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Energy & Technology, News

Pahang Targets 100% 4G Coverage by Year-End Through JENDELA

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KUANTAN: The Pahang government aims to ensure all areas in the state will have access to 4G broadband coverage by the end of this year through the National Digital Network (JENDELA) initiative. State Communications and Multimedia, Youth, Sports and Non-Governmental Organisation Committee Chairman, Fadzli Mohamad Kamal said that the JENDELA 4G 1.0 project, aimed at improving Internet access in Pahang was scheduled for completion by June but faced delays due to certain constraints. “It is divided into 2 phases; the first involves tower construction, and the second aims to expand the communication network for the benefit of the people. I’ve already discussed this with the Malaysian Communication and Multimedia Commission (MCMC), which regulates the JENDELA project. “It was scheduled to be completed by the middle of this year, but due to some constraints such as land acquisition and coordination with stakeholders like the forest office and the Public Works Department (JKR), as well as awaiting approvals from the authorities,” he said. He said this to reporters after officiating the Pahang state-level Communication Infrastructure Planning Guidelines Implementation and Compliance Seminar (GPP-1) recently. Fadzli expressed confidence that the remaining 6 months would be enough time to complete the project and have it operational by the end of this year. “After this, our focus will be on JENDELA 2.0 and identifying areas that require communication towers,” he said. As of last March, 4G mobile coverage in populated areas of Pahang stood at 94.42%, compared to 89.10% before the implementation of JENDELA. Meanwhile, Fadzli said the seminar organised by the Pahang MCMC in collaboration with the State Secretary’s Office served as a platform for stakeholders to engage in dialogue, exchange ideas and find the best solutions for the development of communication infrastructure in the state. According to him, the seminar, which emphasises GPP-l compliance, aims to help state authorities, local authorities, developers, and stakeholders plan the implementation of communication infrastructure. “This is a strategic move to ensure that Pahang not only delivers high-quality infrastructure and meets established standards for the benefit of all stakeholders but also serves as a pivotal platform for the state’s economic development. “For this reason, the state government places a strong emphasis on developing a holistic, systematic and comprehensive communication infrastructure to ensure that high-speed broadband services are accessible to all residents across Pahang, including those in the interior areas,” he said. — BERNAMA

News

Penang Government Partners With Maxis to Boost Digital Skills Development

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GEORGE TOWN: The Penang state government and Maxis are collaborating to support digital skills development and digital learning and to drive digital adoption among micro, small and medium enterprises (MSMEs) in the state. In a statement, the telecommunications provider said under the collaboration, Maxis would provide digital marketing skills training for entrepreneurs and youths in Penang, while also expanding its digital learning resources among students and teachers in schools. It said these initiatives would be delivered through Maxis’ flagship community programmes, eKelas Usahawan and eKelas. Maxis eKelas Usahawan, which has trained close to 7,000 entrepreneurs since 2021, provides free digital marketing workshops to train entrepreneurs and youths on digital marketing strategies, campaign planning, photography, graphic design, generative Al prompts and copywriting. To date, Maxis eKelas Usahawan has reached over 440 entrepreneurs in Penang. Meanwhile, Maxis eKelas, a free after-school digital learning programme for students from Year 4 to Form 5, makes engaging educational content aligned to the Malaysian syllabus accessible to students nationwide, including those from rural communities with Science, Technology, Engineering, and Mathematics (STEM) education as its focus areas. Maxis eKelas has reached over 120,000 registered users to date, of whom 3,700 are from Penang. Maxis Chief Executive Officer Goh Seow Eng expressed his hopes for the partnership to develop future-ready entrepreneurs and youths who would be able to thrive in the digital economy. Meanwhile, Deputy Chief Minister Il Jagdeep Singh Deo, who is also State Executive Council for Human Capital Development, Science and Technology, said digital skills and learning are important in advancing Penang’s inclusive growth agenda. “We want to tap into opportunities in the digital economy and develop a digitally engaged society. In line with this, we look forward to working closely with Maxis on their flagship community programmes on digital marketing and after-school learning,” he said. — BERNAMA

