university students and nurture more future green entrepreneurs. Besides allowing them to earn sustainable and stable income, this will help to create a greener society, he said. Techmurah is a electronic devices e-commerce platform wholly-owned by ARP Electronic Services Sdn Bhd. Established in 2020, ARP Electronic Services is a green technology factory that specialises in refurbished, repair and remarketing of used IT gadgets. The firm is now one of the largest electronic devices reconditioned and recommerce platforms in the country. Through repair, recycle and refurbishment of used computers and laptops, the company makes it more affordable for Malaysians, especially the lower income families, to own a computer and at the same time creating a sustainable, greener environment. Malaysia’s e-commerce platform Shoppymore eyes 10 times more sellers & regional expansion |
https://technode.global/2022/11/07/ghl-partners-alipay-to-connect-retailers-in-malaysia-with-mobile-first-asian-travelers/ | GHL partners Alipay+ to enable travelers to use mobile e-wallets | 46 | GHL Systems Berhad (GHL)An offering of Ant Group, Alipay+ is designed to enable global businesses, especially small and medium-sized businesses, to accept a wide range of mobile payment methods from various countries and regions, and better serve global consumers through simple technical adaption, GHL said in a statement on Monday GHL Malaysia’s Chief Executive Officer Kevin Lee said built on GHL’s long-term partnership with Ant Group, the latest collaboration with Alipay+ will further strengthen the firms shared goal of enhancing customers’ experience by providing convenience in their payment journey, as well as helping their merchants especially small and medium-sized enterprises (SMEs), increase business opportunities as Malaysia reopens its borders. “We look forward to working closely with Alipay+ to continue expanding and offering the most comprehensive payments methods to all of our merchants across the region,” he added. With increasing foot traffic and economic activities back on stream following the reopening of borders and removal of travel restrictions, a frictionless payment experience is crucial to improve customer experience. Coming on board as a launch partner, GHL merchant and top regional lifestyle tea brand Tealive is enabling 800 outlets in Malaysia to immediately accept payments by e-wallet partners of Alipay+. The Alipay+ integration will further support Tealive’s efforts in improving customer convenience as well as strengthening its digital strategy. Ng Yau Chuan, Chief Marketing and Digital Officer of Loob Holding Sdn Bhd, which owns the Tealive brand, said Tealive is among the earliest adopters of the convenient e-wallet payment well before the pandemic. “Integration with Alipay+ is another key effort for Tealive to ‘breakthrough’ and deliver greater convenience to our customers. We are very excited and look forward to having stronger relationships with them,” he added. Commenting on the partnership, Cherry Huang, General Manager for Global Merchant Partnership, South and Southeast Asia, Ant Group said the pandemic has accelerated the adoption and preference towards digital payments among consumers, more apparently so in developing Southeast Asian countries which were cash-dominant in the past. “Through working with local partners like GHL, we are committed to helping local merchants to further digitalize their payment functions and to achieve better operational efficiency and customer engagement with digital solutions like Alipay+, at the same time, creating a more seamless payment experience for the emerging mobile-first consumers,” he added. As of October 2022, GHL has integrated Alipay+ solutions to over 40,000 merchant touchpoints in Malaysia. Users of Alipay+’s partnering mobile wallets can look out for the Alipay+ signage at all GHL merchants including Billion, Econsave, Eraman, Family Mart, Lotus’s, Mr DIY, MyNews, Village Grocer, Orange Convenient Store, Tealive and TF Value, and scan to pay with their home mobile wallets. GHL is an ASEAN’s payment solutions provider reach spans across six countries; Malaysia, Philippines, Thailand, Indonesia, Singapore and Australia – stretching over a vast footprint of over 402,400 payment touchpoints across the region. The firm is the leading payment acquirer in ASEAN for over 100 global and regional payment schemes and channels, processing over MYR1.5 billion ($320 million) payment transactions per month. Apart from being Malaysia’s largest prepaid credit top up and bill collection network, GHL aspires to catalyse sustainable livelihood of the micro small medium entrepreneurs (MSMEs) through financial and non-financial value-added services. The firm is a listed company with a market capitalization of over MYR1.1 billion ($230 million) as of November 5. The firm has been listed on Bursa Malaysia since 2003. Alipay+ offers unified global mobile payment and marketing solutions that connect merchants with multiple e-wallets and payment methods from different countries and regions by collaborating with global partners. The platform is developed by Ant Group, the owner and operator of Alipay, one of the world’s leading digital open platforms. Alipay+ partners ComfortDelGro for foreign mobile payments in Singapore |
https://technode.global/2022/11/03/bigpay-launches-into-the-cryptocurrency-space-in-partnership-with-triplea/ | BigPay launches into the cryptocurrency space in partnership with TripleA | 46 | BigPayBigPay said in a statement on Thursday its users can seamlessly convert their crypto assets into cash to spend using their BigPay debit cards, without having to go through the typically tedious verification process. According to the statement, the cryptocurrencies currently accepted for top up are Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT), with plans to expand the accepted currencies in the near future. The latest feature comes as an addition to BigPay’s existing two top-up methods – credit and debit cards. BigPay’s launch of the new feature will be a transparent conversion process that does not entail hidden fees for the user as is seen in many crypto to fiat transactions. “We believe in a regulated financial system which takes the best of both crypto and traditional finance – to increase efficiency and value to the end-user ” said Salim Dhanani, Chief Executive Officer and Co-Founder of BigPay. “We want to enable users to interact with digital assets in a safe and secure way, and facilitate overall interoperability,” he said. Most recently, BigPay added 3 new services to its Major Payment Institution (MPI) License issued by the Monetary Authority of Singapore (MAS) for account issuance service, domestic money transfer, and e-money issuance service in Singapore. Since its inception in 2017, driving financial wellbeing and access has been a core vision and mission of BigPay. In addition to helping over 3 million users improve their financial health, the company seeks to expand its services and introduce more financial products throughout the Southeast Asian region. “With over 300+ million crypto owners worldwide, TripleA is happy to work with BigPay to meet the demand for crypto top-ups,” said Eric Barbier, Chief Executive Officer of TripleA. “With the addition of this new payment method, we are also pleased to continue enabling accessible and transparent digital financial services for BigPay’s customers,” he added. BigPay is a Southeast Asian fintech company founded in 2017. The company is committed to democratizing financial literacy, accessibility, and wellbeing in the region by providing accessible, transparent, simple, and secure digital financial services. From payments to international transfers, credit, micro-insurance, personal loans, and smart budgeting, the goal is to drive sustainable change for consumers and businesses across Southeast Asia. TripleA is a licensed crypto payment gateway that helps businesses increase their revenue by enabling crypto payments and payouts, giving them access to the spending power of the fast-growing 300m+ cryptocurrency users. The firm’s white label crypto payments solutions allow businesses from all industries to leverage the benefits of the growing crypto market without being exposed to volatility risk or having to handle or convert digital currencies. Their solutions are compatible with all wallets, easy to integrate and offer instant confirmation, locked-in exchange rates and chargeback protection. Licensed by the Monetary Authority of Singapore (MAS) and trusted by over 15,000 businesses, TripleA makes accepting crypto payments simple for businesses across the globe. Bigpay launches cash pickup services in Indonesia and the Philippines to drive convenient remittances |
https://technode.global/2022/11/01/datasonic-partners-meta-doers-world-to-explore-opportunities-in-metaverse-related-projects/ | Datasonic partners Meta Doers World to explore opportunities in metaverse-related projects | 46 | Datasonic Group BerhadDatasonic executive chairman Haji Abu Hanifah bin Noordin said in a statement that the collaboration between Datasonic and Meta Doers marks Datasonic’s foray into the metaverse world focusing on education sector and healthcare industry. “Today, we are part of the digitally connected world. With online learning becoming more and more popular especially after the pandemic, the education sector is exploring into integrating immersive technologies to transform the learning environment to be more interactive, creative and entertaining,” he said. “At the initial stage, our targeted markets are primary school, secondary school, higher education and training agencies in Malaysia and ASEAN countries,“Datasonic has excellent track record in many mission critical national projects. Datasonic has been producing one of the best of the best international passports in the world,” he added. Meta Doers is part of the Doers Education Group, a specialist in online and offline education, metaverse project consultancy as well as advisory services, focusing on six core business sector – education, health, food, entertainment,energy and shelter industry. Doers Education Group is one of the pioneers in the education and training industry with more than 24 years of excellent track record in China, Hong Kong, Macau, Taiwan, Malaysia, Singapore, Thailand, Brunei, Indonesia, Philippines and Canada. “According to a report by McKinsey & Company, investment in metaverse globally has increase from $57 billion in 2021 to $120 billion as of June 2022 and this number is expected to grow. We see great potential in metaverse application platform in many industries especially in education and healthcare industries in Malaysia and ASEAN countries,” said Abu Hanifah. “Through the setting up of a 60:40 joint venture company, we will leverage on the expertise and competitive strengths of both parties to develop world class 3D virtual classroom where students can virtually meet and interact with classmates and teachers to achieve optimum learning outcomes,” he said. “The new management of Datasonic is looking forward in the strategic partnership with Meta Doers to diversify into metaverse application platform in the education and healthcare industries in Malaysia and ASEAN countries and committed to generate higher revenue and profit to the group,” he added. Datasonic is a security-related integrated solutions provider listed on the Main Market of Bursa Malaysia Securities Berhad since 2012. The firm specializes in multipurpose national ID, International Civil Aviation Organization (ICAO) compliant ePassport, auto gates with multimodal biometrics and facial recognition system, financial smart cards, integrated CCTV and surveillance system with video analytics and healthcare related ICT solutions. Datasonic has been the provider for Malaysia National ID (MyKad) project since 2012 and the vendor providing integrated ICAO compliant e-passport solutions to the Malaysian government since 2016. Datasonic is also ATM/Debit Card and Europay, Mastercard and Visa (EMV) credit and debit card personalisation system and solutions provider. Islamic finance sector sees growth opportunities in crypto and metaverse, says IslamicMarkets. com |
https://technode.global/2022/10/25/scaleup-malaysia-partners-profiiceo-to-launch-100-soonicorns/ | ScaleUp Malaysia partners Profiiceo to launch 100 Soonicorns | 46 | ScaleUp Accelerator Sdn Bhd (ScaleUp Malaysia)In partnership with Penjana Kapital Sdn Bhd (Penjana Kapital) and Malaysia Digital Economy Corporation Sdn Bhd (MDEC), 100 Soonicorns aims to be an impetus to drive Malaysia towards achieving its aspirations to create 5 Unicorns by 2025, ScaleUp Malaysia said in a statement on Tuesday. The programme is an ecosystem-driven catalyst that will prime local startups as they navigate their challenge-riddled journey to becoming Unicorns. Coined from the phrase “soon-to-be unicorns”, Soonicorns are startups with a growth potential to become Unicorns. Soonicorns are typically technology-based startups that display exponential scaling prospects and have received funding from an angel investor or venture capitalist. To participate, invited startups need to have raised at least $1 million from a Venture Capital firm or institutional investor; or have generated $2 million in revenue over the last 12 months. “With more than 2,500 active startups, the Malaysian entrepreneurship landscape is vibrant and has enormous potential to build disruptive businesses that are resilient, sustainable, and poised to be the nation’s Unicorns of tomorrow, “This joint programme will enable us to take budding Soonicorns on our radar and mould them into Unicorns through a structured, pragmatic and targeted program,” said Andre Sequerah, Managing Partner at ScaleUp Malaysia. “The higher you climb, the more obstacles you face and the lonelier the journey. The margin between success and failure is slim and without both guidance and peer support, startups either become stagnant or deteriorate over time, “The 100 Soonicorns program will help bolster these startups, providing them with the necessary support from resources as well as peers to steer them as they make their way to the top,” he added. Proficeo Chief Evangelist Sivapalan Vivekarajah said 100 Soonicorns will act as a catalyst of growth for our startup ecosystem and a springboard of success for these high-potential startups that will uncover new economic opportunities for the nation. “The programme will also highlight these startups as Malaysia’s most promising companies, placing them in the spotlight of global investors, “With the stakes high for these late-stage startups, the tailored guidance offered through 100 Soonicorn will provide our local startups with every opportunity for success,” he added. 100 Soonicorns will be executed in three phases. The first phase will see the team identifying the top one hundred (100) startups in Malaysia with the propensity to become Unicorns. The startups will then be nurtured via a founders-supporting-founders syllabus which includes structured problem-solving, capacity development sessions, networking and like-minded peer-to-peer support, in the second phase. Finally, twenty (20) startups out of the 100 will be selected to go on to receive tailored learning, mentoring, regulatory assistance and funding from investors, government agencies and other ecosystem players. “We have always believed that developing an ecosystem requires more than just financial capital,“100 Soonicorns is an initiative that provides the right stimulus to help up-and-coming entrepreneurs maximise their potential through a very exclusive programme designed to meet their needs,” said Taufiq Iskandar, Chief Executive Officer of Penjana Kapital. Meanwhile, MDEC Chief Executive Officer Ts. Mahadhir Aziz said MDEC is committed to the national goal of creating five Unicorns by 2025 and the recent roll-out of the Malaysia Digital (MD) national strategic initiative will further catalyse this effort. “MD seeks to increase overall ecosystem value, providing targeted assistance and resources that Soonicorns need, in their final push towards Unicorn status. Private-public effective collaborations such as this will be key,” he added. Two cohorts of the 100 Soonicorns program will kick off in the first quarter of 2023 with 16 startup chief executive officers in each cohort. By the end of 2023, 100 Soonicoorns will be running six cohorts and supporting 100 chief executive officers. ScaleUp Malaysia is an accelerator that focuses exclusively on growth-stage companies in Malaysia – helping them position their business for exponential growth. The accelerator is founded by a team of experienced entrepreneurs, professionals and seasoned investors. Championing the concept of building “Pegasus” companies of building fast-growing profitable businesses, ScaleUp Malaysia companies go through a programme that includes in-class training, one-to-one coaching and equity investment for selected companies. Since 2019, the accelerator has built a proven track record in helping growth-stage companies secure funding from leading investors. Thus far, over 30 startups have graduated out of the accelerator, collectively raising more than $14 million in capital and one exit. ScaleUp Malaysia seeks to invest $1 million in ten startups |
https://technode.global/2022/10/25/whatsapp-down-worldwide-report/ | Whatsapp down worldwide – report | 47 | WhatsApp, a popular messaging platform owned by Meta, is facing a disruption globally with users facing problems in sending and receiving messages. According to several media reports, there is a sharp spike in users reporting the outage on Downdetector, a website that tracks online outages worldwide. Users from around the world reported the issue. More than 1.5 billion people across 180+ countries use WhatsApp to stay in touch with friends and family, anytime and anywhere, Whatsapp said on its Linkedin Page. WhatsApp has yet to update or make any announcements on its official website or social media platforms including its Facebook and Linkedin pages. At around 0750 GMT, Downdetector showed over 68,000 users had reported problems in the United Kingdom, In Malaysia, Whatsapp is trending on social media platform twitter. com. More than 886,000 tweets related to the keyword. Internet users complained about the incidents on Facebook around 3.50pm. The messaging service in the country is back at around 4.27pm local time. Whatsapp is not only free but also available on multiple mobile devices and in low connectivity areas — making it accessible and reliable wherever you are. It’s a simple and secure way to share your favorite moments, send important information or catch up with a friend. WhatsApp helps people connect and share no matter where they are in the world, according to its Linkedin Page. “For many people in the world WhatsApp is a lifeline. We’re looking for engineers, designers, researchers, product managers, technical program managers, customer ops, consumer marketing, and more. Come join our teams and make impact at scale,” the company added. Elon Musk to acquire & privatize Twitter for $44B |
