Energy & Technology

Mastercard has rolled out authenticated agentic payment transactions in Singapore and Malaysia, marking the first phase of its AI-powered payments push in ASEAN. The rollout was carried out with United Overseas Bank (UOB) for regional testing, alongside local banks in each market to support implementation. More ASEAN markets are expected to follow. The pilots aim to pave the way for wider adoption on trusted payment rails as more participants join the ecosystem. The initiative is powered by Mastercard Agent Pay, which enables AI-driven transactions using tokenised credentials, verifiable intent and end-to-end auditability via Agentic Tokens and Payment Passkeys. This ensures transactions initiated by AI remain aligned with user authorisation. Mastercard said “verifiable intent”, co-developed with Google, creates a tamper-resistant record of user-approved actions when AI agents transact on their behalf, providing a shared reference for issuers, merchants and consumers. Separately, Mastercard plans to launch a regional AI Centre of Excellence in Singapore later this year. The facility will be its largest innovation hub in Asia-Pacific, bringing together capabilities in AI, cybersecurity, payments, fraud detection and real-time risk management. Jacquelyn Tan said the collaboration highlights how trusted, AI-enabled payments can enhance everyday banking and commerce across diverse markets, while maintaining strong governance as adoption scales. Safdar Khan said the rollout underscores ASEAN’s rapid uptake of secure, AI-driven commerce, adding that early pilots show AI agents can operate responsibly and transparently with transactions anchored in verified user intent.

Sunview Group Bhd’s consortium, comprising its wholly-owned subsidiary Fabulous Sunview Sdn Bhd and Cypark Renewable Energy Sdn Bhd, has secured a RM1.96 billion contract from TNB Power Generation Sdn Bhd (TNB Genco) for a major renewable energy project. The consortium, known as Consortium Cre-Sunview, received a letter of acceptance (LOA) for the engineering, procurement, construction, and commissioning of a 595-megawatt alternating current (MWac) floating solar photovoltaic plant, paired with a battery energy storage system at Kenyir Lake, Terengganu. Within the unincorporated joint venture, Cypark Renewable Energy holds a 60% stake, while Fabulous Sunview owns 40%. The project, including all applicable taxes, duties, fees, and sales and service tax (SST), is scheduled to start on 2 June 2026 and is targeted for completion by 29 September 2028. Sunview said the contract is expected to contribute positively to the group’s future earnings, without affecting its share capital or the holdings of substantial shareholders. TNB Genco, the contracting party, is a wholly owned subsidiary of Tenaga Nasional Bhd, and this project reinforces Malaysia’s commitment to renewable energy and sustainable power generation.

MHS Aviation Bhd, a subsidiary of Boustead Holdings Bhd, has signed a Memorandum of Understanding (MOU) with Vertiport Malaysia Sdn Bhd, the commercial arm of Universiti Malaysia Perlis (UniMAP), to strengthen Malaysia’s unmanned aviation capabilities. Datuk Shaiful Hazizy Zainol Abidin and Mohd Fakhrul Arifin Adinan at the MOU signing ceremony between Vertiport Malaysia and MHS Aviation Berhad in Perlis. In a statement, MHS Aviation said the collaboration supports the Airspace Sandbox initiative announced under Budget 2026, which serves as a national platform for testing and developing low-altitude flight technologies, including Unmanned Aircraft Systems (UAS) and autonomous aviation solutions. The partnership aims to enhance Malaysia’s UAS ecosystem across both civil and defence applications by combining academic expertise with industry capabilities and operational experience. Under the MOU, both parties will collaborate on training, research, and innovation in unmanned aviation. Key focus areas include operational deployment of UAS, particularly Beyond Visual Line of Sight (BVLOS) capabilities, as well as maintenance, repair and overhaul (MRO) services, and training and certification programmes covering operations, management, and maintenance. The collaboration will also involve joint efforts to promote and develop UAS-related services and capabilities. The agreement also sets the stage for further due diligence, including obtaining approvals from the Civil Aviation Authority of Malaysia (CAAM) and developing operational frameworks such as standard operating procedures and operations manuals. MHS Aviation CEO Mohd Fakhrul Arifin Adinan said the partnership reflects the company’s commitment to building next-generation aviation capabilities in Malaysia, adding that the collaboration with UniMAP will support scalable and future-ready unmanned solutions aligned with national priorities. Boustead Holdings group managing director Ahmad Sabirin Arshad said the initiative highlights the group’s strategic role in strengthening Malaysia’s defence and aerospace ecosystem, particularly in emerging technologies such as unmanned systems. Meanwhile, UniMAP vice-chancellor Zaliman Sauli said the collaboration will help position Malaysia as a regional leader in aviation and drone technology, while supporting the development of high-skilled talent in aeronautics and unmanned systems.

