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News

Puvanesan Exits Globetronics Board

Globetronics Technology Bhd has announced that its independent and non-executive director Datuk Puvanesan Subenthiran has resigned from the board, citing personal commitments. His resignation comes less than a year after joining the board on July 1, 2025. Puvanesan is also the executive chairman and group managing director of Privasia Technology Bhd (KL:PRIVA), which is listed on the ACE Market. According to Bursa Malaysia filings on Wednesday, his departure has led to a reshuffling of roles within Globetronics’ audit, nomination, and remuneration committees, where he previously served as chairman of the nomination and remuneration committee and a member of the audit committee. The group has seen several boardroom changes this year. In January, it appointed Ta Shun Dher as non-executive chairman, while executive chairman Liaw Way Gian was redesignated as an executive director. Earlier, Francis Leong Seng Wui, who joined the board following Globetronics’ RM45 million investment in Mpire Global Bhd (now Greentronics Technology Bhd), resigned in January. Independent director Ang Pei Gaik also stepped down on March 31 due to other commitments, and was later replaced by Yap Jia Thong. Globetronics shares were unchanged at 27.5 sen on Wednesday, valuing the group at RM196.6 million.

News

AmBank Launches Apple Pay For Debit Cards On PayNet

AmBank has rolled out Apple Pay support for its debit cardholders, with transactions now enabled on PayNet’s MyDebit network, allowing payments to be processed through Malaysia’s domestic payment infrastructure. The bank had previously introduced Apple Pay for credit cards, and this latest move extends the MyDebit users, making AmBank the first in Malaysia to support Apple Pay on the local debit network. Customers can use Apple Pay for in-store, in-app, and online purchases. In-store payments can be made using an iPhone or Apple Watch, while online and app transactions are supported on iPhone, iPad, and Mac. Authentication is done באמצעות Face ID, Touch ID, or passcode, with each transaction secured by a unique dynamic security code. AmBank Group Managing Director of Retail Banking, Cheong Chee Wai, said the collaboration with PayNet enables the bank to deliver Apple Pay via Malaysia’s own MyDebit infrastructure, while maintaining a seamless and secure user experience. For security, actual card numbers are not stored on devices or Apple servers. Instead, a unique Device Account Number is generated and securely stored in the device’s Secure Element chip. Customers can activate Apple Pay by adding their MyDebit card through Apple Wallet or the AmOnline app, and will continue to enjoy existing rewards and benefits. To promote adoption, AmBank is offering a limited-time cashback campaign, where eligible MyDebit users who complete three transactions of at least RM30 each within a month will receive RM30 cashback, on a first-come, first-served basis.

