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Media OutReach

Aon appoints Jennifer Richards as CEO of Asia Pacific

DUBLIN, IRELAND – Media OutReach Newswire – 18 February 2025 – Aon plc (NYSE: AON), a leading global professional services firm, today announced that Jennifer Richards has been selected as CEO of Asia Pacific, effective 1 March. Richards assumes the role from Anne Corona who has recently been named CEO of enterprise clients and global chief commercial officer. She will work alongside the Asia Pacific Executive Committee to enhance the firm’s capabilities across the region, create distinctive value for clients, deliver growth and strong financial performance, inspire colleagues and execute on the 3×3 Plan. Richards will report to CEO of Regions, Lori Goltermann, join the Aon Executive Committee and move from Australia to Singapore in the coming months. Since joining Aon in Australia 13 years ago, Richards has been a dedicated and passionate colleague, supporting Australian, regional and global clients to make better decisions to address their risk and people challenges. She served most recently as head of Australia where she has a track record of success, fostering key client relationships and embedding the firm’s 3×3 Plan to accelerate growth and capabilities across all solution lines. “The Asia Pacific region is critical to Aon’s strategy, representing significant growth opportunities across a diverse market,” said Goltermann. “Jennifer’s experience, Aon United mindset and ability to build and inspire high-performing teams position her to lead the Asia Pacific region to continued success.” Prior to joining Aon, Richards held several senior management roles at AIG in its Financial Institutions and M&A businesses in North America. Before joining the insurance industry, Richards practiced corporate and securities law at Sidley Austin LLP in New York City. Richards said, “I am excited to work even more closely with this exceptional team and look forward to collaborating with such talented colleagues across the region. There is so much opportunity in the Asia Pacific region, and together we will build on our existing momentum and accelerate our ability to help our clients navigate the multi-faceted, complex and interconnected challenges they face.” Read more about Aon in the APAC region: aon.com/apac Hashtag: #Aon The issuer is solely responsible for the content of this announcement. About Aon Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here. Disclaimer The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness, or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.

Media OutReach

Aon appoints Jennifer Richards as CEO of Asia Pacific

DUBLIN, IRELAND – Media OutReach Newswire – 18 February 2025 – Aon plc (NYSE: AON), a leading global professional services firm, today announced that Jennifer Richards has been selected as CEO of Asia Pacific, effective 1 March. Richards assumes the role from Anne Corona who has recently been named CEO of enterprise clients and global chief commercial officer. She will work alongside the Asia Pacific Executive Committee to enhance the firm’s capabilities across the region, create distinctive value for clients, deliver growth and strong financial performance, inspire colleagues and execute on the 3×3 Plan. Richards will report to CEO of Regions, Lori Goltermann, join the Aon Executive Committee and move from Australia to Singapore in the coming months. Since joining Aon in Australia 13 years ago, Richards has been a dedicated and passionate colleague, supporting Australian, regional and global clients to make better decisions to address their risk and people challenges. She served most recently as head of Australia where she has a track record of success, fostering key client relationships and embedding the firm’s 3×3 Plan to accelerate growth and capabilities across all solution lines. “The Asia Pacific region is critical to Aon’s strategy, representing significant growth opportunities across a diverse market,” said Goltermann. “Jennifer’s experience, Aon United mindset and ability to build and inspire high-performing teams position her to lead the Asia Pacific region to continued success.” Prior to joining Aon, Richards held several senior management roles at AIG in its Financial Institutions and M&A businesses in North America. Before joining the insurance industry, Richards practiced corporate and securities law at Sidley Austin LLP in New York City. Richards said, “I am excited to work even more closely with this exceptional team and look forward to collaborating with such talented colleagues across the region. There is so much opportunity in the Asia Pacific region, and together we will build on our existing momentum and accelerate our ability to help our clients navigate the multi-faceted, complex and interconnected challenges they face.” Read more about Aon in the APAC region: aon.com/apac Hashtag: #Aon The issuer is solely responsible for the content of this announcement. About Aon Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here. Disclaimer The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness, or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.

