Energy & Technology

Airwallex has secured two new licences from Bank Negara Malaysia, paving the way for its full commercial launch in the country. The company received approval for an e-money issuing licence and a Class A licence, enabling it to offer a comprehensive suite of payment services in Malaysia. These approvals build on Airwallex’s existing Class B Money Services Business licence and its status as a Registered Merchant Acquirer. With the expanded regulatory clearance, Airwallex can now provide payments, multi-currency accounts and foreign exchange services through a single platform. Arnold Chan, General Manager for Asia-Pacific at Airwallex, said Malaysia is a strategic market for the company and the approvals allow it to bring its full financial infrastructure to local businesses. He added that Airwallex aims to help Malaysian companies scale internationally while supporting the country’s role as a regional and global business hub. The licences mark a move from selective product availability to a more complete local offering for businesses operating across borders. Airwallex has also expanded its presence in Malaysia, with its local team growing by 66% in 2025. The company recently moved into a new office with capacity for more than 160 employees and plans to double its headcount in 2026. In 2025, Airwallex processed more than RM2 billion in remittance transaction volume in Malaysia, driven by demand from cross-border businesses.

Grab Holdings Ltd has become Southeast Asia’s first ride-hailing firm to launch a driverless taxi service, aiming to cut costs and test robotaxi operations in urban traffic. In partnership with Chinese autonomous vehicle operator WeRide Inc, Grab is rolling out a small fleet of 11 self-driving cars on two approved routes in Singapore’s Punggol neighbourhood. The service will ferry residents to nearby amenities and transport links, following months of testing in which the vehicles carried over 1,000 passengers and logged more than 30,000 km autonomously since September. The move is part of Grab’s strategy to demonstrate long-term profitability and strengthen its app ecosystem amid fierce competition from rivals such as Indonesia’s GoTo Group. While autonomous rides have been offered for years in the US and China, Grab has recently increased its investments in self-driving technology, backing companies including May Mobility, Vay, and Momenta, and co-investing in WeRide with Uber. Though the new robotaxi service is not expected to significantly boost revenue in the near term, analysts say it reinforces Grab’s user retention strategy and positions the company competitively against regional rivals.

OpenAI has completed a US$122 billion funding round, giving the AI developer a valuation of US$852 billion — its largest fundraising to date. The injection of capital will support the company’s aggressive expansion in chips, data centres, and talent acquisition. The bulk of the financing came from three major tech companies: Amazon invested US$50 billion, while Nvidia and SoftBank Group each contributed US$30 billion. A significant portion of Amazon’s investment — US$35 billion — is contingent on OpenAI going public or achieving the technological milestone of artificial general intelligence. Other investors include Andreessen Horowitz, Abu Dhabi’s MGX, DE Shaw Ventures, TPG, and T Rowe Price. OpenAI’s valuation reflects the total capital raised in the round. The funding round is one of the largest transactions in history, surpassing not only previous private startup rounds but also major acquisitions and IPOs. It highlights the global appetite for AI technology, seen as transformative for industries and economies alike. OpenAI also raised over US$3 billion from individual investors through banks and will be included in exchange-traded funds managed by Cathie Wood’s Ark Invest, offering wider exposure to the company. OpenAI CFO Sarah Friar described the funding as surpassing even the largest IPOs ever conducted, providing the company with flexibility to invest in computing infrastructure and its AI roadmap amid broader market uncertainties, including geopolitical tensions. The company has pledged to spend over US$1.4 trillion on physical infrastructure in the coming years, while partnerships with cloud and chip providers like Amazon and Nvidia will support this expansion. The company is currently generating US$2 billion in monthly revenue, with enterprise clients now accounting for 40% of revenue — a figure expected to reach 50% by year-end. OpenAI has also introduced advertising in ChatGPT, generating US$100 million in annualized revenue within six weeks. In product updates, OpenAI is consolidating its offerings by discontinuing support for the Sora AI video generator and developing a desktop “SuperApp” to combine its chatbot, coding tool, and web browser into a single platform. CEO Sam Altman said this reorganisation also allows the company to better integrate security and safety teams and focus on infrastructure projects and capital raising.