Property

Crewstone Invests In RM320.9 Million Landmark Mixed-Use Development In Penang

Crewstone International Sdn Bhd (Crewstone), a licensed and regulated private equity and private credit manager, today announced a RM10 million strategic funding commitment to Island LandCap Properties Group (Island LandCap) in support of Tasek Gelugor Xchange (TGX), a landmark mixed-use development in Tasek Gelugor, Penang, reinforcing Crewstone’s continued focus on asset-backed opportunities with near-term monetization visibility. Crewstone’s new strategic investment into Penang reflects its focus on developments that support community growth, quality spaces, and long-term economic value. Strategically located in Tasek Gelugor, TGX is a RM320.9 million mixed-use development comprising 644 units in total, with 308 commercial units in Phase 1 and 336 residential units in Phase 2. Commercial products range from 1,182 to 9,272 sqft, residential units from 750 to 1,000 sqft, and selected pricing reaches up to approximately RM800 per square foot. The commercial proposition is further reinforced by 7 recognised anchor brands — Starbucks, 7-Eleven, Krispy Kreme, Kenny Rogers, Zus Coffee, Tealive and Anytime Fitness — together with a planned rooftop event space intended to extend footfall through weekend markets, private functions and outdoor team-building activities. Crewstone’s support for Island LandCap reflects its confidence in a Penang developer led across two generations, combining longstanding market experience, continuity of leadership and a proven record of delivery. With more than 2,000 units completed on schedule, a CIDB Grade 7 and ISO-certified construction platform, and recognitions including the Sin Chew Business Excellence Award and the Golden Eagle Award, Island LandCap represents the type of established operator Crewstone backs as it continues to originate and structure disciplined, asset-backed opportunities amid broader market volatility. Across pricing, transaction activity and absorption, market fundamentals remain firm for well-positioned mixed-use developments. The Penang House Price Index rose to 211 in Q3 2024 from 207 in Q3 2023 and 197 in Q3 2019, pointing to sustained resilience in the state’s property market. In Seberang Perai Utara, residential transaction volume increased by 67.6%, while comparable developments in the broader submarket recorded take-up rates of 90%, 97% and 99%. Together, these indicators suggest that demand is not only present, but increasingly visible across multiple layers of the market. The investment thesis is further supported by both TGX’s surrounding population base and wider corridor economics. The project sits within Tasek Gelugor’s 106,899-person constituency, while the broader Seberang Perai Utara district provides additional residential depth and spending power. That demand base is reinforced by Penang’s broader industrial momentum. The state recorded RM22.4 billion in approved manufacturing investments in 2025 across 232 projects, with an estimated 24,633 new jobs, supporting employment creation and commercial activity across the wider northern corridor. Against that backdrop, and with limited modern commercial alternatives in the immediate area beyond older retail stock, TGX is well placed to establish itself as the area’s primary contemporary commercial hub. Datuk Oon Weng Boon, Executive Chairman of Island LandCap Properties Group Sdn Bhd, briefing Keng Fai Wong, Chief Executive Officer of Crewstone International, on the TGX development model during Crewstone’s site visit. “This investment reflects Crewstone’s approach to responsible capital deployment, backing opportunities that are not only commercially sound, but also capable of delivering broader social and economic benefits,” said Keng Fai, Chief Executive Officer of Crewstone International. “We see Island LandCap’s development as one that can support community building, strengthen local activity, and contribute to more sustainable livelihoods over time.” Datuk Oon Weng Boon, Founder and Executive Chairman of Island LandCap Properties Group, added: “Crewstone’s support is meaningful because they understand the business beyond the numbers and share our long-term vision for Penang’s growth. In developments like this, trust and aligned conviction matter, and we believe this partnership positions us well for the next phase of growth.” The transaction marks another milestone in Crewstone’s continued expansion into new markets, following its previously announced expansion into Sabah.

The Executives

Rizal Kamal: Building LOL Asia At The Intersection Of Creativity, Commerce And Culture

