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Author name: Harshini Anan

ICT Minister, Lee Jong-ho
Energy & Technology, News

Korea to Invest US$527 Mil to Integrate AI into All Sectors of Society

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KOREA: Korea is poised to make a substantial investment of 710.2 billion won (US$527 million) this year across 69 sectors to drive innovations powered by artificial intelligence (AI) in daily life, industries, and government services, according to announcements from the Ministry of Science and ICT. This initiative aims to catalyse transformative advancements and improve efficiency across various sectors through AI integration. Minister of Science and ICT Lee Jong-ho emphasized the significance of this investment, stating, “We bear a significant sense of responsibility as the primary ministry for AI in this era. Our commitment is to promptly implement measures that will yield tangible results for our citizens and businesses.” This strategic investment aligns with a broader government vision articulated through the establishment of the AI Strategy High-Level Consultative Council. The council, co-chaired by Minister Lee Jong-ho and Taejae University President Yeom Jae-ho, comprises 32 members, including private-sector experts and representatives from major IT companies like Samsung Electronics, SK Telecom, KT, Naver, and Kakao, alongside director-level officials from relevant government ministries. Minister Lee highlighted the council’s role, stating, “We hope that the council will serve as a stepping stone for the nation’s AI advancement, enriching the lives of our citizens, and setting a leading example of harmonious coexistence with AI on the global stage.” The government’s investment and the establishment of the consultative council are part of a comprehensive strategy to leverage AI as a catalyst for economic growth and societal advancement. A government-led study forecasts that the successful integration of AI across various sectors and daily life could generate an annual economic impact of 310 trillion won by 2026. “This analysis suggests that the revenue-generating effect of adopting AI could lead to an additional average annual GDP growth of 1.8 percentage points,” noted the ICT ministry. The council’s objectives extend beyond economic impact to include spearheading innovations in the global AI technology market, facilitating industry transitions through AI adoption, and enhancing the prevalence of AI-based services in daily life. Senior presidential secretary for science and technology, Park Sang-ook, underscored the multifaceted impact of AI, stating, “Given its profound social impact, addressing legal systems, policies, and ethical norms is crucial. However, it’s equally imperative to advance technological innovations, industrialization, and services in tandem to harness AI’s full potential.” The government sees AI technology as an opportunity to address structural challenges such as low growth and a declining birthrate in Korea. Through a joint study with Bain & Company, it is projected that the successful implementation of AI across the economy could yield an annual economic impact of 310 trillion won by 2026, with substantial revenue increases from AI-integrated products and significant cost reductions through enhanced efficiency and automation. Looking ahead, the ICT ministry plans to announce follow-up actions and agenda items following the council’s inaugural meeting, with the next strategic council meeting scheduled for June. This ongoing commitment underscores Korea’s ambition to become one of the top three AI nations globally by bolstering its competence in AI innovation.

News

Milieu Insight Survey Finds 55% of Southeast Asians Are Ready for Domestic Travel

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SINGAPORE – With the summer season approaching, Southeast Asia is poised for a rise in local travel, especially in the Philippines and Indonesia, where interest in domestic trips is highest. However, safety and affordability are pivotal concerns for many regional travelers. Milieu Insight, a leading survey software company in Southeast Asia, has released its latest findings on summer travel intentions among Southeast Asians. Milieu Insight’s quantitative study, drawing from its survey community, engaged 1,966 respondents from the Philippines, Thailand, Indonesia, and Malaysia. According to the report, more than 60% of respondents prioritize safety and cost when selecting domestic travel destinations, and 55% are inclined to travel domestically this year. sheds light on the summer travel plans of numerous Southeast Asians. As individuals look to explore their own countries, the key factors guiding their choices are affordability and safety,” stated Gerald Ang, Founder and CEO of Milieu Insight. “Moreover, many travelers in Asia are increasingly budget-conscious, favouring family-oriented experiences and finding value in land transportation and road trips.” Inflation is fueling the preference for budget-friendly travel options, with international travel becoming more expensive. As a result, domestic leisure travel is expected to remain robust among Southeast Asians. A majority of travellers across the region are now financially prudent, with 62% placing cost as a top priority, closely followed by 63% who emphasize the importance of secure destinations and scenic spots. This trend underscores the need for marketers to promote local destinations known for their safety. Land transport has emerged as the preferred mode of travel for domestic vacations, with 74% of respondents opting for this mode. Thai and Indonesian travellers, in particular, favour land transportation, with 88% and 76% opting for road trips to explore domestic destinations. Family-focused travel experiences, including culinary exploration and immersive touring, are gaining traction. Around 79% of Southeast Asian travellers plan to embark on adventures with their families, prioritizing quality time together and seeking out local hidden gems. While hotels remain the top choice for accommodations (preferred by 78% of respondents), alternative options like Airbnb and pool villas are gaining popularity. In Malaysia, 44% of travellers seek personalized experiences through Airbnb, while in Thailand, 47% are drawn to the luxury and exclusivity of pool villas. As Southeast Asia gears up for summer travel, there is a notable willingness among most travelers to opt for domestic destinations due to proximity and affordability. This shift reflects a pragmatic mindset amid evolving global circumstances, with safety and cost considerations taking precedence in travel planning. The study, conducted through Milieu Insight’s survey community, provides a comprehensive overview of Southeast Asian summer travel intentions, highlighting key insights and emerging travel trends. Representative of the online adult population aged 16 and above, the fieldwork for this study was conducted from 7th to 31st March 2024.

