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SELANGOR: Solarvest Holdings Berhad (“Solarvest”) and NCT Group of Companies (“NCT Group”) are thrilled to announce the launch of Phase One of their joint development project at the NCT Smart Industrial Park (NSIP), featuring over 270 factories. This initiative marks the creation of the region’s first solar-ready industrial park, a significant milestone in advancing sustainable industrial infrastructure in Malaysia. Through their partnership, Solarvest and NCT Group are committed to simplifying and promoting solar energy adoption, making clean energy more accessible, affordable, and appealing to business owners. As the developer of NSIP, Malaysia’s First Certified Managed Industrial Park (MIP), NCT Group capitalizes on bulk purchasing for solar systems, offering substantial cost savings for factory owners. This strategy removes the complexities of individual solar procurement, streamlining the decision-making process for businesses to embrace clean energy. Dato’ Sri Yap Ngan Choy, Founder and Group Managing Director of NCT Group, expressed confidence in the approach, stating, “We believe this will greatly accelerate the adoption of solar energy across factories in Malaysia. We’re excited to equip our smart industrial park with solar capabilities. Solarvest, as the largest solar developer in Malaysia, brings unmatched financial strength, reliability, and a proven track record, making them the perfect partner for the success of NSIP.” Davis Chong, Executive Director and Group CEO of Solarvest highlighted the transformative potential of the developer model in driving the energy transition toward net zero for the commercial and industrial sectors. “By integrating solar systems into the industrial infrastructure from the outset, we reduce Scope 2 emissions from the beginning of the supply chain. This strategy is key to lowering carbon footprints on a larger scale and aligns perfectly with our mission to make clean energy solutions reliable, accessible, and affordable for all.” Upon completion of the development, the solar PV installation process is expected to take approximately six to eight months per factory, setting a promising timeline for establishing a low-carbon industrial park. These factories are projected to install solar PV systems with a total capacity of 36,000kWp, potentially offsetting up to 25,515 tonnes of carbon emissions annually. Dato’ Sri Yap Ngan Choy added, “We are excited to embark on this journey with Solarvest. Our collaboration is a crucial step toward realizing our vision of becoming the nation’s first net-zero emissions industrial park by 2050. As pioneers of the AI-Low Carbon Industrial Park framework, we are proud to lead in innovation and set new benchmarks for future industrial developments.” NSIP reflects the strong collaborative efforts between Solarvest and NCT Group to promote solar energy. Beyond developing solar-ready factories, the Memorandum of Understanding (MOU) includes providing decarbonization services to NCT Group’s local facilities. The joint development plan also explores potential areas for further collaboration in renewable energy, such as bioenergy, hydrogen, energy efficiency, and electric mobility.

JAKARTA: Earlier today, AC Ventures, a leading Southeast Asian venture capital firm, in collaboration with Boston Consulting Group (BCG), its tech build and design unit BCG X, and the Indonesian Chamber of Commerce and Industry (Kadin Indonesia), unveiled a landmark report titled “Harnessing the Power of (Gen)AI in Indonesian Financial Services.” The report was launched at AC Ventures’ headquarters in downtown Jakarta, attracting significant local and international media attention. The report, based on a survey of 41 financial institution business leaders and interviews with five fintech startups, offers critical insights into the adoption and impact of AI and GenAI within Indonesia’s financial services sector. It provides strategic recommendations for business leaders on how to effectively integrate these technologies into their products and operations. Additionally, Kadin Indonesia shares key advice for the government as it transitions to a new administration and explores the development of sovereign AI for national interests. Central to the report is a strategic “Deploy, Reshape, Invent” framework, designed to guide Indonesian financial institutions in maximizing the benefits of GenAI. The findings reveal that 51% of respondents prioritize deploying GenAI for everyday tasks, while 27% see significant opportunities in inventing new products and services powered by GenAI. Globally, a separate BCG study found that while 85% of financial institutions view GenAI as highly disruptive, only 18% have a clear strategy for in-house implementation. This sentiment is echoed by respondents in Indonesia, highlighting a critical opportunity for the country’s financial services sector to lead in the GenAI revolution. In Indonesia, 61% of financial institutions express confidence in their technological infrastructure for integrating GenAI, particularly about robust data and technology stacks. Nearly half of the sector’s leaders claim they are already leveraging GenAI to enhance customer service, with a third reporting visible benefits. Furthermore, 44% acknowledge the potential of GenAI to revolutionize risk assessment in microlending through innovative data sources and analytical models. Other areas where GenAI is seen as beneficial include productivity, rapid lending, fraud management, and hyper-personalization. As GenAI use cases become more widespread, major Indonesian banks and financial institutions are advancing their initiatives from pilot stages to scalable projects. These efforts aim