Investment & Market Trends

KUALA LUMPUR: Deemples, Malaysia’s leading homegrown golf platform, has officially made its mark in Thailand with a grand launch event at Lakewood Country Club in Bangkok. This expansion is a game-changer for the region’s golfing community, reinforcing Deemples’ mission to bring golfers together and elevate the sport through technology and connectivity. What began as a simple idea—helping golfers find playing partners—has evolved into Southeast Asia’s largest golf community. Whether it’s a casual round, a tournament, or a club match, Deemples makes it seamless for golfers to arrange games with ease. With its tech-driven approach and integrated payment system, the platform ensures that players can focus on what truly matters—enjoying the game. “Golf is a universal language that transcends borders, and Deemples is all about connecting passionate players. Thailand’s thriving golf community has welcomed us with open arms, and with our strong foundation in Malaysia, we’re excited to bring our platform to this golf-loving nation. Our goal is to make it effortless for golfers to connect, organize games, and share their passion, no matter where they are,” said David Wong, CEO and founder of Deemples. Tapping into Southeast Asia’s Booming Golf Market As golf continues to gain traction across Asia, Southeast Asia stands out as a fast-growing hotspot. In Malaysia alone, golfer participation surged by 25% between 2016 and 2020, contributing to the region’s total of 23.3 million golfers. Thailand, with its world-class golf courses and growing golf tourism industry, is the ideal next step for Deemples’ expansion. Building on this momentum, Deemples is set to thrive in Thailand’s booming golf tourism landscape. By connecting local players with international visitors and offering seamless booking and event management tools, the platform is creating a dynamic and inclusive golfing ecosystem. “Our technology is built for scalability, ensuring that golfers in Thailand enjoy the same frictionless experience that has made Deemples the leading golf community in Southeast Asia. With sophisticated matching algorithms and a secure payment gateway, we’re committed to continuous innovation to meet the evolving demands of the modern golfer,” said Ahmad Daleen, Chief Technology Officer of Deemples. With partnerships across almost every golf course in Malaysia, Deemples is more than just a platform—it’s a driving force behind the growth of golf tourism in the region. As it extends its reach to Thailand, the company is poised to offer golfers an unparalleled booking and matchmaking experience, making it easier than ever to enjoy the game anytime, anywhere.

KUALA LUMPUR: The Malaysian capital market achieved a historic milestone in 2024, reaching a record RM4.2 trillion in total market size, up from RM3.8 trillion in the previous year. This growth was driven by the expansion of stock market capitalisation, as well as increased bonds and sukuk issuances, according to the Securities Commission Malaysia (SC) in its Annual Report 2024 released. The fund management industry also witnessed significant progress, with assets under management (AUM) surpassing RM1.1 trillion, crossing the RM1 trillion mark for the first time. This was largely attributed to the strong performance of global equity markets. Robust Fundraising and IPO Activity The capital market demonstrated its strength as a fundraising platform, with total fundraising increasing to RM138.9 billion in 2024, marking an 8.7% rise from RM127.7 billion in 2023. This included a record 55 initial public offerings (IPOs), which collectively raised RM7.42 billion, more than doubling the RM3.6 billion raised in 2023 from 32 IPOs. SC Chairman Dato’ Mohammad Faiz Azmi highlighted the resilience of the market, emphasizing that strong bond and sukuk issuances played a key role in maintaining capital market stability and facilitating economic growth. Looking ahead, the SC is formulating a new five-year capital market masterplan, focusing on enhancing financial security for retirees and promoting sustainable financing. “Building on our market’s strengths, the SC remains committed to fostering an inclusive and vibrant capital market, while facilitating innovation and enhancing regulatory efficiency,” Dato’ Faiz stated. Key Highlights from the SC Annual Report 2024 Market Growth & Fundraising Total fundraising from the equity and corporate bond market grew by 8.7% to