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KUALA LUMPUR : Securities Commission Malaysia announced the appointment of Datuk Nik Mohd Hasyudeen Yusoff, the former chief executive officer of Lembaga Tabung Haji to its board. The appointment is for a two-year term, the regulator said in a statement. Appointed by the Minister of Finance, the board is responsible for monitoring the overall governance of the SC and has oversight of its regulatory and developmental mandates. His “vast industry, regulatory and international experience will help strengthen the SC board in carrying out its dual mandates,” said SC chairman Datuk Mohammad Faiz Azmi. Nik Mohd Hasyudeen was at the helm of Tabung Haji from September 2019 to May 2021, and remains on the board of the pilgrim funds. He currently sits on the boards of the Perdana Fellow Programme, Petron Malaysia Refining & Marketing Bhd (KL:PETRONM), and Bank Islam Malaysia Bhd (KL:BIMB). He was also an executive director at SC, in charge of market and corporate supervision, as well as the executive chairman of the Audit Oversight Board. Nik Mohd Hasyudeen is also an adjunct professor at the Faculty of Business and Accountancy, University of Malaya. He holds a degree in business from Curtin University of Technology, Australia. –THE EDGE

KUALA LUMPUR: Professional services firm KPMG in Malaysia has appointed Foong Mun Kong as its new managing partner, effective 2 January 2025. According to to a statement issued by KPMG, Foong succeeds Datuk Johan Idris, which has transitioned to the role of non-executive chairman. Foong, who was previously the firm’s head of audit, currently serves as vice-president of the Malaysian Institute of Certified Public Accountants (MICPA), is a council member of the Malaysian Institute of Accountants, and is a member of the MFRS Application and Implementation Committee of the Malaysian Accounting Standards Board (MASB) KPMG said the the new leadership will position KPMG in Malaysia well to navigate future challenges and further strengthen its market presence. “It is an honor to lead KPMG in Malaysia alongside this exceptional team of leaders. “Together, we have the building blocks in place to uphold the quality, integrity, and trust that define us and shape a future-ready KPMG—to deliver long-term value and positive impact to the clients and communities we serve,” said Foong. –THE STAR

By Hew Wee Choong, Head of ASEAN Team, Cyclone Robotics & Toshio Tozaki, Managing Director of TRANSCOSMOS (MALAYSIA) SDN. BHD.

DUBAI: Jumeirah, a global leader in luxury hospitality and a member of Dubai Holding, has announced the appointment of Thomas B. Meier as its new Chief Executive Officer. With extensive industry experience, Thomas has been instrumental in guiding Jumeirah through several important milestones and will now lead the next stage of the Brand’s sustainable growth under its Mission 2030 strategy. As Chief Executive Officer, Thomas will spearhead Jumeirah’s bold plans to double its portfolio by 2030, focusing on international expansion and solidifying its position as a global leader in luxury hospitality. Under his leadership, Jumeirah aims to continue setting new standards for the industry, building on its strong legacy and reinforcing its commitment to deliver enriching guest experiences rooted in culture and connection. Thomas, who served as Chief Operating Officer since October 2021 and most recently as Interim Chief Executive Officer, takes on the role during a pivotal time for the brand.  During 2024, Thomas led milestone achievements, including Jumeirah’s entry into Africa with the launch of Jumeirah Thanda Island in Tanzania and Jumeirah Thanda Safari in South Africa as well as other upcoming launches, while also strengthening the leadership team with several senior appointments. With a distinguished career spanning several decades, Thomas has also led operations and global expansion for renowned brands, including Raffles.   Commenting on his appointment, Thomas B. Meier said: “Jumeirah has always set new benchmarks in luxury hospitality, consistently delivering extraordinary guest experiences. As we gear up for the opening of Jumeirah Marsa Al Arab and continue to expand into new markets, I am honoured to lead Jumeirah’s next chapter. With bold ambitions, Jumeirah will continue to innovate, staying ahead of industry trends and exceeding the ever-evolving expectations of the most discerning guests. Our vision is to establish Jumeirah as one of the foremost influential hospitality brands worldwide.” In line with its global expansion vision, Jumeirah recently unveiled several high-profile properties, including the two new iconic destinations in Africa; Jumeirah Red Sea in Saudi Arabia; Jumeirah Marsa Al Arab in the United Arab Emirates and Jumeirah Le Richemond Geneva in Switzerland. Today, Jumeirah operates a portfolio of 30 properties across the Middle East, Africa, Europe and Asia. The brand is actively pursuing owner and operator opportunities in major gateway cities and resort destinations worldwide, further strengthening its position as a leader in the global luxury hospitality sector. For more information visit jumeirah.com and stay connected on social channels @Jumeirah.

