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JAKARTA: JULO, a leading digital financial services platform dedicated to financial inclusion for the underbanked in Indonesia, announced today that it has achieved significant loan disbursement growth. In the first four months of 2024, JULO’s total loan disbursement surged by 87.19% compared to the same period the year before, exceeding  US$189 million. The company is now on track to disburse more than US$650 million in 2024. To give context, the company has successfully disbursed over US$1 billion in total since its 2016 inception, with a milestone of nearly US$500 million disbursed in 2023 alone—a 50% increase from the previous year. The company has also seen a surge in its user base, attracting more than 2 million users, marking a 58% increase in 2023.   Backed by AC Ventures, JULO is now profitable before tax and expects to turn fully profitable by the end of the year. Capitalizing on its proven business model and robust growth, JULO is poised to evolve into an impact-focused neobank, dedicated to serving the largely underserved Indonesian market and furthering financial inclusion in the region.   At the core of its success to date, the company has pioneered an innovative consumer financing product that utilizes comprehensive behavioral data for cutting-edge credit underwriting. This strategy has enabled JULO to develop and offer virtual credit card products specifically designed for Indonesia’s middle-income population, providing unprecedented credit access to millions and promoting economic empowerment throughout the nation.   The company’s latest growth achievements also include a 73% increase in revenue in 2023 and a remarkable 75%+ retention rate per cohort, which dramatically reduces loan acquisition costs and enhances operational efficiency.   JULO’s growth is bolstered by partnerships with leading financial institutions, including global firms like Credit Saison and also local giants like Bank Sampoerna and Superbank, to empower disbursements to the middle-income segment in Indonesia.   JULO Group President Ankur Mehrotra explained, “Investor sentiments may fluctuate, mirroring the broader economic and investment cycles. Despite this volatility, the demand for a responsibly led, financial inclusion-focused financial services firm in Indonesia has remained steadfast. At JULO, we are committed to being that impact-driven entity. Now, more than ever, there is a clear investor appetite for businesses like ours that not only deliver substantial social impact but also generate solid financial returns for our investors.”   The middle-market segment in Indonesia provides an approximate US$100 billion opportunity. The company recently launched non-credit products, such as insurance, in 2023 and will continue to build upon its new offerings.   Ankur said, “We are deeply optimistic about the long-term macroeconomic prospects of Indonesia and the enduring potential of its financial services industry, given that Indonesia has the lowest household debt to GDP ratio amongst ASEAN countries. Despite facing various crises and unforeseen headwinds, JULO has successfully navigated the market for over seven years and is now flourishing more than ever. We are committed to building a business that will transcend generations.”

KUCHING: Sarawak’s plans to build an international airport and a new port in the state’s capital are two mega projects that will boost the state’s economy for the long term. Premier Tan Sri Abang Johari Tun Openg said both projects will be equipped with advanced technology and international standard facilities, thus making Kuching a strategic location for the shipping and aviation sectors in the region. “This will be a catalyst to boost our economic development, especially in terms of connectivity, tourism and institutions that can develop our economy as a whole, beyond 2030. “Both of these are strategic plans in us becoming a hub because we are in the western part of Borneo and among (those contributing to) the shipping traffic and also flights from west to east Borneo,” he said during a Memorandum of Understanding (MoU) signing between Innocement Sdn Bhd and PMW Industries Sdn Bhd, which aims to establish a manufacturing facility in Tanjung Manis for concrete piles, poles and related products. According to Abang Johari, Doha International Airport, Qatar will be used as a model for the development of the new airport. “We are now (in the process of) appointing experts who may be involved in the planning (of the new airport). I think it is estimated to be completed within 3 years so we are in the planning stage,” he said. Guidance from World Bank Needed for Global Carbon Trade At the same time, the Sarawak government has sought cooperation from the World Bank to assess the accounting principles needed to be used in the assessment of the global carbon trade, said Abang Johari. He added that the cooperation is important considering that carbon trading as a new form of trade is quite risky and Sarawak needs guidance from the World Bank as a credible global body. “We need to work with credible parties since there are people who will try to deceive or bogus consultants. So, we have to be guided by the World Bank,” he commented. According to him, due to the absence of a protocol for the calculation of carbon in world trade, the London Protocol of 1996, which is an international agreement regarding the regulation of carbon transfer across borders, has become the baseline. Abang Johari said he had also informed Prime Minister Datuk Seri Anwar Ibrahim about the need for the central government to improve the existing legislation regarding the energy business to include matters related to carbon trading. — BERNAMA

