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KUALA LUMPUR: AirAsia will not give up on securing a licence to operate in Singapore, despite having been rejected three times, says Capital A chief executive officer Tan Sri Tony Fernandes. “Don’t block me in Singapore,” he said. “Three times we had applied for an airline licence, three times we were rejected. We have airlines in Cambodia, the Philippines, Indonesia, Thailand and Malaysia. “We could get other Asean countries but Singapore has blocked us all the time because it protects its airlines,” he said after the opening of 14-line Asia Digital Engineering’s maintenance, repair and overhaul hangar at the Kuala Lumpur International Airport yesterday. Commenting on his post on Linkedln about SIA Engineering Co (SIAEC), he said that he had no problem with the company coming to Malaysia. SIAEC had signed a 15-year agreement with Khazanah Nasional Bhd’s subsidiary company, Impeccable Vintage Properties, to lease two hangars at the Sultan Abdul Aziz Shah Airport in Subang. — Bernama

HONG KONG: Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company®, today announced the appointment of Haris Izmee as Managing Director of Equinix Indonesia, a joint venture company between Equinix and PT Astra International Tbk (“Astra”), with immediate effect. In his new role, Haris will spearhead the company’s growth strategy and drive expansion efforts in Indonesia, including the recently announced JK1 International Business ExchangeTM (IBX®) data center in Jakarta. Haris, who holds an Aeronautical Engineering degree from Queen Mary University of London, brings nearly 25 years of experience in cloud computing, aerospace, and technology, with a strong track record of driving growth and business transformation across ASEAN markets. He has held leadership roles at major companies like Amazon Web Services (AWS) and Microsoft, leading expansion and market penetration efforts. Aviation and space have been his passion since childhood. Merrie Williamson, Executive Vice President and Chief Customer and Revenue Officer, Equinix, said, “We are thrilled to welcome Haris to Equinix to lead our team in Indonesia as we accelerate our expansion and build a world-class team in this exciting new market. Our presence in Indonesia will add a high-growth market to Equinix’s extensive network of interconnected data centers worldwide. You’ll hear more from Haris in the coming months as we approach the launch of JK1 and continue our growth in this strategic region.”   Haris Izmee, Managing Director, Equinix Indonesia, added, “I’m excited to join Equinix in its momentous journey in Indonesia! This dynamic market holds immense potential, and as a leading data center provider, Equinix is uniquely positioned to drive growth and innovation here. I’m passionate about leveraging Equinix’s robust platform to make a significant impact on Indonesia’s digital landscape and contribute to the broader region’s advancement. I look forward to collaborating with the team and unlocking new opportunities in this vibrant market.”   In April 2023, Equinix and Astra announced a joint venture with a 75% and 25% equity stake, respectively, known as Equinix Indonesia, to develop the digital infrastructure in Indonesia that multinationals and local businesses need to accelerate their digital transformation.

JAKARTA: GoTo has appointed William Xiong as its new group chief technology officer. He joins GoTo from Alibaba where he served as vice president of Alibaba Cloud, general manager of enterprise service cloud and general manager of international industry solution development. William, a French citizen, brings more than 25 years of experience in software and product development, with a strong background in e-wallets, insurance core systems, business intelligence, data platforms, and ESG platforms. In his new role, William will lead GoTo’s group technology strategy, with a focus on building a development team and leveraging the latest technology to improve efficiency and drive customer satisfaction through innovative products. Prior to Alibaba Cloud, William was the senior director of engineering at Ant Group, where he led e-wallets implementation and cooperation in many countries across Asia, including PayTM in India, Dana in Indonesia, TNGD in Malaysia, GCash in the Philippines, Bcash in Bangladesh, Easypesia in Pakistan, Kakaopay in Korea and True Money in Thailand. During his tenure at Ant Group, William also served as CTO of TNGD, and CTO of Worldfirst where he was responsible for Ant International’s B2B payment technology. Prior to this, he held senior roles at several high-profile technology companies including eBaoTech, SAP and Siemens. Speaking on his new role, he said, “I am excited to join GoTo Group at such a pivotal time in its growth journey. The opportunity to contribute to Indonesia’s leading digital ecosystem and work with a team that is committed to innovation and excellence is truly inspiring. I look forward to leveraging my experience to drive the technological advancements that will shape the future of the company.” Meanwhile, Patrick Walujo, CEO at GoTo Group, commented, “We are thrilled to welcome William to GoTo as our group chief technology officer. His extensive experience and proven track record in leading large-scale technology initiatives make him a perfect fit for our company. William’s leadership in driving our technology vision forward will be invaluable as we continue to evolve and scale our business.” William’s appointment follows a series of GoTo’s technology-driven partnerships with Microsoft, Alibaba, and Tencent to improve its digital services.–MARKETECH APAC

