News

KUALA LUMPUR: Anuar Fariz Fadzil, previously the Head of Public Policy at TikTok Malaysia, has been appointed as the CEO of the Malaysia Digital Economy Corporation (MDEC). According to The Star, the announcement was made by MDEC chairman Syed Ibrahim Syed Noh during the Malaysia Digital Content Festival 2024 in Kuala Lumpur today (3 October). Anuar also held key roles at Celcom Axiata, where he was Special Advisor to the CEO on public sector strategy and digital economy initiatives, and at Axiata Group Berhad, where he served as the Head of Regional Government Stakeholder Management. Earlier in his career, Anuar served as an Advisor and Aide to the Minister of International Trade and Industry (MITI), coordinating foreign direct investment strategies and industry development. His appointment follows the departure of Datuk Ts. Mahadhir Aziz, who ended a three-year tenure as CEO on 31 August 2024. During his leadership, Datuk Mahadhir played a major role in solidifying MDEC’s position within Malaysia’s digital ecosystem, securing over RM 170 billion in digital investments and creating more than 85,000 technology jobs. He also led key initiatives, including transforming the MSC initiative into Malaysia Digital (MD) and introducing the digital nomad visa.–FINTECH NEWS MALAYSIA

The Board of Maybank Singapore has appointed Datuk Yee Yang Chien as its Chairman, effective 1 October 2024. He will succeed Datuk R. Karunakaran, who has retired from Maybank Group after six years of dedicated service as Chairman, effective 30 September 2024. Datuk Yee was appointed as a Non-Independent Non-Executive Director of Maybank on 24 November 2023 and then as a Non-Independent Non-Executive Director of MSL on 15 August 2024. Wealth of Experience He brings with him a wealth of experience from both local and international financial institutions, with a career spanning external and internal audit, equity research, and investment banking. His extensive career also includes nearly 20 years at MISC Berhad (MISC), a publicly listed global shipping conglomerate, where he held several key leadership positions, including Vice President of Corporate Planning, Chief Operating Officer, and eventually President/Group CEO – showcasing his ability to lead and manage large-scale strategic initiatives. Rapid Growth His background in leading large-scale transformations will be invaluable in driving the rapid growth of Maybank Singapore, steering the organization towards greater sustainable growth and innovation. Datuk Yee holds a Double Degree in Accounting and Financial Management and Economics from the University of Sheffield, United Kingdom.–FINNEWS.ASIA

PETALING JAYA: Bank Islam Malaysia Bhd has launched the second tranche of its additional Tier 1 capital sukuk wakalah, amounting to RM250mil, from its RM5bil sukuk wakalah programme. This perpetual non-call five-year sukuk has been assigned and reaffirmed a long-term rating of A3 by RAM Rating Services Bhd. Proceeds from the sukuk wakalah will be utilised to finance general working capital requirements and other corporate purposes. The sukuk wakalah qualifies as Tier 1 regulatory capital of Bank Islam in compliance with Bank Negara’s capital adequacy framework for Islamic banks. Bank Islam is the principal adviser, lead arranger, lead manager and syariah adviser for the sukuk wakalah programme. In the second quarter (2Q) ended June 30, 2024, Bank Islam recorded a net profit of RM137.17mil compared to RM136.14mil a year ago. The bank’s 2Q revenue rose to RM1.15bil from RM1.12bil previously, while earnings per share stood at 6.05 sen.–THE STAR

