Energy & Technology

KUALA LUMPUR: The rapid pace of digital transformation has made cybersecurity a critical priority across all sectors. Malaysia, in particular, is working towards overcoming the gaps within its existing infrastructure, after facing nearly half a million leaked accounts from data breaches in the third quarter of the last year. In line with this, the Cybersecurity Act 2024 – tabled for first reading in the Malaysian Parliament on 25 March 2024 – aims to provide a robust regulatory framework for safeguarding Malaysia’s cybersecurity landscape. Because of this, entities such as Bridgenet Solutions Sdn Bhd (Bridgenet) are stepping in to provide the support needed. In 2021, Bridgenet’s entry into a collaborative acquisition agreement with CelcomDigi marked their transition into the country’s largest ICT solutions and services provider, speeding up digital transformations and modernising customers’ ICT infrastructures by prioritising cybersecurity. This includes supporting governmental initiatives like the Cybersecurity Act 2024, which requires national critical information infrastructure (NCII) entities to adhere to specific measures, standards, and processes to manage cybersecurity threats and incidents. Key provisions include the establishment of the National Cyber Security Committee, the appointment of sector leads, and the licensing of cybersecurity service providers. To this end, Bridgenet is leading the way in this technological integration, as evidenced by the hosting of the recently convened inaugural Cybersecurity Act Symposium at Le Meridien, Kuala Lumpur. Bringing together industry leaders, government officials, and cybersecurity professionals from around the country, the symposium focused on exploring the implications and opportunities stemming from the tabling and passing of the Act earlier this year. “In recent years, we have witnessed a dramatic increase in cyber threats, from data breaches to ransomware attacks,” Bridgenet Solutions Group CEO, Keane Leong said in his welcome speech that highlighted the synergy between CelcomDigi’s robust telecom infrastructure and Bridgenet’s advanced cybersecurity expertise. “These incidents not only disrupt our operations, but also erode trust and confidence in our digital systems. As we embrace the digital economy, ensuring robust cybersecurity measures is no longer an option but a necessity,” he added. The symposium provided a platform for key industry stakeholders to delve into actionable insights and best practices in cybersecurity. Key highlights from the event included an in-depth analysis of the Cybersecurity Act and its impact on businesses and individuals, followed by a panel discussion where experts from various sectors discussed strategies for compliance and risk management. “The discussions at the symposium highlighted critical aspects of the Cybersecurity Act, offering participants invaluable insights into compliance and best practices in cybersecurity,” shared Alex Liew, Deputy Chairman of PIKOM, The National Tech Association of Malaysia, who served as the symposium’s moderator. Meanwhile, LGMS Bhd Founder and Executive Chairman, Fong Choong Fook added, “The symposium provided a comprehensive overview of the Cybersecurity Act and its implications. It was an excellent platform for knowledge sharing and networking among industry peers.” Workshops and interactive sessions also provided hands-on experience and practical knowledge on implementing cybersecurity measures for attendees. Additionally, the exhibition area showcased the latest technologies and services from leading cybersecurity solution providers, offering attendees a glimpse into the future of digital security. “This event showcased our commitment to leading the charge in cybersecurity. The insights shared have equipped us and our partners with the knowledge to better protect our infrastructure and data,” shared Bridgenet Solutions Chief Technology Officer, Loy Kuang Haow. The passing of the Cybersecurity Act 2024 represents a pivotal stride towards securing Malaysia’s digital landscape. By implementing robust cybersecurity measures and fostering collaboration, a secure and resilient digital future can be achieved.