Media OutReach

Aon appoints Jennifer Richards as CEO of Asia Pacific

DUBLIN, IRELAND – Media OutReach Newswire – 18 February 2025 – Aon plc (NYSE: AON), a leading global professional services firm, today announced that Jennifer Richards has been selected as CEO of Asia Pacific, effective 1 March. Richards assumes the role from Anne Corona who has recently been named CEO of enterprise clients and global chief commercial officer. She will work alongside the Asia Pacific Executive Committee to enhance the firm’s capabilities across the region, create distinctive value for clients, deliver growth and strong financial performance, inspire colleagues and execute on the 3×3 Plan. Richards will report to CEO of Regions, Lori Goltermann, join the Aon Executive Committee and move from Australia to Singapore in the coming months. Since joining Aon in Australia 13 years ago, Richards has been a dedicated and passionate colleague, supporting Australian, regional and global clients to make better decisions to address their risk and people challenges. She served most recently as head of Australia where she has a track record of success, fostering key client relationships and embedding the firm’s 3×3 Plan to accelerate growth and capabilities across all solution lines. “The Asia Pacific region is critical to Aon’s strategy, representing significant growth opportunities across a diverse market,” said Goltermann. “Jennifer’s experience, Aon United mindset and ability to build and inspire high-performing teams position her to lead the Asia Pacific region to continued success.” Prior to joining Aon, Richards held several senior management roles at AIG in its Financial Institutions and M&A businesses in North America. Before joining the insurance industry, Richards practiced corporate and securities law at Sidley Austin LLP in New York City. Richards said, “I am excited to work even more closely with this exceptional team and look forward to collaborating with such talented colleagues across the region. There is so much opportunity in the Asia Pacific region, and together we will build on our existing momentum and accelerate our ability to help our clients navigate the multi-faceted, complex and interconnected challenges they face.” Read more about Aon in the APAC region: aon.com/apac Hashtag: #Aon The issuer is solely responsible for the content of this announcement. About Aon Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here. Disclaimer The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness, or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.

Media OutReach

Aon appoints Jennifer Richards as CEO of Asia Pacific

DUBLIN, IRELAND – Media OutReach Newswire – 18 February 2025 – Aon plc (NYSE: AON), a leading global professional services firm, today announced that Jennifer Richards has been selected as CEO of Asia Pacific, effective 1 March. Richards assumes the role from Anne Corona who has recently been named CEO of enterprise clients and global chief commercial officer. She will work alongside the Asia Pacific Executive Committee to enhance the firm’s capabilities across the region, create distinctive value for clients, deliver growth and strong financial performance, inspire colleagues and execute on the 3×3 Plan. Richards will report to CEO of Regions, Lori Goltermann, join the Aon Executive Committee and move from Australia to Singapore in the coming months. Since joining Aon in Australia 13 years ago, Richards has been a dedicated and passionate colleague, supporting Australian, regional and global clients to make better decisions to address their risk and people challenges. She served most recently as head of Australia where she has a track record of success, fostering key client relationships and embedding the firm’s 3×3 Plan to accelerate growth and capabilities across all solution lines. “The Asia Pacific region is critical to Aon’s strategy, representing significant growth opportunities across a diverse market,” said Goltermann. “Jennifer’s experience, Aon United mindset and ability to build and inspire high-performing teams position her to lead the Asia Pacific region to continued success.” Prior to joining Aon, Richards held several senior management roles at AIG in its Financial Institutions and M&A businesses in North America. Before joining the insurance industry, Richards practiced corporate and securities law at Sidley Austin LLP in New York City. Richards said, “I am excited to work even more closely with this exceptional team and look forward to collaborating with such talented colleagues across the region. There is so much opportunity in the Asia Pacific region, and together we will build on our existing momentum and accelerate our ability to help our clients navigate the multi-faceted, complex and interconnected challenges they face.” Read more about Aon in the APAC region: aon.com/apac Hashtag: #Aon The issuer is solely responsible for the content of this announcement. About Aon Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here. Disclaimer The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness, or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.