Oiltek International has signed a heads of agreement with Brunei-based Bioseaga Industries to develop a US$350 million sustainable aviation fuel (SAF) plant in Sabah, marking a major project for the company. For comparison, Oiltek’s total order book stood at RM350 million as at Feb 23. Under the agreement, Oiltek will act as the exclusive contractor for the project and may also consider taking an equity stake at a later stage. The proposed plant is expected to have a production capacity of approximately 300 metric tonnes per day. Bioseaga Industries, part of the BioSeaga group, focuses on food security initiatives as well as renewable and sustainable fuel development. The collaboration is expected to support the growth of sustainable aviation fuel production in the region. Oiltek said the project represents a strategically significant opportunity to strengthen its participation in the fast-growing SAF value chain. By serving as the exclusive contractor, the company believes it will further reinforce its position as a solutions provider in renewable fuels and sustainable energy infrastructure.

MN Holdings Bhd has secured a RM128 million contract to build a 275-kilovolt (kV) consumer landing station (CLS) for a data centre in central Peninsular Malaysia. The contract was awarded to its wholly owned subsidiary, MN Power Transmission Sdn Bhd, by a client providing infrastructure for hosting, data processing, and related services. The project scope includes construction, supply, installation, testing, and commissioning of the CLS, as well as building works, external works, and infrastructure utilities, ensuring the landing station is fully operational to meet the data centre’s power requirements. The project started on 10 February 2026 and is expected to be completed by 17 December 2026. This follows a strong year for MN Holdings, which has already secured RM720 million in new contracts so far, exceeding earlier expectations. According to AskEdge, MN Holdings trades at a 15.7 times trailing price-to-earnings (P/E) ratio, notably lower than peers such as UUE Holdings Bhd (60.7x), Kinergy Advancement Bhd (27.8x), Jati Tinggi Group Bhd (25x), and CBH Engineering Holdings Bhd (19.8x). On Thursday, MN Holdings’ shares closed four sen lower at RM1.75, giving the company a market cap of RM1.16 billion, despite a 62% increase over the past year, reflecting strong confidence in its order book and growth prospects. The CLS project reinforces MN Holdings’ expertise in high-voltage infrastructure and its ability to deliver large-scale, complex projects critical to the operation of data centres, a key component of Malaysia’s growing digital economy.

Ni Hsin Resources Bhd has announced a strategic partnership aimed at accelerating the adoption and deployment of electric vehicles (EVs) in Malaysia. The collaboration focuses on strengthening EV infrastructure, enhancing technology integration, and supporting local fleet electrification initiatives. While details of the partnership are yet to be fully disclosed, industry sources indicate that the tie-up will involve joint efforts in charging infrastructure, battery solutions, and EV ecosystem development across key urban and industrial areas in the country. The move aligns with Malaysia’s broader push towards sustainable mobility and the government’s target to increase EV adoption as part of its green transition roadmap. By leveraging Ni Hsin’s expertise in automotive and industrial solutions, the partnership aims to address challenges in EV deployment, such as limited charging networks and operational efficiency for fleets. Ni Hsin’s management said the partnership underscores its commitment to supporting Malaysia’s energy transition while expanding its footprint in the growing EV sector. The company expects the collaboration to create opportunities for long-term growth, both in EV infrastructure and related services.

Dialog Group Bhd has finalised and signed the Cendramas production sharing contract (PSC) with Petroliam Nasional Bhd (PETRONAS) and its partners, marking a further expansion of the group’s upstream oil and gas portfolio. In a filing with Bursa Malaysia, Dialog said its wholly owned subsidiary Dialog Resources Sdn Bhd will hold a 25% non-operating interest in the PSC. The stake will be held alongside EnQuest Petroleum Production Malaysia Ltd, which will also own 25%, while Medco Asia Pacific Ltd will serve as the operator with a 50% participating interest. The Cendramas PSC, located offshore Peninsular Malaysia, includes a series of minimum work commitments aimed at optimising the field’s potential. These include the drilling of appraisal and infill wells, development of discovered resources, and asset life extension initiatives to maximise production and operational efficiency over the contract period. The PSC is scheduled to take effect on 23 September 2026 and will run for 20 years, providing the partners with a long-term framework for exploration, development and production activities. Dialog said its participation in the Cendramas PSC aligns with its strategy to strengthen and grow its upstream segment, while leveraging collaboration with experienced regional operators. The move is also expected to enhance the group’s exposure to production assets and support its long-term earnings visibility.

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.