1. Looking back, what was the defining decision or moment that set you on this path — and what gave you the conviction to pursue it despite the uncertainties? A sense of adventure—that entrepreneurial itch to bring something new to people. I’ve always been drawn to creating experiences that make people feel something, whether it’s heart-melting or mind-blowing or just plain good. In my younger days, it was a lot of trial and tribulations. Our mindset was simple: do incredible things first and figure things out later, badaboom. Not always the smartest approach, but that’s where a lot of magic came from—and some of those wild ideas became real businesses. We still carry that spirit today, but with more balance. A big part of what we do now is grounded in solid fundamentals and proven models. It’s less about chasing every crazy idea, and more about knowing which ones are worth building. 2. What was the gap or opportunity you identified early on that others may have overlooked — and how did you translate that into a viable business model? Stand-up comedy was huge in the West, but almost non-existent in Asia at the time. So we essentially brought in the “contraband”—starting with small club shows and giving comedians the freedom to say whatever made people laugh. We already knew the potential because we’d seen how big it was in places like the US, UK, and Australia. From there, we built the business step by step—clubs to theatres, and eventually to arenas. 3. In the early stages, what were the toughest realities of building the business that people don’t often see — particularly from an operational or financial standpoint? Working with people was one of the toughest parts—different expectations, temperamental artists, and everyone fighting over a very small pie. At one point, we took the “Jerry Maguire” approach. Instead of trying to work with everyone, we focused on a small group of talents—the ones with the biggest potential and who genuinely believed in what we were building. Financially, it was also a real challenge. The creative industry is seen as high risk, and we didn’t have deep pockets. We were fortunate to have support from MyCreative Ventures, which played a big role in helping us get to where we are today. 4. Your space sits at the intersection of creativity and commerce. How do you balance creative integrity with the need to deliver consistent business performance and profitability? It took us some time to realise this, but the best creative projects are the profitable ones. At the end of the day, we have to produce things that people actually want and will pay for. Projects that only serve the artist tend to become vanity projects. If there’s no real audience demand, it’s very hard to sustain. Profit is the lifeblood of creativity. It gives us the ability to keep going—and more importantly, to fund new ideas. So we focus on projects that can do both: create something that truly move people, and still make strong business sense. 5. You operate in an industry where perception, reputation, and personal branding are closely intertwined. From your perspective, what are the key imperatives of building and managing a strong personal brand today — particularly as a business leader? The biggest shift today is that you can’t get ahead by withholding information anymore. There was a time when people relied on ‘trade secrets’, but that advantage is gone. Knowledge is everywhere now—and people can quickly tell if you’re the real deal or not. We’re also in an era where knowledge and intelligence are commodities. What really makes the difference now is experience and genuine passion. So for me, it starts with being authentic and being willing to share what you know. There’s no real advantage in keeping things to yourself anymore. The advantage now comes from how fast you can learn, apply, and evolve. It becomes a cycle—share what you know, learn from the response, improve, and then share again. Over time, that builds trust, and that trust becomes your brand. 6. Can you share a period where the business faced significant pressure — whether market-driven or internal — and how you navigated that as a leader? Honestly, all the time. There have been multiple moments where the pressure was real. Check this – when the USD jumped from 3.2 to 3.8 in a short span, and later close to 4.8 against the ringgit; when we had to shut down our live performance venue because it simply wasn’t sustainable; during the pandemic, when we had zero shows for almost two years; and more recently, when we took huge hits from K-pop concerts. Those moments test you. But the approach has always been the same—keep moving forward. Learn fast, adapt, and pivot when needed. And most importantly, remind ourselves why we do this – we want to bring joy, make life feel worth living, and create moments that last.. sometimes a lifetime. 7. As a CEO, you’re constantly making decisions with incomplete information. What principles or frameworks guide your decision-making, especially in high-stakes situations? In the early days, it was mostly gut feel—talking to people on the ground and getting advice from those who had already made it. Today, it’s much more data-driven. We look at the numbers, trends, and signals, and then combine that with experience to make informed decisions. Next, we’re moving into a new phase where intelligence—AI and deeper analytics—can tell us what’s likely to work. Our role is deciding whether to act. It’s less about guessing and more about choosing the right bets—but even with all the data, it still comes down to human instinct. The numbers guide; emotion and experience decide. 8. Have there been moments where you questioned the path you chose or considered pivoting entirely? What ultimately anchored your decision to stay the course? Yes, there were multiple moments where it was tough—when business was bad, when we didn’t have the right people, or the right systems