Media OutReach

Aon appoints Jennifer Richards as CEO of Asia Pacific

DUBLIN, IRELAND – Media OutReach Newswire – 18 February 2025 – Aon plc (NYSE: AON), a leading global professional services firm, today announced that Jennifer Richards has been selected as CEO of Asia Pacific, effective 1 March. Richards assumes the role from Anne Corona who has recently been named CEO of enterprise clients and global chief commercial officer. She will work alongside the Asia Pacific Executive Committee to enhance the firm’s capabilities across the region, create distinctive value for clients, deliver growth and strong financial performance, inspire colleagues and execute on the 3×3 Plan. Richards will report to CEO of Regions, Lori Goltermann, join the Aon Executive Committee and move from Australia to Singapore in the coming months. Since joining Aon in Australia 13 years ago, Richards has been a dedicated and passionate colleague, supporting Australian, regional and global clients to make better decisions to address their risk and people challenges. She served most recently as head of Australia where she has a track record of success, fostering key client relationships and embedding the firm’s 3×3 Plan to accelerate growth and capabilities across all solution lines. “The Asia Pacific region is critical to Aon’s strategy, representing significant growth opportunities across a diverse market,” said Goltermann. “Jennifer’s experience, Aon United mindset and ability to build and inspire high-performing teams position her to lead the Asia Pacific region to continued success.” Prior to joining Aon, Richards held several senior management roles at AIG in its Financial Institutions and M&A businesses in North America. Before joining the insurance industry, Richards practiced corporate and securities law at Sidley Austin LLP in New York City. Richards said, “I am excited to work even more closely with this exceptional team and look forward to collaborating with such talented colleagues across the region. There is so much opportunity in the Asia Pacific region, and together we will build on our existing momentum and accelerate our ability to help our clients navigate the multi-faceted, complex and interconnected challenges they face.” Read more about Aon in the APAC region: aon.com/apac Hashtag: #Aon The issuer is solely responsible for the content of this announcement. About Aon Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here. Disclaimer The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness, or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.

News

CSA Academy’s Multi-Million Ringgit Fraud

KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) is finalising its investigation into CSA Academy, a financial consultancy firm accused of defrauding over 4,000 civil servants through a massive debt-clearing fraudulent scheme. Dubbed “Ops Sky,” the probe has uncovered corruption and money laundering involving officials from multiple financial institutions, alongside high-profile celebrities and public servants who promoted the scheme. Authorities revealed that victims, including government employees and private-sector workers, were misled by false promises of financial relief, investment opportunities, and job placements. Investigators have confirmed that singer Ziana Zain, veteran actor Datuk Jalaluddin Hassan, and Malaysia’s first astronaut, Datuk Dr. Sheikh Muszaphar Shukor, received payments ranging from RM150,000 to RM400,000 over one to two years for endorsing CSA Academy. The firm also reportedly funded concerts and commissioned custom-written songs as part of its promotional strategy. On February 6, all three celebrities were summoned to MACC headquarters in Putrajaya to provide statements. MACC Chief Commissioner Tan Sri Azam Baki emphasised that while they were not considered suspects, their testimonies were crucial to understanding why the firm engaged celebrities to market its financial packages, particularly to government employees. Ziana Zain later addressed the allegations, dismissing claims that she had received RM400,000 in full and stating that payments were typically divided among multiple ambassadors. She clarified that her involvement was limited to serving as a brand ambassador and performing at events, adding that the questioning session lasted around three hours and focused on her interactions with the company. CSA Academy allegedly operated by luring victims through financial literacy seminars, where celebrity endorsements lent credibility to its debt-clearing programs. Victims were convinced to pay substantial upfront fees for financial restructuring services, believing their debts would be cleared within a short period. Investigators suspect the company functioned similarly to a Ponzi scheme, using funds from new members to cover payouts for earlier clients, creating an unsustainable financial cycle. Since the launch of Ops Sky, MACC has intensified efforts to dismantle CSA Academy’s operations. Authorities have frozen 98 bank accounts linked to the firm and related companies, amounting to RM22.07 million in seized assets. A total of 21 individuals, including eight company directors and 12 bank officers, have been arrested for their suspected roles in facilitating fraudulent transactions. Investigators have also seized over 4,000 documents as part of a broader financial probe. The investigation is now in its final stages, with findings expected to be submitted to the Deputy Public Prosecutor within a month. Additional witness statements will be recorded over the next two weeks, including testimonies from bank officers, CSA Academy employees, and affected borrowers. Meanwhile, this case highlights a larger financial fraud crisis in Malaysia, with Melaka alone recording 1,845 online swindle cases in 2024, resulting in financial losses exceeding RM75.9 million. As authorities work to conclude the probe, further legal action and arrests may follow.