Investment & Market Trends, News

Macao’s Diversified Development Offers Wealth of Chances to Thrive

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KUALA LUMPUR: The number of visitors to Macao in the first quarter of 2024 has reached 8.876 million, marking a year-on-year (YoY) increase of 79.4%, with an average occupancy rate of hotels exceeding 85%, according to data released by the Macao SAR Government. In addition, Macao’s gross domestic product (GDP) grew by 25.7% in real terms, the unemployment rate fell to 21% and the median working income of the employed population increased by MOP$1,000 YoY. According to a statement, in the fiscal year 2023 government report, the Macao SAR government introduced the ‘1+4 strategy’ for moderate diversified development to foster 4 key industries. Over the past year, the government has pursued over a dozen investment plans in the science and technology sector, supporting several scientific research achievements with transformation and application prospects. In the modern financial industry, Macao has leveraged its ‘free port’ status, focusing on specialised finance areas such as bonds, wealth management, green finance, and financial leasing, in which the bond market and debt issuance have seen rapid growth. Furthermore, the establishment of the Hengqin Guangdong-Hong Kong-Macao Deep Cooperation Zone has expanded opportunities for Macao’s diversified development, with a development plan for the Cooperation Zone including the construction of the Macao Brand Industrial Park. As of April this year, the number of Macao enterprises in the Cooperation Zone reached 6,208, a YoY growth of 12.3%, and a 33.88% increase since the establishment of the zone in 2021, while the model of ‘Headquartered in Macao and operating in Herngqin’ has emerged as a new development paradigm for Macao’s industries. — BERNAMA