Lifestyle

Malaysian Brothers Win 4 Major Titles In 24 Hours Across AI And Sports

In an extraordinary display of talent, discipline, and innovation, two young Malaysian brothers, Parsa and Rohan, have achieved four major titles within 24 hours, spanning global technology platforms and international sports competitions. Parsa Talk in GITEX Asia in Singapore about Minedu AI Primary_ AI Avatar Tutor. This rare accomplishment marks a powerful convergence of artificial intelligence innovation and elite athletic performance, positioning the duo among the most promising young talents in the region. Rohan Gold Medal and Special Award in MTE, under Asian Youth Innovation Award. Youngest Speaker at GITEX Asia Showcases Malaysian AI Innovation At the prestigious GITEX Asia 2026 held in Singapore on 9–10 April, Mohammad Parsa Bin Behran Parhizkar made history as the youngest speaker ever at the global technology event. Representing Minedu AI, Parsa presented the latest innovation, “Minedu AI Primary”—an advanced AI Avatar Tutor designed to transform science education for primary school students. The platform integrates real-time voice interaction, adaptive learning pathways, and personalized AI-driven engagement to enhance comprehension and retention. His presentation articulated a forward-looking vision for Education 5.0, where AI, educators, and parents collaborate seamlessly to deliver tailored learning experiences for every child. Parsa & Rohan 3 Gold and 1 Silver Medal in ASJJF (Asian Cup) Jiu Jitsu. Gold Medal and Best Innovation Award at Malaysia Technology Expo Simultaneously in Kuala Lumpur, Mohammad Rohan Parhizkar represented Minedu AI at the Malaysia Technology Expo 2026 (MTE 2026), competing under the Asian Young Innovators Award (AYIA) category. Competing against leading young innovators across the region, Rohan secured a Gold Medal for the Minedu AI platform. In addition, the project was honoured with a Special Award — Best Innovation Award, recognising its outstanding originality, real-world applicability, and potential impact in transforming primary education through AI. Dominating the Mat at ASJJF 2026 Within 24 hours of their technological achievements, both brothers competed at the Asian Sport Jiu-Jitsu Federation (ASJJF 2026) Championship held in Kuala Lumpur. Demonstrating exceptional discipline and competitive excellence, they achieved a combined total of: 3 Gold Medals 1 Silver Medal across both Gi and No-Gi Brazilian Jiu-Jitsu divisions. A New Benchmark for Youth Excellence This dual achievement across technology and sport reflects a broader shift in the development of future talent—where intellectual capability, innovation, and physical performance are cultivated in parallel. As co-founders of Minedu AI, Parsa and Rohan are contributing to the advancement of AI-driven education solutions aimed at: Expanding access to quality education Personalising learning experiences at scale Bridging the gap between curiosity and real-time understanding   National and Regional Significance Their accomplishments highlight Malaysia’s growing strength in nurturing future-ready, multidisciplinary talent capable of competing on both global technology stages and international sports arenas. This milestone represents more than individual success—it signals the emergence of a new generation that is not only prepared for the future but actively shaping it.

Investment & Market Trends

Ryt Bank Hits 1.2 Million Users Just Seven Months After Launch

Ryt Bank has reached 1.2 million users since its launch in August 2025, driven by strong growth in transactions and everyday banking activity. The digital bank has processed over 25 million transactions to date, with monthly volumes surging more than 35 times since its debut. Bill payments have also climbed sharply, rising over tenfold in recent months, while card usage continues to grow as more customers use the Ryt Card for daily spending such as groceries, dining and essentials. Nearly half of its users have adopted Ryt AI, a feature developed with YTL AI Labs using Ilmu, Malaysia’s sovereign AI model. The tool enables users to perform tasks like transfers and bill payments through simple prompts within the app. Adoption spans across all age groups, including those aged 50 and above, with users of Ryt AI returning to the app nearly twice as often as non-users. The bank is also seeing increased traction for its Ryt PayLater feature, which offers instant credit of up to RM1,499. Usage has been largely focused on essential expenses such as groceries, fuel and bills rather than discretionary spending. A significant portion of Ryt Bank’s customer base comes from underserved and unserved segments, in line with its goal of expanding access to financial services and short-term credit. Interim CEO Wilson Soon said the milestone reflects growing acceptance of a more intuitive and accessible approach to banking among Malaysians. Looking ahead, Ryt Bank plans to roll out Ryt PayLater on Card, allowing users to choose between immediate or deferred payments using a single card. It is also preparing to launch Ryt Invest, enabling users to invest directly through the app. The update comes as Malaysia’s five digital banks collectively reached 2.4 million users by end-2025, with around 65% from underserved and unserved groups, according to Bank Negara Malaysia.