https://technode.global/2022/10/20/malaysias-k-one-to-conduct-cloud-computing-business-in-vietnam/ | Malaysia’s K-One to conduct cloud computing business in Vietnam | 47 | Malaysian technology solutions provider The firm said in a statement that its wholly-owned subsidiary G-AsiaPacific Sdn Bhd (GAP) had entered into a term sheet with Vietnet Distribution Joint Stock Company (Vietnet) for the joint venture. The proposed joint venture shall operate through a joint venture company under the proposed name of G-AsiaPacific (Vietnam) Limited Liability Company. The joint venture firm will be 51 percent owned by GAP while the balance of 49 percent will be owned by Vietnet. The initial capital contribution of the joint venture company will be $300,000. GAP will make a cash contribution of $153,000 for its 51 percent shareholding, while Vietnet will make a cash contribution of $147,000 for its 49 percent shareholding. The proposed joint venture is in line with the K-One Group’s ongoing cloud business expansion in ASEAN and Oceania. According to the group, the cloud market in Vietnam is one of the fastest growing in ASEAN, driven by its accelerating digital transformation. In addition, the multinational Cloud partners of GAP; namely Amazon Web Services (AWS), Google and Microsoft have big footprints in Vietnam for good reasons. “In this regard, the KOne Group should ride with these cloud giants to take its share of the fast rising Vietnamese cloud market,” it said. With each party holding meaningful and about equal stakes in the joint venture company, it said both parties would be equally incentivized to charter the growth of the joint venture company with each party leveraging on its respective expertise to the best of its ability. According to K-One Group, Vietnet will focus in developing the business through their wide network while GAP will provide the technical support to secure the business. Time to market is of the essence and the proposed joint venture route is an effective way to quickly seize business opportunities and market share in a high growth and rapidly advancing technology business such as the cloud, it said. The firm also said the proposed joint venture will have immaterial impact on the net assets and gearing of K-One Tech for the financial year ending December 31, 2022 but is expected to contribute positively to the earnings of the K-One group for the financial year ending December 31, 2023. The parties shall execute the definitive agreements – joint Venture and shareholders’ agreements on or before November 30, 2022. K-One Tech or the K-One Group is anchored by two main businesses: electronic manufacturing services (EMs) which primarily focuses on healthcare/medical devices, consumer electronic gadgets, internet of thing (IoT) products and industrial equipment and cloud computing. The EMS business is promoted under the K-One flagship while the cloud business is spearheaded by the GAP flagship. The current sales contribution ratio for EMS:cloud is approximately 60 percent: 40 percent. GAP is principally involved in the business of advanced Cloud technology which encompasses infrastructure as a service (IAAS), platform as a service (PAAS), software development, information technology (IT) consultancy and other professional services such as cybersecurity in relation to cloud solutions. GAP is a market leader and is one of the pioneers in cloud in Malaysia. It works closely with AWS, Google, Microsoft and Alibaba as its vital partners. VietNet was established in 2011 in Ho Chi Minh City as a value-added distributor (VAD) of cybersecurity solutions. Its offices are in Ho Chi Minh City and Hanoi in Vietnam, Cambodia, and Singapore. Keeping abreast with an evolving IT cybersecurity landscape, Vietnet has established itself as the leader in the cybersecurity industry in Vietnam. It partners with the leading cybersecurity vendors and value-add their offerings with pre- and post-sales services and professional cybersecurity advisory services to its resellers, partners and customers. Malaysia cloud application platform Food Market Hub secures $8.5M in Series A round to boost Southeast Asia expansion |
https://technode.global/2022/10/20/funding-societies-malaysia-appoints-chai-kien-poon-as-malaysia-country-head/ | Funding Societies Malaysia appoints Chai Kien Poon as Malaysia Country Head | 47 | Funding Societies MalaysiaIn his new role, he will be responsible for managing day-to-day operations of Funding Societies in Malaysia, as well asMeanwhile, Wong Kah Meng, Funding Societies Malaysia Co-Founder now assumes a regional role as Group Chief Operating Officer, Funding Societies | Modalku, where he now oversees the group’s business across Malaysia, Singapore, and Thailand. According to the statement, Chai has been with the FinTech platform for almost four years. His past portfolios included leading the strategic investors division before heading the strategic projects and operations division. Prior to Funding Societies Malaysia, the Chartered Financial Analyst (CFA) and London School of Economics and Political Science (LSE) alumnus was attached to the Securities Commission Malaysia (SC), where he has experience across multiple capital market segments and led industry wide thematic reviews. “I am honored by the trust and confidence of Kah Meng and the Group’s management with this new role, and I look to continue the excellent work we have done so far,” said Chai. “We have built ourselves a strong foundation since our inception in Malaysia in 2017, and I am excited to forge the future with the team as we continue to expand our products and services and extend our reach in the SME fintech landscape,” he added. Funding Societies | Modalku Group Chief Operating Officer Wong Kah Meng said it has been a privilege to co-found and lead Funding Societies Malaysia over the last six years. “I am humbled by the talent and commitment of our team, and their passion for pioneering digital SME financing in Malaysia. Kien Poon’s broad experience and strong track record complement the amazing team we have in Malaysia and his appointment will no doubt help us to accelerate our mission to further serve the underserved, creditworthy SMEs in the“I would like to take this opportunity to congratulate Kien Poon and I look forward to continuing working closely with him to scale Funding Societies Malaysia to new heights,” he added. Under Wong’s leadership, Funding Societies Malaysia, launched in 2017, is now the largest SME digital financing platform in the country, disbursing over MYR1.4 billion ($300 million), representing more than a 50 percent market share. This is spread across more than 17,000 financing deals, directly benefiting thousands of underserved Malaysian micro, small and medium enterprises (MSMEs). Simultaneously, the platform maintains a current default rate of 2.3 percent. In Malaysia, Funding Societies currently offers short-term financing products encompassing invoice financing, micro-financing, business term financing, dealer financing, micro-credit line, Islamic trade financing, as well as the recently launched BizFund. Funding Societies Malaysia is one of the entities under the Funding Societies | Modalku group. Collectively, the group has distributed MYR11 billion ($2.33 billion) through over 5 million transactions since 2015. Besides Malaysia, it also operates in Singapore, Indonesia, Thailand, and Vietnam. Earlier this year, Funding Societies raised $294 million through its Series C+ fundraising. It also announced a co-investment in Indonesia’s Bank Index as well as the acquisition of regional payments solution, CardUp. Singapore’s Funding Societies signs $50M credit facility with HSBC to drive SME growth in Southeast Asia |
https://technode.global/2022/10/18/indonesias-unicorn-kenangan-coffee-debuts-in-malaysia-report/ | Indonesia’s unicorn Kopi Kenangan debuts in Malaysia – report | 47 | Indonesian unicorn The coffee chain Co-Founder and Chief Executive Officer Edward Tirtanata said the company’s expansion beyond the Indonesian market started with Malaysia and it would be operating under brand name “Kenangan Coffee” for its international outlet, national news agency Malaysia was chosen as the first country for its expansion plan due to the steady growth in its coffee culture, especially the grab-and-go concept, with many similarities shared between Malaysians and Indonesians in terms of taste profile, he said. “The food and beverage (F&B) sector’s future also appears promising as Malaysia is transforming into a high-income digital economy with a key focus on digitalization, in line with our business operation. “We also started Kenangan Coffee with the aim of making quality coffee affordable and accessible for everyone and we are thrilled to be sharing our Indonesian coffee flavors with Malaysians,” he was quoted as saying at the launch of the outlet on Monday. The company plans to open up to 10 outlets in Malaysia by the end of the first quarter of 2023 with four locations already in the pipeline and set to open by the end of this year. Edward also said the other four locations soon to be launched are the MyTown Cheras, Pavilion Kuala Lumpur, NU Sentral KL, and Sunway Pyramid in Petaling Jaya. “Prior to entering new markets, especially within this region, we envisioned opening up to 100 outlets in the country and that is subject to the expansion rate for each country. For the Malaysian market, we do plan to enter the country in a big way,” he added. Founded in 2017, Kopi Kenangan expanded to more than 850 outlets in 64 cities in Indonesia and officially became the first Southeast Asia company to achieve ‘unicorn’ status in the F&B category in December last year. The Indonesia-based coffee chain announced then that it has raised $96 million in the first closing of a Series C funding, giving the company a valuation of more than $1 billion. The company counts Tybourne Capital Management, Hong Kong tycoon Li Ka-shing’s Horizons Ventures, Kunlun, B Capital, Falcon Edge Capital among its backers. Indonesia’s Kopi Kenangan hits unicorn status with $96M Series C fundraise |
https://technode.global/2022/10/14/mdec-launches-malaysia-digital-climate-action-pledge-for-digital-economy/ | MDEC launches Malaysia Digital Climate Action Pledge for digital economy | 47 | Malaysia’s lead digital economy agency the MDCAP is jointly developed by the MDEC in partnership with UN Global Compact Network Malaysia & Brunei (UNGCMYB), MDEC said in a statement on Thursday. The first cohort of MDCAP signatories consist of 28 businesses from the digital economy sector. These signatories will have access to resources including a climate action playbook and carbon toolkit (including a calculator, online scoresheet and reporting tool), to help them take affirmative climate action plan. Communications and Multimedia Malaysia Minister Annuar Musa said Malaysia’s digital economy reached 22.6 percent of gross domestic product (GDP) last year and is expected to grow beyond the initial target of 25.5 percent by 2025. “This makes the digital economy a key catalyst for the nation’s shift to more sustainable economic practices,” he said. He also said the role of the private sector in championing sustainable practices is crucial in achieving the nation’s carbon neutrality aspirations. “However, we recognise that some companies may find it difficult to relate sustainability to their own operations. Businesses, through MDCAP, will have access to a range of resources and best practices to help them act,” he added. According to the statement, the pledge is aligned Malaysian government’s commitment to be a carbon-neutral nationAs outlined in Twelfth Malaysia Plan (12MP), the government is aiming for a 45 percent reduction in greenhouse gas emissions intensity of GDP by 2030, compared to a 2005 baseline, and to achieve a 31 percent renewable energy mix byMDEC Chief Executive Officer Mahadhir Aziz said to leverage the vast opportunities of the green economy, businesses must adapt strategies, structures and processes to strengthen their ability to face emerging risks such as climate change. “MDCAP is a very important step in supporting the acceleration the growth of the digital economy sustainably,” he said. Signatories of MDCAP are required to undertake a minimum of two out of the following six commitments:“Positive actions begin with strong intentions, and this is what we hope to enable with MDCAP,“Sustainability need not be overwhelming, it starts with the desire to be a better, responsible business, and the digital economy actors especially are pivotal change agents in enabling the fulfillment of national and global goals on the climate agenda,” said UNGCMYB Executive Director Faroze Nadar. According to him, the resources and best practices provided have been tailored to be as relatable as possible across all spectrums of sustainability implementation maturity levels. “We hope this programme will be the catalyst for digital economy companies, to unlock the value of sustainability to increase their resilience and competitiveness and tap the growing sustainable trade demand,” he said. Malaysia’s MDEC to partner with Asean Fintech Group to facilitate funding opportunities to Malaysian tech companies |
https://technode.global/2022/10/13/mystartup-pre-accelerator-cohort-2-program-launched-with-38-startups/ | MYStartup Pre-Accelerator Cohort 2 Program launched with 38 startups | 47 | Cradle Fund Sdn Bhd (Cradle)This new batch received a total of 126 applications, and the top 40 early-stage startups selected will undergo a 6-month program training. The MYStartup Pre-Accelerator program is exclusively designed for early-stage startups seeking to validate their ideas and business models. Selected startups will have direct access to local and international mentors, resources, and market exposure with extended post-program and funding opportunities. The inaugural cohort which was launched on May 12, 37 startups were selected for the 6-month training. Each startup in the program received support and assistance to develop their knowledge and skills in building and growing their businesses through extensive masterclasses and mentorship sessions. From the initial pool of 37 startups, 15 startups were selected to pitch their business ideas to a panel of judges during a Demo Day held on Sept 27. “The MYStartup Pre-Accelerator Program is partof the larger MYStartup Strategy initiated by MOSTI where it aims to elevate the local startup ecosystem to the next level by providing them with seed funding, resources, and coaching,” Cradle Senior Vice President, Ecosystem Development, Ahmad Kashfi Alwi said. “Throughout Cradle’s nineteen-year journey in enriching and strengthening startups, we have often seen in the ecosystem, early-stage startups lack the expertise and proper guidance in their journey of scaling their businesses. ”“Cradle hopes that through initiatives such as the MYStartup Pre-Accelerator Program, we would be able to enhance and empower them with business acumen and financial expertise while linking them with the much-needed network and resources”, he added. Listed as one of the 16 interventions under the Malaysian Startup Ecosystem Roadmap (SUPER) 2021-2030, the MYStartup Program plays a significant role in MOSTI’s aim of creating 5000 startups and five (5) unicorns by end of 2025 to empower economic growth through science, technology, and innovation. For more information regarding Malaysia startup’s ecosystem, please visitMYStartup Strategy is a national initiative by MOSTI and powered by Cradle. It consists of several programs which aim to strengthen the startup ecosystem and community in Malaysia. Among them are MYStartup Roadshow, MYHackathon, MYStartup Pre-Accelerator, MYStartup Accelerator, MYStartup Internship, and MYStartup Mentorship. The program aims to support the long-term sustainable development and expansion of startups throughcontent that focuseson capacity building andhuman capital. It will ensure startups are thoroughly guided starting from the ideation stage, trained, supported, and opportunity to highlight their company profile to attract foreign investors. The MYStartup Program is part of the Malaysian Startup Ecosystem Roadmap (SUPER), while Cradle as the focal point agency for the startup ecosystem which has been mandated to ensure that this strategy benefits the startup ecosystem as a whole. This effort is also in tandem with MOSTI’s target of creating 5,000 startups and producing five (5) unicorn status companies by 2025. Malaysia’s BEYOND4 aims to build more profitable startups with its accelerator programs |