Investment & Market Trends

Grab’s Economic Contribution to Malaysia Reaches RM9.9 Billion in 2023

KUALA LUMPUR: Grab’s on-demand services, spanning ride-hailing and delivery, made a substantial impact on Malaysia’s economy in 2023, contributing RM9.9 billion, according to a report by local economic consultancy EconWorks. This figure accounts for approximately 0.5% of the country’s gross domestic product (GDP), underscoring the platform’s growing economic influence. The report highlights Grab’s extensive operational reach, demonstrating not only its direct economic footprint but also its downstream effects on gig workers and businesses leveraging the platform. It estimates that Grab’s ecosystem facilitated up to 277,237 earning opportunities, encompassing driver-partners, merchant-partners, and supply chain workers. As a result, one in every 64 individuals in Malaysia’s workforce directly or indirectly benefits from Grab-related economic activities. Beyond job creation, the report notes that Grab-enabled earning opportunities have collectively added RM3.7 billion to household incomes. This influx of earnings among driver-partners and merchant-partners translates into greater financial security for Malaysian families and businesses. EconWorks Managing Director Dr. Wan Khatina Nawawi emphasized the role of tech platform companies in driving economic growth and digital transformation. “Over its twelve years of operations in Malaysia, Grab has significantly contributed to the economic well-being of various communities across the country,” she stated. “For every RM1 generated by Grab transactions, an additional RM1.50 of economic activity is created across the broader economy. This highlights the far-reaching impact of Grab’s ecosystem on millions of Malaysians in their daily lives.” Dr. Wan Khatina further noted that Malaysia’s supportive business environment, particularly its focus on the digital economy, has enabled platform companies like Grab to thrive and contribute meaningfully to economic development. By quantifying these contributions, the study provides a comprehensive perspective on Grab’s role within the broader Malaysian economy, reinforcing its significance in facilitating economic growth and digital inclusion.