YB Rafizi Ramli, Minister of Economy
News

Government Launches Comprehensive Initiatives to Elevate Kuala Lumpur as Top 20 Global Startup Hub by 2030

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Kuala Lumpur, Malaysia – 22 Apr 2024 – The Malaysian Government is committed to propelling Kuala Lumpur into the top 20 global startup hubs by 2030, addressing key challenges such as funding accessibility, regulatory navigation, and talent attraction. To stimulate Malaysia’s startup scene, the government organized the KL20 Summit 2024 at the Kuala Lumpur Convention Centre on 22-23 April. Led by the Ministry of Economy, the summit showcased government initiatives to support startups, expand the talent pool, and foster a vibrant entrepreneurial ecosystem. KL20 featured 10 major initiative launches and 50 expert speakers. KL20 Action Paper and Highlights During the event, Prime Minister Dato’ Seri Anwar Ibrahim launched the KL20 Action Paper, a roadmap outlining reforms to drive convergence among key stakeholders—founders, venture capitalists, talent, incubators, and accelerators—to elevate Malaysia’s startup tech sector. “The KL20 Action Paper aims to transform Malaysia’s economy into a high-income nation by reducing dependency on large corporations and shifting towards innovation,” said Rafizi Ramli, Minister of Economy. “KL20 aims to position Malaysia as a global hub for top talents and scalable startups,” added Rafizi. The summit convened government decision-makers, unicorn founders, investors, and thought leaders in Kuala Lumpur for discussions, debates, and deal-making. Movers and Shakers The event featured speakers like Gobind Singh Deo, Minister of Digital, and international industry pioneers such as Jenny Lee, Carl Pei, Werner Vogels, Geraldine Andrieux Gustin, and Dr Qi Bin, who explored future trends in entrepreneurship and innovation. Focused on nurturing a dynamic startup ecosystem, the summit attracted startups and investors worldwide, fostering collaboration, investment, and growth. Government Initiatives “The government will launch the Single Window Initiative under the Ministry of Science, Technology, and Innovation to simplify procedures and consolidate resources for startups,” said Chang Lih Kang, Minister of Science, Technology, and Innovation. “The Single Window Initiative will dismantle bureaucratic obstacles and empower entrepreneurs to navigate the startup landscape efficiently,” highlighted Chang. The Malaysian Startup Ecosystem Roadmap (SUPER) was also developed to propel the country’s startup ecosystem, addressing talent development, funding accessibility, market access, and technology innovation. KL20 underscores Malaysia’s potential as a startup-friendly environment, particularly in key sectors like semiconductors, fintech, e-commerce, manufacturing, agritech, cleantech, and Islamic finance. By fostering innovation and investment, Malaysia aims to become a top 20 global startup ecosystem by 2030 and a leading centre for entrepreneurship and innovation in ASEAN, transitioning towards a technology-driven economy.

Malaysia Aims to be in Top 20 Countries in Global Startup Ecosystem Index by 2030, Says PM Anwar
News

Malaysia Aims to be in Top 20 Countries in Global Startup Ecosystem Index by 2030, Says PM Anwar

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KUALA LUMPUR, April 21 — Malaysia aims to be among the top 20 countries in global startup ecosystem index by 2030 and turn Kuala Lumpur into a regional startup and digital hub, Prime Minister Datuk Seri Anwar Ibrahim said today. He added that the two-day KL20 Summit 2024, which begins tomorrow, would be a forum to facilitate startups in high-value investments and will encourage startups to expand abroad to benefit from a complete global ecosystem. “I appreciate partnerships from venture capitalist firms and investors who are part of this summit. It’s important that government policies consider their long-term perspectives and strategies. “I stress my government’s determination to support startups through clear policies that encompass our country’s vision, strength of resources and investor perspectives,” he posted on Facebook after attending the KL20 Summit 2024 exclusive dinner. He added that the Madani Government remains committed to creating a dynamic startup ecosystem to position Malaysia as a central hub for entrepreneurship and innovation. The prime minister is slated to officiate the summit, that will take place at the Kuala Lumpur Convention Centre, tomorrow. — BERNAMA