RM138.9 billion. Record-breaking IPO activity with 55 IPOs raising RM7.42 billion. Bond & sukuk issuances totaled RM124.2 billion, including RM13.3 billion in sustainability-linked issuances (2023: RM8.7 billion). Islamic capital market (ICM) expanded by 8.5% to RM2.6 trillion, supported by a 7.1% rise in sukuk outstanding and a 3.6% increase in market capitalisation of Shariah-compliant equities. Alternative financing avenues for micro, small, and medium enterprises (MSMEs) gained momentum, with RM4.1 billion raised through peer-to-peer (P2P) financing, equity crowdfunding (ECF), and venture capital/private equity (VC/PE). Investor Activity & Market Sentiment The average daily trading value surged to RM3.44 billion in 2024, compared to RM2.29 billion in 2023, reflecting improved investor sentiment. AUM in the fund management industry surpassed RM1 trillion, driven by a buoyant global equity market. The Private Retirement Scheme (PRS) saw net asset value growth of 18% year-on-year, reaching RM7.61 billion. Digital Investment Management (DIM) AUM reached RM1.9 billion, increasing more than 500 times since its inception in 2018. Digital asset exchange (DAX) trading volume grew 2.6 times, highlighting the rising interest in digital assets. Key Market Development Initiatives Launched the Single Family Office (SFO) Incentive Scheme in Forest City to position Malaysia as a premier wealth management hub. Introduced the National Sustainability Reporting Framework (NSRF) to align corporate sustainability disclosures with global standards. Rolled out the Catalysing MSME and MTC Access to Capital Market 5-Year Roadmap (2024-2028) to facilitate SME financing. Streamlined IPO approval processes, reducing time-to-market from over six months to three months through the Focus Scope Assessment framework. Expanded the Regulatory Sandbox, allowing controlled testing of innovative financial products beyond existing regulatory frameworks. Strengthening Market Integrity and Enforcement The SC took decisive actions in 2024 to enhance market integrity and protect investors: One criminal conviction and RM9.87 million in civil penalties imposed. 125 administrative sanctions issued, including RM13.72 million in fines. Heightened surveillance against financial scams and unlicensed activities, leading to 273 entities added to the Investor Alert List, 153 website blocks, and 261 social media takedowns. AOB Annual Report 2024: Strengthening Audit Oversight The Audit Oversight Board (AOB) continued its efforts to uphold audit quality and corporate governance. Key measures included: Registration and recognition of 42 audit firms and 393 individual auditors. Inspections of 40 audit engagements across 13 firms to ensure compliance with auditing and ethical standards. Enforcement actions against two audit firms and four individual partners, resulting in RM275,000 in penalties. Capacity-building initiatives, including subsidizing 100 accountants for the GRI Professional Certification Programme. Capital Market Stability Review 2024: Resilience Amid Global Uncertainty Despite external economic pressures such as interest rate adjustments, foreign exchange fluctuations, and geopolitical risks, Malaysia’s capital market remained stable and resilient. Stress tests on investment funds affirmed the market’s ability to withstand redemption shocks even in extreme conditions. Corporate earnings, particularly in the energy, property, and construction sectors, contributed to index performance and revenue growth for stockbroking firms. Meanwhile, cybersecurity remained a key focus, with enhanced measures introduced to safeguard against digital threats. Looking Ahead: Key Initiatives for 2025 The SC has outlined several priorities for 2025: Strengthening Malaysia’s leadership in ASEAN capital markets, including finalizing the ACMF Action Plan 2026-2030. Developing the Capital Market Masterplan 4 (CMP4) to ensure long-term market competitiveness. Enhancing Malaysia’s Islamic finance leadership, including defining Maqasid al-Shariah-based indicators for the equity market. Preparing for two key assessments: The Financial Action Task Force (FATF) Mutual Evaluation and the Corporate Governance (CG) Watch 2025. Reviewing regulatory fees to create a more sustainable regulatory environment that supports market growth. With a strong foundation in place, the Malaysian capital market is poised for continued growth, innovation, and resilience in the years ahead.