Sunway Property, the property arm of Sunway Group, has announced Chung Soo Kiong as its new Managing Director. Chung, who succeeds Datin Paduka Sarena Cheah, brings more than 20 years of extensive experience in property development and construction businesses within Sunway Group. Chung most recently served as the Managing Director of Sunway Property’s International division, where he spearheaded regional ventures and key projects in Singapore, China, and other markets. With his new portfolio as Managing Director of Sunway Property, Chung will now lead the overall property division, encompassing both domestic and international operations. In his expanded role, Chung will be supported by Chong Sau Min, Chief Executive Officer of Sunway Property (Central & Northern Region) and Sunway Property & Facilities Management (SPFM), and Gerard Soosay, Chief Executive Officer of Sunway City Iskandar Puteri. Chung said, “Building on the strong foundation laid by Datin Paduka Sarena and the incredible team, I look forward to delivering innovative, sustainable solutions that not only meet but exceed the expectations of our communities and stakeholders.” Cheah, who formerly held this position, assumes the new role of Executive Deputy Chair of Sunway Group on January 2, 2025. Cheah will focus on expanding the Group’s international footprint and continue overseeing the development of Sunway City Iskandar Puteri into a world-class township that attracts global investments and promotes regional tourism. Reflecting on her new role, Cheah said, “It has been a privilege to lead Sunway Property and contribute to its remarkable journey. I am confident that under Chung’s leadership, the division will reach even greater heights. As I take on this new role, I remain steadfast in advancing Sunway’s vision of building a sustainable future for generations to come.” The Group also welcomed Datuk Mohd Anuar Bin Taib as Deputy President of Sunway Group on the same day. A seasoned corporate leader, Anuar has served as an independent non-executive director on the board of Sunway Berhad since July 2023. In his new role, he will oversee core business divisions, including Sunway Property, Sunway Malls, and Sunway Healthcare, among others.

Under the visionary leadership of  Zaki Baz, Group CEO of Rembrandt Asset Management & CEO of Rembrandt Hotels Corporation, the company is poised to transform its approach to hospitality and asset management. With over 20 years of experience managing hotels both locally and internationally, Mr. Baz brings a wealth of expertise and a forward-thinking vision in strategic revenue management and advanced finance. His focus on quality, digital innovation, and delivering unparalleled guest experiences sets a new benchmark for excellence in the industry. Rembrandt Asset Management is a premier company overseeing a dib verse range of subsidiaries: 1. Rembrandt Hotels Corporation: This subsidiary is dedicated to investing in and managing a wide array of hotel properties, both existing and in development, to ensure top-tier service, guest satisfaction, and exceptional financial performance across all locations. 2. Rembrandt Foods: Specializing in the management and operation of food and beverage establishments, including restaurants, bars, and catering services, Rembrandt Foods aims to deliver innovative culinary experiences and manage independent F&B operations to expand and diversify revenue streams. 3. Rembrandt Services: This arm offers specialized services such as property management, concierge services, and other hospitality-related offerings. It also includes unique ventures like Saskia’s Wash, a premium laundry service, and The Hue, a luxury amenities provider, enhancing the company’s comprehensive service portfolio. Rembrandt Asset Management’s Unique Approach and Strategic Focus Rembrandt Asset Management distinguishes itself from traditional hotel management companies by prioritizing the creation of profitable streams for owners and shareholders rather than managing hotels and assets in a conventional manner. The company is highly adaptable and dynamic, meeting every owner’s needs and requirements. Its strategy centers on commercial empowerment and leveraging AI-driven revenue management to optimize financial performance and ensure sustainable growth. This innovative approach allows Rembrandt to maximize returns on investment while maintaining high standards of guest satisfaction and service excellence. Empowering Commercial Strategies and AI-Driven Revenue Management Committed to using advanced technologies and data-driven insights, Rembrandt Asset Management enhances its commercial strategies through AI-driven revenue management. This approach enables the company to make informed decisions that drive profitability and create long-term value for both owners and stakeholders. By focusing on innovation, Rembrandt ensures it remains at the forefront of the industry, delivering exceptional results across all its managed assets. A Strong Financial Foundation Having secured over 4.7 billion THB in capital, Rembrandt Asset Management demonstrates a robust financial foundation that supports its ambitious renovation and expansion projects. This substantial investment aligns with the company’s growth strategy and commitment to enhancing property values and guest experiences across all subsidiaries. Looking Ahead With a clear vision, substantial investments, and a commitment to innovation, Rembrandt Asset Management is set to redefine hospitality and asset management in Thailand and beyond. The company is dedicated to becoming a leader in hotels and asset management, setting new standards of excellence, and driving sustainable growth.   “We are excited to embark on this transformative journey,” said Mr. Zaki Baz, Group CEO of Rembrandt Asset Management & CEO of Rembrandt Hotels Corporation. “Our mission is to create exceptional experiences for our guests and deliver significant value to our stakeholders. With the support of our talented team and strategic partners, we are confident in our ability to lead the industry and establish new benchmarks for excellence.”