TAIWAN: Taiwan’s economy might grow 3.8 percent this year amid robust external demand, but might only gain 1.7 percent next year, as key export drivers such as chips are losing steam, Moody’s Analytics said yesterday. The Asia-Pacific region, including Taiwan, is outpacing most of the world’s economies with regional GDP growth expected to average 3.9 percent this year and 4 percent next year, faster than expected global GDP growth of 2.6 percent and 2.7 percent respectively, the research body said. However, economic conditions within the region vary widely, it said. Taiwan has enjoyed robust growth in exports thanks to the rise of artificial intelligence (AI), which has fueled demand for advanced semiconductors, it said. Taiwan’s exports in the first eight months of this year expanded 10.9 percent year-on-year to US$308.57 billion, thanks to demand for electronics used in cloud-based data centers and the development of AI applications, government data showed. The AI boom has not lifted Southeast Asia, which mainly produces low to mid-tier chips. Trade has played a key driver of growth for much of the region, but its impact has been uneven, Moody’s Analytics said. Nevertheless, external demand in the region has been treading water due to slowing US growth and Europe’s stalled economy, it said. Specifically, growth in global chip billings has decreased in the past few months, suggesting that shipments of tech products would decline, with no guarantee that domestic demand would offset the drop, Moody’s Analytics said. At the same time, consumer prices are cooling in the region despite intermittent hiccups linked to bad weathers, it said, as is the case with Taiwan. Moody’s Analytics said that inflation is mostly in line with central bank targets even though risks are still skewed toward inflation overshooting rather than undershooting. Food prices are jumpy and energy prices hover above pre-pandemic averages, it said, noting that a flare-up in commodity prices could stoke inflation and fuel monetary tightening. Taiwan’s central bank last week left key policy rates intact, but hiked the required reserve ratio and stiffened lending terms to rein in the housing market, at odds with a rate cut by the US Federal Reserve to support the economy. Meanwhile, elections in the US and Europe would further complicate the growth outlook, it said. Potential shifts in US economic policy following the presidential election in November are a major concern, as US exports drive growth for much of the region, it said, adding that economies heavily dependent on strong US ties would be most affected. The US has grown into Taiwan’s second-largest export destination due to a rapid increase in shipments of AI-related electronics. Moody’s Analytics expects regional currencies to appreciate going forward after the US Federal Reserve cut interest rates by 50 basis points last week and its median projections suggest more cuts of 50 basis points toward the end of this year.

KUALA LUMPUR: Alliance Bank Malaysia Bhd has appointed Tan Sri Amirsham A Aziz, the former president and chief executive officer of Malayan Banking Bhd (Maybank), to its board. Amirsham, 74, will officially assume his position as an independent and non-executive director on October 1. He will also serve as a member of the executive committee. With over 30 years of experience in the financial services industry, Amirsham spent 31 years at Maybank Group, holding various senior positions. He also served as a Minister in the Prime Minister’s Department, overseeing the Economic Planning Unit and Department of Statistics from March 18, 2008, to April 9, 2009. Currently, he is the chairman of Sunway REIT Management Sdn Bhd, which manages the Sunway Real Estate Investment Trust, listed on Bursa Malaysia. He also sits on the board of Hap Seng Plantations Holdings Bhd. Previously, Amirsham held positions as chairman of Bursa Malaysia Bhd and was a member of the boards of CapitaLand Limited in Singapore, Petroliam Nasional Bhd (PETRONAS), and RAM Holdings Bhd.–THE STAR

HONG KONG: Hong Kong regained third place in the latest global ranking of international financial centers, surpassing Singapore for the first time in more than two years, according to a report published on Tuesday, as the city continues to step up its efforts to consolidate its financial edge through various measures. The 36th edition of the semi-annual Global Financial Centres Index, released by London-based think tank Z/Yen Group and Shenzhen-based think tank China Development Institute, showed that the Hong Kong Special Administrative Region ranked third out of the 121 financial centers across the globe, behind New York and London, which grabbed the top and second spots respectively. Hong Kong’s overall rating jumped eight points, the biggest enhancement among the leading five. Granular ratings showed that Hong Kong achieved top place in various competitive areas such as “business environment”, “human capital”, “infrastructure”, and “reputational and general”. The report also ranked the SAR as a top 10 financial technology hub globally. An HKSAR government spokesperson said the report clearly validates Hong Kong’s status and prowess as a leading global financial hub. “As an international financial center, Hong Kong brings together the world’s top financial institutions and talent, provides professional financial services, and owns a deep and broad capital market,” the spokesperson said, citing the city’s regulatory system, free flow of information and capital as well as its unique geographical position. Since 2007, the joint ranking by the British and mainland think tanks has been released in March and September every year. The latest index is based on a global online questionnaire and uses some 100 instrumental factors provided by third parties including the World Bank, The Economist Intelligence Unit, the OECD and the United Nations. Singapore overtook Hong Kong to become Asia’s top financial center in 2022. To restore Hong Kong’s allure, the city has been acting on multiple fronts, from opening up its virtual asset sector and proceeding with its offshore renminbi business, to wooing super-rich families. The latest figures from the Securities and Futures Commission showed Hong Kong’s asset and wealth management business demonstrated resilience last year, logging a modest growth of 2.1 percent year-on-year to above HK$31 trillion ($3.98 trillion) in assets under management. Net capital inflows surged by more than 3.4 times last year compared to 2022 thanks to strong performances in private banking and private wealth management businesses. Laurence Li, chairman of the Financial Services Development Council, said Hong Kong’s return to third position is a testament to the collaborative efforts of its financial community. “As a premier international financial center, Hong Kong acts as a superconnector between Chinese mainland and the global market, fostering an environment that promotes innovation, sustainability, and connectivity,” said Li. “Capitalizing on our strong foundations and diverse strengths across sectors, we will continue attracting talent and investment from around the world.”