Halogen Capital, Malaysia’s first licensed digital asset fund manager, has signed with Affin Bank Berhad (“AFFIN BANK” or “the Bank”) to distribute their Halogen Shariah Defensive Bitcoin Fund with an integrated capital preservation strategy. This innovative fund aims to provide high net-worth individuals and institutional investors with a low-risk and secure pathway to harness the growth potential of Bitcoin. The Fund will employ a buy-and-hold strategy that is a combination of low-risk islamic deposits and high-growth active asset, Bitcoin. This approach ensures the portfolio value is safeguarded from significant market volatility, providing investors with both stability and potential upside. “The Halogen Shariah Defensive Bitcoin Fund is redefining how high net worth and institutional investors approach digital asset investments in Malaysia,” said Hann Liew, Founder and CEO of Halogen Capital. “By combining Bitcoin’s high-growth potential with a capital preservation strategy, we are providing a solution that is both innovative and practical.” He added: “In volatile markets, this fund acts accordingly, ensuring investors can confidently navigate downturns without compromising on long-term returns, in which we recognise the need for investors to access high-growth opportunities in the digital asset market without experiencing significant capital loss and maintaining Shariah compliance.” Through its distribution of the Fund on behalf of Halogen Capital, AFFIN BANK is looking to introduce a risk-managed alternative for investors, bridging the gap between traditional financial principles and the dynamic digital asset market. This Fund serves as an ideal solution for investors looking to diversify their portfolios with innovative yet secure investment options. Encik Mohammad Fairuz Mohd Radi, Executive Director of Group Community Banking, Affin Bank Berhad said, “We are delighted to introduce an innovative investment strategy that synergises Bitcoin with Islamic deposits, offering our customers a secure gateway to the digital asset landscape. This initiative underscores our unwavering commitment to delivering cutting-edge solutions while aligning seamlessly with the strategic pillars of the AFFIN Axelerate 2028 (AX28) Plan – Unrivalled Customer Service, Digital Leadership, and Responsible Banking With Impact.” The Fund is a close-ended Wholesale Fund open to sophisticated investors only. Investors are expected to have a short-medium term horizon of two years. The Fund’s initial minimum investment is RM 10,000 with an initial sales charge of up to 2% and annual management fee of 1%.

NEW YORK: Fast-fashion retailer Forever 21 has filed for Chapter 11 bankruptcy for the second time in six years, signaling a likely liquidation after failing to secure a buyer for its 350 U.S. stores. The brand, once a go-to for trendy, budget-friendly apparel, struggled amid the shift to e-commerce and the decline of American shopping malls. Founded in Los Angeles in 1984 by South Korean immigrants, Forever 21 expanded rapidly, peaking at 800 stores worldwide by 2016. However, mounting financial challenges led to its first bankruptcy in 2019, after which it was acquired by Sparc Group, a joint venture between Authentic Brands Group, Simon Property Group, and Brookfield Asset Management. Now owned by Catalyst Brands—formed in January through the merger of Sparc Group and JCPenney—Forever 21 has initiated liquidation sales while exploring a court-supervised sale of some or all of its assets. Its U.S. stores and website remain operational, and international locations are unaffected. The company reported estimated assets between $100 million and $500 million, with liabilities ranging from $1 billion to $10 billion. A successful sale could prevent a full wind-down, allowing operations to continue under new ownership. Despite Forever 21’s uncertain future, Authentic Brands Group retains control of its trademark and intellectual property, leaving the possibility of a rebranded revival. CEO Jamie Salter previously called acquiring Forever 21 “the biggest mistake I made.” This latest bankruptcy highlights the broader struggles of traditional retail in an increasingly digital landscape, as e-commerce and changing consumer habits continue to reshape the industry.