BANGKOK: The Ministry of Higher Education, Science, Research, and Innovation (MHESI), through the National Innovation Agency (NIA), has announced the results of the Global Innovation Index 2024 (GII 2024) under the theme ‘Unlocking the Promise of Social Entrepreneurship.’ The index, organized by the World Intellectual Property Organization (WIPO), measures the innovation capabilities of 133 countries worldwide. Thailand has risen to 41st this year, improving by two ranks from the previous year. The announcement was accompanied by a forum on ‘Innovation System Development and Driving Thailand towards an Innovation Nation,’ held in partnership with key stakeholders in the innovation ecosystem, including the Thailand Science Research and Innovation (TSRI), the Ministry of Commerce, the Department of Intellectual Property, the Creative Economy Agency (Public Organization), the World Intellectual Property Organization (WIPO). Dr Krithpaka Boonfueng, Executive Director of the National Innovation Agency (Public Organization) or NIA, revealed that this year’s GII focuses on unlocking the potential of social entrepreneurship. This theme reflects the rapid rise of social entrepreneurs seeking innovative solutions to address pressing social issues. The study in this area assists policymakers and innovation support programs in expanding and improving social entrepreneurship initiatives to create a broader impact, thereby transforming society more effectively. “This year marks a positive milestone for Thailand’s innovation sector as the country has climbed to 41st place in the Global Innovation Index 2024, scoring 36.9, up from 43rd place. Thailand has shown improvements in both the Innovation Input Sub-Index, moving up to 41st from 44th, and the Innovation Output Sub-Index, climbing to 39th from 43rd. This progress reflects the efficiency of innovation inputs in generating greater innovation outputs, exceeding the level of investment put in to enhance innovation capabilities.” “Thailand is classified among the countries that deliver better results than expected at its level of economic development. Compared with 34 upper-middle-income economies, Thailand’s innovation performance is above average in all factors. Similarly, in Southeast Asia, East Asia, and Oceania, Thailand ranks 9th out of 17 countries and remains 3rd among ASEAN nations. Most ASEAN countries have seen an improvement in their GII rankings, particularly Indonesia, which has made a significant leap of 7 places to 54th; Vietnam, which has risen by two places to 44th; and Malaysia, which has moved up by 3 places to 33rd,” Dr Krithpaka explained. Dr Krithpaka also added that when examining Thailand’s innovation capabilities across the seven key factors, the country’s ranking has improved in nearly every category compared to last year. Notably, the Business Sophistication factor has climbed by two places to 41st. The indicator for Gross Domestic Expenditure on Research and Development (GERD) financed by businesses has maintained its global no. 1 spot for the fifth consecutive year. This underscores the private sector’s ongoing investment in enhancing business innovation capabilities through continuous research and development. “Another significant aspect of today’s event is the gathering of a network of partners who will collectively drive Thailand towards becoming a globally recognized Innovation Nation. The forum on ‘Innovation System Development and Driving Thailand towards an Innovation Nation’ included key participants such as NIA, the Thailand Science Research and Innovation (TSRI), the Department of Intellectual Property (DIP) under the Ministry of Commerce, and the Creative Economy Agency (CEA). We also had the honor of welcoming WIPO representatives who joined the event online. This gathering demonstrates Thailand’s readiness and commitment to promoting the development of research, science, and innovation, utilizing intellectual property, and fostering the creative economy through the policies, missions, and key initiatives of each organization.” “Today’s activities serve as a foundation for future collaboration among partners, aimed at systematically and comprehensively elevating innovation in line with the Global Innovation Index (GII) framework, steering Thailand towards becoming an Innovation Nation.”