https://technode.global/2022/10/10/500-global-backed-storehub-to-focus-on-existing-markets-as-it-aims-to-reach-profitability-within-2-years/ | 500 Global-backed StoreHub to focus on existing markets as it aims to reach profitability within two years | 47 | StoreHub“In terms of markets, we are currently focused on localizing our strategies and fortifying our position in the countries we are already in – Malaysia, Philippines, and Thailand – so that we can empower more SMEs to automate and grow successfully,” StoreHub Chief Executive Officer and Co-Founder Wai Hong Fong told According to him, since its inception, StoreHub has reached close to net profitability “a few times”. “Every time we raised a round of funding, we would build a financial plan that is geared towards reaching net profitability within 18 to 24 months. In practice, we usually end up raising a new round before we get to the end of those cycles due to investor confidence in our unit economics as well as our clear drive to keep growing. We expect the next round to be similar,” he shared. StoreHub announced last month it has raised $13.5 million in a pre-Series B fundraising round led by “The fresh funds will be used to continue scaling the number of stores that use our platform but in a sustainable and healthy way. Positive unit economics has always been a key focus of our scaling engine and we want to continue to grow sustainably in this manner,” Fong said, when asked about the firm’s immediate plans after raising the latest funding round. “We’ve always been very stringent on making sure that any expansion we do is based on solid unit economics, a practice that has allowed us to build a financially healthy company. We’ve learned that expansion into any market would require the right balance of capital, partners, and people that would allow us to keep growing healthily,” he said, adding that StoreHub will also invest further into technology innovation that will address the challenges of retailers and restaurants in the new normal. Headquartered in Malaysia and co-founded in 2013 by Fong and Congyu Li, StoreHub started as an early pioneer of cloud-based SaaS Point of Sales (POS) systems in the region. The platform currently serves over 15,000 paying retail and restaurant outlets in Malaysia and across Southeast Asia, and has expanded its offering to include QR-based table ordering, loyalty, automated customer engagement, among others. In the last 12 months, StoreHub said it has processed over 128 Million transactions worth over MYR7.2 billion ($1.58 billion) in gross transaction volume (GTV), a 40 percent increase over the previous year. In the interview, Fong also shared some of his opinions on issues related to digitization within the F&B industry post-pandemic. Below is the edited excerpt:The pandemic has accelerated digital adoption, especially in Southeast Asia. Inevitably, it has transformed how businesses operate as well as how consumers consume. Since COVID-19 pandemic hit, a lot of innovation has happened in the digital space to the extent that we see digitization reaching new heights in being able to solve many core challenges businesses face – including F&B businesses. For example, there are now tools that let restaurant owners automate SMS marketing at a more affordable rate than engaging a real-life digital marketing expert. To address manpower shortages, there are also solutions that let restaurants automate the whole ordering and payment process – eliminating the need for staff at these touchpoints. Seeing how readily accessible tech solutions have become and how easily they can help solve many pain points restaurants are facing, F&B owners should automate as much as they can so that they can grow successfully and sustainably in an increasingly competitive landscape. As a region, Southeast Asia has always faced more barriers to digitization compared to the West. Cookie-cutter solutions that work in the West may not work here because of how culturally and socially diverse each country is. For example, what works for the Pad Thai stall down an alley in Bangkok may not work for the Mamak restaurants in Malaysia. Weaker currencies against the West also discouraged many from digitizing their eateries before the pandemic. This sheds light on the massive gap between where eateries are today in the region, and the heights they can reach with automation – to meet the demands of more digitally-savvy customers and at the same time, to remain competitive. The fresh funds will be used to continue scaling the number of stores that use our platform but in a sustainable and healthy way. Positive unit economics has always been a key focus of our scaling engine and we want to continue to grow sustainably in this manner. In terms of markets, we are currently focused on localizing our strategies and fortifying our position in the countries we are already in – Malaysia, Philippines, and Thailand – so that we can empower more SMEs to automate and grow successfully. Nevertheless, we’re always open to opportunities and conversations on market expansion. With this funding, we will also be investing further into technology innovation that will address the challenges of retailers and restaurants in the new normal. We’ve seen how painful the market and operational changes are that SMEs need to work through, and we want to ensure that we can empower and support them in an even bigger way. While the competition we face in each of the markets we operate in is unique, our edge lies in the innovation of the StoreHub platform, specifically in how it gives power back to SME owners to grow their businesses successfully and sustainably. Beyond this, we are driven to make life-changing digital solutions like ours accessible to the little guys – in other words, SMEs who are also the backbone of many SEA economies. While you may find cheaper products out there, there are few which deliver as much value as our ecosystem of solutions. Since our inception, StoreHub has reached close to net profitability a few times. Every time we raised a round of funding, we would build a financial plan that is geared towards reaching net profitability within 18-24 months. In practice, we usually end up raising a new round before we get to the end of those cycles due to investor confidence in our unit economics as well as our clear drive to keep growing. We expect the next round to be similar. Malaysia’s StoreHub raises $13.5M pre-Series B round led by 500 Global |
https://technode.global/2022/10/07/new-mranti-park-master-plan-will-assist-malaysia-in-facing-industrial-revolution-4-0-says-pm/ | New MRANTI Park Master Plan will assist Malaysia in facing Industrial Revolution 4.0, says PM | 47 | The new MRANTI (Malaysian Research Accelerator for Technology & Innovation) Park Master Plan will spur Malaysia’s capability to face the fourth Industrial Revolution (IR 4.0), according to the country’s Prime Minister Ismail Sabri Yaakob. The master plan focuses on the latest technology, ranging from Internet of Things (IOT), Internet Protocol (IP) services and laboratories to contract manufacturing facilities with advanced technology, he said on Thursday. “MRANTI Park will be equipped with modern infrastructure, including high-speed broadband and 5G technology, as well as incentives and funding opportunities. It is also designed to attract young professionals and create a stable pathway for highly skilled talents,” he said when launching the MRANTI Park Master Plan at MRANTI Park in Bukit Jalil, Kuala Lumpur. “It is expected to create over 8,000 new job opportunities, and this is good news for the entire Keluarga Malaysia (Malaysian Family),” he was quoted as saying. The prime minister said MRANTI Park plays a role in coordinating research and development (R&D) output to the market through an integrated ecosystem, which centralizes all technological and innovation activities locally, national news agency Bernama reported. Ismail Sabri said MRANTI Park saw cooperation with five economic corridors, namely the Northern Corridor Economic Region (NCER), East Coast Economic Region (ECER), Sabah Development Corridor (SDC), Iskandar Malaysia and the Sarawak Corridor of Renewable Energy (SCORE), in promoting and adopting R&D technology output, as well as commercialization. He said the park also attracted the interest of many technology companies, including Intervenn Biosciences, Dedikasi Aba Biosciences, BoomGrow, Spygene Laboratories, Vivantis Technologies and Reszon, among others. Five technology clusters — drone technology, agriculture, health, bioscience and IR4.0 enablers — are currently being developed in MRANTI Park, with an estimated gross development value (GDV) of MYR20 billion ($4.3 billion). The prime minister said these technology clusters are expected to bring a return of MYR2.8 billion ($602 million) through land leases by MRANTI to investors. “This effort will be driven by MIMOS Bhd, which plays a vital role in helping the country generate high added value from technology development and commercialization activities, particularly in the electrical & electronics (E&E) sector. “The E&E sector is the largest contributor to the country’s exports, with a value of MYR455.7 billion last year, and has great potential to continue generating economic growth,” he said. MRANTI is the one-stop research commercialisation agency with the resources to accelerate the commercialization of innovative ideas that will drive impact. As a connector, collaborator and catalyst, it connects problem statements (demand) with solutions (supply), bridging collaboration between public and private sectors (transition); increase private sector participation, either through market access, investment, advisory or consultation and facilities for testing and prototyping. Malaysia’s MRANTI to open new learning and development centre to ramp up technology-savvy talent pool and innovation portfolio |
https://technode.global/2022/10/06/malaysias-carsome-banks-on-digital-banking-to-complement-existing-car-business/ | Malaysia’s Carsome banks on digital banking to complement existing car business | 47 | It came as a surprise when Southeast Asian used car platform While Carsome stayed low-key about its participation in bidding for a digital banking license prior to the central bank’s announcement of winners, financing services have always been on its radar as the Malaysia-headquartered unicorn aims to enhance the used car ecosystem and car ownership experience for its customers. “Providing financial inclusion through the digital bank complements Carsome’s current efforts to digitalize and strengthen the used car ecosystem and car ownership experience,” Carsome Chief of Staff Aaron Kee told Even before winning the digital banking license, Carsome has already collaborated with And now with the digital banking license, Carsome will be able to expand its offerings, according to Kee. “Currently, we have Carsome Capital, functioned to offer loan financing, dealer financing among other financial services. Along with this digital banking license, it enables us to expand our offering and serve a wider group of customers,” he added. “Through digital banking, we hope to further advance the business on all fronts and provide a greater value proposition in the auto-financing space to further elevate the car-buying experience Malaysians have with Carsome,” Kee said. Bank Negara Malaysia announcedMalaysia’s move to issue digital bank licenses comes at a time when regulators across Asia including Singapore, Hong Kong, the Philippines, Thailand and Indonesia, are opening up the banking industry to digital players, encouraged by higher smartphone penetration and better internet connections. Central Banks and consumers hope that digital banks could bring financial inclusion to underserved segments, helped by advanced technology. The demand for online banking services and digital payments has also increased significantly, thanks to the Covid-19 pandemic. Carsome, together with FinTech firm Jirnexu and digital remittance platform MoneyMatch, forms part of the consortium led by KAF Investment Bank which will be licensed under the IFSA.
In the interview, Kee also shared the opportunities Carsome sees in building a digital bank in Malaysia and the competitive edge it has against others. He, however, declined to comment on the launching date of the digital bank. Below is the edited excerpt:The digital bank, led by KAF Investment Bank, will play a role in supporting the segment where financial access is not available, in driving greater financial inclusion, especially for the unserved and underserved markets in Malaysia. Through this, we aim to democratize financial access and make it accessible for all. Carsome seeks to collectively work together with all parties under the KAF consortium in innovating and elevating the FinTech ecosystem in Malaysia. The target customer segments for the digital bank are those which are unserved and underserved segments that can be catered better through the effective use of technologies and “high value” segments that are served reasonably well but can be served better through innovative solutions. Besides leveraging digital technologies such as cloud computing to provide seamless online banking services without the need for a physical branch, digital banking also capitalizes on human-centric and personalized touchpoints enabling hyper-localization to provide better services that are optimized for customers. Carsome leverages technology, data, and an extensive network to provide a great user experience for our customers across our business. Providing financial inclusion through the digital bank complements Carsome’s current efforts to digitalize and strengthen the used car ecosystem and car ownership experience. Powered by data and technology, we have grown to become Southeast Asia’s largest integrated car e-commerce platform today. Through digital banking, we hope to further advance the business on all fronts and provide a greater value proposition in the auto-financing space to further elevate the car-buying experience Malaysians have with Carsome. Carsome offers various financial services through Carsome Capital, from dealer and retail vehicle financing to know-your-customer (KYC) and down payment. Carsome Capital complements the existing ecosystem we’ve created as it doesn’t limit to retail customers (Carsome Certified buyers) – it also ensures our network of dealers and partners have sufficient capital to accelerate their business with our financial solution. Carsome in its mission to innovate the used car ecosystem wants to provide an end-to-end solution for the consumers. We are working with various banking partners to provide financing as an ancillary service that has not always been available especially for customers wanting to purchase pre-owned cars. The response has been encouraging, we’re able to deliver a differentiated experience for ourThere are many differences between traditional and digital banks, such as the range of services and rates. Convenience, accessibility (to credit), competitive costs, and rate of loan approval would be among the main advantages a digital bank can provide. Digital banks also enable us to utilize alternative data points for credit scoring. This has, in turn, broadened the target segments who can benefit from almost-instant access credit without being bound by conventional restrictions. With our unique value proposition as Southeast Asia’s largest integrated car e-commerce platform and data and tech capabilities, we will act as an acquisition partner to drive Islamic auto financing within the digital bank. Our end goal has always been promoting financial inclusivity from the perspective of vehicle ownership. Providing access to financial services is a major part of Carsome’s vision to create the most trusted vehicle ownership ecosystem powered by technology and data. Consortiums partnering banks, e-wallets have an upper hand to bag Malaysia digital bank licenses |
https://technode.global/2022/09/29/malaysias-carsome-announces-group-wide-accelerated-profitability-plan-including-job-cuts/ | Malaysia’s Carsome announces ‘group-wide accelerated profitability plan’ including job cuts | 47 | Malaysia-headquartered used car platform Carsome has announced a group-wide accelerated profitability plan to achieve its target of positive earnings before interest, taxes, depreciation, and amortization (EBITDA) within the next few quarters. This plan includes accelerating its integration with the newly-acquired iCar and WapCar ecosystem of companies, as well as “employee base optimization”, and automation of processes to further increase group efficiency, Carsome said in a statement on Thursday. In light of macroeconomic challenges, this is crucial to continuously enable Carsome to adapt to customers’ changing needs, the Malaysia-based unicorn said. As part of the “employee base optimization”, Carsome said it will focus on improving productivity across the business, aligning resources with contributions to the bottom line, and enforcing stricter performance management. “This strategy will impact a certain number of employees, who will receive their full severance package and extended health benefits until the end of the year, together with support on their job search,” Carsome added. In addition, the executive team is forgoing their salaries for the remainder of 2022 to help contribute to an ex gratia payment for departing team members, the company said. “The company remains highly appreciative of its past and present employees and will navigate the macroeconomic headwinds with them,” it added. It is understood that less than 10 percent of the workforce will be affected. With operations across Malaysia, Indonesia, Thailand and Singapore, Carsome said it aims to digitize the region’s used car industry by reshaping and elevating the car transaction and ownership experience. Together with Subsidiary Brands iCar Asia, WapCar and Cartimes, Carsome provides end-to-end solutions to consumers and used car dealers across the decision funnel, from car content consumption, car inspection, ownership transfer to financing and other ancillary services, promising to bring trust, transparency, and choice to our customers. Carsome currently has more than 4,000 employees across all its offices in Asia. Malaysia’s Carsome appoints football legend & icon Eric Cantona as brand ambassador |
https://technode.global/2022/09/28/malaysias-beyond4-aims-to-build-more-profitable-startups-with-its-accelerator-programs/ | Malaysia’s BEYOND4 aims to build more profitable startups with its accelerator programs | 48 | BEYOND4“We are here today to help you to achieve the dreams of being a successful startup funded by Cradle [Fund], supported by the ecosystem and in three years’ time to create probably not a unicorn…Unicorn is a very hyped-up word now, [but] profitable startup in the next few years,” BEYOND4 Chief Executive Officer S. T Rubaneswaran said at the MYStartup Pre-Accelerator Cohort 1 Demo Day. Rubaneswaran also explained how the startup accelerator programs at BEYOND4 would help tech startups which include three phases – identify, build and scale. “Once you identify startups, the next thing you do is to build them. You’re going to do a lot of things. your business strategies, partnerships, go to market, shared services, operations, finance, legal getting talents. . and fundraising,” he said, adding that most startups do not get to the second part, which is the “build” stage. “We put up a plan and a list of companies, resources and services to help the top five that make it into this program to come to the next stage and to eventually raise between half a million to 10 million [ringgit] in fundraising, which we will do it together with them,” Rubaneswaran explained during his opening speech. On Tuesday, 15 startups across nine verticals including manufacturing, SAAS, HealthTech, logistics, AgriTech, FoodTech, FinTech, EdTech and PropTech were chosen to pitch on the demo day. The 15 startups were selected based on seven key criteria which include problem, market, solution, growth potential, founders team, business model and “investability”. The selected startups include Iremya, Aimii Wellness, IIOTSME, HeyProp!, Luwjistik, Insureku, Loop Foods, Metaversity Lifelong Learning, UniVRse, Trustpal, Materials in Work, Sayur Kita School, Bytespace, Halo Delivery and Jazro. These startups were selected from a total of 167 applications for Cohort 1, according to him. There were also more than 40 mentors from all over the world mentoring the startups. The top five startups will be chosen to claim the immersion program opportunity from Cradle Fund. These startups will also join the startup acceleration phase 2 and receive venture building assistance which will prepare them to become investment-ready startups. The MYStartup Pre-Accelerator program is an initiative by the Ministry of Science, Technology and Innovation, powered by Malaysia government-owned early stage start-up influencer Cradle Fund, in partnership with BEYOND4. The BEYOND4 integrated digital ecosystem strives to make Southeast Asia as a global powerhouse for innovation. Its ecosystem consists of five digitally integrated multi-tier accelerators, designed for all talent, from university all the way to nurturing and investing in startup founders. |