SINGAPORE: Global AI-powered customer management software firm Salesforce has announced a US$1 billion (S$1.3 billion) investment in Singapore over the next five years, reinforcing its commitment to accelerating the nation’s digital transformation and AI adoption. The investment, unveiled on March 12, will support the growth of Agentforce, Salesforce’s AI system that deploys autonomous agents for specific tasks. It will also help expand Singapore’s workforce in key service and public sector roles, addressing the nation’s slowing labour force growth due to an ageing population and declining birth rates. Bridging the AI Skills Gap To equip Singaporeans with essential AI and customer relationship management (CRM) skills, Salesforce is partnering with leading Institutes of Higher Learning such as Singapore Management University (SMU), the Institute of Technical Education (ITE), and Ngee Ann Polytechnic. These collaborations will provide training, certifications, and direct employment opportunities within the Salesforce ecosystem. Salesforce’s investment aligns with Singapore’s vision of becoming a global AI innovation hub, said Mr. Jermaine Loy, Managing Director of the Singapore Economic Development Board (EDB). “Salesforce’s initiatives in AI research and workforce development will strengthen our ecosystem by catalysing innovation across key industries,” he noted. Enhancing Customer Experience Through AI Salesforce has been a key player in Singapore’s digital economy for nearly two decades, serving major companies such as Singapore Airlines (SIA), Grab, M1, FairPrice Group, Ocean Network Express, and Prism+. These companies leverage Salesforce’s AI technologies to drive efficiency and enhance customer experiences. SIA, in particular, will integrate Salesforce’s AI-powered solutions into its customer case management system, enabling more personalised and efficient customer service. Agentforce will help streamline operations by automating routine tasks, allowing customer service representatives to focus on delivering high-quality, personalised support. Powered by Salesforce’s Data Cloud, Agentforce will aggregate relevant customer data, equipping AI agents with insights to provide real-time, tailored solutions. Additionally, SIA will adopt Salesforce’s generative AI capabilities to summarise past customer interactions and offer proactive guidance, reducing response times and improving service efficiency. Co-Developing AI Solutions for the Airline Industry Beyond its immediate implementation, Salesforce and SIA will co-develop AI-driven solutions for airlines at Salesforce’s AI Research Hub in Singapore. These innovations aim to deliver greater value and enhanced operational efficiency across the aviation industry. SIA’s Chief Executive Officer, Mr. Goh Choon Phong, highlighted the airline’s commitment to AI and digital transformation: “As the world’s leading digital airline, Singapore Airlines continues to invest in cutting-edge technologies to enhance customer experiences, improve operational efficiencies, drive revenue, and boost employee productivity. We have been early adopters of generative AI, developing over 250 use cases in the past 18 months and implementing around 50 initiatives across our operations.” A Stronger AI Ecosystem for Singapore With this significant investment, Salesforce is set to play a key role in Singapore’s AI revolution, strengthening AI research, workforce development, and corporate innovation. As Singapore advances towards becoming a regional AI powerhouse, partnerships like these will be instrumental in shaping the future of digital transformation and economic growth.

NEW DELHI: Singapore’s state-owned investment firm, Temasek, has finalized a deal to acquire nearly 10% of the snacks division of India’s Haldiram’s for approximately $1 billion, according to two sources familiar with the matter. The agreement follows months of negotiations, with Temasek viewing Haldiram’s as a strategic asset that aligns with its growing focus on India’s consumer sector, one source revealed. Given the private nature of the discussions, the individuals declined to be named. Temasek declined to comment on what it described as market speculation. Meanwhile, attempts to reach Haldiram’s CEO, Krishan Kumar Chutani, for a response were unsuccessful. Haldiram’s, which also operates a chain of restaurants, commands a 13% share of India’s $6.2 billion savoury snacks market, according to Euromonitor International. The company’s snacks division has attracted significant interest from global investors, reflecting the growing appeal of India’s food and beverage sector.