KUALA LUMPUR: About 80% of diesel users will receive enough under the Budi Madani programme, which provides a monthly cash assistance to make up the difference between the current diesel price and the new price to be determined later. The Budi Madani programme complements the government’s existing efforts to target diesel subsidy through the Ministry of Domestic Trade and Cost of Living’s MySubsidi Diesel system. Under the initiative, eligible individual owners of diesel vehicles, including small farmers and plantation smallholders, will receive RM200 per month in conjunction with the implementation of diesel subsidy targeting. Finance Minister II Datuk Seri Amir Hamzah Azizan said the cash aid of RM200 per month was determined after studying data in terms of usage as well as data from the Department of Statistics Malaysia (DoSM). “The data came from surveys in Malaysia involving diesel vehicles, especially in Peninsular Malaysia,” he said during a programme on targeted diesel subsidy implementation. Therefore, Amir Hamzah said that the assistance can cover the price rise as cash assistance is the mechanism chosen based on existing data. He also said that the Madani Economy framework focuses on 3 important areas, including raising the ceiling by expanding the national revenue to allow reinvestment towards matters seen as important for the people, enhancing the people’s well-being and boosting the country’s governance to make it more efficient. “The targeted subsidy implementation is an initiative that fulfils the 3 focus areas. If we can reduce existing leakages, the nation’s revenue will rise and we can use it to benefit the people in terms of infrastructure, healthcare and education,” he explained. According to him, the diesel subsidy payout, which was only RM1.4 billion in 2019, had swelled tenfold to RM14.4 billion last year. The estimated RM4 billion in savings from the diesel subsidy rationalisation is expected to give a larger fiscal space for the government in order to raise the quality of various services that are important to the people. He expressed hope that the public would understand that the government’s efforts in implementing measures to revive the national economy were for the people’s benefit and to achieve better fiscal space for the nation. — BERNAMA

KUALA LUMPUR: AHAM Asset Management Berhad (“AHAM Capital” or “the Company”) proudly announces the launch of the AHAM World Series – Biotechnology Fund (“the Fund”). This new wholesale feeder growth fund offers investors diversified exposure to the rapidly advancing biotechnology sector. The Fund’s strategy involves primarily investing in the Janus Henderson Horizon Biotechnology Fund (“Target Fund”), managed by Janus Henderson (“Target Fund Manager”). To achieve its objectives, the Fund will allocate at least 85% of its net asset value (NAV) to the Target Fund, with the remaining 15% potentially invested in money market instruments, deposits, and cash. Anton Tan, Chief Officer of Product Solutions & Customer Experience at AHAM Capital, remarked, “Biotechnology companies lead scientific innovation, significantly advancing our understanding of genetics to develop new treatments for major diseases. Over the past decade, the number of FDA-approved drugs has more than doubled, from 121 to 243, demonstrating substantial scientific progress. “Healthcare spending is set to rise due to demographic shifts in the US, aging populations, and globalization. These long-term trends create a favorable environment for biotechnology investments. Despite the sector’s recent downturn, it is now trading at a significant discount to the broader market, offering a unique ‘innovation on sale’ opportunity. “The biotechnology sector encompasses a wide range of opportunities, from small to large-cap companies, providing diversification for investors’ portfolios. By investing in this healthcare revolution, investors can benefit from ongoing breakthroughs in biotechnology,” Anton added. Andy Acker, Portfolio Manager of Janus Henderson, shared his insights on the sector’s outlook: “Biotechnology is experiencing unprecedented innovation, driven by advances in life science tools, genetic engineering, and new treatment modalities for diseases such as cancer, autoimmune disorders, and rare genetic conditions. These advancements present opportunities to identify the next blockbuster therapies and generate alpha for clients. “However, success in biotech is highly binary, with a pronounced disparity between winners and losers. To mitigate this, the Janus Henderson biotechnology team combines investment experience, scientific expertise, and proprietary statistical models to estimate the success probability of drugs in clinical development. The team also considers perspectives from physicians, patients, and payers to evaluate the commercial prospects of new therapies, aiming to achieve the best investment outcomes for our clients.” The Fund is ideal for sophisticated investors seeking capital appreciation with a medium to long-term investment horizon. The Fund’s base currency is USD, with three available currency classes: USD Class, MYR Class, and MYR Hedged-Class. The minimum investment amounts are $10,000 for the USD Class and $30,000 for the MYR Class and MYR Hedged-Class. Investors are encouraged to read and understand the Fund’s Product Highlights Sheet and Information Memorandum dated 30 May 2024 before investing. For more information, visit aham.com.my.