Investment & Market Trends

Experts Reveal Mixed Opinions on EPF’s Newly-Introduced Flexible Account

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Earlier in April, the Employees Provident Fund (EPF) made an announcement that ended up being very much talked about, especially among working adults: the introduction of Account 3, also known as the Flexible Account (Akaun Fleksibel). This new account is the result of restructuring of the original accounts of EPF members under the age of 55, in addition to their Account 1 or Retirement Account (Akaun Persaraan) and their Account 2 or Prosperity Account (Akaun Sejahtera). With the Flexible Account, EPF members will be given the flexibility of better managing their short-term financial needs, where savings in the new account can be withdrawn at any time, unlike the other 2 accounts. According to EPF Chief Executive Officer, Ahmad Zuqarnain Onn, the account holders have the option to make use of the Flexible Account or not. If they do, they will be provided with a one-time option to transfer part of their savings from Account 2 to Account 3 between 11 May and 31 August 2024, as the Flexible Account will have zero balance at the start. Moving forward, any future contributions made by the EPF members will be divided into the 3 separate accounts – 75% into Account 1, 15% into Account 2 and 10% into Account 3 – whereas previously, the contributions were only divided between the 2 accounts (70% to Account 1 and 30% to Account 2). “We encourage people not to (opt-in) because it is important to save for old age, but we understand that flexibility is desired and from time to time, you would need access to your savings to pay for unexpected expenses,” Zulqarnain said. He also mentioned that the initiative is not just due to EPF’s response to current needs, but it is also a proactive step to help members facing the challenging job landscape and demographics of the population. According to him, if each one of the 16.07 million EPF members were to opt into Account 3, the total funds being moved into Flexible Accounts would amount to RM57 billion, with about RM25 billion of the amount expected to be withdrawn within the first year. Meanwhile, the total withdrawals made during the Covid-19 pandemic amounted to RM145 billion. “The current scenario is much different from during the pandemic and our portfolio is now much bigger. Hence, the impact of withdrawals through the new account is expected to be muted,” Zulqarnain said. He also mentioned that dividends will remain the same across all 3 accounts, but this could change in the future as liquid assets do not attract higher interest rates or dividends. Account 3: Good Call or No? Even before the Flexible Account went live on 11 May 2024, some economists and experts have been voicing out their mixed opinions on the matter – with some saying that it is a good idea while others are disagreeing. Hijrah Wealth Management Sdn Bhd Founder and Principal Consultant Rohani Mohd Shahir said that while a reformation to meet the request of some contributors may not be suitable for everyone, the option to opt in was a welcomed one. She said that Account 3 could be beneficial for contributors to withdraw funds for emergencies without resorting to other avenues such as loan sharks. However, contributors must have the discipline to not misuse this facility for other purposes other than emergencies as doing so would be detrimental to their future retirement needs. Some experts even warned that the risks of misusing the Flexible Account far outweigh the benefits. Institute of Islamic Understanding Malaysia (IKIM) Senior Fellow and Director, Muhammad Hisyam Mohamad said that instead of resorting to impulsive withdrawals, contributors should consider it as a contingency. “What’s worrying is that the withdrawals are made for the sake of non-urgent matters such as buying goods, decorating the house, buying car accessories or keeping up with fashion trends. “In other words, if a contributor makes frequent withdrawals through Account 3, 10% of their savings will be depleted before retirement,” he noted, adding that contributors should not lose sight of the consequences. He stated that Malaysia will experience an ageing population by 2030 where the percentage of people aged 60 years and over will reach 15.3% of the total population and at the same time, costs of living will also escalate by then. Hisyam reminded that during the pandemic, contributors who were desperate to make ends meet fully utilised the government’s decision to allow for 4 types of withdrawals to be made from their EPF savings via i-Lestari, i-Sinar, i-Citra and Special Withdrawal. As a result, a number of active contributors who met the basic savings benchmark of RM240,000 by the age of 55, was also reduced. According to the Ministry of Finance, a total of 6.3 million EPF members (48%) under 55 years old has savings of less than RM10,000 in their accounts as of 30 September 2023. This indirectly signals that if the issue is not addressed, most contributors would be in dire financial straits during retirement and the savings will not be sufficient to meet their needs for 10 to 20 years after their retirement. In regard to whether this initiative could help in addressing the cost of living issue among the people, Hisyam said that it would depend on the members’ monthly contribution. With a larger contribution in Account 2, members might be able to cope with the cost of living, given the higher disposable income for spending. “In Malaysia, employees contribute up to 11% of their monthly salary to EPF while employers need to contribute up to 13% of the employees’ salary. “However, for a low-wage employee who receives a minimum salary of RM1,500, for example, the combined monthly contribution may be around RM345, with only RM34.50 going into Account 3. “If wages received by workers remain low and do not rise in tandem with costs of living, the pressure will be on affected individuals who will not be able to improve their quality of life,” he explained. Many Still Wary of Flexible Account

Energy & Technology, News

Exim Bank to Arrange Fund Raising Up to US$2.68 Bil for Energy Project in Vietnam

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KUALA LUMPUR: The Export-Import Bank of Malaysia Bhd (EXIM Bank Malaysia) is the mandated lead arranger for a funding raising exercise of up to US$2.68 billion for an “ultra-supercritical” (USC) technology coal plant in Vietnam. It said the fundraising exercise will be co-led by one of Vietnam’s largest state banks, with more than 60% of the funds to be raised from 10 Vietnamese banks. “The project, which is aligned with the bank’s mandate to support Malaysian companies venturing overseas involves the development of the first USC technology coal plant in Vietnam, marking Malaysia’s significant role in ASEAN’s energy transition,” the bank said in a statement. EXIM Bank also noted that USC technology is at the forefront of the energy transition, offering substantial efficiency and environmental benefits, and aligns with Vietnam’s strategic energy transition plan to phase out less efficient traditional coal plants. The project has been in support of the country’s aim to reduce coal power reliance from 31.1% to 20% by 2030. “This project, to be undertaken by the BOT company, Song Hau Power 2 Company Ltd, will be constructed by an engineering, procurement, construction and commissioning consortium made up of Sunway Construction Sdn Bhd and Vietnam’s Power Engineering Consulting Joint Stock Company 2 (PECC2),” it said. The project addresses the critical energy shortages in southern Vietnam, benefiting 36.24 million people facing continuous power shortages, according to the bank. — BERNAMA