China’s largest telecommunications provider, China Mobile, has entered the Malaysian market with a competitively priced mobile data plan, signalling a potential shift in the country’s telco landscape. Strategic Market Entry The company’s debut offering—RM35 for 200GB of data—positions it as a strong contender in Malaysia’s highly price-sensitive prepaid segment. This aggressive pricing strategy reflects a broader regional expansion approach, as China Mobile looks to extend its footprint beyond China and tap into Southeast Asia’s growing digital economy. Malaysia, with its high mobile penetration rate and increasing demand for data-driven services, presents a compelling entry point. The move also aligns with rising cross-border digital integration trends within ASEAN. Competitive Implications The entry of China Mobile introduces fresh competition to established players such as Maxis, CelcomDigi, and U Mobile. Analysts expect downward pressure on pricing and an acceleration in value-driven offerings, particularly in the prepaid and high-data usage segments. While Malaysia’s telco market is already competitive, the scale and infrastructure expertise of China Mobile could influence pricing benchmarks and service expectations. Local operators may respond with revised packages, bundled services, or network enhancements to maintain market share. Consumer and Market Impact From a consumer standpoint, the availability of a 200GB plan at RM35 could redefine affordability standards, especially for heavy data users, gig economy workers, and digital-first consumers. However, industry observers note that adoption will ultimately depend on network quality, coverage reliability, and customer service performance in the Malaysian context. Regulatory and Operational Considerations As with any foreign entrant, regulatory compliance and partnerships will play a critical role in long-term success. Malaysia’s telecommunications sector operates under frameworks governed by bodies such as the Malaysian Communications and Multimedia Commission, and market entry typically involves infrastructure-sharing agreements or collaborations with local entities. Regional Outlook The move underscores a broader trend of regional telco expansion, as major players seek growth opportunities beyond saturated domestic markets. For China Mobile, Malaysia could serve as a strategic gateway into ASEAN, offering insights into consumer behavior, pricing elasticity, and competitive positioning in emerging Southeast Asian markets. As competition intensifies, the Malaysian telco sector may enter a new phase defined by affordability, innovation, and cross-border participation—benefiting consumers while reshaping industry dynamics.

Shipping and helicopter services provider Hubline Bhd has established a joint venture (JV) with Sarawak state-linked firm Permodalan Satok to provide transportation services for methanol and other chemical products in Sarawak. The JV aims to support logistics operations linked to the Sarawak Methanol Complex in Bintulu, while positioning Hubline to benefit from opportunities under the state’s broader gas development initiatives, including the Sarawak Gas Roadmap. “The JV company shall carry on the business of transporting methanol and other chemical products, serving as the in-house transportation arm of Sarawak PetChem Sdn Bhd under long-term contract arrangements with minimum volume commitments,” Hubline said in a Bursa Malaysia filing on Friday. The venture is also expected to explore the potential for green methanol offtake, particularly for marine bunkering. The new entity, to be named PSB Hubline Sdn Bhd, will be established through Hubline’s wholly-owned unit, Hub Carrier Sdn Bhd, in a 60:40 partnership with Permodalan Satok. The JV will have an initial issued and paid-up share capital of RM1 million. Permodalan Satok is a real estate investment company and wholly owned by Yayasan Hartanah Bumiputera Sarawak. Sarawak PetChem, linked to Permodalan Satok, owns and operates the large-scale methanol complex in Tanjung Kidurong, Bintulu, and is involved in methanol production, downstream petrochemical processing, and fuel distribution. In a related development, Hubline also signed a non-binding letter of intent with China’s Zhoushan Ningshing Shipbuilding & Repairing Co Ltd to build two 13,800 deadweight tonnage (DWT) stainless steel chemical tankers with dual-fuel methanol engines. Details on cost and delivery timelines were not disclosed. Shares of Hubline closed 0.5 sen, or 10%, higher at 5.5 sen on Friday, giving the group a market capitalisation of RM235.95 million. The stock has gained approximately 38% year-to-date.