not only to expand financial access and inclusion but also to ensure compliance with Indonesia’s Personal Data Protection Law. Despite the enthusiasm, many Indonesian financial institutions are still in the early stages of GenAI implementation. The report indicates that while 41% of respondents are piloting GenAI and conducting proof of concepts, scaling these initiatives to deliver substantial business value remains a challenge. Only 37% feel they have the necessary talent, and upskilling employees to use AI tools is one of the lowest priorities cited. Furthermore, only 29% are confident in their operating models for GenAI readiness. For GenAI implementation to succeed, business readiness must align with technological readiness. Andy Lees, Managing Director and Partner at BCG X, emphasized the transformative potential of GenAI in Indonesia’s financial sector, noting its ability to broaden financial access, improve customer experience, and facilitate the rapid scaling of services. However, he cautioned that many current initiatives are tech-led pilots that have yet to translate into scalable business value. Lees highlighted the need for a strategic framework that encompasses technical implementation, governance, operations, and talent, ensuring that AI initiatives align with business goals for lasting impact. The report calls on business leaders to adopt a strategic, holistic approach to GenAI integration, focusing on governance, technology, people, and operational processes. This approach will enable Indonesian financial institutions to navigate and lead in the GenAI space, turning challenges into opportunities for growth and innovation. Pandu Sjahrir, Founding Partner at AC Ventures and Department Head of Economic and Financial Technology at Kadin Indonesia, emphasized the importance of learning from the private sector’s experience with AI and GenAI as Indonesia’s new administration considers building sovereign AI. He pointed out the need to enhance regulatory frameworks and accelerate investment in local infrastructure for GenAI development, which includes upgrading Indonesia’s energy infrastructure with renewables and sustainable financing. Sjahrir noted that AI and GenAI could significantly elevate Indonesia’s economy, transforming not just the private sector but also state-owned enterprises and government agencies. Effective deployment, he stressed, requires sustainable data centres powered by renewable energy, strict privacy laws, and strong public-private partnerships. The report, he added, will also serve as input for the White Paper on Economic Development and Policy Directions for 2024-2029, currently being prepared by Kadin Indonesia. Gunawan Woen, Co-Founder & CEO of ESB, Indonesia’s largest fully integrated restaurant management SaaS platform and an AC Ventures portfolio company, shared how AI has become a game changer in ESB’s ecosystem. He highlighted that AI supports small and medium-sized enterprises (SMEs) in the F&B sector by acting as a financial expert, business consultant, marketing analyst, and forensic auditor—roles that were previously unaffordable for many business owners. Woen emphasized that GenAI, in particular, has been instrumental in helping ESB accelerate AI implementation within the F&B industry, adapting Large Language Models into Specific Language Models to better serve the sector.

JOHOR BAHRU: VS Industry Berhad (“VS”), a leading Electronics Manufacturing Services (“EMS”) provider in Malaysia, through its subsidiary VS Industry Philippines, Inc. (“VSIP”), has secured significant new orders from a key customer. These orders involve manufacturing various consumer electronics products through comprehensive box-build assembly services, encompassing production, assembly, testing, packaging, labelling, and logistics. The anticipated revenue from these orders is expected to be RM0.3 billion for the financial year ending 31 July 2025 (“FY25”), escalating to RM1.2 billion by FY26, reflecting a total revenue projection of RM1.5 billion over the next two financial years. Datuk S.Y. Gan, Managing Director of VS, expressed enthusiasm about this development, highlighting its strategic importance in reinforcing the Group’s manufacturing prowess and solidifying its position among the top 5 EMS providers in ASEAN and the top 50 globally. He emphasized plans to commence mass production at the Philippines facility by the first quarter of 2025. Additionally, VSIP has entered into a lease agreement with ALogis Artico, Inc. (“AAI”) for a 52,782 square meter area within the Light Industry and Science Park III in Batangas, Philippines. This asset-light approach aligns with VS’s risk management strategy, minimizing financial commitments while facilitating operational agility. The capital expenditure of approximately RM100.0 million will be internally funded, with machinery installation and trial runs set to begin soon. Gan further underscored the strategic significance of these developments, stating that the projected revenues will enhance earnings and broaden geographical reach, marking an exciting phase of growth for the Group. Leveraging their technical expertise and robust financial position, VS is poised to capitalize on opportunities in the Philippines market. The identity of the customer remains confidential under a non-disclosure agreement between VSIP and the customer, an existing partner of the Group in Malaysia. The lease agreement spans five years from 2 September 2024, with provisions for renewal for an additional five years, subject to mutual agreement. AAI, a wholly owned subsidiary of AyalaLand Logistics Holdings Corp., specializes in industrial real estate, leasing standard factory buildings, and operating cold storage facilities in the Philippines.