https://technode.global/2022/09/27/malaysias-aerodyne-secures-30m-strategic-investment-bridging-round-led-by-petronas/ | Malaysia’s Aerodyne secures $30M strategic investment bridging round led by Petronas | 48 | Malaysia-based drone service provider The firm said in a statement its long-time client Petronas, via its corporate venture capital arm Petronas Ventures, has led the funding round. The round also included a follow-on investment by Kumpulan Wang Persaraan Diperbadankan (KWAP), who initially invested in the group back in 2020. According to the statement, the funds will be used to support Aerodyne’s further expansion into European, African, Latin American and South Asian territories. It will also be utilized as a strategic investment into technology acquisition to further deepen Aerodyne’s technology edge and launch Aerodyne’s entry into the advanced air mobility space. Aerodyne’s flagship precision agriculture solution powered by in-house developed AI capabilities, with more than 300,000 secured effective hectarage for major industry players in Malaysia. Part of the funds will also be utilised to support Aerodyne’s agriculture scaling up efforts and bringing this solution into Indonesia and India. “We’re happy to have raised $30 million through this bridging round, which will allow us to scale even further globally, especially supported by our new technology developments,” said Kamarul A Muhamed, Founder and Group Chief Executive Officer of Aerodyne. “We also have plans to raise further capital in near future, amounting to $100 million to $200 million to bring Aerodyne Group to the next stage of its growth, which we are very excited about,” he added. Founded in 2014, Aerodyne is a DT3 (drone tech, data tech, and digital transformation) drone-based enterprise solutions provider, and a pioneer in the use of artificial intelligence (AI) as an enabling technology for large-scale data operations, analytics and process optimisation with a presence in 35 countries. According to the statement, a large scale commercialisation plan for Aerodyne’s advanced air mobility solution is also already underway. This solution includes the use of heavy lifter drones, which can replace the more costly traditional methods and is well-suited for oil and gas operations such as shore-to-platform and platform-to-platform deliveries. This also accelerates large logistic operations such as delivery of medical supplies in rural areas, and potentially in urban air mobility where fast and cost-effective mode of transportation can be provided in near future. A Memorandum of Collaboration (MoC) was signed on April 21 between Aerodyne Oil and Gas, a subsidiary of Aerodyne and Petronas’ technology commercialisation arm, Petronas Technology Ventures (PTVSB) to explore opportunities for deployment and commercialisation of drone-based solutions, as well as enabling remote and autonomous operations through the expansion of robotics and digitalisation. “Aerodyne’s technology and solutions are aligned with Petronas Ventures’ investment focus in the space of Future of Facilities – and we strongly believe that this equity investment will strengthen our partnership further and unlock significant value for both Petronas and Aerodyne,” said Arni Laily Anwarrudin, Head of Petronas Ventures. KWAP Chief Investment Officer Hazman Hilmi Sallahuddin said since KWAP first invested in Aerodyne back in 2020, the company has seen rapid progress, expanding its business from a primarily local operation to becoming the top drone services company in the world. “This follow-on investment forms part of our mandate to provide growth capital for local companies to scale up globally. In addition, our aim to support Malaysia’s high-skill and high-value economic activities with positive spill over effects to the local economy are in line with Aerodyne’s objectives,” he added. Malaysia’s drone tech hub ambition: Opportunities & Challenges [Part 1] |
https://technode.global/2022/09/26/malaysias-instapay-technologies-raises-4-75m-series-a-funding-led-by-daiwa-securities-backed-fund/ | Malaysia’s Instapay Technologies raises $4.75M Series A funding led by Daiwa Securities-backed fund | 48 | Malaysia-based payments fintech firm Instapay Technologies said in a statement the funding was led by Daiwa ACA APAC Growth I, a growth capital fund managed by ACA Investments, an investment management firm backed by Daiwa Securities Group, that focuses on companies in the growth stage in Southeast Asia, with participation from Spiral Ventures Asia Fund I, an early stage and digital tech focus venture capital fund managed by Spiral Ventures Pte. Ltd. ,and existing investors of Instapay. TOP2, a Singapore based corporate finance advisory firm advised Instapay on this fundraise. “We are delighted and honoured with the trust placed in us by our new and existing shareholders. We founded Instapay to better serve unbanked migrant workers and the companies that employ them, and we are glad that in our new investors we have found a common match of this mission, “The new funding will enable us to further enhance our technology platforms and introduce innovative product features that we believe will be very useful for our customers. It will also enable us to geographically expand into new markets in South East Asia and the Middle East,” said Rajnish Kumar, Co-Founder and Chief Executive Officer of Instapay Technologies. Instapay Technologies, started its market operations in Malaysia about two years ago as a banking alternative for low-income workers, providing e-wallet and Mastercard to unbanked migrant workers as a payroll solution. Founded with a vision to provide financial inclusion to the underserved customer segments, Instapay has grown rapidly and today services hundreds of corporates for payroll accounts for their migrant workers as well as a large base of retail customers. It enables corporates to pay salary digitally to their workers’ Instapay e-wallet. Instapay has seen rapid customer adoption in its target segment and continues to be amongst the highest rated e-wallet apps in Malaysia. Its e-wallet enables workers to do digital cross border remittance, bill payments, mobile top- ups etc. Its Mastercard is accepted globally at millions of Mastercard merchants and can be used for purchases as well as for ATM cash withdrawals. “Our investment in Instapay reflects our view that digital financial inclusion will grow exponentially over the next decade, especially in markets that have large unbanked foreign workers. We see corporates wanting to stop cash salary payments and move to digit salary payments that are transparent and compliant with local regulations, “We believe that Instapay has the right technology platform, business model and the leadership team to emerge as a global market leader in this space,” said Hajime Adachi, Associate Partner of ACA Investments. ACA Investments is headquartered in Singapore and has profound investment experience in the region. Through Daiwa ACA APAC Growth funds that are backed by Daiwa Securities Group, ACA is expanding its investment in promising companies in Southeast Asia, the region experiencing rapid growth. “We invest in startups in their early growth stage, who through their technology innovations are bringing a social change. “We believe in the vision of Instapay to create a financially inclusive society where all workers have access to digital financial solutions,” said Ryusuke Hirota from Spiral Ventures. Spiral Ventures is headquartered in Singapore and has been investing in the early stage digital tech startups across Southeast Asia and India since 2013, with a strong belief and commitment to make people`s life better through investments in the companies which address various social and economic issues in the emerging markets. Binance & Cuscapi Bhd take strategic stakes in Malaysia FinTech firm MX Global |
https://technode.global/2022/09/23/malaysias-revenue-monster-clinches-6-6m-funding-from-sea-capital/ | Malaysia’s Revenue Monster clinches $6.6M funding from SEA Capital | 48 | Revenue Monster GroupThe firm said in a statement that after securing MYR30 million ($6.56 million) in funding from private equity firm The SEA Capital, it has partnered with The SEA Capital and local financial technology solutions provider Fullrich Malaysia (and their local licensed e-wallet brand TaPay) and software developer Allied Protocol to build a more advanced B2B and B2G2C FinTech ecosystem which comprises end-to-end payment solutions from Point-of-Sale (PoS) to an eWallet license. Revenue Monster Group Chief Executive OFficer Lim Kar Aik said with the recent restructuring and the second round of funding from private equity investor The SEA Capital, the group has integrated greater strengths in the financial technology industry to provide customized digitalisation solutions according to the scale and needs of businesses such as aggregating merchant services and mobile payments, enabling Online-to-Offline (O2O) commerce, background data analysis and marketing optimisation. “Our group has also been actively working with traditional industries to achieve digital transformation. Recently, we are building a Smart Community with a renowned real estate developer where we develop smart homes and provide residents with a better living experience,“Everything just made easier with a mobile application, not to forget the reduction in management costs and greatly improved service efficiency. Our vision is also aligned with the development initiative of the Ministry of Housing and Local Government, leading and cultivating the growth of smart cities,” he added. The MoU is set to act as a solid pillar in Revenue Monster’s ongoing plans to build a true super-app within the fintech space which accommodates and caters to the full spectrum of services and solutions within the industry. “Through our white-label digital wallet solutions, government units, corporate groups, franchise merchants, school campuses and many more can create their own e-wallet brands, holistically manage all scenarios, realise interconnection, and make all activity information and payment traceable, “This can help create a valuable closed-loop big data ecosystem, empowering more businesses to achieve digital transformation effortlessly,” said Sun Jian Wei, Founder of Fullrich Malaysia. The SEA Capital said that the post-epidemic era highlighted changes in the social and economic situation, that have rewritten the rules of the business. The organisation believes that now strategic projects with sustainable development are more in line with the maximum benefit of the overall environment. The SEA Capital believes that the Revenue Monster Group embodies these qualities prioritising both the growth of economic prosperity and human well-being. TaPay was launched by Fullrich Malaysia in 2017. The mobile e-wallet service is licensed by Bank Negara Malaysia (BNM), providing users with a secure payment system and has received tremendous support from many large merchant outlets and government units over the past few years. Allied Protocol has more than 20 years of IT development experience, providing software and hardware solutions for merchants in various fields, including PoS terminal systems and enterprise resource planning to help new and mature enterprise customers improve business management efficiency. The new solutions integrations through the MoU are set to complement existing Revenue Monster offerings including the froup’s online super store solution, à la carte that caters to the B2C market in the F&B category and WeTix, the cinema and movie aggregator alongside Revenue Monster’s B2B solutions within its merchant portal. Revenue Monster Group is set to reveal more strategic plans locally and abroad in the coming months, as it looks to accelerate the group to a leading position within the industry and assist more local businesses to transform and upgrade. Binance & Cuscapi Bhd take strategic stakes in Malaysia FinTech firm MX Global |
https://technode.global/2022/09/22/ppro-makes-moves-in-malaysia-with-integration-of-grabpay-and-touch-n-go/ | PPRO makes moves in Malaysia with integration of Grabpay and Touch ‘N Go | 48 | PPROPPRO said in a statement it now offers all of Malaysia’s most popular, independent e-wallets – Boost, Touch ‘n Go and GrabPay – to its partners which include enterprises with payments platforms, payment service providers, fintechs and banks. Through PPRO’s integration, these partners can supercharge their revenue by gaining direct access to Malaysian consumers who spend an estimated $3.8 Billion a year when shopping cross-border. Cited the research by Statista, PPRO said e-wallets GrabPay and Touch ‘n Go are both expected to see their user number double from 2020 to 2025. For enterprises with payments platforms looking to tap into or grow their presence in the Malaysian market, it said enabling consumers to conveniently transact using their e-wallets via their mobile devices is a smart move, which will grant them access to the 83 percent of Malaysia’s population that have access to a smartphone. “Digital payments are second nature to Malaysia’s highly, mobile-enabled population and for enterprises with payments platforms looking to break into new market segments and grow new cross-border revenue, the Malaysian market must not be overlooked, “In order to increase customer conversion from Malaysia, enterprises need to understand their customers’ preferences at checkout. PPRO has built an extensive Malaysian payments offering on its infrastructure and is well-primed to enable payment service providers, fintechs and banks to drive cross-border transactions in this fast-growing market,” said An Lu, PPRO Asia Pacific (APAC) Head of Market Development. According to the statement, super app Grab’s e-wallet, GrabPay, has an ecosystem of over 25 million transacting users, which means that enterprises which are able to offer GrabPay at the checkout can access a large pool of Malaysia’s population. Consumers use the GrabPay app for a variety of purchases both in-store and online, from fund transfers, to food delivery and ride hailing services. Alongside GrabPay, Touch ‘n Go has been prevalent in leading Malaysia’s digital transformation, as it has shifted from being a road toll payment method, to now having a user base of 16 million consumers who use it daily for a variety of online purchases. According to the statement, the rapid acceleration of the use of e-wallets in Malaysia comes at a time when the government has placed significant focus on digitising the country’s economy through the launch of the e-Pemula initiative to drive the cultivation of cashless transactions, of which both GrabPay and Touch ‘n Go are involved, and MyDIGITAL under the Malaysian Digital Economy Blueprint. PPRO is a fintech company that globalises payment platforms for businesses, allowing them to offer more choice at the checkout and boostPayment service providers, enterprises, and banks that run on PPRO’s infrastructure are able to launch payment methods faster, optimise checkout conversions, and reduce the complexities of managing multiple fund flows. Citi, PayPal, and Stripe are some of the names that depend on PPRO to expand their platforms beyond borders and with a growing global team of over 600 people. Last year, PPRO announced that it had achieved unicorn status after raising $180 million from Eurazeo Growth, Sprints Capital and Wellington Management. Earlier this year, PPRO announced the acquisition of Alpha Fintech, a next-gen payments technology company, in a deal that will expand PPRO’s offering, and strengthen its presence and networks in the Asia Pacific region. Coca-Cola and Grab join hands to drive growth and digitalisation in Southeast Asia |
https://technode.global/2022/09/21/malaysias-storehub-raises-13-5m-pre-series-b-round-led-by-500-global/ | Malaysia’s StoreHub raises $13.5M pre-Series B round led by 500 Global | 48 | StoreHubThe round also saw participation from existing investors Vertex Ventures Southeast Asia & India, OSK and others, StoreHub said in a statement. According to the statement, the latest funding round will be used to continue meeting demand while maintaining positive unit economics, and investing in technology innovation to deepen the value for each customer. “With ‘revenge travel’ and ‘revenge dining’ continuing to drive consumer behaviour in Malaysia and across the region, retail and food and beverage (F&B) business owners are looking for ways to improve operational efficiency and maximise their revenue per customer, “Our platform automates ordering, payments, and customer engagement. It’s like having 10 extra staff members that work 24/7 for you with zero error. Business owners make more money and get more time for their families, or to expand even more,” said Wai Hong Fong, Chief Executive Officer and Co-Founder of StoreHub. “Here in Malaysia, we have seen businesses transform themselves to adapt to the new normal. Labour shortages and more demanding and digitally-savvy consumers have increasingly impacted the industry with restaurants and Mamak eateries especially being hit hard in recent times, “With this, it has become even more critical for businesses to integrate technology into their operations,” he added. Headquartered in Malaysia and co-founded in 2013 by Wai Hong Fong and Congyu Li, StoreHub started as an early pioneer of cloud-based SaaS Point of Sales (POS) systems in the region. Today, the platform powers over 15,000 paying retail and restaurant outlets in Malaysia and across Southeast Asia, and has expanded its offering to include QR-based table ordering, loyalty, automated customer engagement, and more. In the last 12 months, StoreHub has processed over 128 Million transactions worth over MYR7.2 billion ($1.58 billion) in gross transaction volume (GTV), a 40 percent increase over the previous year and a sign of the resurgent times. New paying stores coming onto the platform have also seen a 5 times growth from the year before. Most of all, acquisition costs for new customers have improved to near break even within the first month. To match the surging demand, StoreHub has been expanding its team accordingly, bringing in over 100 new hires in the last six months. In 2021, StoreHub reached close to net profitability by growing average customer revenue throughout the pandemic. “We joined their first round in 2016, with a small $150,000 check. Fast forward to today, we have invested more than $10 million cumulatively on top of that,” said Khailee Ng, Managing Partner, 500 Global. “Considering similar companies like Toast are valued at $10.5 billion (9 Sept 2022), StoreHub already has approximately a quarter of Toast’s customer size with another estimated 2 million more potential businesses in Thailand, Malaysia, and Philippines to onboard, “This in turn creates the playbook for “rest of world”. We believe StoreHub is incredibly valuable because it creates incredible value for so many more small and medium-sized enterprises (SMEs),” Ng added. Since its launch, StoreHub has served a wide range of SME merchants in Malaysia alone, ranging from locally-grown multistore cafes like VCR and Nasken Coffee to restaurants like Grub by Ahong & Friends and WoodFire. Malaysia’s respond. io raises $7M funding led by Headline Asia |