KUALA LUMPUR: The secretariats of the China-ASEAN Expo (CAEXPO) and the Malaysia-China Summit 2024 (MCS 2024) formalised a strategic partnership during the recently-concluded CAEXPO in Nanning, China. This collaboration will bring nearly 50 prominent Chinese companies to MCS 2024 as exhibitors, significantly boosting the summit’s cross-border collaboration and business opportunities.   The cooperation was formalised between Guangxi CAEXPO International Exhibition Co., Ltd., representing the CAEXPO Secretariat, and Richard Teo, Executive Chairman of Qube Integrated Malaysia Sdn Bhd, representing MCS 2024, at MATRADE’s booth at the Malaysia Pavilion in CAEXPO.   Qube Integrated is organising MCS 2024 in association with the Malaysia External Trade Development Corporation (MATRADE) as part of the Ministry of Investment, Trade and Industry’s economic pillar programmes to commemorate the 50th anniversary of Malaysia-China bilateral ties.   Teo said the partnership represents a powerful alignment of two prestigious platforms which further amplifies the shared commitment of the two countries to strengthening trade across ASEAN and beyond.   “With nearly 50 companies joining MCS 2024 as exhibitors through CAEXPO’s extensive network, we are opening new doors for mutual growth and knowledge exchange,” he said, adding that this partnership marks a promising start for even more collaborations at MCS 2024.   MCS 2024 will take place from 17–19 December 2024 at the Malaysia International Trade and Exhibition Centre (MITEC), showcasing over 500 exhibitors from Malaysia, China, and ASEAN, and drawing 10,000 trade delegates. The summit will feature a Trade and Investment Expo alongside a high-level Leadership Conference, complemented by various side events and industry forums.   With the theme “Prosperity Beyond 50,” MCS 2024 will be centred around five key thematic pillars: Future Knowledge and Experience, Future Opportunity, Future Tech, Future Growth, and Future Mobility.   Teo highlighted that the strategic collaboration reflects the deepening bilateral ties adding, “CAEXPO has long been recognised as a prestigious platform for driving trade and investment exchanges between China and ASEAN, including Malaysia.   “By bringing companies from CAEXPO to the Malaysia-China Summit, we strengthen our collective efforts to foster innovation, investment, and economic growth.”   He noted that the participation of China companies demonstrates the strong interest of the enterprises in exploring opportunities with Malaysia. “Their presence at the summit will enrich the trade and investment landscape, providing invaluable insights and fostering collaborations that contribute to the prosperity of our regional economy.”   Teo further emphasised MCS 2024’s role as a premier platform for cross-border business exchange, adding that with a large contingent of exhibitors from China and ASEAN, “it’s an incredible opportunity for Malaysian businesses to engage with enterprises from across the region, building lasting connections that will enhance their growth.”   Recently, the MCS 2024 secretariat also announced the participation of some 500-strong China companies under a partnership with the Malaysian Chamber of Commerce and Industry in China (MAYCHAM China).   This year’s CAEXPO was held from 24 to 28 September 2024 where Malaysia was the country of honour. Malaysia’s presence was led by MATRADE with 150 organisations, 12 government ministries, and various private sector participants.  

PETALING JAYA: OCBC Bank (M) Bhd and OCBC Al-Amin Bank Bhd (OCBC Al-Amin) have named George Lee Lap Wah as chairman, effective Oct 1, 2024. He takes over from Tan Ngiap Joo, who retired from both roles on Sept 30 after nine years of service. Prior to the appointments, Lee was already a member of the OCBC Bank board of directors since Sept 1, 2021. Lee has extensive experience in the banking sector, particularly within the Malaysian market. He served as an adviser to the chief executive officer and management committee of OCBC Bank from April 2016 to July 2017. Prior to this role, he was the executive vice-president and head of global corporate banking at Oversea-Chinese Banking Corp Ltd (OCBC) from February 2012 until his retirement in April 2016. Before that, he held the position of executive vice-president and head of group investment banking at OCBC since 2002.

TOKYO: US West Texas Intermediate (WTI) crude futures rose by US$1.09, or 1.56%, to US$70.92 per barrel at 2254 GMT on fears of oil supply disruptions in the Middle East after Iran fired ballistic missiles at Israel. Brent futures will resume trading at 0000 GMT on Wednesday. Brent gained US$1.86, or 2.6%, on Tuesday to settle at US$73.56 a barrel. Iran fired more than 180 ballistic missiles at Israel on Tuesday, Israel said, in retaliation for Israel’s campaign against Tehran’s Hezbollah allies in Lebanon. Iran, a member of the Organization of the Petroleum Exporting Countries (Opec), is a major oil producer in the region. “The direct involvement of Iran, an Opec member, raises the prospect of disruptions to oil supplies,” ANZ Research said in a note, referring to the conflict. Iran’s oil output rose to a six-year high of 3.7 million barrels per day in August, ANZ added. Israeli Prime Minister Benjamin Netanyahu promised Iran would pay for its missile attack against Israel, while Tehran said any retaliation would be met with “vast destruction”, raising fears of a wider war. US President Joe Biden expressed full US support for Israel, its longtime ally, and the UN Security Council scheduled a meeting on the Middle East for Wednesday. — Reuters