MATRADE
News

Matrade, Amazon Team Up to Enhance Cross-border E-commerce

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KUALA LUMPUR: The Malaysia External Trade Development Corporation (MATRADE) will enhance cross-border e-commerce among small and medium enterprises by partnering Amazon in a programme that allows products to be sold internationally via Amazon’s e-stores. The year-long collaboration is in response to growing demand from Malaysian businesses, a joint statement said. “The two parties will join hands to offer quarterly outreach events throughout 2024 to raise awareness of cross-border e-commerce and to help Malaysian brand owners while introducing Malaysian brands and products to customers in the US,” the joint statement said. The programme, known as Amazon Global Selling, includes offline events in Kuala Lumpur, Penang and Johor Bahru with in-person workshops to provide insights and guidance to empower local entrepreneurs and to enhance online engagements with tailored training and content designed to equip Malaysian sellers. “The course contents cover the end-to-end journey of an Amazon seller, including account registration, product preparation, compliance, listing, shipping and advertising,” the statement said. MATRADE chief executive officer Datuk Mohd Mustafa Abdul Aziz said the collaboration aims to equip Malaysian SMEs with the knowledge and resources to expand their presence on Amazon’s e-stores and grow their brands internationally. “This initiative complements the MADANI Economy Framework, the National Trade Blueprint, and the New Industrial Master Plan (NIMP) 2030 all of which underscore digitalisation and cross-border e-commerce as a fundamental catalyst in driving Malaysia’s economic growth and resilience,” he said today. The Access Partnership Report 2023 predicted Malaysias e-commerce export value to surge 14 per cent annually to reach an estimated RM36.2 billion by 2027. Head of Amazon Global Selling in Southeast Asia Anand Palit said Malaysia’s e-commerce export sector projections highlight much potential in the region. —BERNAMA

Investment & Market Trends, News

Malaysia’s Economic Expansion Estimated at 3.9% in Q1

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PETALING JAYA: Malaysia’s economy expanded by 3.9% in the first quarter of the year according to preliminary figures released by the statistics department. This growth represents an improvement from the 3% seen in the previous quarter, which was affected by lower export activity. Chief statistician Uzir Mahidin highlighted that the services sector drove the Q1 growth, increasing by 4.4%, led by gains in wholesale and retail trade, transport and storage, and business services. The construction sector notably surged by 9.8%, largely propelled by civil engineering projects. Manufacturing rebounded with a 1.9% growth after a contraction of 0.3% in the preceding quarter. Agriculture expanded by 1.3%, supported by increased oil palm and livestock production. The mining and quarrying sector grew by 4.9% in Q1 2024, primarily due to expansion in the natural gas sub-sector. Separately, the Ministry of Investment, Trade, and Industry reported Malaysia’s highest-ever Q1 trade figures this year, with total trade increasing by 7.1% year-on-year to RM690.59 billion, resulting in a trade surplus of RM34.22 billion. Exports rose by 2.2% to RM362.41 billion, driven by higher shipments of manufactured and mining goods including iron and steel products, machinery, crude petroleum, and liquefied natural gas. Imports surged by 13.1% to RM328.19 billion, mainly due to increased imports of capital and intermediate goods for manufacturing.