https://technode.global/2022/09/21/islamic-finance-sector-sees-growth-opportunities-in-crypto-and-metaverse-says-islamicmarkets-com/ | Islamic finance sector sees growth opportunities in crypto and metaverse, says IslamicMarkets.com | 48 | New research with leading Islamic finance professionals shows growing acceptance of crypto and digital assets and rising interest in the metaverse. IslamicMarkets. com who conducted the research said in a statement that its study found that nearly two out of three (63 percent) of Islamic finance professionals predict the level of adoption of crypto and digital assets in Islamic finance will increase over the next five years with 16 percent expecting a dramatic increase. That rises to 70 percent who say adoption of the metaverse in the Islamic finance sector will increase over the next three years, with 20 percent forecasting a dramatic rise in the next evolution of the digital customer experience in Islamic finance. Traditionally, many in the Islamic finance sector have been sceptical about crypto and digital assets, but the research found dramatic improvements in regulation have convinced professionals to look at them more closely. The fact that leading Muslim-majority countriessuch as the United Arab Emirates (UAE) and Saudi Arabia will increasingly become key players in the crypto and digital asset sector is also helping to overcome scepticism, said the research. The study also found that a reason for adoption of crypto and digital assets in Islamic finance was that there are elements of cryptocurrencies such as not paying interest in the case of bitcoin that appeal to conservative Muslims. Growing acceptance by more mainstream institutional investors has also convinced some sceptics as well as improvements in custodial services in the digital and crypto sector, according to the research. “Many in the Islamic finance sector have steered clear of cryptocurrencies which, given the recent volatility, has proved a wise move but that may be about to change with growing interest in digital assets and the metaverse, “The role of countries such as the UAE and Saudi Arabia in the crypto and digital asset sector highlights the interest in cryptocurrencies in the Muslim world,” said Arsalaan Ahmed, chairman of Global Islamic Finance Forum 2022 (GIFF2022). The research was conducted to support the forum. Malaysian businesses harness technology to increase efficiency, says CPA Australia |
https://technode.global/2022/09/20/uob-malaysia-partners-sjpp-to-provide-219m-in-green-financing-to-smes/ | UOB Malaysia partners SJPP to provide $219M in green financing to SMEs | 48 | UOB MalaysiaThe bank has allocated MYR1 billion ($219.63 million) for this program, and SJPP will be guaranteeing up to 80 percent of the loans through its PEMULIH Government Guarantee Scheme (PGGS), according to a statement. UOB Malaysia is the first bank to tie up with SJPP on a green financing program. U-Green Financing is available to eligible SMEs and mid-sized companies from all industries looking to contribute to smart sustainable cities. Companies will also be eligible if they want to develop or construct green buildings, facilitate green trade, or contribute to a circular economy. Open to both existing UOB Malaysia customers as well as those new to the bank, the facilities are available in the form of term loans, overdraft facilities and trade financing. In addition to providing financing, UOB Malaysia will also be collaborating with the Through the workshops, SMEs will benefit from a syllabus that is co-developed by MRANTI and its approved training providers. “While the MRANTI workshop will assist SMEs in acquiring the necessary knowledge to embrace ESG, our partnership with SJPP will provide the financing support to help them kick-start their sustainability journey,”UOB Malaysia Chief Executive Officer Ng Wei Wei said. “By making green financing more accessible, we hope to encourage SMEs to adopt sustainable business practices. This will boost their ESG profile, especially if they are keen to participate and compete in the global value chain. ”SJPP Principal Officer Chen Yin Heng said that the proposed collaboration is in line with the national goal to achieve net-zero emissions by 2050. “SJPP, via its guarantee schemes, is committed to supporting the government’s effort to boost economic growth, especially within the SME sector. Many strategic initiatives and policies have been put in place with the aim to spur and develop business opportunities for this sector. Malaysia Science Ministry to identify needs of R&D, C&I industry players, says minister |
https://technode.global/2022/09/20/allianz-malaysia-joins-gobi-partners-malaysia-focused-superseed-ii-fund/ | Allianz Malaysia joins Gobi Partners’ Malaysia-focused SuperSeed II Fund | 48 | Pan-Asian venture capital (VC) firm Other LPs backing the Gobi SSII Fund are institutional investors Malaysia Venture Capital Management Bhd (MAVCAP) and Sunway Group, Gobi Partners said in a statement. The Gobi SSII Fund targets early-stage (Seed, Series Pre-A and Series A) technology-enabled local startups operating within artificial intelligence, big data, cloud, e-commerce, fintech, internet of things, and halal-economy-focused segments, which have the capability to scale up and bring sizeable returns to the Malaysian economy. “Allianz Malaysia is one of the very few corporates that has been at the forefront in driving digital innovation in Malaysia, and as one of the earliest regional VCs to set up shop in Malaysia, Gobi is very proud to have them on board as one of our key LPs,” said Gobi Co-Founder and Chairman Thomas G. Tsao. “We believe that both the fund and the portfolio companies will benefit substantially from Allianz’s ecosystem locally here in Malaysia as well as globally,” he added. Allianz Malaysia Berhad Chief Executive Officer Sean Wang said Allianz Malaysia’s appetite for digital change has allowed the firm to capitalise on tremendous new opportunities and explore innovation-led collaborations for the last couple of years. “Our general insurance arm, Allianz General Insurance Company (Malaysia) Berhad, was an early partner of insurance technology firm PolicyStreet and online property rental platform SPEEDHOME (both established in 2017), which are two of Gobi’s portfolio companies,“So, we are delighted to join Gobi Partners as one of their LPs. This is our first investment in a VC, and we look forward to the milestones we can accomplish together,” he added. Since its launch in late 2020, the Gobi SSII Fund has already invested in four Malaysian startups namely the innovation arm of Sunway Group and Sunway University, Sunway Innovation Labs; technology news platform, TechNode; SPEEDHOME; and PolicyStreet. Given the early-stage nature of the fund, the Gobi SSII Fund can invest in up to 25 portfolio companies. Gobi Partners is the most interconnected Pan-Asian venture capital firm with $1.5 billion in assets under management (AUM) across North Asia, South Asia, and ASEAN. Headquartered in Kuala Lumpur and Hong Kong, the firm supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets. Founded in 2002, Gobi has raised 15 funds to date, invested in over 320 startups and nurtured 9 unicorns. Gobi has grown to 15 locations across key markets in Bangkok, Beijing, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Riyadh, Shanghai, Shenzhen, Singapore and Surabaya. As a participant of the United Nations Global Compact, Gobi Partners is committed to aligning strategies and operations with universal principles on human rights, labour, environment and anti-corruption to ensure long-term value creation and sustainability across our portfolio. The firm launched its inaugural Sustainability Report in June 2022. Allianz Malaysia Berhad, on the other hand, is a subsidiary of Allianz SE. The firm has two insurance subsidiaries – Allianz General Insurance Company (Malaysia) Berhad (Allianz General) and Allianz Life Insurance Malaysia Berhad (Allianz Life). Allianz General is one of the leading general insurers in Malaysia and has a broad spectrum of services in personal lines, small to medium enterprise business and large industrial risks. The gross written premium (GWP) for general insurance business for financial year 2021 reached a mark of MYR2.43 billion ($530 million). Allianz Life offers a comprehensive range of life and health insurance and investment-linked products. For the financial year 2021, it recorded a GWP of MYR3.26 billion ($720 million) and it is one of the fastest growing life insurers in Malaysia. Allianz Malaysia has 32 branches nationwide. Gobi Partners appoints Gui Ee Leen as Human Resources Partner |
https://technode.global/2022/09/19/singapores-nutrition-technologies-closes-20m-equity-round-led-by-ptt-ventures/ | Singapore’s Nutrition Technologies closes $20M equity round led by PTT Ventures | 48 | Singapore-based agri-biotech company The round was supported by Sumitomo Corporation, ING Sustainable Investments, Mandala Capital, Nutrition Technologies said in a statement. It also saw continued participation from existing investors Openspace Ventures, SEEDs Capital and Hera Capital. The round was advised by ING Corporate Finance. The proceeds will be used to fund an expansion into new markets; launch new products; accelerate research and development (R&D); and create new strategic partnerships. “We are increasing production to meet market demand and providing essential ingredients to the domestic agricultural sector as well as boosting exports through shipping our products to Korea, Japan, Indonesia, Thailand, Vietnam, Philippines and Chile, “We will also commence shipments to the United Kingdom and European Union very soon,” said Nick Piggott, Co- Chief Executive Officer and Co-Founder of Nutrition Technologies. Nutrition Technologies will use these funds to further expand production capacity both at its current operating plant in Malaysia as well as through a new joint-venture project in a soon-to-be-announced second country in Southeast Asia. The company also intends to expand its R&D capabilities in Singapore; commence commercial activities in the United Kingdom and European Union; and add several new patents to its existing IP portfolio. “We have had some incredibly exciting breakthroughs over the past two years. Following successful additions to our patent portfolio, we will launch two newNutrition Technologies is a biotech company headquartered in Singapore and operating in Malaysia on a mission to address global food security. Founded in 2015 by two British entrepreneurs, Nick Piggott and Tom Berry, the company manufactures sustainable animal feed ingredients and biofertilisers, using a unique combination of biotechnology and black soldier fly larvae to recycle nutrients from agricultural and food processing by- products. In 2021 the company scaled-up to industrial production with the launch of its two-hectare factory in Johor, Malaysia. It is now a step further on its path towards developing a sustainable circular economy within the agricultural sector. Since 2015, Nutrition Technologies, has been creating a commercial replica of the natural decomposition process, using their proprietary growth inoculants and black soldier flies (Hermetia illucens) to turn low-grade crop and food waste into highly sought after animal feed ingredients and biofertilisers. Their two hectare production facility in Johor, Malaysia, bioconverts several hundreds of tonnes of organic waste every week. The facility produces functional proteins and oils, which have bioactive compounds that efficiently improve animal growth performance and health outcomes. Over the past few years, Nutrition Technologies has conducted multiple trials of their products on fish, shrimp, poultry, piglets and pets, with significant results. Their novel biofertiliser products improve soil health while naturally increasing plant resistance to disease, reducing the need for chemical pesticides. The 165-strong team has been scaling up their operations and selling their products into both domestic and regional markets. Nutrition Technologies’ production facilities are a result of over seven years of R&D and their strategic location in the tropics helps to optimise productivity and lower costs. Their proprietary technologies and vertical insect production system are designed to capitalise on the low-energy benefits and suitability of a tropical climate. Their team developed the entire production system, which uses some bespoke automated equipment to ensure strict biosafety, zero-waste and strong unit economics. Through avoided emissions, their products have great potential to help meet global climate change targets. Nutrition Technologies has been doubling down on its success in commercialising insect-microbe systems and their approach to protecting that intellectual property has been lauded by IP experts and publications. “We believe our technological developments can help address some of the world’s most critical problems and are highly motivated to accelerate expansion as quickly as possible, “Our novel microbiology solution to insect production allows us to use a wide pool of raw materials which negates the most significant barrier to scaling. ” said Charlie Carter, Chief Operating Officer of Nutrition Technologies. Nutrition Technologies Chief Financial Officer Richard Hayler said insects represent a virtually unlimited and untapped pool of biological assets, with huge opportunities for value creation. “Tackling food security is only the tip of the iceberg and with our strengthened balance sheet, great partners and best in class IP, we are strategically positioned to lead the next agricultural revolution,” he added. PTT Public Company Limited Innovation and New Ventures Senior Executive Vice President Dr. Buranin Rattanasombat said commercial insect protein production is one of the most important innovations of the past few years, with the potential to disrupt the animal feed and fertiliser sectors and solve multiple issues the world is currently facing. “Furthermore, we expect this partnership will provide customers with innovative solutions to revolutionise the agriculture sector as well as improve people’s quality of life,” he added. Amgen and NSG Biolabs announce golden ticket to boost Singapore’s Biotech Ecosystem |
https://technode.global/2022/09/14/tokenize-malaysia-gets-approval-to-trade-solana-uniswap-and-bitcoin-cash/ | Tokenize Malaysia gets approval to trade Solana, UNISWAP and Bitcoin Cash | 49 | Tokenize MalaysiaTokenize Malaysia said in a statement that the firm becomes the first exchange to offer investors Solana legally in the country. According to the statement, this is a continuous effort of Tokenize Malaysia to expand the variety of digital assets to meet the market’s demand and stay competitive. Being a local regulated exchange, Tokenize conducts thorough research and analysis on the suitability and sustainability of a token when submitting the application to the Securities Commission (SC) for approval according to the guidelines and requirements. This helps ensure only the coins from trustworthy projects are listed to help investors mitigate risks. Solana is a high-performance blockchain supporting builders around the world creating crypto apps that scale today. It is best known as a competitor to ethereum, the second largest blockchain project by market capitalisation. Solana is a blockchain protocol out on a mission to push the DeFi ecosystem into mainstream use. At the time of writing, SOL is currently valued at MYR150.70 ($33.29) a unit (minimum purchase approximately MYR1.60 [$0.35]). Uniswap is a cryptocurrency exchange that works on a decentralised network protocol based on ethereum. Its protocol facilitates automated transactions between crypto tokens on the ethereum blockchain using smart contracts. At the time of writing, one UNI unit is currently valued at MYR27.45 ($6.06) (minimum purchase less than MYR1 [$0.22]). Meanwhile, Bitcoin cash and Bitcoin share many similarities albeit with one fundamental difference: Bitcoin Cash is a proof of work blockchain that is faster and cheaper to use than bitcoin. The idea of Bitcoin Cash came to be in 2017 as a solution to bitcoin’s transaction speed issues. The technical difference between the two comes down to the size of blocks in the blockchain. At the time of writing, BCH is currently valued at MYR544.37 ($120.25) a unit (minimum purchase approximately MYR5.44 [$1.2]). Tokenize Malaysia said it aims to spearhead the promotion of education and awareness on the understanding of cryptocurrencies among local investors. According to the statement, Tokenize Malaysia users can buy, sell and store the three coins on its mobile app and website starting September 14, alongside its existing cryptocurrency offerings. Generally, there is a positive outlook for more tokens as digital asset investment gains popularity, as well as the curiosity and gradual adoption of the public in the non fungible token (NFT), DeFi and GameFi fields. The expansion of digital asset offerings also allows customers to better spread their investment risks and build better investment portfolios. The addition of more coins on Tokenize Malaysia’s exchange will help benefit investors and support the development of the local digital assets market in Malaysia. Luno adds Cardano and Solana to its cryptocurrency platform |
