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KUALA LUMPUR: Bank Negara Malaysia (BNM) had imposed an Administrative Monetary Penalty (AMP) of RM4.32 million on Malayan Banking Bhd and Maybank Islamic Bhd, as well as RM760,000 on CIMB Bank Bhd and CIMB Islamic Bank Bhd due to prolonged disruptions in several banking services. In separate statements, the central bank reported that Maybank paid the full penalty for the AMP imposed on 8 August while CIMB settled its penalty on 12 August 2024. “The AMP was imposed due to non-compliance with paragraph 48(1)(a) of the Financial Services Act 2013 (FSA) and paragraph 58(1)(a) of the Islamic Financial Services Act 2013 (IFSA) in conjunction with paragraph 10.32 of the Risk Management in Technology (RMiT) Policy Document,” BNM stated. Paragraph 10.32 of the RMiT Policy Document mandates that financial institutions ensure their critical systems are designed for high availability. Specifically, cumulative unplanned downtime affecting user interfaces must not exceed 4 hours over a rolling 12-month period with a maximum tolerable downtime of 120 minutes per incident. Maybank’s regional mobile banking platform and MAE applications experienced multiple unplanned downtimes between 1 June 2023 and 31 May 2024 resulting in significant disruptions to customer and counterparty interfaces. BNM also noted that CIMB’s customers faced prolonged service disruptions on 8-9 April 2024, affecting e-banking channels, ATMs and both debit and credit card services. These disruptions exceeded the thresholds set by BNM. In response, CIMB acknowledged the central bank’s decision and expressed regret over the unplanned downtime, which impacted its customers and counterparties during those dates. “Whilst the bank, together with its third parties, took necessary steps to ensure that the downtime was minimised, the incident affected our customers’ banking transactions and we acknowledge that we need to strive to do better,” it added. CIMB also affirmed its commitment to investing in technology, systems and processes to enhance resilience and ensure its critical infrastructure can consistently meet customers’ needs. — BERNAMA

HONG KONG and SHANGHAI: Leading global professional services firm Alvarez & Marsal (A&M) announces the appointment of Wei Zhu as Managing Director and Co-head of North Asia. Mr Zhu’s hire marks a significant milestone in A&M’s ambitious regional growth strategy and reinforces the firm’s commitment to helping corporates worldwide drive transformation for sustainable profitability. Mr. Zhu will work alongside Managing Director and Co-head James Dubow to spearhead A&M’s operations in North Asia, along with growing the firm’s Restructuring & Turnaround, Performance Improvement, Disputes and Investigations, Global Transaction Advisory, Tax and Digital practices in Greater China. Recognized for expanding China-based consulting practices over several decades and under varied market environments, Mr Zhu’s experience and relationships align with A&M’s integrated platform. From 2020 to 2024, A&M North Asia has tripled the number of practitioners in the region, now with over 340 professionals across offices in Beijing, Shanghai, Hong Kong, Shenzhen and Seoul. This team expansion underpins A&M’s North Asia performance, with revenue growth of over 2.5 times from 2020 to 2023. Bryan Marsal, Co-founder and Co-CEO of A&M, said, “We are undertaking a global expansion with a series of senior appointments across the US, Europe, the Middle East and Asia. Wei’s joining underscores our commitment to expanding our North Asia footprint. His extensive expertise and connections, along with our growing regional team, furthers our ability to help clients navigate environment complexities while capitalizing on market opportunities that unlock growth.” Mr. Zhu brings 35 years of management consulting, investment banking, and private equity experience to his role at A&M. He has worked in multiple sectors including automotive, manufacturing, consumer goods, telecommunications, logistics, high-tech and financial services. His expertise in guiding companies through revenue growth strategies, developing new digital business models, and navigating complex mergers and acquisitions (M&A) enhances A&M’s ability to provide strategic advice and tailored solutions that best meet corporates’ needs. “Rapidly changing market conditions demand a continuing and deepening investment in our operational capabilities. Wei’s appointment reflects A&M’s commitment to do just that. His functional expertise and in-depth knowledge of multiple sectors augment our lines of services and regional leadership position,” said James Dubow, Managing Director and Co-head of North Asia. “Wei’s exceptional expertise will help drive A&M’s strategic regional priorities forward.” Mr. Zhu previously served as the Greater China Chairman and Market Unit Lead at Accenture. He has also held leadership roles at AT Kearney, Roland Berger, Goldman Sachs, CVC Capital and Standard Chartered Private Equity. “The North Asia region is undergoing an accelerated transition from traditional growth models to a more quality and sustainability-based economy. A&M’s integrated platform uniquely positions the firm to help corporates navigate this transformation and optimize opportunities arising from rapid digitalization across industries,” said Mr. Zhu. “The firm’s 40-year history of entrepreneurship, operational excellence and results-oriented mindset furthers our ability to provide best-in-class advice and solutions that make a difference to our clients.”