KUALA LUMPUR: Leading financial services provider in Malaysia, YYC announced the acquisition of a significant shareholding in MYWave, a pioneering HR and payroll solutions provider in Malaysia, which is set to significantly enhance YYC’s service offerings, particularly in payroll outsourcing, thereby advancing digitalisation in tax and payroll services. In an era where digital transformation is a necessity, YYC’s investment in MYWave underscores the importance of embracing digital solutions in HR and payroll. The integration of advanced technologies in these domains streamlines operations, enhances accuracy, compliance, and improves employee satisfaction. YYC Group Chief Executive Officer, Yap Shin Siang shared that digitalisation is the cornerstone of modern business efficiency, and the acquisition of MYWave is a strategic move for the organisation. “With our investment in MYWave, we are not just welcoming another valuable partner; we are committing to a future where HR and payroll processes are seamlessly integrated with technology. Our goal is to elevate our clients’ operational capabilities by equipping them with these advanced digital solutions that will drive significant value to the stakeholders,” said Yap. “This acquisition represents a major step towards achieving that vision and reflects both the organisations’ dedication to driving innovation and excellence in business advisory services,” she added. Meanwhile, MYWave Chief Executive Officer, Khoo Siew Ling expressed that MYWave’s extensive offerings, including payroll outsourcing and Cloud HRMS, align effectively with YYC’s mission to simplify business processes for its clients. “Payroll outsourcing enables firms to distribute the cost of hiring an internal payroll department, reducing the financial burden on businesses. Partnering with YYC to enhance HR service technology and tax accounting capabilities is a natural fit for all,” said Khoo. “Together, we seek to empower Malaysian businesses by adopting digital solutions to drive efficiency, transparency, and growth, which we strongly believe is a great move that will benefit our customers, employees and shareholders,” she added.

KUALA LUMPUR: A total 2,585 electric vehicle (EV) charging units have been installed nationwide as of 25 June 2024, covering all states and federal territories except Labuan. The Investment, Trade and Industry Ministry (MITI) said this was a 12.5% increase from the first quarter of this year. “Of the total, 610 units are the direct current (DC) type while the balance of 1,975 units are the alternating current (AC) type,” the ministry said. This was in reply to a query from Manndzri Nasib (BN-Tenggara) on how many EV charging stations have been installed in the country and whether the target 10,000 public EV charging points throughout Malaysia by 2025 as outlined in the Low Carbon Mobility Blueprint 2021-2030 can be achieved. According to MITI, Selangor recorded the highest number of EV chargers at 867 followed by Kuala Lumpur (675), Penang (277) and Johor (251). The ministry said the number of chargers is sufficient to support the use of approximately 17,000 registered battery electric vehicles plus about 11,000 registered plug-in hybrid EVs (PHEV) on the road up till now. “Moreover, EV and PHEV users can reduce their dependence on EV chargers open for public use by installing EV charging facilities at their home,” it added. — BERNAMA

KUALA LUMPUR: The 3,000 smart factories powered by 5G which will be in operation by 2030 are expected to contribute RM36.8 billion to the national gross domestic product (GDP). Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the ‘tech up for a digitally vibrant nation’ mission outlined in the New Industrial Master Plan 2030 (NIMP 2030) stresses the importance of adopting digital technology to create 3,000 smart factories by 2030. “This will generate more than 150,00 high-skilled jobs in fields such as data analysis, AI and industrial internet of things,” he said during the Memorandum of Understanding (MoU) exchange ceremony between the Malaysian Communications and Multimedia Commission (MCMC) and Malaysian Investment Development Authority (MIDA). The MoU is aimed at strengthening cooperation between the agencies to promote and expedite industrial 5G adoption and usage, especially in the manufacturing and services sectors. Tengku Zafrul said the MCMC-MIDA strategic cooperation is in line with the MADANI Economy aspirations and it marks an important step towards realising the goal of digital economy contributing 25.5% to national GDP by 2025. “For the application of the technology by the industrial and services sectors, 5G technology is a game changer to ensure a higher level of internet speed and reliability,” he added. Tengku Zafrul said that as a critical game changer, 5G technology connectivity for industrial usage is required to have a high-speed internet network, low latency and reliability. “We are committed to create a conducive environment for the usage of 5G technology, especially in industrial areas. “This will not only enhance productivity and efficiency in the manufacturing and services sector but will also attract more foreign and local high-tech companies to invest in Malaysia,” he added. — BERNAMA