Experts

Driving Progress with Next-Gen Warehousing Solutions in Malaysia

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China’s Influence on Malaysia’s Online Consumer Goods Market China’s rapid advancement in the online consumer goods segment is setting a trend that Malaysia is likely to follow. Notably, China achieved a record of handling 639 million parcels during the ‘Double 11’ sales in late 2023. With the increasing popularity and convenience of online shopping, Malaysian consumers are expected to adopt similar shopping habits as seen in China. This shift in consumer behavior and market dynamics requires Malaysian businesses to adapt their strategies to meet evolving demands for convenience and efficiency. Warehousing Capabilities: A Key Factor One crucial aspect to consider in this transition is Malaysia’s warehousing capabilities. The e-commerce logistics market in Southeast Asia is projected to grow by USD 85.12 billion between 2023 and 2028. The Greater Kuala Lumpur Property Market Monitor 2Q2023 revealed strong and sustained demand for warehouse space. To manage this expansion, businesses need to implement effective and efficient warehousing systems. Store N Go’s warehouse management systems (WMS) database processed more than 4 million parcels in 2023—a significant achievement, though still far behind China’s scale. Here, we’ll explore how warehousing solution providers can help Malaysian businesses advance in the retail landscape. Seamless Technological Integration Manual sorting processes are prone to human errors, causing inefficiencies and mistakes in order fulfillment. By automating these processes, companies can improve accuracy, speed, and overall efficiency. Cutting-edge WMS now integrates technologies like RFID and barcode scanning for precise inventory tracking and real-time stock visibility, streamlining logistics operations immensely. Additionally, WMS should integrate seamlessly with retailers’ existing technology stacks, including e-commerce platforms, ERP systems, and logistics software. This ensures data synchronization and automation, enhancing operational efficiency and reducing costs. An Extra Eye, A Helping Hand Collaborating with a warehousing fulfillment solution provider ensures the safety and security of stored goods. Tools like 24/7 surveillance and controlled access give retailers peace of mind. Moreover, dedicated customer support and account management services help retailers maximize the benefits of their warehousing solutions. Flexible Solutions for Growth Warehousing solution providers offer flexibility in cost and scale. Retailers can use and pay only for the space they need, allowing them to expand their back-end processes as operations grow. This model lowers barriers for smaller players in the retail space, giving them access to resources without hefty upfront investments. This democratization fosters competition and innovation, creating a more dynamic marketplace where smaller retailers can thrive alongside larger ones. A One-Stop Shop  Malaysia’s retail industry is shifting toward simpler, more efficient solutions for customers. Companies are integrating services to streamline processes, reduce customer effort, and improve overall efficiency. This aligns with consumers’ desire for smooth shopping experiences and shows the industry’s commitment to adapting to changing preferences and needs. Warehousing and fulfillment solutions are now integral to Malaysia’s evolving retail sector, driven by increasing consumer demand for seamless shopping experiences. Companies are investing in warehouse storage and fulfillment services to meet customer needs and remain competitive. This trend highlights the importance of adaptability and innovation in the retail sector as companies strive to stay relevant in the modern marketplace.

The Executives

Hyperautomation-The Catalyst for Malaysian The Catalyst for Malaysian Digital Transformation