https://technode.global/2022/09/14/luno-adds-cardano-and-solana-to-its-cryptocurrency-platform/ | Luno adds Cardano and Solana to its cryptocurrency platform | 49 | LunoIn a statement, Luno said that from September 21, users can buy, sell, and store ADA on the Luno app and website, alongside its existing cryptocurrency offering. Luno will also be adding SOL to its platform from October 6. With continuing interest in the wider applications of bitcoin, ADA and SOL are the latest cryptocurrencies that Luno is adding to its portfolio, following the addition of Chainlink (LINK) and Uniswap (UNI) earlier this year. This brings the total number of coin offerings for Malaysians to nine, as Luno continues ensuring that Malaysian investors gain access to wider investment opportunities. “As big advocates of building for the long term, we believe it’s important to give customers access to newer crypto applications that have a promising future,” Luno Country Manager Aaron Tang said. “In a constantly evolving crypto landscape, we want to empower financial literacy amongst Malaysians by promoting a stronger understanding of digital assets and investment, “More importantly, we want our investors to be able to progress in their crypto journey with Luno with the peace of mind that comes with the rigorous security that customers rely on from Luno,” he said. “We want to break down the complications around cryptocurrencies, and provide a platform that makes it easy for people to invest and learn about them,“Investors don’t need to make one large investment to get started but can build and grow their investment over-time through smaller amounts – the minimum amount to get started investing on Luno is only MYR1 ($0.22),” he added. Cardano is often described as a ‘next gen evolution’ of ethereum. It aims to be the most scalable and sustainable platform for running decentralised applications (dApps) by taking a methodical, research-driven approach to its development. Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with thousands of projects spanning decentralised finance (DeFi), non-fungible tokens (NFTs), Web3 and more. According to Tang, while ADA and SOL meet Luno standards for safety, being listed on Luno is not an endorsement of its future potential as an investment. “Luno assesses prospective assets based on factors like security, compliance, and utility, but will always suggest that anyone looking to invest in crypto do the necessary research and exercise good judgement before investing, “Luno only offers the most compelling investment options, viewed through a long-term lens. Over the coming months, customers will be able to explore and invest in more opportunities to tap into a new global financial system and participate equally,” he added. Luno was founded in 2013 with a mission to put the power of crypto in everyone’s hands. The firm has become a leader in responsible crypto education and investment, introducing over 10 million people to crypto in more than 40 countries across the US, Europe, Africa, Asia and Australia. Luno is part of the Digital Currency Group, the world’s largest blockchain investor, with over $40 billion in crypto under management. It offers products and services that make it safe and easy to buy, store and learn about cryptocurrencies like bitcoin and ethereum. The business undergoes independent proof of reserves audits each quarter to provide customers with the assurance that their crypto is safe. In Malaysia, Luno is the first regulated and leading digital assets exchange, under the Securities Commission Malaysia, offering Malaysians a safe and secured platform to start investing in cryptocurrencies. Global retail cryptocurrency app Luno partners payment provider FIS to introduce its newest payment option |
https://technode.global/2022/09/08/pos-malaysia-launches-malaysias-first-nft-stamp/ | Pos Malaysia launches Malaysia’s first NFT stamp | 49 | Pos Malaysia BerhadIn a statement, Pos Malaysia said it is the second postal service provider in Southeast Asia to produce NFT stamps after Thailand and joins the global postal fraternity of other countries with similar initiatives such as Austria, Switzerland, United Arab Emirates and the Netherlands. According to Pos Malaysia, its limited edition NFT stamp is redeemable complimentary with every purchase of the #Empatbelas Setem Ku special edition stamp folder set. Produced through a collaboration between Pos Malaysia and local retail brand APOM, each stamp folder contains one physical stamp sheet of 14 stamps. Each one is designed by an artist representing each state in Malaysia, showcasing the uniqueness, culture and pride of the states. The complete set also comes with three envelopes, three postcards, a specially designed folder and a user guide for redeeming the free NFT stamp. A limited number of 3,000 folder sets will be available for purchase, each set allowing collectors up till 31 October to redeem one out of the 14 NFT stamp designs. “Pos Malaysia is excited to work together with APOM on this NFT stamps project, along with 14 highly talented artists representing each state in Malaysia,“Together with APOM, we are proud to offer the opportunity to local artists to showcase their talents not only in Malaysia but globally, as NFTs can be shared or traded internationally,” said Pos Malaysia’s Group Chief Executive Officer Charles Brewer. According to him, penetrating the NFT market is a significant milestone for Pos Malaysia, as the firm complements its traditional postal offerings with various digitised services and products, enhancing efficiency and improving the way it connects with customers in the rapidly evolving and digitally advanced world. “While Pos Malaysia has been around as a postal service operator for over 200 years, our aspiration is to remain relevant with times and be future-ready to exist another 200 years,” he added. APOM’s Co-Founder Chantelle Teoh said #Empatbelas is Apom’s yearly Merdeka-Malaysia Day collaboration project to celebrate the 14 states of Malaysia. “This year with the support from Pos Malaysia, the 14 selected artists got a chance to re-imagine their state pride on NFT stamps that transcends globally beyond the philatelic community, as well as on the humble physical stamp that has connected Malaysians throughout the years, “This is a great opportunity for the local talents to showcase their work,” he said. Malaysia’s MYEG launches global NFT marketplace known as NFT Pangolin |
https://technode.global/2022/09/08/iglobsys-technology-acquires-malaysias-mason-games-for-1m/ | Iglobsys Technology acquires Malaysia’s Mason Games for $1M | 49 | Mason Games Sdn. Bhd. The acquisition, which took place one year after the establishment of Mason Games in July 2021, is to bolster the studio’s growth in various areas including embarking on their maiden blockchain game project, Mason Games said in a statement. In addition, the studio plans to set up a game development office in Ho Chi Minh City, Vietnam in the fourth quarter of 2022. “It is exciting to start our journey with Iglobsys, a strategic partner that will help accelerate the growth of our young team, “Iglobsys has vast experience in technologies and wide business networks throughout Asia which are beneficial as we try to carve out larger market footprints in mobile gaming, especially within Southeast Asia. We are grateful for the trust they have put in us,” said Daryl Lau, Chief Executive Officer and Founder of Mason Games. “We hope to one day be able to help other gaming studios to pursue building more complex games that provide an engaging and fun gaming experience for everyone,” he added. Moving forward, Mason Games will embark on more ambitious gaming projects, in particular casual and strategy games for both Android and iOS. This new focus requires further investment in talents to bolster the technical capabilities of the team as the new complex game genres require extensive development time and testing before they are ready for release. Founded in 2021, Mason Games is a developer of casual and strategy mobile games. The studio is on a mission to develop mobile games with Asian influence, a unique approach to letting people around the world enjoy them. “Iglobsys is pleased to have Mason Games onboard as a valued partner. We are confident that Mason Games is an excellent opportunity for us to enter the front-facing consumer business, especially with their potential to amass an extensive database of users over a short time with their immersive games,” said Jackie Chong, Director at Iglobsys Technology. Iglobsys Technology was established in 2018 with the aim of bringing Digital Transformation (DX) technologies to clients across various industries in Southeast Asia. The firm aims to be a key leader in big data analytics and blockchain technology. The firm grows with its clients by helping them accelerate their growth using the right technology platform. It provides services and innovation to its clients for better productivity, competitive advantages, efficiency, and cost-effectiveness. The firm has spread its wings to Singapore, Vietnam, and Indonesia. Singapore’s eSports firm ESPL partners Philippine’s Yield Guild Games for crypto NFT gaming |
https://technode.global/2022/09/06/malaysias-capital-a-progressing-with-airasia-aviation-airasia-super-app-new-york-listing-plan-report/ | Malaysia’s Capital A ‘progressing’ with AirAsia Aviation, airasia Super App New York listing plan – report | 49 | Capital A BhdAccording to him, the company would probably make the announcement next year, Malaysia’s national news agency “We’re planning the listing of AirAsia Aviation, which is private now, and Super App, that’s progressing but we’ll make announcements in due course,” he told reporters at an event at Danau Toba, Indonesia. AirAsia Aviation comprises AirAsia Malaysia, AirAsia Philippines, AirAsia Thailand and AirAsia Indonesia. According to earlier reports in June, Fernandes said the group is evaluating all fundraising options, including private placement, direct listing or listing via a merger with a Special Purpose Acquisition Company (SPAC). The listing in the US market would be attractive given the liquidity and the diverse investor reach that it can provide, he said then. Previously known as AirAsia Group, Capital A has been aggressively building its digital businesses and super app over the last two years as most of its planes were grounded due to travel restrictions to contain the COVID-19 pandemic. The group has hoped to build its super app, modeling regional tech giants such as Grab’s and Gojek’s super apps which offer a variety of services including ride-hailing, food delivery, and payment services. Malaysia’s Capital A mulls US listing |
https://technode.global/2022/08/29/yinson-partners-aeon-to-develop-malaysias-largest-retail-ev-charging-network/ | Yinson partners AEON to develop Malaysia’s largest retail EV charging network | 49 | Malaysia-listed energy infrastructure and technology firm In a joint statement, Yinson said its green technologies division Yinson GreenTech (YGT) has through its wholly owned subsidiary Yinson Green Technologies (M) Sdn Bhd signed aUnder the agreement, YGT aims to deploy its chargEV chargers complete with value-added services such as customer care and loyalty programmes. YGT also aims to deploy a charging hub for AEON’s and AEON BiG’s future logistic fleet of electric vehicles (EVs), which YGT shall introduce and manage under its comprehensive EV leasing solutions programme. These services are introduced as part of the AEON Sustainability Charter and are expected to enhance the overall efficiency of AEON and AEON BiG malls while benefiting their retail customers with EV charging services. The collaboration leverages on YGT’s position as a green technology solutions provider, delivering a clean, integrated and technology-enhanced mobility ecosystem, as well as AEON’s and AEON BiG’s position as one of Malaysia’s largest mall operators and the country’s biggest retailer, respectively – both looking at incorporating sustainable practices into their own business operations. Yinson Executive Vice President of Technology and New Ventures Eirik Barclay said Yinson’s goal is to help businesses accelerate the transition to a net zero environment. “Today, we mark another milestone in our efforts to mitigate the effects of climate change as we partner with one of Malaysia’s leading shopping malls, AEON, who has developed a robust sustainability roadmap for its business. Together, we aim to implement green technologies that will bring Malaysia a step closer to realising its goals for a cleaner future,” he said. Meanwhile, Yinson Senior Vice President Electromobility Ruslin Tamsir said YGT looks forward to collaborating with likeminded partners such as AEON, who want to offer a differentiating experience through green initiatives. AEON Chief Ventures and Sustainability Officer Azli Mohamed said the partnership with YGT is one of the examples that AEON is operationalising sustainability by enabling sustainable commuting. “With 28 AEON Malls, 34 AEON Stores and 21 AEON BiG outlets, AEON has the largest retail footprint in Malaysia and we want to be part of the first and largest retail EV charging network ecosystem in Malaysia. AEON aims to lead the retail sector by enabling the ecosystem for sustainable commuting by future-proofing our malls to meet the needs of the surrounding community, enriching their retail experience while maintaining AEON's responsibility towards the environment,” he said. AEON BIG Managing Director Sheikh Farouk Sheikh Mohamed also said this partnership with YGT will enhance the value proposition of AEON BiG to its customers by integrating a sustainable mobility ecosystem in their shopping experience. “Together with AEON, we believe such cooperation with YGT will deliver a sustainable impact within the communities we operate,” he said. YGT invests in novel green businesses, research and development and strategic partnerships to develop integrated smart green assets and infrastructure, ultimately aiming 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 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 signs MOU with GoCar to provide charge EV solutions and services to GoCar users |
https://technode.global/2022/08/26/malaysia-science-ministry-to-identify-needs-of-rd-ci-industry-players-says-minister/ | Malaysia Science Ministry to identify needs of R&D, C&I industry players, says minister | 49 | Malaysia’s Dr Adham Baba said MOSTI would also identify measures that need to be taken to speed up the development of intellectual property and technology so as to accelerate commercialization. “MOSTI is committed to providing appropriate support and assistance through agencies under it to commercialize research so that it doesn’t stop at just institutions of higher learning (IPT),” he was quoted as saying by the national news agency “But to realise this, researchers need to translate research into experimental development and proof of concept for community use so as to create a bigger impact,” he said at the closing ceremony of the Supercharger Series: Supercharging Your Commercialisation Potential. Dr Adham said that through the Supercharger Series, The four problems currently faced by researchers include funding, talent, regulations and policies that need to be coordinated and penetration for the commercialization of the respective products, he noted, adding that there is room for improvement. Dr Adham also announced the collaboration of MRANTI with five IPTs for the Supercharger Series to bring the best 50 intellectual properties of spin-off companies to the path of commercialization. The five IPTs are Universiti Malaya, Universiti Sains Malaysia, Universiti Putra Malaysia, Universiti Teknologi Malaysia and Universiti Kebangsaan Malaysia. Through this collaboration, he said MOSTI hoped that the innovators and researchers could achieve the best study and research results. Malaysia to focus on creating smart cities, says Science Minister |
https://technode.global/2022/08/25/malaysias-kenanga-partners-chinas-ant-to-develop-wealth-super-app/ | Malaysia’s Kenanga partners China’s Ant to develop wealth super app | 49 | Malaysia-based Kenanga said in a statement on Wednesday that both parties have signed a Memorandum of Understanding (MOU) on the partnership, and under the MOU, Kenanga will leverage mPaaS, a mobile development platform from Ant Group’s digital technology unit, to launch the super app. According to the statement, the super app is geared to revolutionise how Malaysians approach wealth generation and management, by integrating a suite of financial solutions, such as stock trading, digital investment management, e-wallet, crypto trading and foreign currency exchange, onto a single platform and ecosystem. “Having spent the year conceptualising and designing the super app, we are thrilled to partner with Ant Group, a globally recognised and experienced infrastructure and platform provider, to develop this platform and bring it to life,” said Chay Wai Leong, Group Managing Director, Kenanga Investment Bank. “We look forward to not only unifying a broad spectrum of financial offerings under one roof, but more importantly, to make wealth creation more accessible by democratising financial services for the millions of Malaysians around the country who want better, swifter and cheaper access to financial products and solutions,” he said. With almost 50 years of retail experience serving over half a million customers, he believes the Kenanga wealth super app will leapfrog the group’s growth to the next level. “We started our digital journey five years ago, and have a robust digital product pipeline that is set to reshape our relationship with our customers and harness opportunities in the marketplace,” he added. Established for more than 45 years, Kenanga is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing with strong foundations in regulatory compliance and risk management. “We have been committed to supporting our customers to deliver faster, more reliable, and more convenient services to their end users,” said Geoff Jiang, President of Ant Group’s Digital Technology Business Group. “Adopted by many businesses to build new apps and optimise the performance of existing apps, our financial-grade mPaaS mobile development platform isAnt Group’s digital technology unit develops a full range of digital solutions in the fields of blockchain, privacy computing, security technologies, and distributed database. The company is committed to enabling and reinforcing trust for participants in the digital economy, including consumers, businesses, and partners. It also aims to build the infrastructure and platforms to support the digital transformation of the service industry. The development of this super app extends the portfolio of digital products that Kenanga has successfully rolled out, from Rakuten Trade, Malaysia’s fastest growing online stock trading platform, to Kenanga Digital Investing, a robo-advisor that has amassed over MYR250 million ($55.78 million) in asset under management in six months. Ant Group to become major shareholder of Singapore payment firm 2C2P |