Investment & Market Trends

Southeast Asia Payment Methods: A 2026 Guide

Southeast Asia Payment Methods in 2026: A Simple Guide Southeast Asia is often grouped together, but each country has its own unique payment habits shaped by culture, regulations, and local players. Across the region, one thing is clear — digital payments are growing rapidly, especially through QR codes, digital wallets, and bank transfers. From small shops in Indonesia to street vendors in Bangkok and hawker stalls in Singapore, paying with a phone has become increasingly common, replacing cash and cards in many cases. According to the Global Payments Report 2026, digital payment methods such as wallets, buy-now-pay-later (BNPL), and account-to-account (A2A) transfers could make up 46% of global in-store payments by 2030. How Payments Differ Across Southeast Asia Singapore: Digital Wallets Take the Lead Singapore has become a leader in digital payments. Digital wallets now make up the largest share of in-store payments, overtaking debit cards in 2025. Popular options include GrabPay, ShopeePay, PayNow, Apple Pay, and Google Pay. Cards are still widely used, especially for online transactions, but digital wallets are growing quickly. Malaysia: QR Payments Driving Growth Malaysia is seeing strong growth in digital payments through DuitNow and DuitNow QR. Cash usage is declining, while digital wallets like Touch ’n Go, Boost, GrabPay, and ShopeePay are gaining traction. Bank transfer systems like FPX also remain important for online payments. Philippines: Digital Growth, But Cash Still Dominates The Philippines has a mix of digital and cash payments. While digital wallets like GCash, Maya, and ShopeePay are widely used, cash still accounts for a large share of transactions, including cash-on-delivery for online purchases. This is partly due to a large unbanked population, though digital adoption continues to rise. Indonesia: Fast Shift to Digital Payments Indonesia is seeing one of the fastest moves away from cash. Systems like QRIS and BI-FAST have helped drive adoption of digital wallets such as GoPay, DANA, and OVO. Cash use has dropped significantly, especially in cities. Thailand: Bank Transfers Lead Thailand stands out for its strong use of account-to-account payments, driven by PromptPay. This method dominates both online and in-store payments. Digital wallets like TrueMoney and LINE Pay are also used, while cash remains more common outside urban areas. Vietnam: Rapid Growth in QR Payments Vietnam’s payment market is growing quickly, especially through QR code systems like VietQR. Digital wallets such as MoMo, ZaloPay, and ShopeePay are popular, while global players like Apple Pay are expanding. Cash is still used, but digital adoption is accelerating. Key Trends Across the Region Digital wallets are rising quickly QR code payments are becoming standard Bank transfers (A2A) are expanding across markets Cash is declining, but not disappearing Each country follows a different pace and path Bottom Line Southeast Asia’s payment landscape is diverse but moving in the same direction — towards digital-first transactions. For businesses, understanding each country’s preferred payment methods is crucial, as there is no one-size-fits-all approach in this region.