Property

Windsor collection Relaunches ALAIA Titiwangsa

KUALA LUMPUR: ALAIA Titiwangsa, a premium serviced apartment development in Taman Tiara Titiwangsa, has been relaunched under the Windsor Collection. This follows the acquisition of Black Lotus Development Sdn Bhd, the project’s original developer, by Kenneth Lau, the founder of Windsor Collection, who is also serves as the Chairman of Multifield International Holdings Ltd, Hong Kong. With a gross development value of RM 285 million, Kenneth Lau made the acquisition as part of a strategic expansion in Malaysia. Recognising ALAIA Titiwangsa’s prime location and well-designed offering, he is relaunching the development under the Windsor Collection, bringing his international expertise to the local market. As the chairman of Multifield, Kenneth leads a company that has a strong presence across the Asia-Pacific region, with over three decades of experience in residential, commercial management and development, corporate housing, and hospitality projects. Under the Windsor Collection brand, he has successfully introduced international-grade hospitality and commercial projects across Shanghai and Zhuhai in China, and now Kuala Lumpur. This relaunch marks Windsor Collection’s first foray in Malaysia and reflects his commitment to enhancing urban living through quality design, curated facilities, and active community-building initiatives. Daryl Ng, the CEO of Windsor Collection said the relaunch signifies a new chapter for ALAIA Titiwangsa, injecting renewed energy and a refined living experience for homeowners and investors where community meets exclusivity. “We kept the design and features unchanged, and over 45% of our units have already been taken up, with strong demand expected to continue into the year. “The relaunch under Windsor Collection brings our international experience in delivering a high standard in property management and community-focused living, reinforcing our commitment to delivering homes that integrate luxury with functionality,” he said. Scheduled for completion in the fourth quarter of 2026, ALAIA Titiwangsa comprises 436 serviced apartments across 40 storeys, with unit sizes ranging from 635 sq ft to 1,012 sq ft. Units come in 1+1, 2+1 and 3+1 bedroom configurations with rectangular layouts to allow for easy furniture placement and minimise wasted space. Offering two distinctive view orientations, north-facing units offer scenic views of the Banjaran skyline, while south-facing units provide picturesque sight of the Kuala Lumpur city skyline and Titiwangsa Lake Gardens. This serviced apartment supports a work-from-home lifestyle with an integrated co-working space that includes a private meeting room. Residents can also enjoy various social spaces, including a vibrant social hub with 18 curated shop lots and Kebun, a green sanctuary featuring fruit trees and a spice garden. Additional amenities include the Green Folly and an array of sky facilities on Level 40, such as sky lounge, sky dining, jacuzzi, karaoke rooms, an infinity sky swimming pool, and sky cinema. The rooftop provides residents with breathtaking panoramic views of Kuala Lumpur city and the Titiwangsa range. It also offers a range of facilities, including electric vehicle charging stations, a jogging track, a sky gym, a kids’ playroom and a children’s pool. ALAIA features robust security measures, including 24-hour surveillance, CCTV coverage throughout the building, restricted access to lift lobbies and residential areas, as well as an additional security gate at night for enhanced safety. An activity van will also be available for weekend explorations of food, nature, art and to the nearby LRT and MRT stations. In conjunction with the relaunch, Windsor Collection is offering special Chinese New Year promotions for homebuyers. Customers who make bookings between 1st February to 13 March 2025 will receive an exclusive Angpau worth RM1,688, while a referral incentive programme will reward successful recommendations with a 2% referral fee. These incentives are part of Windsor Collection’s strategy to encourage greater community engagement and support buyers seeking a home in a prime Kuala Lumpur location. Daryl Ng emphasised that ALAIA Titiwangsa is designed to be more than just a residence, with Windsor Collection focusing on building a vibrant, well-connected community through thoughtfully curated experiences. He stated that the project’s facilities and amenities reflect a commitment to fostering an environment where residents can live, connect, and thrive. ALAIA is conveniently located to nearby international schools (Wesley Methodist, International School of KL and Sayfol International School); private and government hospitals (Tawakal, KPJ, HKL, Institut Jantung Negara and Columbia Asia, Gleneagles); hypermarkets and supermarkets (AEON, Giant, Jaya Grocers, Ben’s Independent Grocer); major banks and Titiwangsa Lake Gardens, which are all within a 10km radius. Adding a layer of convenience for residents, ALAIA also offers easy access to DUKE Highway for seamless city connectivity. For more information about ALAIA Titiwangsa, visit www.alaia.com.my or follow Windsor Collection on Facebook and Instagram.