https://technode.global/2022/08/24/malaysias-medtech-startup-bookdocs-founder-ceo-chevy-beh-dies/ | Malaysia’s BookDoc Founder & CEO Chevy Beh dies | 49 | Chevy Beh, the Founder and Chief Executive Officer of Malaysia-based MedTech firm “It is with great sadness that we inform you of the passing of Datuk Chevy Beh – BookDoc’s Founder and CEO. He was a respected entrepreneur who was loved by many. Our thoughts and prayers go to his family especially during this difficult time,” BookDoc wrote in a Facebook post. The eldest son of Malaysia-based BP Healthcare Group Founder and Chairman Beh Chun Chuan, Chevy passed away on Tuesday, the group said in a separate Facebook post. He was described as “an esteemed polo player of BP Polo Club, a passionate entrepreneur and an articulate leader who is widely known for his trend-changing contributions to the healthcare industry”. Founded in August 2015, BookDoc has expanded to five countries – Malaysia, Singapore, Indonesia, Hong Kong and Thailand – and 20 cities. The digital health technology solution provider offers end-to-end solutions across the healthcare continuum connecting patients to healthcare professionals anytime and anywhere while incentivizing people to stay active, according to its website. The startup counts Brunei Prince, family member of the late Macau tycoon Stanley Ho among its investors. BookDoc has raised a seed round of financing which includes a $2 million investment from Prince Abdul Qawi, a member of The House of Bolkiah, the ruling family of Brunei, Beh was also an early investor of NASDAQ-listed genetic and diagnostic health testing firm Photo credit: BookDocVCs scout opportunities in MedTech despite higher valuation fueled by pandemic |
https://technode.global/2022/08/19/malaysian-islamic-app-thenoor-seeks-to-raise-1m-through-islamic-ecf-platform-ethis/ | Malaysian Islamic app TheNoor seeks to raise $1M through Islamic ECF platform Ethis | 49 | Malaysia’s Islamic lifestyle app The potential deal will raise the firm’s pre-money valuation to $10.74 million. TheNoor Co-Founder and Chief Technology Officer Mohd Izzairi Yamin said in a statement that the investment will be channeled to capitalize on a fast-growing market, increase research and development push, enhance advertising and promotion efforts as well as grow the team. “The crowdfunding will help us refine our application so that we continue to create offerings that will nurture and enrich the lifestyles of Muslims around the globe. The halal industry is swiftly becoming a competitive and fast-moving sector globally and we want to tap this through tech,“Tech enables more Muslims to achieve their spiritual commitment by transforming how we engage with Islam. We are continuously working on a variety of new features to create added value for our users and will see the rollout of more interactive content, educational offerings for kids, Shariah Counters Projections, an e-wallet and more,” he said. TheNoor (which means light in Arabic) is a shariah-guided company with an aim to bring Muslims closer to Islam through continuous learning and exposure to the teachings of Islam via fresh, accessible, interactive and individualized methods. Since launched in January 2021, the firm has already gained nearly 6 million downloads on the Google Play Store and the Apple App Store, empowering over 2.8 million registered users. Aside from helping users achieve their spiritual commitment, the app brings them closer to their religion through continuous learning and exposure to the teachings of Islam through a more fresh, accessible, interactive and individualized method. The app aims to help more Muslims live a holistic lifestyle through its variety of in-app features, which include real-time location detection to discover close-by mosques and Qiblah, prayer time schedules, seamless Zakat payment tracking, built-in Faraid algorithm to calculate and allocate estates and weather updates. The current core application provides a modern and comprehensive on-the-go Al-Quran player that comes with high-resolution audio voice translation options in five languages, with more languages soon to be added. It also features Al-Quran reading assistance for beginners. The app is compatible with active gears allowing users to track their Solah patterns and monitor their calorie burn rate during Solah. The in-app marketplace, NoorCommerce, has been revamped, enabling users to browse, purchase and sell halal products in multi currencies. “TheNoor was designed for Muslims like you and me who juggles between the demand of modern lives whether at home, work or when we travel. It is a go-to resource for Muslims everywhere to form meaningful relationships with the religion through guided teachings and offerings that are rooted in Islamic principles and ideals. Not only can technology help us be more productive and connected, but it can also help us become better Muslims,” said Noor Neelofa Mohd Noor, TheNoor Co-Founder and Chief Executive Officer. This year, in collaboration with Tabung Haji Travel & Services Sdn Bhd (THTS), TheNoor plans to introduce in-app umrah packages, enabling users to conduct everything umrah related- from registrations and bookings right up to the completion of the Islamic pilgrimage. It also includes a mutawif tracker, detailed travel itinerary, travel insurance, currency exchange services and an umrah course for users to get a refresher on rituals. “As the first shariah-compliant ECF platform in Malaysia, there is a natural synergy between us and TheNoor in terms of our core values, propositions and fundamental beliefs to support the rapid growth of the Islamic economy together,“At ETHIS, we are honoured to be able to support TheNoor’s crowdfunding campaign as part of their continued growth journey and ambition to impact Muslims around the world. We see that as an ongoing effort to circulate good not just amongst Muslims but also involving the general society. This crowdfunding campaign serves as an opportunity for all to support one of the fastest growing Malaysian Islamic-based tech startup by way of investing in them,” said Ethis Malaysia Chief Executive Officer Wan Mohd Dazriq Wan Zulkiflee. TheNoor existing partners include Bank Islam, Fasspay, Fipper, Furada, Google Cloud, King Fahd Glorious Quran Printing, PPZ Kuala Lumpur, Max Money, Split, Tabung Haji Travel, ZeptoExpress and Zurich General Takaful. Malaysia’s Islamic crowdfunding platform Ethis Group raises $1.7M in pre-Series A round |
https://technode.global/2022/08/19/malaysias-proton-finalizes-deal-to-sell-smart-electric-vehicles/ | Proton finalizes deal to sell Smart Automobile Co’s electric vehicles in Malaysia & Thailand | 50 | Malaysian automaker The first smart model to be sold by Proton during the first phase of the collaboration will be launched in early the fourth quarter of 2023, Proton said in a statement. While Proton’s collaboration with smart is primarily a retail operation, Proton said there are big picture developments to pave the way for its entry into the new energy vehicle market. For instance, the company announced its intention to invest in a charging network by collaborating with a local charging provider as well as to provide and install domestic units for customers who intend to charge their vehicles at home. Proton also announced its intention to model retail operations for smart on what the company does in other markets. Therefore, there will be a heavy emphasis on an integrated digital lifestyle and other elements that will marry customer preferences with a connected digital solution encompassing journey planning, charging availability and even purchase considerations. Another facet the company is exploring is to use its entry into the market segment to attract young talents. With the rapid shift in job preference for new workers, Proton will use its long-term plans for sustainability and energy efficiency as well as increasing its environment, social and governance (ESG) scores to appeal to the next generation of automotive industry workers. “Today marks a big step for Proton’s entry into the new energy vehicle market. The first phase of business with smart is focused on retailing but it provides us with valuable knowledge and experience on not only how to service and charge EVs but also how to transform the way we interact with our customers, “The move into this market segment will also help drive PROTON’s move towards being more environmentally friendly in all facets of our operations as we work to help Malaysia achieve its carbon neutrality target by 2050,” said Li Chunrong, Chief Executive Officer of Proton. In January last yearThe global headquarters of the new joint venture has been set in Hangzhou Bay, Ningbo with operational sales functions based in China and Germany. The new generation of smart vehicles will be designed by the worldwide Mercedes-Benz Design network and developed by the Geely global engineering network. Future production will be located in China, smart said in a statement then. Vietnam’s VinFast to focus on US, European EV markets before expanding in Southeast Asia |
https://technode.global/2022/08/18/malaysian-businesses-harness-technology-to-increase-efficiency-says-cpa-australia/ | Malaysian businesses harness technology to increase efficiency, says CPA Australia | 50 | Most Malaysian businesses are planning to accelerate their use of technology over the next year, to drive efficiency and tap into bigger profit opportunities, according to The firm said in a statement on Wednesday the vast majority of the 108 Malaysian respondents (94 percent) expect their business to increase technology use over the next 12 months, as its findings show a positive link between technology use and higher profit margins. CPA Australia’s Malaysian Digital Transformation Committee Chairman Bryan Chung FCPA said it is apparent that most Malaysian businesses are taking action to improve technology adoption. “Over the next 12 months, a higher percentage of Malaysian businesses compared to the survey average are planning to improve technology adoption by increasing technology training for employees, increasing investment or upgrading technology and implementing a digital transformation strategy. “One key finding from this year’s survey is that big data has become a focus point when making business decisions. Not only are businesses hiring staff with this expertise, they are also investing in software that will help them in the area of data analytics for the future,” he said. According to Chung, operational efficiency is a leading reason for the take-up of new technology among respondents (62 percent). This corresponds with findings of an expected increase in use of data analytics and visualisation software, robotic process automation (RPA) and artificial intelligence. “The uptake of RPA in Malaysia is particularly exciting. Thirty-nine per cent of Malaysian respondents said their business plans to increase use of this technology to drive operational efficiency in the next 12 months. This is 15 percentage points higher than the survey average,” he said. The findings from this survey coincide with the findings of the CPA Australia’s Asia-Pacific Small Business Survey 2021-2022, which found business owners are motivated to pursue technological innovations for long-term growth as opposed to short-term survival. Chung said it is important that businesses develop and implement a long-term digital transformation strategy to ensure business longevity. “There are quite a few national initiatives that empower businesses with an injection of capital to increase technology adoption and digitalisation. This aligns with the national aspiration of achieving a ‘high technology nation’ status by 2030. “Professionals can also look at upskilling themselves to be more data proficient to meet the changing focus of the business sector. There are many incentives or programs available to facilitate this change. Respondents also are investing in human capital, which is promising,” he said. The Business Technology Survey 2022 was conducted from May 28 to July 12. The findings came from 820 accounting and finance professionals working in Australia, China, Hong Kong, Malaysia, New Zealand, Singapore and Vietnam. In Malaysia, the 108 respondents came from a wide variety of industries, with consulting (15 percent), education and training (13 percent) and public practice/CPA firm (11 percent) having the largest representation. Forty-seven percent of the Malaysian respondents (51 people) worked in a company with 500 or more employees and 53 percent (57 people) worked in a company with fewer than 500 employees. Malaysia’s MRANTI to open new learning and development centre to ramp up technology-savvy talent pool and innovation portfolio |
https://technode.global/2022/08/16/the-flexi-group-merges-common-ground-the-hive-and-the-cluster-to-create-largest-flexible-workplaces-operator-in-asia-pacific/ | The Flexi Group merges Common Ground, the Hive and The Cluster to create largest flexible workplaces in Asia-Pacific | 50 | The Flexi GroupThe Flexi Group said in a statement that with this merger, The Flexi Group will boast a portfolio of 45 locations across 12 cities and nine countries – including Malaysia, Hong Kong, Singapore, Australia, Thailand, Taiwan, Vietnam, Philippines, and Japan – as well as offer holistic membership solutions for businesses of all sizes, ranging from typical coworking memberships to full-service enterprise and white labeled management solutions. This first merger, in a series of planned consolidation activities, is supported by investment from Malaysia-based Emissary Capital and Singapore-based Catcha Group. It is also a step in the direction of an initial public offering (IPO) that will enable The Flexi Group to consolidate the region’s flexible workspace industry through merger and acquisition and to lead the future of work in Asia Pacific- and beyond. “We are delighted to launch The Flexi Group as the leading provider of flexible workspaces in the Asia-Pacific region. The pandemic has changed the way the world works, with businesses of all sizes shiftingThe Flexi Group said that unlike other flexible workspace companies, the firm has an asset-light approach to its real estate ventures, partnering with landlords on joint ventures instead of taking on large and unwieldy rental agreements. Its landlord partners in Asia include Petronas in Malaysia, Central Group in Thailand, Chinachem Group in Hong Kong, Ortigas in the Philippines and Hirsch and Faigen in Australia – with more to come in the next few months. “We work with some of the leading landlords in the region who see flexible workspaces as a natural evolution of their business. They work with us to help engage the tenants in their buildings, offering them access to best-in-class events, flexible work solutions and bookable meeting and event spaces, “Asset owners can also unlock revenue potential as our partners see increased returns of up to 30 percent versus a traditional lease structure,” said Edwards. Along with their landlord partners, The Flexi Group said it will continue to expand its three unique brands the Hive, Common Ground and The Cluster across the region with multiple new locations set to open in Malaysia, Australia, Thailand, Philippines and Singapore over the next 12 months. “Our multi brand for a multi-demographic approach is unique in the region. This strategy gives us the opportunity to partner with landlords across a variety of asset classes across Asia and Australia, “With our multiple brands targeting a different market segment across a variety of industries, we will see exponential growth and are forecasting to grow by up to 100 locations in the next three years,” said Edwards. The Flexi Group is expected to be headquartered in Kuala Lumpur, Malaysia. Singapore co-working firm Deskimo raises $3M Seed Round and expands to Jakarta |
https://technode.global/2022/08/16/malaysias-mavcap-announces-new-coo-and-cio/ | Malaysia’s MAVCAP announces new COO and CIO | 50 | Malaysia Venture Capital Management Berhad (MAVCAP)“As the largest venture capital (VC) firm in Malaysia, it is our mandate by the Government of Malaysia to continuously advance the tech industry by onboarding highly capable professionals from abroad and locally with global familiarity,“We are fortunate to have individuals of Noor’s and Paramjit’s calibre and expertise to spearhead MAVCAP’s impact investment based on sustainability measurement and digital transformation under the leadership of our Chief Executive Officer, Shahril Anas Hassan Aziz,” MAVCAP chairman Tunku Alizakri Alias said in a statement. Noor Amy Ismail, MAVCAP COO, brings close to 24 years of corporate and small and medium enterprises (SMEs) experience across diverse industries in Malaysia and internationally. She has held leadership roles with firms such as Deloitte Touche, Media Prima Berhad, the Prime Minister’s Office of Malaysia, MediaCorp of Temasek Holdings (Singapore), InvestKL and FGV Holdings Berhad, amongst others, and co-founded a logistic and self-storage SME since 2006. Having spent years in London, she has contributed to the United Kingdom’s (UK) Department of Business, Energy, Industrial and Strategy in the development of a MYR3 billion ($670 million) anchor collaboration initiative supporting over 30,000 SMEs in the UK to level-up their digital strategy and execution and co-founded two food and beverage outlets in Bayswater, London. She is a Sloan Fellow from the London Business School and currently a Doctoral (PhD) candidate at Brunel University, London, specialising in Malaysia’s SMEs inter-collaboration framework for digital adoption. She is also a council member of a global social impact NGO supported by Social Value International. MAVCAP CIO, Paramjit Singh Gill, has extensive experience spanning over 13 years in regional corporate investment banking, structured finance and private equity. He began his career at Maybank Investment Bank Berhad and subsequently joined OCBC Bank Berhad as Director and Country Head of Malaysia for Mezzanine Capital Unit with assets under management of over MYR3 billion ($670 million). During his tenure, he led various regional corporate transactions across the bank’s core markets covering various sectors and industries. “Both talents have in-depth experience and proven outstanding track records, and we are confident that they will continue to further drive MAVCAP forward in championing a vibrant VC ecosystem for Malaysia and spurring local and regional opportunities for tech start-ups and entrepreneurs,” said Shahril Anas Hassan Aziz, MAVCAP Chief Executive Officer. MAVCAP is Malaysia’s largest VC company in the technology space. Established in 2001, it has a portfolio value of almost MYR5 billion ($1.12 billion) in the funds that the firm and its private sector partners manage. As a government-backed VC under the purview of the Ministry of Finance and Ministry of Science Technology and Innovation, the firm has been championing the government’s mandate by developing local VC talent, creating local VC companies and attracting foreign VCs and funding into Malaysia. Malaysia’s MAVCAP launches two new tech-focused venture capital funds, targets total fund size of $38.26M |