Investment & Market Trends

KKR Unit To Expand Buying In Japan Property Market

KKR & Co’s Japan real estate arm is planning a major expansion in acquiring properties being divested by companies, targeting a market it estimates to be worth around ¥450 trillion (US$2.8 trillion). The unit, KJRM Holdings, sees strong opportunities as Japanese firms increasingly offload non-core assets, including real estate, amid pressure from policymakers and investors to improve capital efficiency. Its president, Naoki Suzuki, said demand for such disposals is expected to remain robust over the next three to five years. Fuji Soft Inc signage seen on the company’s headquarters building in Yokohama, Japan on Dec 24, 2024. KJRM’s real estate portfolio grew 20% to about ¥2.53 trillion in 2025, placing it among the largest in Japan. The firm plans to further ramp up acquisitions of corporate divestment assets, although specific targets were not disclosed. The push comes as the Tokyo Stock Exchange continues efforts to enhance shareholder returns, prompting companies to monetise underutilised property holdings. Historically, Japanese firms have maintained relatively high real estate exposure, with property accounting for about 12.6% of total assets — higher than in the US and UK. KJRM Holdings’ president Naoki Suzuki. Suzuki noted that global investors are increasingly drawn to Japan’s property market due to its size, liquidity and relatively stable risk profile, particularly as geopolitical concerns dampen appetite for Chinese assets. He added that unless government bond yields rise sharply to around 3.5%–4%, the real estate sector is unlikely to face significant pressure from higher borrowing costs. In recent years, more than half of the assets acquired by KJRM-managed REITs and private funds came from corporate disposals. These include the purchase of 14 office buildings from Fuji Soft Inc for about ¥68.7 billion, as well as over ¥200 billion worth of real estate tied to KKR’s acquisition of Logisteed Ltd in 2023. While risks such as rising interest rates and property price fluctuations remain, Suzuki said rental growth could help offset higher costs. Moving forward, KJRM will focus on assets that are resilient to inflation and capable of generating stable cash flow, particularly in major cities such as Tokyo, Osaka and Nagoya.

Investment & Market Trends

CapitaLand Investment Launches Second Real Estate Credit Fund, Raises S$403m

CapitaLand Investment (CLI) has raised US$320 million (S$403 million) for its second Asia-Pacific real estate credit fund, CapitaLand Asia Pacific Credit Programme II (ACP II). The latest fund marks the second vehicle under the Temasek-linked group’s flagship real estate credit strategy. Following its final close, ACP II has added around US$600 million to CLI’s total funds under management. The fund attracted capital from a mix of new and existing investors across the Asia-Pacific region, including insurers, financial institutions and family offices. CLI has also committed 20% as a sponsor stake in the fund. According to Kishore Moorjani, CEO of alternatives, private funds at CLI, the fund’s strategy focuses on senior secured, asset-backed investments, positioning it more defensively amid broader credit market challenges. The group also aims to further scale its asset-light fund management platform. ACP II has already been deployed into five first mortgage loans, backing logistics, office and residential assets in key markets such as Sydney and the Seoul Metropolitan Area. The fund follows the successful exit of CLI’s first credit programme (ACP I), which invested A$265 million across two mixed-use developments in Melbourne and Adelaide.

The Executives

Shangri-La Hotels Appoints Lin Diaan Yi As Managing Director

Shangri-La Hotels (M) Bhd has announced the appointment of Lin Diaan Yi as its new managing director, succeeding Christopher Phong Siew San, whose last day will now be Monday, earlier than the previously scheduled May 31 departure. Lin brings extensive experience in strategy and transformation within the hospitality, real estate and retail sectors across Asia, including prior consultancy work with the Shangri-La Group. Her expertise spans portfolio strategy, asset repositioning, capital allocation, financial and operational management, governance, sustainability and organisational transformation. Lin previously spent 22 years at McKinsey & Company (2002–2024), where she rose to senior partner and led the social, public and healthcare sectors across Asia during her final four years. Between 2015 and 2020, Lin served as managing partner for McKinsey Singapore. Throughout her tenure, she worked closely with governments, government-linked companies and sovereign wealth funds to design and implement large-scale transformation programmes, accelerate digitisation and foster economic development. Lin’s portfolio also included advising clients in financial services, telecommunications, infrastructure, logistics, energy and sustainability on strategy, corporate finance and governance. Before McKinsey, Lin began her career in investment banking at Credit Suisse First Boston in New York and London. She currently serves on the boards of the Viva Foundation, The Esplanade, The Straits Trading Company Limited and the Communicable Diseases Agency of Singapore. At Monday’s midday break, shares in Shangri-La were down two sen or 1.2% at RM1.71, valuing the company at RM752.4 million. Over the past one year, the stock has gained 7.5%.

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