KUCHING: Disagreements over the asset value of MASwings are delaying the Sarawak government’s acquisition of the airline from Malaysia Aviation Group (MAG). The Sarawak government and MAG, the parent company of MASwings Sdn Bhd, have not been able to see eye-to-eye on their respective assets valuations of MASwings, resulting in the formal sale-and-purchase agreement between them fixed to be signed on Dec 31, 2024, not materialising. The Sarawak government, the Transport Ministry and Malaysian Aviation Commission (Mavcom) had earlier agreed to Sarawak taking over MASwings which currently serves routes in Sarawak and Sabah. According to Sarawak Premier Tan Sri Abang Johari Tun Openg, due to the differences in valuation of assets, a formal agreement on MASwings’ acquisition could not be inked last month. “The only remaining issue is asset valuation. We have our valuation and they have theirs. “To resolve this, we need a third party to adjudicate. Both sides have their own audit teams and we are now in the negotiation phase,” he said recently. Abang Johari now expects the acquisition of MASwings to be finalised in first quarter of 2025 (1Q25). Headquartered in Kota Kinabalu International Airport, MASwings currently owns and operates a fleet of 16 aircrafts serving 23 destinations in Sarawak and Sabah. The aircraft fleet comprises of 10 units of ATR 72-500, which can accommodate 68 passengers each and six units of 19-seater Viking Air DHC-6-400 Twin Otter. MASwings received the ATR 72-500 aircraft between 2008 and 2010 and retired its last Fokker 50 in April 2010. By 2013, the six brand-new DHC-6 Twin Otter Series 400 entered the service and replaced the aging Twin Otters. The Twin Otters are used for rural air service to isolated communities with limited infrastructure such as the highlands like Bario, in northern Sarawak. MASwings utilises the Miri Airport as its primary hub for the Twin Otter operations with Kuching International Airport as a secondary hub. Established as a regional airline in 2007, MASwings provides essential air connectivity to remote and rural areas in Sarawak and Sabah under the rural air services programme. It initially operated 450 weekly flights to 22 destinations across Sarawak and Sabah using a fleet of Fokker 50 and DHC-6 Twin Otter. In 2010, MASwings expanded its operations focusing on international routes within the Brunei-Indonesia-Malaysia-Philippines East Asean Growth Areas. It had then operated flights on routes including Kota Kinabalu -Bandar Seri Begawan (Brunei), Kota Kinabalu-Puerto Princesa (Philippines), Kuching-Pontianak (Indonesia) and Tawau-Tarakan (Indonesia). The Covid-19 pandemic in 2020 had significantly impacted MASwings’ operations as it had resulted in flight suspensions due to movement control orders and a sharp drop in passenger traffic. In 2022, the carrier discontinued its sole remaining international route (Tawau-Tarakan flight) to focus exclusively on domestic operations. In 2019, MASwings entered into a new Public Service Obligation agreement with the federal government to operate the rural air services across 40 routes in Sabah and Sarawak until 2024. This agreement included an annual subsidy of RM209mil to cover operational costs and maintain connectivity to underserved regions. Transport Minister Anthony Loke had announced recently that the annual subsidy will be extended to 2025. Once the sale-and-purchase agreement is inked between the Sarawak government and MAG, the transfer of ownership of MASwings is expected to take between six and nine months and it then needs to work on getting approvals from the relevant authorities on its planned international expansion. Abang Johari has already made known the Sarawak government’s ambitious plan to transform MASwings into a regional carrier, serving international destinations with a four-to-seven hour air travelling time, besides existing domestic routes. The target destinations include South Korea, Japan, Hong Kong, Thailand, Indonesia and as far as Frankfurt, Germany, in efforts to boost Sarawak tourism. MASwings will acquire long-haul aircraft to services these international routes. Abang Johari said MASwings will be rebranded with a new identity. He said a new name has been chosen but will only be unveiled on conclusion of the MASwings’ acquisition agreement. The rebranding of MASwings is expected to be undertaken under the management of Hornbill Skyways, a state-link aviation operator with Sarawak Foundation and Sarawak Timber Industry Corp as its major shareholders. Established in 1977 to cater for Sarawak’s growing demand for aviation services, Hornbill Skyways currently operates a fleet of 14 aircraft that includes one executive jet, turboprop planes and Bell Ranger and Eurocopter helicopters.–THE STAR