PETALING JAYA: The ‘Community Banking’ revolution continues as AmBank and Bask Bear launched the new AmBank PJ New Town branch here today, marking a significant step towards the goal of 10 café banking outlets by the end of 2024. Since the inaugural launch of the concept in 2023 at its first three branches located in the Klang Valley, Penang and Kedah, customers have been enjoying the best of both worlds; a relaxing cup of coffee in a bank while they bank in a café. The initiative has transformed traditional banking by integrating lifestyle elements into AmBank’s branch network, as Bask Bear adds a relaxed environment where customers enjoy quality beverages and food while conducting their banking transactions. “Partnering with Bask Bear has allowed us to bring a fresh, innovative approach to the traditional banking experience. We’ve seen how this concept not only deepens our relationships with existing customers but also attracts new ones,” said Aaron Loo, Managing Director, Retail Banking, AmBank (M) Berhad. “The café banking model creates a space that feels like a community, where customers can enjoy a coffee while taking care of their banking needs.”.” Bryan Loo, founder and CEO of Loob Holding Sdn Bhd, which owns Bask Bear, added: “Our collaboration with AmBank has been enriching. We’re excited to see how this partnership has transformed the banking landscape in Malaysia by merging the world of finance with a café lifestyle. AmBank’s scalability has allowed us to extend our reach, and in return, our café concept has injected a new level of energy and engagement into their branch network   Due to the positive response received since the opening of the first three branches, AmBank and Bask Bear have gone on to open more, with the AmBank PJ New Town branch being one of it today. This branch, founded in 1991, is in a bustling commercial district surrounded by many local government buildings, including Menara MBPJ, Bangunan Persekutuan Petaling Jaya (PJ Federal Building), which houses or used to house government offices such as the National Registration Department and a branch of the Ministry of Domestic Trade and Consumer Affairs. “This branch is an ideal location for integrating café banking into the daily routines of its customers,” said Bryan Loo. With nearly 3,500 sq ft shared between AmBank and Bask Bear, the AmBank PJ New Town truly displays the ‘Community Banking’ concept. “AmBank PJ New Town is a fully-fledged branch with our latest concept where customers can choose to speak to our Personal Bankers and Relationship Managers at our round discussion pods in our branch area, our private meeting rooms or enjoy a cup of coffee and toastie at Bask Bear,” Aaron Loo further commented. Other than AmBank PJ New Town, the other eight branches are AmBank Bandar Baru Bangi, Selangor; AmBank Lagenda Heights, Kedah; AmBank Sungai Dua, Penang; AmBank Jalan Zabedah, Batu Pahat, Johor; AmBank Bandar Sri Permaisuri, Cheras; AmBank Sungai Buloh, Selangor, and AmBank Banting, Selangor. “Stay tuned for another outlet coming your way, which is AmBank Rawang Country Homes – one of the largest and busiest AmBank branches in the nation,” Bryan Loo shared. To celebrate the continued success of the collaboration, AmBank and Bask Bear is offering  an exclusive promotion available only at the 10 AmBank-Bask Bear outlets: Any 2 for RM10 Promotion Using AmBank Debit & Credit Cards Campaign Period: 1st October 2024 – 31st March 2025 Campaign Details: Bask Bear will offer a special combo menu available exclusively at the 10 AmBank-Bask Bear locations, where customers can enjoy any 2 selected products with just RM10 when using their AmBank debit or credit cards. With plans to expand this concept further, AmBank and Bask Bear remain committed to enhancing customer experience through innovative, customer-centric solutions.   “We look forward to this continued collaboration with AmBank as we plan to open ten more outlets next year,” Bryan Loo quipped. “In addition to our expansion plans, Bask Bear is excited to announce the launch of our exclusive Apps promo in October. Aimed at providing the best value for our customers, we’ll be offering RM4 discounts on our most popular products, available only through our app.”