SHANGHAI: Deepfake technology, an artificial intelligence tool capable of generating convincingly fake audio and video, is increasingly being used to perpetrate financial crimes worldwide, raising serious concerns about sophisticated fraud. In a notable incident reported by CNN earlier this year, a finance worker was tricked into transferring US$25 million during a video call with an individual posing as the company’s chief financial officer (CFO), who was actually a deepfake. Such an incident has intensified fears about the vulnerability of financial systems to advanced fraud techniques. Furthermore, global fintech platforms are confronting a rising wave of AI-driven criminal activities. FinVolution, a leading fintech company, has reported an increase in AI-generated attacks on its platforms and has significantly invested in deepfake detection technologies to combat this threat. The increasing prevalence of deepfake technology in financial crimes has been underscored by a report from Sumsub, an identity verification provider. Its latest annual report revealed that identity fraud cases involving deepfakes have increased tenfold from 2022 to 2023. The situation in the Philippines is particularly concerning, with a staggering 4,500% increase in attempted fraud schemes utilising deepfake technology. In China, identity fraud involving voice manipulation has outpaced facial deepfakes, with FinVolution intercepting over 1,000 such incidents in just a few months last year. Meanwhile, Southeast Asia is experiencing a surge in AI visual deception techniques, such as facial swaps, which pose new challenges to the security of digital financial services. FinVolution Vice President Lei Chen and head of its big data and AI division emphasised the urgency of the situation. “Globally, the technology to detect fake voices is not keeping pace with the technology used to create them. We are pushing for advancements in AI that can detect these fakes, aiming to align these defences with the capabilities of large-scale model applications,” Chen said. “Such efforts are vital for effectively safeguarding the security of public information and individual rights,” he added. In an effort to combat these threats, FinVolution Group has heavily invested in developing voiceprint recognition anti-fraud solutions tailored for financial scenarios. The company has taken a proactive approach by introducing its proprietary voiceprint recognition algorithmic model, which has been commercially utilised 2 years before external open-source models. The model has gained recognition within a mere 4 seconds across millions of transactions. Moreover, it supports multiple languages, including Indonesian, Chinese, Spanish, and more, and holds a particularly strong position in Indonesian and Spanish markets. FinVolution is also at the forefront of combating fraud in global financial markets with its tailor-made AI anti-fraud technologies. These cutting-edge services include advanced facial and document forgery detection and voice synthesis algorithms, which are integrated into apps of leading international brands. By leveraging facial recognition and voice verification, these AI-driven tools play a crucial role in preventing illegal impersonation and bolstering the effectiveness of risk management strategies. Notably, in Southeast Asian markets, FinVolution’s technologies stand out by accurately identifying and intercepting financial fraud activities with generative AI, achieving a detection accuracy rate of over 98%. In another proactive move to advance AI deepfake detection development, FinVolution is leading the charge in fostering industry collaboration. This includes hosting competitions and supporting academic research. For example, the company’s latest initiative – the 9th FinVolution Global Data Science Competition – zeroes in on deepfake speech detection and challenges global participants to leverage deep learning and AI adversarial techniques. This competition targets the accurate identification of falsified speech generated by the latest large-scale models, with increasing difficulty levels reflecting evolving threats. Notably, this year’s competition has been featured as part of the International Joint Conference on Artificial Intelligence (IJCAI) 2024 challenges. Looking ahead, FinVolution remains steadfast in its commitment to advancing deepfake recognition technologies, prioritising user safety, and fostering a secure financial environment on a global scale.