iCents Group Holdings Bhd has secured a contract to supply a data centre system for a project in Indonesia, marking another regional expansion for the cleanroom engineering specialist. The contract was awarded in connection with a data centre development undertaken by a multinational construction company in the country. In a filing with Bursa Malaysia on Friday, iCents said the contract, valued at 59.5 billion rupiah (approximately RM14.1 million), was awarded to its wholly-owned subsidiary, Maytech Cleanroom Manufacturing Sdn Bhd, by an Indonesian dealer. The group did not disclose further details about the multinational construction firm or the local dealer involved in the project. The company expects the project to be completed by June 2026 and anticipates that it will contribute positively to earnings over the contract period. The latest award also strengthens iCents’ presence in the growing data centre segment, which has seen rising demand across Southeast Asia. iCents, which was listed on the ACE Market of Bursa Malaysia in July last year, provides cleanroom-related services including engineering, procurement, construction, as well as testing and commissioning. Its solutions cater to a range of industries such as semiconductor and electronics manufacturing, data centres, pharmaceuticals, and life sciences. The group has been expanding its footprint by leveraging demand for controlled environment facilities driven by technology and digital infrastructure growth. According to ASKEdge data, iCents currently trades at a trailing price-earnings (P/E) ratio of 38.7 times, which is higher than several peers. These include wire and cable manufacturer Supercomnet Technologies Bhd, which trades at around 18 times earnings, and medical device distributor and manufacturer UMediC Group Bhd, which has a P/E ratio of 14.2 times. Shares in iCents closed unchanged at 37.5 sen on Friday, giving the company a market capitalisation of approximately RM188 million. Compared with its initial public offering price of 24 sen, the stock has gained about 56%, reflecting investor interest since its listing.

Meta Bright Group Bhd has proposed to acquire controlling stakes in four companies specialising in engineering, procurement, construction and commissioning (EPCC) services, as part of its strategy to expand into energy-related infrastructure. In a filing with Bursa Malaysia on Friday, the group said the purchase consideration will be negotiated and agreed upon at a later stage. The proposed acquisitions follow a heads of agreement signed with vendor Teo Hin Wee, under which Meta Bright plans to take majority stakes in TTOP Industrial & Engineering Sdn Bhd, Sangga Tiga (KL) Sdn Bhd, Flexitop Industrial & Engineering Sdn Bhd, and Green Core Consortium Sdn Bhd. Teo currently holds a direct 70% stake in TTOP and 51% in Flexitop, along with an indirect 60% interest in Sangga Tiga and full ownership of Green Core. Meta Bright has been granted a six-month exclusivity period to conduct due diligence before finalising the proposed transactions. The company said the four target firms possess EPCC capabilities and relevant industry certifications. One of the subsidiaries is also registered with Petroliam Nasional Bhd (Petronas) to supply and install specialised equipment designed for hazardous environments, strengthening the group’s potential participation in energy-related projects. Meta Bright noted that the proposed acquisitions represent a strategic shift from being primarily an asset owner to becoming a broader energy infrastructure and energy efficiency solutions provider. By integrating engineering capabilities, the group aims to execute projects directly, manage development costs more effectively, and capture greater value across the project lifecycle. Executive director of corporate and strategic planning Derek Phang Kiew Lim said the move would enable the company to undertake end-to-end project execution, including renewable energy developments, battery storage systems, electric vehicle infrastructure, and electrical engineering works. Shares in Meta Bright rose half a sen, or 3.9%, to close at 13.5 sen on Friday, giving the company a market capitalisation of approximately RM366.4 million.