https://technode.global/2022/08/15/funding-societies-launches-enhanced-sme-focused-term-financing-bizfund/ | Funding Societies launches enhanced SME-focused term financing BizFund | 50 | Funding SocietiesFunding Societies said in a statement that its zero-collateral BizFund provides Malaysian SMEs with financing up to RM300,000 ($67,355) with repayment up to 18 months. The simple, hassle-free submission process is fast and initiated through Funding Societies’ online platform. The product is offered for SMEs that have been in operation for at least 12 months, with a minimum of 30 percent local shareholding by Malaysians. “BizFund caters to SMEs with annual revenue from RM1 million ($224,517) who are looking to grow their business by quickly raising sufficient capital to manage cash flow. They can leverage on BizFund’s zero collateral, hassle-free submission process with disbursement within seven days to enhance their capital fueling business operations and time-sensitive expansion,” said Chai Kien Poon, Country Head of Funding Societies Malaysia. According to Funding Societies, one major challenge faced by SMEs when seeking financing facilities is the potentially long financing disbursement process. The application process is often complicated involving various documents which must be certified and submitted manually. In addition to that, most SMEs find their application turned down because they lack the collateral needed. This places SMEs in a tight spot as without adequate financing, SMEs face insufficient cash flow to maintain operations or grow their business. “BizFund is developed to address these challenges SMEs face when they seek financing to grow their business. By making this business financing facility zero-collateral with fast disbursement, SMEs can tap into the recovery market’s potential which would otherwise be hampered by the lack of business capital, “Malaysia’s domestic economy is projected to grow between 5.3 percent to 6.3 percent; after a tough two years coupled with delayed payments as customers stretch their ringgit and supply chains are disrupted, access to funds is imperative for SMEs to benefit from that growth as well as contribute towards it, “Funding Societies, staying true to our mission of enabling the growth of ASEAN SMEs through digital financial services, will continue to identify tailor-made opportunities meeting the needs of SMEs in each market we operate in,” he added. Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. It is licensed in Singapore, Indonesia, and Thailand, registered in Malaysia, 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. In seven years, it has helped finance over 5.1 million business deals close to RM11 billion ($2.47 billion) in funding. Funding Societies acquires CardUp to drive payments expansion |
https://technode.global/2022/08/10/google-cloud-to-bring-its-first-cloud-regions-to-malaysia-new-zealand-and-thailand/ | Google Cloud to bring its first cloud regions to Malaysia, New Zealand, and Thailand | 50 | Google CloudThe three regions will join six other previously announced Google Cloud regions, namely Berlin, Dammam, Doha, Mexico, Tel Aviv, and Turin, Google Cloud said in a statement. When they launch, these new regions will join Google Cloud 34 cloud regions currently in operation around the world — 11 of which are located in Asia Pacific — delivering high-performance services running on the cleanest cloud in the industry. Enterprises across industries, startups, and public sector organizations across Asia Pacific will benefit from key controls that enable them to maintain low latency and the highest security, data residency, and compliance standards, including specific data storage requirements, according to Google Cloud. “The new Google Cloud regions will help to address organizations’ increasing needs in the area of digital sovereignty and enable more opportunities for digital transformation and innovation in Asia Pacific. With this announcement, Google Cloud is providing customers with more choices in accessing capabilities from local cloud regions while aiding their journeys to hybrid and multi-cloud environments,” said Daphne Chung, Research Director, Cloud Services and Software Research, IDC Asia/Pacific. According to the statement, the new Google Cloud regions in Malaysia, Thailand, and New Zealand will help its customers continue to enable growth and solve their most critical business problems. Google Cloud will also work with its customers to ensure the cloud region fits their evolving needs. These new cloud regions represent Google Cloud ongoing commitment to supporting digital transformation across Asia Pacific. Google Cloud will continue to invest in expanding connectivity throughout the region by working with partners in the telecommunications industry to establish subsea cables — including Apricot, Echo, JGA South, INDIGO, and Topaz — and points of presence in major cities. MAS and Google Cloud launch Point Carbon Zero Program to catalyse climate FinTech solutions |
https://technode.global/2022/08/10/malaysias-vynn-capital-vynn-capital-shares-research-insights-on-southeast-asia-cross-border-commerce-landscape/ | Malaysia’s Vynn Capital shares research insights on Southeast Asia cross-border commerce landscape | 50 | Malaysia-headquartered early-stage venture capital firm Small-medium enterprises (SMEs) are now finding themselves in a position that requires greater support in the form of a more efficient supply chain, as the digitalization of economies and cross-border e-commerce activities increase, the VC firm said in a statement. Vynn Capital’s research points out the importance of technology in addressing the supply chain gap to allow for further growth, as SMEs and companies are tapping into opportunities of cross-border trades. According to Vynn Capital, Southeast Asia, in general, sees more consumers purchasing cross-border goods as digital platforms become more mainstream. This trend has attracted more investment dollars into the supply chain industry, due to the integral role of technology in scaling logistics infrastructure to support growing consumer and SME demand. In the case of Malaysia and Indonesia, Vynn Capital highlighted that investment volume into retail e-commerce as a percentage of total investment volume has increased to 16 percent and 36 percent in 2021, from 6 percent and 31 percent respectively in 2020. Vynn Capital anticipates several key trends to play out in the supply chain and mobility space:(ii) Autonomous electric vehicles, trucking and “innovative” ways of delivering goods will also be favored as technology becomes more efficient and productivity is prioritized, as cross-border e-commerce activity increases. (iii) Larger enterprises to participate in the innovation cycle of mobility and supply chains, through internally developed technologies, collaborations and investments in startups over the short to medium term, allowing expansion to adjacent industries e. g. financing and insurance. The research findings can be requested from the firm or downloaded from the Vynn Capital is a Southeast Asia focused early-stage VC firm investing in early stage tech startups. As a sector-focused investor, Vynn Capital is eyeing on the supply chain and mobility industries including but not limited to logistics, travel and fast-moving consumer goods. KPMG-HSBC report spots 10 potential unicorns in Malaysia: here’s a closer look |
https://technode.global/2022/08/09/applepay-malaysias/ | Apple Pay launches in Malaysia | 50 | AppleStarting today, thousands of retailers in Malaysia will accept Apple Pay, with support from some of the country’s most established banks across major credit and debit networks, Apple said in a statement. According to Apple, customers with Visa and Mastercard cards from banks including AmBank, Maybank, and Standard Chartered Bank can now use Apple Pay, with American Express cards to be available with Apple Pay later this year. Merchants such as KFC, Maxis, Machines, McDonald’s, Mydin, Pizza Hut, Starbucks, U Mobile, Uniqlo, Village Grocer, and Watsons — and apps and websites including Shopee, Sephora, Atome, and Adidas — now offer customers the ability to pay with Apple Pay, it added. “We are delighted to bring Apple Pay to Malaysia, providing an easier, safer, and more secure way to pay with iPhone, Apple Watch, iPad, and Mac. We think users will love the convenience and security of using Apple Pay,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Our customers in Malaysia will benefit from using Apple Pay with the support of the most popular banks, merchants, and our customers’ favourite apps,” she said. Today, Apple Pay is available in over 60 countries and regions, and works with more than 10,000 bank and network partners worldwide. In a separate statement, Maybank, Malaysia’s largest bank, announced that its Maybank and Maybank Islamic Mastercard and Visa Credit, Debit and Prepaid Cards can now be used with Apple Pay service in Malaysia and Singapore effective 9 August while the Maybank American Express Cards will soon be included. Maybank card members will benefit from access to this safe, contactless and easy way to pay, as part of the bank’s continued efforts to expand its retail digital offerings in tandem with customers’ evolving lifestyle trends, said the bank. Maybank Group Chief Executive Officer, Community Financial Services, John Chong Eng Chuan said this showcases the bank’s continued commitment to provide seamless digital payment methods for its customers. “With our growing presence in this business segment, supported by the combined card user base of 15 million across both markets, Maybank is well placed to leverage the ease, safety and privacy of Apple Pay that would benefit our customers in both countries,“As one of the leading financial institutions in the region, we are pleased to bring Apple Pay to our customers in Malaysia and Singapore. This revolutionary digital payment platform will enhance our customers’ experience, while providing another avenue for them to transact online with increased mobility and in a secured manner,” said Chong. In a separate statement, AmBank Group Chief Executive OFficer Sulaiman Mohd Tahir said the adoption of digital payments has accelerated over the past few years, benefiting both merchants and consumers. “Most Malaysians are likely to have their mobile phones ready at hand, and in view of that, we are enhancing our mobile banking services by providing more convenient ways to make payments. We are thrilled to expand the possibilities with Apple Pay to bring easy, secure and private payments to our customers,” he said. Ant-backed e-wallet Touch ‘n Go launches digital personal loan facility |
https://technode.global/2022/08/08/yinson-signs-mou-with-gocar-to-provide-charge-ev-solutions-and-services-to-gocar-users/ | Yinson signs MOU with GoCar to provide charge EV solutions and services to GoCar users | 50 | Yinson GreenTech (YGT), the green technologies division of Yinson said in a statement on Monday that under the agreement, Green EV Charge will provide access to chargEV’s charging infrastructure to GoCar’s fleet of electric vehicles (EVs) through chargEV’s mobile app, allowing GoCar users to conveniently locate and use more than 400 readily available chargEV chargers in Malaysia. According to the statement, users will also be able to charge their EV and monitor the charging status via the app, plus benefit from chargEV’s comprehensive customer care services. In the longer term, both parties will work towards integrating respective technologies to deliver a seamless experience for GoCar users. Green EV Charge is a joint venture between Yinson Green Technologies (M) Sdn Bhd and GreenTech Malaysia Alliances Sdn Bhd, a wholly owned subsidiary under the Malaysian Green Technology and Climate Change Corporation, a government agency under the purview of the Ministry of Environment and Water (KASA). The joint venture is tasked to roll out the commercialisation, operation and maintenance of charging infrastructure in Malaysia through the brand chargEV. Yinson Executive Vice President of Technology and New Ventures Eirik Barclay said this partnership encapsulates both parties’ joint commitment to work together to expand our complementing solutions. “It marks another exciting step towards our shared goal of ultimately accelerating the electrification of the marine, mobility and energy ecosystem in Malaysia in line with the country’s aim to become a carbon neutral nation by 2050,” he said. Yinson GreenTech Senior Vice President Electromobility Ruslin Tamsir said as the leading EV charging infrastructure provider in Malaysia, chargEV is excited to partner with GoCar, which is one of the country’s fastest growing on-demand vehicle sharing platforms. “We believe that chargEV’s new back-end system and mobile app, together with our rapidly expanding charging infrastructure network will be able to support the growth of GoCar’s network and user base. Working together, we believe we can position EVs as an attractive and sustainable transport option in Malaysia,” he said. GoCar Malaysia Chief Executive Officer Wong Hoe Mun said he is excited about this partnership with Green EV Charge. “Enhancing connectivity to chargEV will help improve the user experience of EV charging throughout Malaysia. We are proud to champion a smarter, greener way of commuting. GoEV has seen great success in making EVs affordable and accessible to the general public,“The integration with chargEV will offer even more accessibility. Through our GoCar mobile app, any EV user, not just GoCar members will be able to seamlessly connect to both networks for their EV charging needs,” he added. Listed on the main market of Bursa Malaysia Securities Berhad, Yinson is a global energy infrastructure and technology company invests in four business divisions – offshore production, renewables, green technologies and offshore marine. Its geographical presence extends across the world, from West Africa, the Americas, Europe and Southeast Asia. The firm has diversified into renewables in 2019, and targets to become one of the leading clean energy independent power producers (IPPs) globally. GoCar Malaysia is an on-demand app-based platform that offers ‘mobility-as-a-service’ solutions in Malaysia from sharing – with hourly and daily access to a GoCar, to subscription that offers wide-range of models, with the flexibility to swap. The firm has a fleet of more than 1,000 cars and it is continuing to scale. It has actively diversified our offerings with EV charger solutions under GoEV Charger, insurance made easy with GoInsuran, a seamless and transparent car servicing solution via GoCar Garage and GoEV as the latest addition to the range of services available under GoCar. Since the launch of GoEV in December 2021, it has had more than 1,000 GoEV users clocking an excess of 500,000 km, with more than 90 percent of users being first-timers to EVs. The GoEV line-up now includes the Hyundai Kona on top of the Nissan LEAF and its goal is to expand to 100 EVs in the fleet by the end of 2022. Shell invests in Malaysia’s smart mobility solution provider ParkEasy |
https://technode.global/2022/08/05/malaysias-grab-foodpanda-food-delivery-riders-on-24-hour-strike-call-for-better-fees-benefits-report/ | Malaysia’s Grab, Foodpanda food delivery riders on 24-hour strike, call for better fees & benefits – report | 50 | A group of Dubbed “Food Delivery Blackout”, riders who attended a press conference said that the number of p-hailing and e-hailing drivers that went on strike on Friday is still unknown, but it is happening nationwide. At the press conference, several riders said they have to bear payment to Employees Provident Fund (EPF), Social Security Organisation (Socso), as well as issues with claiming insurance whenever an accident occurs. A delivery rider said at the press conference that he was unhappy about the rates they’ve been given. “Previously, a few hours work from morning to afternoon could get me MYR100, now it’s tough to even get MYR40 for an entire day’s work,” a delivery rider who only wanted to be known as Boo reportedly said. Other riders also claimed that they were not compensated fairly for deliveries, according to another report. On Thursday, Grab E-hailing service provider Grab Malaysia clarified that there was no reduction in base fares for their delivery services, local media Grab reportedly said the recent concern raised by a delivery partner in July was due to “a glitch in Grab Malaysia’s system”, where the rider noted a discrepancy in his earnings. “We have since rectified the issue, and have transferred the shortfall to all affected partners, and clarified the matter via our official communication channel to our partners on July 21. We apologise for the inconvenience this may have caused for our partners and would like to encourage our partners to reach out to us via our Facebook, or visit us at Grab Driver Centre & Kiosks (GDC) should they have any further queries,” the statement read, according to the media report. On Thursday, Capital A’s airasia super app announced that they are offering its gig workers full-time employment with a minimum monthly wage of MYR3,000 as well as benefits that include EPF, Socso, and medical coverage. Grab and Foodpanda have yet to respond to Listed on NASDAQ last year, Singapore-headquartered Grab is one of Southeast Asia’s leading superapps, offering everyday services to over 670 million people across Singapore, Indonesia, Malaysia, Thailand, Philippines, Vietnam, Cambodia, and Myanmar. These services consist of deliveries (food, groceries, packages), ride-hailing services, financial services (lending, insurance, cashless payments and wealth management), enterprise, among others. Foodpanda is an online food and grocery delivery platform owned by the German Delivery Hero. Foodpanda operates as the lead brand for Delivery Hero in Asia, with its headquarters in Singapore. It is currently the largest food and grocery delivery platform in Asia, outside of China, operating in 12 markets across Asia. Airasia Super App offers gig riders in Malaysia full-time employment |
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