Financial fragmentation is on the rise, threatening global economic growth and millions of jobs. A new report by Economist Impact, sponsored by Swift, examines the increasing segmentation of financial markets. Using economic modelling and expert insights, it forecasts how fragmentation could unfold in 2030 and quantifies its potential impact on global and national outcomes, including GDP and employment. Financial fragmentation refers to a decline in the international flow of finance, disrupting cross-border investment, credit, and payments. This reduction in global capital flows threatens to unravel the intricate web of connections that sustain the modern economy. Financial integration, the antidote to financial fragmentation, is the bedrock of a globalised world. It opens doors and unlocks opportunities for workers, businesses, and countries. Although the benefits are not always distributed evenly, the net effect has been reduced global poverty and the rise of an interconnected and interdependent world. The report and analysis titled “Growth at a crossroads: measuring the cost of financial fragmentation” examines the probable drivers of fragmentation in the short- to medium-term and maps out three potential future scenarios: “the new normal”, “escalation” and “mitigation”. These qualitative scenarios are integrated into a comprehensive modelling and quantitative analysis, and supported by in-depth interviews with experts in global and regional finance. The report warns that in the worst-case scenario of escalating financial fragmentation, global GDP could shrink by 6%, and nearly 280 million jobs could be lost. Middle-income countries like China, Kenya, and South Africa would face the hardest hits, with high-skilled workers bearing the brunt more than their lower-skilled counterparts. To avoid a poorer and more divided world, the report calls for harmonised regulation, stronger international cooperation, and innovation in markets and financial systems. Policymakers must improve access to financial services to strengthen international co-operation, financial institutions should enhance risk management to mitigate geopolitical threats, international organisations can promote open markets and competition, and technology providers need to develop integrative solutions that enable financial institutions to become comprehensive hubs for their customers. John Ferguson, Practice lead for New Globalisation at Economist Impact, said:  “A globally connected world rests on a strong and integrated financial flow of capital, assets and information. Increasing financial fragmentation will only harm this integrated ecosystem, raise costs and threaten the stability of businesses and jobs. Efforts by institutions and policymakers to mitigate these effects now and counter fragmentation will ensure the rewards gained by globalisation will not be lost or priced higher.”

KUALA LUMPUR: AirAsia Group has appointed Allenie Caccam as its new head of business growth to bolster its market presence and growth trajectory. With a robust background in marketing leadership, Caccam brings a wealth of experience and strategic insight to her new role. In an exclusive interview with MARKETECH APAC, Caccam discussed her vision, responsibilities, and plans for driving business growth at AirAsia Group. Leveraging marketing leadership experience In her new role, Caccam shared that her team will be responsible for supporting the establishment of business operations and the go-to-market strategy for new markets, targeting specific geographies for AirAsia Group. This involves project management from the initial sale phase through to the inaugural launch, working closely with cross-functional departments such as ground operations, network, route revenue, regulatory, communications, and marketing. Additionally, her team is also tasked with identifying growth opportunities in terms of channel and customer. “We are actively looking into new channels to support underserved markets for AirAsia and interline solutions to increase our reach and feed our Asia and Pacific network, where AirAsia is strong,” she explained. Caccam believes that her extensive experience in marketing at AirAsia Philippines has equipped her with a strategic perspective vital for her new role. “My marketing experience has trained me to strategically look into the different angles of the business and align our strategies with customer insights to determine maximum demand and revenue potential,” she said. She also noted the crucial importance of the ability to commercialise a product in her role, ensuring the service is brought to market comprehensively through market research, distribution, promotion, customer support, and operation. For Caccam, this remains a vital skill in identifying growth opportunities and achieving successful implementation in the highly competitive airline industry. Now, as she leads the go-to-market strategy for new market development, Caccam underscores her clear priorities for AirAsia Group. “AirAsia’s tagline has always been ‘Now Everyone Can Fly’ and our strength has always been our broad network of over 130 destinations. Serving the underserved underpins our operations. Our focus is to not only fly the most popular routes but also bring in more passengers to our network from markets we are not yet serving or even where no other airline is serving, all the while making sure that it helps build the trade, economy, and tourism of both markets, which is a win-win for everyone,” she emphasised. Adapting to the evolving travel landscape  Caccam foresees the evolving landscape of travel and tourism significantly impacting AirAsia’s growth strategy. She believes that travel will continue to be an integral part of people’s lifestyles, and as more channels emerge to offer customised travel experiences, the industry will become increasingly competitive. “AirAsia will continue to harp on our strengths: our service, our network, our customer data built up over 20 years, and our affordable fares. We plan to use these huge assets to serve more underserved routes to connect Asia to the world,” Caccam said. For Caccam, online channels are reaching maturity, particularly in Asian markets where digital is a top priority. Customers are rapidly transitioning to the generation of digital natives, and online media is no longer considered “new.” “It is now a game of great raw content and relatability rather than glossy and hard-selling advertisements. In line with this, AirAsia will continue to produce relatable content through our social media channels and our own internal and external ambassadors and use these avenues to remarket our service,” she added. “AirAsia’s tagline has always been, ‘Now Everyone Can Fly’ and with this role, I will be able to contribute more to making this vision a reality,” Caccam concluded.