Investment & Market Trends

DeepSeek drives US$1.3 tril China stock rally as funds pile in

DeepSeek’s breakthrough in artificial intelligence is helping drive a rotation of stock funds back into China from India. Hedge funds have been piling into Chinese equities at the fastest pace in months as bullishness on the DeepSeek-driven technology rally adds to hopes for more economic stimulus. In contrast, India is suffering a record exodus of cash on concerns over waning macro growth, slowing corporate earnings and expensive stock valuations. China’s onshore and offshore equity markets have added more than US$1.3 trillion (RM5.7 trillion) in total value in just the past month amid such reallocations, while India’s market has shrunk by more than US$720 billion. The MSCI China Index is on track to outperform its Indian counterpart for a third-straight month, the longest such streak in two years. DeepSeek has shown “that China actually has companies that are forming a vital part of the whole AI ecosystem,” said Ken Wong, an Asian equity portfolio specialist at Eastspring Investments. His firm has been adding Chinese internet holdings over the past few months, while trimming smaller Indian stocks that had “run up way past their valuation multiples.” The rotation marks an about-face from the pivot into India seen over the past several years, luring funds away from China. That was based on an India’s infrastructure spending splurge and its potential as an alternative manufacturing hub to China. Domestic-focused India has also been seen as a relative haven amid Donald Trump’s tariff plans. China looks to be regaining its former appeal on a fundamental reevaluation of its investability, especially in tech. After scaring investors with corporate crackdowns not long ago, Beijing may actually help push the new AI theme, as indicated by the news that entrepreneurs including Alibaba Group Holding Ltd co-founder Jack Ma have been invited to meet the nation’s top leaders. DeepSeek-related developments are likely to help boost China’s economy as well as its markets, providing an extended boost, said Vivek Dhawan, a fund manager at Candriam. “If you put all the pieces together, China becomes more attractive than India in the current set-up on a risk-reward basis.” The valuation differential adds to China’s allure as well. The MSCI China Index is trading at just 11 times forward earnings estimates, compared with about 21 times for the MSCI India Index. An analysis of Bloomberg data on regional allocations by some of the largest active Asian equity funds shows most are reducing exposure to Indian equities and adding Chinese stocks in recent months. While DeepSeek has helped accelerate the flows into China, possible upcoming announcements of further Chinese stimulus remain important as well, according to Andrew Swan, head of Asia ex-Japan equities at Man Group. “We think policy will now shift toward consumption, and a targeted attempt to encourage the currently high levels of savings to be deployed,” said Swan. The Man Asia Ex-Japan Equity fund he manages increased its China exposure to 40% from 30% in the past year while trimming its India exposure to 18% from 21%. A complete reversal in fund flows is unlikely, with India stock bulls including Morgan Stanley saying the recent correction may be overdone and the nation’s long-term growth story remains intact. Meanwhile, the additional 10% tariffs imposed on China by Trump have reinforced Amundi SA’s neutral stance on Chinese equities, according to Asia senior investment strategist Aidan Yao. “While a truce is possible as the two sides converge in trade talks, the external dynamics will remain fluid and challenging for China in the foreseeable future.” There’s also scepticism among traders who have been burned by failed China rallies in the past. Some have pointed to crowded trading and increasing valuations as reason for caution. Helen Zhu, chief investment officer at Nan Fung Trinity HK Ltd, sees uncertainty over whether DeepSeek’s AI success can be repeated. “At the end of the day, you don’t really know what the potential monetization opportunities are over the medium to longer term,” she said. Nonetheless, there’s a palpable buzz of “China’s back” in the markets of late. The positives keep piling up, with Alibaba adding US$100 billion in market value over the past five weeks and the Hang Seng Tech Index entering a bull market. “The DeepSeek news was a well-timed and impactful catalyst that market participants were able to build a case for a reentry” into Chinese markets, said Nicole Wong, a portfolio manager at Manulife Investment Management. “From a tactical standpoint, we think it makes sense to be taking advantage of this momentum.” –BLOOMBERG

News

SC Introduces Regulatory Sandbox to Facilitate Innovation

KUALA LUMPUR: The Securities Commission Malaysia (SC) has officially released its Regulatory Sandbox Guidelines, outlining the eligibility criteria and requirements for participation. The regulatory sandbox, initially announced during last year’s SCxSC Fintech Summit, serves as a structured environment for entities to test innovative capital market products and services while ensuring strong investor protection. A Controlled Space for Innovation SC Chairman Dato’ Mohammad Faiz Azmi emphasized the sandbox’s role in fostering responsible innovation in Malaysia’s capital market. “By empowering industry players to experiment with innovative ideas, the sandbox embodies our vision of building a dynamic, inclusive, and future-ready capital market. It also fosters collaboration across the ecosystem, ensuring progress aligns with investor protection,” he stated. Eligibility Criteria To be considered for the sandbox, applicants must meet the following criteria: Introduce a capital market product or service that is not currently available in Malaysia and does not fully fit into existing SC frameworks. Demonstrate a clear value proposition to the Malaysian capital market. Present comprehensive testing plans, expected outcomes, and well-defined exit strategies. Showcase sufficient human, financial, and operational resources to support the initiative. Provide a viable business plan for commercial deployment post-testing. Possess the necessary infrastructure, governance framework, and fully functional prototypes to commence testing. The SC is particularly encouraging applications focused on financial inclusiveness, Islamic finance, and retirement solutions. Application and Evaluation Process Applications for the sandbox will be open from 15 April to 31 May 2025. Candidates will be notified within 30 days of submission regarding their progression to the evaluation stage. The evaluation process is expected to take approximately two months, depending on the complexity of the application. Successful candidates will then be formally admitted into the sandbox. To facilitate early preparation, the SC has made the Regulatory Sandbox Guidelines and application forms available in advance. Interested parties are encouraged to reach out for pre-consultation sessions via [email protected]. For more information and to access the guidelines and application forms, visit the SC’s official website at www.sc.com.my/development/digital/regulatory-sandbox

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