It has been reported that the electric vehicle manufacturer, Tesla has cancelled its plans of establishing manufacturing plants in Southeast Asia, which also includes Malaysia. This is reported by Thailand newspaper, The Nation when a source from the Thai government stated that Tesla is currently only focusing on charging stations, with factory plans suspended globally. “They are not proceeding in Malaysia, Indonesia or anywhere else except for China, America and Germany,” said the source. It is said that the decision is part of Tesla’s broader withdrawal of investments across Asia and beyond, as the company has reportedly disbanded the executive team that was leading its Southeast Asian expansion efforts last year. The report also mentioned that Tesla has halted plans for a gigafactory in Mexico, citing economic concerns and potential political impacts from the upcoming US presidential election, specifically regarding US presidential candidate Donald Trump’s pledge to impose a 100% tariff on Mexico-made vehicles. The gigafactory near Monterrey in Nuevo Leon was first announced in March last year and was expected to start operating in the first quarter of 2025. However, the project has faced multiple delays and uncertainty. By September 2023, some of Tesla’s suppliers had slowed their own plans to build new manufacturing facilities in Mexico, worried they wouldn’t be completed on time. In October, Tesla confirmed it had paused the project due to economic concerns Disappointing Reneged Investments In November last year, Thai Prime Minister Srettha Thavisin announced that Tesla was poised to make Thailand a hub of its EV manufacturing, which followed after several meetings with Tesla executives, both in the US and Thailand. At the time, Srettha also mentioned that Tesla was surveying three potential factory sites in Thailand and was expected to announce an investment of over US$5 billion in the first quarter of this year. As for Malaysia, under the terms of an agreement signed in February 2023, Tesla was said to be able to sell its vehicles assembled abroad in Malaysia without any import tariffs. The company was also granted exemption from having a local partner as well as the minimum 30% Bumiputera equity rule. Tesla began selling its cars in Malaysia months later. In fact, Prime Minister Datuk Seri Anwar Ibrahim announced in July 2023 that Tesla would set up its Malaysian headquarters and service centres in Selangor which would potentially create ‘tens of thousands of high-value jobs’ in the country. Late last year, Tesla opened its Malaysian head office in Cyberjaya, with plans to introduce a minimum of 50 EV charging stations nationwide. Anwar even courted Tesla’s billionaire owner Elon Musk for further investments from Tesla. Musk’s other business Starlink was also allowed to operate in the country with full foreign ownership after the government waived the ceiling of 49%. However, the Ministry of Investment, Trade and Industry (MITI) has advised that the news report did not cite Tesla directly, hence questions regarding the actual expansion plans of the company should be ignored until Tesla itself has issued an official statement on the matter. “Please take note that this report is not an official statement from Tesla but quotes an unnamed source. “Confirmation on the report would have to come from Tesla,” the MITI source said, who added that the move is unrelated to MITI’s initiatives on industrial reforms and improved investment landscape. Last month, Tesla shares tumbled 12% after posting its lowest quarterly profit margin in five years, with earnings per share missing estimates for the fourth consecutive quarter. It was the biggest one-day percentage drop in Tesla’s stock since 2020, and it left Tesla’s market capitalisation at just under US$700 billion, down from over US$1 trillion in 2021.

SINGAPORE and MANILA: Gupshup, the world’s leading Conversation Cloud announced its partnership with Tonik Bank, the first digital-only neobank in the Philippines, to develop a state-of-the-art Generative AI chatbot for Tonik’s mobile app. The innovative solution aims to provide Tonik’s customers with instant and accurate answers to frequently asked questions, revolutionising the way they interact with their bank. The generative AI chatbot, powered by Gupshup’s advanced natural language processing (NLP) and machine learning (ML) technologies, is designed to understand and respond to customer queries with human-like precision and empathy. By leveraging the latest advancements in AI, the chatbot can engage in contextual conversations, providing personalised and relevant information to each customer. Tonik is the first digital bank in the Philippines to leverage Generative AI for customer service. By integrating the chatbot into their mobile app, Tonik Bank aims to provide their customers with instant access to information, reducing wait times and improving overall satisfaction. “The integration of Gupshup’s ACE LLM into our operations has been truly transformative. We’ve witnessed significant value in its ability to automate routine tasks, elevate customer service, and boost our overall efficiency. “This technology has the potential to revolutionise our operations, and we are excited to further explore its capabilities and implement it across our business,” said Tonik Bank Deputy Chief Technology Officer, Sateesh Reddy. Since the implementation of Gupshup’s technology, 9 out of 10 customer queries are now directed through Tonik’s in-app chat feature, where the AI autonomously resolves 75% of the queries without human intervention. This has not only amplified the efficiency of Tonik’s in-house customer care team by 4.3 times but also empowered them to dedicate more time to resolving intricate issues, ensuring that customers receive the personalised support they need. The generative AI chatbot solution is expected to generate significant cost savings for Tonik, with an estimated total of over US$20 million over the next 3 years. “Our partnership with Tonik Bank exemplifies the future of BFSI. As the sector evolves, Gen AI will be crucial to deliver seamless, personalized, and efficient customer experiences. “Our chatbot solution is designed to do just that, empowering banks like Tonik to focus on what matters most – building strong relationships with their customers,” said Gushup Co-founder and CEO, Beerud Sheth.