HONG KONG: OSL, a leading regulated digital asset platform and the subsidiary of OSL Group (863. HK) – Hong Kong’s only publicly listed company fully dedicated to digital assets, is thrilled to elaborate on the appointment of Kevin Cui as the new CEO. Following the initial announcement, Kevin’s extensive experience and visionary leadership will drive OSL’s direction in regulatory compliance, security, and user experience. Kevin Cui joins OSL following impactful leadership roles at Bybit. On this global digital asset platform, he significantly increased trading volumes among different products and positioned Bybit among the top exchanges. His achievements in the Web3 space and user-centric approach, emphasising transparency and client-focused product development highlight his commitment to enhancing user experience. “Delivering exceptional brand value beyond the product is key to winning users’ loyalty.”- Kevin Cui, CEO of OSL. “I am honoured to lead the OSL team into its next phase of growth. My leadership philosophy is rooted in putting the customer first, a principle I honed during my time at Google,” Kevin Cui, CEO of OSL, remarked. “By focusing on what our clients need and delivering value, we aim to make digital assets more accessible and convenient, fostering mass adoption and future applications. Our commitment to compliance and security will remain unwavering as we strive to create the best possible user experience.” As OSL welcomes Kevin Cui, with a steadfast commitment to compliance and innovation, OSL will continue to lead the industry, providing a secure and user-friendly platform for investors and clients. From his dual role as Chairman and CEO, Patrick Pan will now focus exclusively on his position as Chairman of the Board, spearheading company strategy, strengthening board governance, overseeing international acquisitions, and fostering government partnerships.

Cisco Systems said on Wednesday it was witnessing rebounding demand for its networking equipment and announced a 7% cut in its global headcount to focus on high-growth areas such as AI and cybersecurity. Shares of the company were up 5% in extended trading after it forecast upbeat current-quarter revenue. “Inventory digestion is complete and we’re now returning to a more normalized demand environment,” CEO Chuck Robbins said on an analyst call. Cisco has been working to reduce its reliance on its massive networking equipment business, which has struggled due to supply-chain disruptions and a slowdown in post-pandemic demand. It said it would cut 5% of its global workforce or more than 4,000 jobs in February. It announced the second round of layoffs on Wednesday, confirming a Reuters report from last week. The San Jose, California-based company estimates it will recognize pre-tax charges of up to $1 billion in connection with the restructuring plan, with $700 million to $800 million of these being recognized in the first quarter. The layoffs allow Cisco to “maintain focus on growth areas such as software, services, AI and cybersecurity, while balancing its financial obligations and reducing the percentage of hardware in its product mix”, according to Michael Ashley Schulman, chief investment officer at Running Point Capital. It expects first-quarter revenue in the range of $13.65 billion and $13.85 billion, the mid-point of which is higher than analysts’ average expectation of $13.71 billion, according to LSEG data. To accelerate diversification and capitalize on the AI boom, Cisco agreed to buy cybersecurity firm Splunk last year for about $28 billion, its biggest-ever deal. It also launched a $1-billion fund in June to invest in AI startups such as Cohere, Mistral AI and Scale AI. Cisco reported revenue of $13.64 billion for the fourth quarter ended July 27, compared with an estimate of $13.54 billion. Its adjusted profit per share was 87 cents, compared with the estimate of 85 cents. (Reporting by Juby Babu in Mexico City and Jaspreet Singh in Bengaluru; Editing by Pooja Desai)–REUTERS