Japan is seeking to expand its investments in Malaysia’s digital industry, including niche areas such as high-tech semiconductor products and data centres. The move reflects growing interest in leveraging Japanese technology to support advanced applications and strengthen Malaysia’s role in regional supply chains. Masuo Kuremura, special advisor to the minister for regional head, Asia-Pacific at Japan’s Ministry of Economy, Trade and Industry (Meti), said Japan plans to boost investments in Malaysia by introducing advanced applications powered by Japanese technology. These collaborations are expected to focus on sectors such as artificial intelligence (AI), biotechnology, and food innovation. “We will promote collaboration between Japanese and Malaysian companies, utilising Japanese technology in the digital industry for applications in AI, biotechnology and food sectors to enhance investment,” he told Bernama during the Malaysia-Japan Fast Track Pitch held recently. Kuremura added that Japanese investment in Malaysia’s retail sector is also expected to rise in 2026. He noted that Malaysia plays a pivotal role in Japan’s supply chain, supported by its strong manufacturing capabilities in semiconductors, chip products, and the automotive industry. He cited the long-standing collaboration between Perodua and Daihatsu as an example of successful industrial cooperation, which has helped position Malaysia as a reliable supplier within the automotive ecosystem. Japanese companies, he said, are keen to continue providing innovative solutions to enhance Malaysia’s manufacturing capacity and strengthen its position in global supply chains. Several major Japanese semiconductor companies already operating in Malaysia — including Renesas Electronics, ROHM Co Ltd, Murata Manufacturing, Toshiba Corporation, Shin-Etsu Chemical and Sumitomo Electric Industries — play key roles in supporting the chip ecosystem, particularly in specialised semiconductor components. Kuremura noted that Malaysia is Japan’s fourth-largest investment destination within Asean and serves as an important base for semiconductor-related investments. Singapore remains Japan’s top investment destination in the region, largely driven by financial services, while Thailand and Indonesia rank second and third, with investments mainly focused on the automotive sector. Japan is also introducing a matching platform to encourage investment collaboration between start-ups in Japan and Asean. Within the region, Japan is focusing on four key pillars — strengthening supply chain resilience, driving innovation, advancing digitalisation, and supporting energy transition. He added that Japan continues to play a significant role in the region through initiatives such as the Asia Zero Emission Community (Azec), which promotes energy transition and decarbonisation efforts across Asia. Azec partner countries include Australia, Brunei, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore and Thailand. Beyond digital investments, Japan is also exploring opportunities in critical rare earth supply chains, which are essential for advanced materials used in automotive and aerospace industries. In computing resources, Kuremura said Japan is looking to share technology developed in Kyushu — known as Japan’s “Silicon Island” — with Asean companies to support AI and advanced computing development. He noted that major chip manufacturers such as Japan Advanced Semiconductor Manufacturing (JASM) and Taiwan Semiconductor Manufacturing Company (TSMC), which has anchored a semiconductor hub in Kyushu, could help provide infrastructure to promote AI and high-performance computing in the region. According to the Department of Statistics Malaysia, Japan ranked among the top three sources of foreign direct investment (FDI) in Malaysia in the fourth quarter of 2025, with RM103.8 billion recorded.

Lynas Rare Earths Ltd., based in Perth, is partnering with South Korea’s LS Cable & System Ltd. to explore the development of a rare earths metals production facility in Vietnam. The proposed plant would allow Lynas to produce finished rare earth metals from oxides sourced from its Malaysian processing plant and Australian mine. This step is part of the company’s strategy to move further along the rare earths supply chain, which is critical for industries such as automotive, defense, and electronics. Shares of Lynas climbed as much as 2.8% in early Sydney trading. The miner has been among Australia’s top-performing companies this year, with its share price rising over 60%. Lynas is one of only two major rare earths producers outside China, which currently dominates the global market. Most of Lynas’ revenue currently comes from rare earth oxides, which must be further processed into metals used in permanent magnets. The company recently began producing samarium in Malaysia, which will also be a focus for the new Vietnamese facility. “Securing access to metallization is essential to building a strong rare earths industry,” said Lynas CEO Amanda Lacaze. She added that the company’s expansion into processed metals is a “key pillar” of its growth strategy.

Willowglen MSC Bhd has secured a RM5.67 million contract through its wholly-owned subsidiary, Willowglen Services Pte Ltd, from PowerGas Ltd in Singapore for the comprehensive maintenance of gas SCADA remote terminal units. In a filing with Bursa Malaysia, the company said the contract commenced on March 18, 2026 and is scheduled to run for five years until March 17, 2031. The scope of work involves providing maintenance services for remote terminal units used in PowerGas’ gas supervisory control and data acquisition (SCADA) system. The group said the contract is expected to contribute positively to its earnings and net assets per share for the financial years ending Dec 31, 2026 through Dec 31, 2031. However, the contract is not renewable upon expiry. Willowglen MSC added that the risks associated with the project are limited to normal operational and business risks. The company also noted that none of its directors, major shareholders, or persons connected to them have any direct or indirect interest in the contract. Willowglen MSC is principally involved in the research, development, sales, implementation and maintenance of computer-based control systems and integrated monitoring solutions, serving clients across utilities, infrastructure and industrial sectors.