Awantec
Energy & Technology, News

Awantec Faces Share Suspension Amid Regulatory Compliance Challenges

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KUALA LUMPUR: AwanBiru Technology Bhd (Awantec) has announced that trading in its shares will be suspended starting April 26, following its failure to submit a regularisation plan to regulators within the required timeframe. In a disclosure to Bursa Malaysia Securities on Thursday, the software service provider revealed that it was obligated to submit the regularisation plan by April 13 but missed the extended deadline. Awantec now faces the risk of delisting if it fails to submit an appeal within five market days from the notification of potential delisting. The company, formerly known as Prestariang Bhd, was categorized as an affected listed issuer in January 2021 after its wholly owned subsidiary, Prestariang Systems Sdn Bhd, lost its membership in the Microsoft Partner Network. Seeking reprieve, Awantec applied for a waiver from the regularisation plan requirement on April 8, citing recent financial improvements. Additionally, the group requested a reclassification of its affected issuer status and a six-month extension until October 13 for plan submission in case the waiver and reclassification applications are not approved. Financially, Awantec showed improvement, reporting a net profit of RM1.19 million for the six-month period ending December 31, 2023, compared to a net loss of RM4.31 million in the prior year. Revenue also grew by 9.7% to RM28.63 million from RM26.1 million. Awantec recently made headlines by winning a lawsuit against the government, receiving RM231.55 million in compensation following the termination of the RM3.5 billion National Immigration Control System (SKIN) project in March. An appeal was lodged in early April. The SKIN project was awarded to Awantec’s wholly owned subsidiary, Prestariang Skin Sdn Bhd (PSKIN), in August 2017 under the leadership of former Prime Minister Datuk Seri Najib Razak. However, the project was scrapped by the Pakatan Harapan government in December 2018, leading to legal action by PSKIN against the government due to the failure to agree on compensation terms. Despite these developments, shares in Awantec closed unchanged at 32 sen on Thursday, with a market capitalisation of RM252.77 million. Investors and stakeholders await further updates from Awantec regarding its regulatory status and plans for compliance.

News

RHB Bank Has Doubled Its Green Loans Target to RM50 billion

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PETALING JAYA: RHB Bank Bhd has raised its green loans goal to RM50 billion (US$10.5 billion) by 2026, more than doubling its initial target, following surpassing its previous target last year. According to a statement by RHB Bank, the bank had achieved RM23.8 billion in green financing by the end of 2023, exceeding its original target of RM20 billion by 2026 under its sustainability strategy introduced in 2022. Malaysia’s major banks have been increasing their green loan objectives since the previous year. Malayan Banking Bhd, the country’s largest lender, reported last year that it had achieved half of its RM80 billion green loan target for 2025. In the meantime, CIMB Bank Bhd, the second largest lender, had committed to disbursing RM100 billion in green loans by the end of this year.  

Telegram
Energy & Technology, News

Telegram Hits 1 Billion Users Within a Year

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MOSCOW: Pavel Durov, the billionaire founder of Telegram, expects the messaging app to surpass one billion monthly users within a year, likening its rapid growth to a “forest fire.” Durov, who resides in Dubai, launched Telegram after leaving Russia in 2014 following a dispute over government demands to censor content on his VK social media platform. In an interview with US journalist Tucker Carlson shared on the X social media platform, Durov revealed Telegram’s current user base of 900 million and predicted significant further expansion. Despite governmental pressures, Durov emphasized Telegram’s commitment to neutrality in geopolitics. Telegram’s primary competitor, WhatsApp, boasts over two billion monthly users. Reports suggest that Telegram may seek a US listing once it becomes profitable. Particularly influential in former Soviet republics, Telegram ranks among the major social media platforms globally. Since Russia invaded Ukraine in 2022, Telegram has become a key source of uncensored, albeit sometimes graphic and misleading, information about the conflict. Durov conceived the idea of an encrypted messaging app under Russian government scrutiny. He left Russia to ensure independence from governmental influence and dismissed rumours of Russian control over Telegram as baseless. Durov highlighted challenges to freedom of speech posed by major tech companies like Apple and Google, who can restrict access to apps through their stores. He chose the UAE for Telegram’s base due to its neutrality and openness to all nations. Telegram remains a platform open to all viewpoints, serving both opposition movements and governments without taking sides. Durov values personal freedom over material possessions, opting not to accumulate significant wealth beyond cryptocurrencies. –Reuters

ALPHA IVF
Investment & Market Trends, News

Alpha IVF Group posts RM13.58mil in net profit for Q3

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KUALA LUMPUR: The Alpha IVF Group Bhd (AIG) posted a net profit of RM13.58 million for the third quarter (Q3) ended February 29, 2024 (FY24). Revenue stood at RM40.70 million for the quarter, attributed to the provision of assisted reproductive services, notably in-vitro fertilisation (IVF) treatments. There are no previous earnings comparisons, as the company was listed on the ACE market of Bursa Malaysia on 22 March 2024. In a filing with Bursa Malaysia, AIG did not provide any profit forecasts or guarantees for the current quarter. AIG plans to grow and improve its operations using its IVF expertise. The company plans to open more specialist centres in Malaysia, Indonesia, Cambodia, and Laos. Further, the company plans to upgrade and expand current centres, facilities, and offices and launch marketing campaigns to promote services and attract customers locally and internationally. In addition, AIG also plans to invest in research and development to stay ahead in assisted reproductive services and support business growth. In the filing, AIG expresses optimism about its future in the assisted reproductive services field and the broader healthcare industry.

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