KUALA LUMPUR: Malaysia’s purpose-built venue, the Kuala Lumpur Convention Centre (the Centre), is proud to announce it has successfully re-certified its International Association of Convention Centres (AIPC) Gold Certification, a mark of excellence in the global business events industry. This achievement reaffirms the world-class venue’s unwavering commitment to delivering exceptional experiences for event organisers and delegates. The AIPC Quality Standards Programme is a rigorous assessment process that evaluates convention centres across ten key areas, including customer service, facilities and operations, employee relations, safety, and environmental responsibility. The Centre achieved an impressive average aggregate rounded score of 3.95, exceeding expectations and demonstrating its dedication to world-class standards. The AIPC Gold Certification signifies the Centre’s position among the industry’s elite. Achieving this distinction strengthen the premier venue’s competitive edge in attracting major international conventions and exhibitions. “We are incredibly honoured to receive the AIPC Gold certification once again,” said John Burke, General Manager of the Centre. “This prestigious recognition is a testament to the tireless efforts of our entire team who are dedicated to exceeding expectations and delivering exceptional service to our clients. Even as our building is about to celebrate its 20th year, it’s the unwavering dedication and commitment of our team that ensures the Centre continues to deliver an exemplary event experience. We are committed to continuous improvement and look forward to building upon this legacy of excellence.” The Centre became Asia’s first venue to be recognised with the AIPC Gold certification in 2010. The AIPC Quality Standards Certification programme is assessed by the designated external auditor, Knowlan Consulting Group, which specialises in strategic management consulting. Centre’s Team Graduate AIPC Future Shapers with Flying Colours In another development, the Centre is proud to announce a stellar win at the highly coveted AIPC Future Shapers leadership programme.   Two of the Centre’s rising stars are Deputy Director of Sales, Tiffany Chung and Deputy Director of Operations, Kwok Wai Kay, emerged victorious alongside teammates from Australia, Belfast, and Paris. Their team, aptly named “Future Force”, impressed a room full of 150 industry C-suite leaders at the AIPC Congress in Costa Rica with a groundbreaking solution to a pressing challenge: attracting and retaining younger talents in the convention centre industry at the same time, to also establish business events as a desirable and rewarding career pathway to future generations.   Proud of the Centre’s team members’ achievements in the third edition of the globally-recognised programme, John said, “We are immensely proud of our Future Shapers for their prestigious win. Their accomplishments are not only a reflection of the Centre’s commitment to investing in our people and driving innovative, industry-leading solutions, but also the exceptional calibre of Malaysian talents. At the Centre, we encourage our team members to be adaptable and creative problem-solvers – qualities that have been instrumental in our long history of delivering successful and memorable events.”   Team Future Force presented a comprehensive solution in the form of a centralised digital platform for career development, resources, and networking, showcasing the diverse and rewarding career path available within the convention centre industry.   The AIPC Future Shapers programme is no walk in the park. The rigorous 9-month journey equips aspiring leaders with skills they need to succeed. Participants undergo masterclasses led by experts, receive personalised coaching and mentorship, and build valuable networks, all culminating in a fierce on-stage pitching competition.   “AIPC’s Future Shapers programme is more than just a talent development platform, it also doubles as a think tank for our industry. In the three years since it commenced, the programme has seen the concepts for many innovative and disruptive solutions that will transform the global convention centre industry. I commend Sven and his team for this impactful platform that is helping to set the future course of our industry.”