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The Digital Imperative Today, businesses must adapt or risk falling behind. In Malaysia, we see a race to digitize, with companies leveraging emerging technologies to outpace competitors, enhance customer experiences, and cut operational costs, reshaping industries in the process. At the core of this revolution is Hyperautomation—the integration of advanced technologies like artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) to automate and optimize complex business processes across various domains. The statistics are telling: 91% of CEOs now consider digital transformation their top priority. A recent study found that over 40% of Malaysian companies have adopted RPA. The reasons for RPA’s popularity include cost reductions of over 80% and improved quality, accuracy, and productivity. The Emergence of Hyperautomation Hyperautomation represents a paradigm shift, blending RPA with cutting-edge technologies like AI and ML, transforming operational processes. While RPA mimics human interaction with software, hyperautomation builds intelligent systems that learn, adapt, and optimize processes from end to end. The Building Blocks of Business Agility RPA is software programmed to execute repetitive tasks, seamlessly integrating with existing systems. This allows “robots” to handle tasks like data entry and order processing, freeing human employees for higher-value activities. AI enhances work processes by analyzing data, identifying patterns, and making decisions. ML, a subset of AI, improves by learning from vast data sets over time. Process Mining is another key aspect, analyzing business processes through data mining event logs to fully understand and optimize them. Incorporating AI, it makes recommendations for further improvements. These technologies, within the hyperautomation framework, transform business functions. Hyperautomation is a sophisticated, adaptable solution that executes end-to-end processes. Hyperautomation in Action: Empowering Digital Transformation Hyperautomation creates 24/7 digital “employees” that handle routine tasks, such as customer inquiries, invoice processing, and data management. This transformation is evident in industries previously reliant on manual data entry, which led to errors, data silos, and scalability issues. For example, a global service provider faced inefficiencies across finance, HR, and document management. By adopting hyperautomation, they automated over 25,000 financial transactions, saving 30,000 labor hours, and streamlined the onboarding/offboarding of over 100,000 employees, saving 100,000 labor hours. Document management was revolutionized with automated archiving. Our RPA and Intelligent Document Processing (IDP) platform provided a unified solution, eliminating data silos and fostering smooth information flow, unlocking insights for better decision-making. Streamlined processes led to faster response times and improved visibility into customer needs. Automated workflows increased transparency, trust, and satisfaction, reducing errors and ensuring consistency. The Rise of Hyperautomation Success stories like these demonstrate why hyperautomation is popular. It’s valuable across industries, elevating the quality and innovation of products and services. It bolsters organizational resilience by enabling early crisis identification and resource reconfiguration. With experienced providers, hyperautomation can be implemented with minimal disruption, adapting to evolving conditions and offering secondary benefits beyond task automation. For adopters, hyperautomation is key to innovation, efficiency, and resilience, empowering businesses to maximize technology’s potential. Cyclone Robotics leads in hyperautomation solutions, helping Malaysian businesses thrive in the digital age by integrating existing systems and accelerating digital transformation. Cyclone Robotics: Leading the Charge in Hyperautomation In today’s world, digital transformation is essential. Hyperautomation equips Malaysian businesses with agility, efficiency, and success. It’s not just a tool for efficiency but a catalyst for transformation, enabling companies to reimagine operations and reach their full potential.

Investment & Market Trends, News

Bioeconomy Corp Eyes RM1.32 Bil New Investments from 2024 Bio Showcase Event

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KUALA LUMPUR: The Malaysian Bioeconomy Development Corporation Sdn Bhd (Bioeconomy Corp) aims to facilitate new investments worth a potential RM1.32 billion at the National Bioeconomy Showcase 2024 (NBIOSHOWCASE 2024), said MOSTI Minister Chang Lih Kang. Bioeconomy Corp is an agency under the Ministry of Science, Technology, and Innovation (MOSTI). The minister said Bioeconomy Corp is also aiming for a RM2 billion contribution to the country’s gross domestic product (GDP) from the biotechnology and bio-based industries by the end of 2024. “Several important announcements will be made during this event, including significant achievements in one of the targets of the National Biotechnology Policy 2.0 involving local precision medicine, as well as the extended growth of the biosimilar field in Malaysia,” he told a press conference. In his speech earlier, Chang said the investment and revenue targets are achievable based on the significant developments and collaborations recorded in Malaysia’s health, industrial, and agricultural biotechnology sectors to date. Chang noted that from January to May 2024, biotechnology and bio-based companies in Malaysia recorded a total of RM838 million in new investments and RM1.5 billion in revenue. “Through the NBiOSHOWCASE 2024, we aim not only to attract investment and industry collaboration but also to win the hearts of Malaysians to embrace biotechnology in their daily lives,” he added. Furthermore, Chang said the exchange of 11 memoranda of understanding (MoUs) and cooperation will be carried out among the driving forces of the biotechnology industry and the public and private sectors, involving local and international entities. Scheduled to be held on 17 and 18 July at the World Trade Centre Kuala Lumpur, NBiOSHOWCASE 2024 is a biotechnology and bio-based industry summit and exhibition jointly organised by MOSTI and Bioeconomy Corp, with the latter being the main organiser of the event. Meanwhile, Bioeconomy Corp Senior Vice-President of the Industry Support Division Nora Mohamed said BiOSHOWCASE 2024 involves more than 80 exhibitors and nearly 140 exhibits that will inspire, educate, and open up new opportunities for all visitors to explore the bioeconomy world. “The open interview session and job matching programme through the Biokerjaya portal at BioAcademy will also offer more than 500 job opportunities in the field of biotechnology and bio-based,” she said, adding that Bioeconomy Corp expects 4,000 visitors to attend the 2-day event. — BERNAMA

Investment & Market Trends

Proven Land to acquire stake in EXSIM subsidiary

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KUALA LUMPUR: Sustainable property development firm Proven Land Sdn Bhd has entered into an agreement to acquire a 20% stake in Sunrise Charm Sdn Bhd, a wholly-owned subsidiary of EXSIM Development Sdn Bhd. In a statement, it said the collaboration will allow Proven Land to benefit from a diverse and innovative project portfolio that promises significant growth and development opportunities. According to Proven Land, EXSIM is known for its cutting-edge, green, and sustainable projects, and has a prominent presence in the property development sector. “By subscribing to the stake, we are poised to leverage their innovative projects and expertise, enhancing our portfolio and creating new opportunities for growth. “This collaboration underscores our commitment to high-potential sectors and driving economic prosperity in the Asean region,” said Proven Land director Jack Leong. EXSIM managing director Lim Aik Hoe added that the collaboration signifies the confidence in EXSIM in building more greener and sustainable developments, while elevating the living lifestyle of its buyers. Looking ahead, Proven Land said it remains highly optimistic about the future growth of the property development landscape in Malaysia. Meanwhile, Proven Land said it has entered into an agreement with Octowill Trustees Bhd, which will support the firm’s future development.

Property

Eco World scores better than industry peers in ESG metrics

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KUALA LUMPUR: Maybank Investment Bank (Maybank IB) has reiterated its “Buy” call for Eco World Development Bhd with a target price of RM1.96. This comes after Eco World scored 69 out of 100 in environmental, social and governance (ESG) metrics, ranking above its industry peers. Maybank IB highlighted Eco World’s strong commitment to environmental transparency, particularly in greenhouse gas emissions reporting, and its goal of achieving net zero emissions by 2050. “We maintain our target price of RM1.96 based on our earnings forecasts and reaffirm our buy rating,” said Maybank IB in a report today. The assessment is grounded in Eco World’s FY23 Sustainability and Corporate Governance Reports. Eco World’s ESG score of 69 places it above the sector average, closely comparable to Sime Darby Property Bhd’s score of 63. Maybank IB pointed out that Eco World could have scored higher if not for an increase in energy and waste intensity trends and a slight decrease in independent directors on its board following retirements in FY23. “Eco World excels in disclosing greenhouse gas emissions compared to its peers,” Maybank IB added. “In FY23, the company set clear targets for reducing emissions.” Eco World introduced a roadmap to achieve net zero emissions by 2050 and aims to cut Scope 2 emissions by 20 per cent by 2025 and 30 per cent by 2030, starting from a FY19 baseline of 6,976 tons of CO2 equivalent. Maybank IB expressed confidence in Eco World’s management, citing its proactive approach, strong sales performance, and robust financial health, evidenced by a net gearing ratio of 0.24x as of 2QFY24. The recent RM402 million land sale to Microsoft for Eco Business Park VI underscores the management’s capabilities. With a solid balance sheet, Eco World plans to distribute at least 6 sen per share in dividends for FY24, yielding 4.0 per cent, while actively pursuing new landbank opportunities.–Business Times

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