KUALA LUMPUR (Sept 30): Tenaga Nasional Bhd (TNB) has named former MMC Corp Bhd group chief financial officer (CFO) Badrulhisyam Fauzi as its new CFO with effect from Jan 1, 2025. He will replace Nazmi Othman, 60, whose employment contract will expire on Dec 31, 2024, according to TNB’s bourse filing on Monday. Badrulhisyam, 44, who was also the covering chief executive officer of MMC group member company Alam Flora Sdn Bhd, joined MMC group in 2011. He started his career as an investment analyst in Permodalan Nasional Bhd and was the head of analysts for the global equity research team in the international fund management department before joining MMC. Badrulhisyam, who graduated with a bachelor of engineering in computing from Imperial College London, is also a Chartered Financial Analyst (CFA) charter holder of the CFA Institute, and a Chartered Management Accountant holder of the Chartered Institute of Management Accountant. He sat on the board of several non-listed companies, which are part of the MMC group, including MMC Engineering Group Bhd, NCB Holdings Bhd, Kramat Tin Dredging Bhd, Northport (Malaysia) Bhd, Kontena Nasional Bhd, and Johor Port Bhd. TNB reported a net profit of RM1.45 billion for the second quarter ended June 30, 2024, a more than fourfold jump from RM327.9 million a year ago, as it recorded higher electricity sales, a favourable foreign exchange translation, and lower net finance costs. Quarterly revenue grew 7.83% to RM14.4 billion from RM13.3 billion, driven by a 5.7% or RM745.8 million increase in electricity sales. For the first half of the year, TNB’s net profit rose 62.4% year-on-year to RM2.16 billion from RM1.33 billion, with revenue up 7.9% to RM28 billion from RM25.9 billion. At the closing bell on Monday, TNB’s shares dropped 22 sen or 1.5% to RM14.44, giving the group a market capitalisation of RM83.94 billion. The stock has gained RM4.46 or 44.7% year to date.–THE EDGE

PETALING JAYA: Johor will become the primary engine of growth in the country, with the newly announced competitive package for the Forest City Special Financial Zone. This was one of the key takeaways from Invest Malaysia Iskandar 2024 held on Sept 26, according to Maybank Investment Bank (Maybank IB) Research. In a note, the research house also highlighted that the setting up of the Invest Malaysia Facilitation Centre Johor will ease the process of moving businesses into the Johor-Singapore Special Economic Zone (JS-SEZ). “The attempt at setting up the JS-SEZ is unique due to the healthy bilateral relationship between Malaysia and Singapore who are both keen to make this collaboration work, as businesses around the world make plans for trade diversions and supply chain relocations due to the ongoing United States-China tensions. “National policies are key to better catering for business needs, while local enterprises stand to benefit from the capital influx into the JS-SEZ.” Invest Malaysia Iskandar 2024 saw participation from over 500 delegates, including foreign institutional investors. Prime Minister Datuk Seri Anwar Ibrahim delivered the keynote address, while Johor Mentri Besar Datuk Onn Hafiz delivered a special address. Leaders of four government-linked investment companies (GLICs) also shared their views and investment focus under the GEAR-uP initiative. GEAR-uP aims to synergise efforts across GLICs to catalyse growth in key economic sectors and further drive their participation in nation-building. The six GLICs are Khazanah Nasional Bhd, the Employees Provident Fund (EPF), Retirement Fund Inc (KWAP), Permodalan Nasional Bhd, Lembaga Tabung Haji and the Armed Forces Fund Board (LTAT). The GLIC panelists at Invest Malaysia Iskandar 2024 were unanimously positive on Malaysia’s prospects, stated Maybank IB Research. This was underpinned by the fact that the country has the right ingredients with regards to governance, infrastructure and policy blueprints to drive holistic national development. The EPF said it will focus on healthcare under GEAR-uP given the ageing demographics of Malaysia. It sees the healthcare segment as profitable with a high return on equity, and hence, attractive from an investment standpoint. Khazanah plans to fund startups, mid-tier companies and those in the semiconductor industry. It has already been into early stage investments for a while now. Under GEAR-uP, KWAP has committed RM40bil into domestic investments over the next five years. It has identified eight verticals and will focus on the verticals nurturing entrepreneurs and food security. It intends to drive the investments alongside general partners, and KWAP has identified 12 big global partners. In general, it targets 7% long-term returns. Meanwhile, LTAT seeks to focus on the pharmaceutical industry, specifically on the supply of vaccines and insulin. It targets to ramp up the production of insulin to 30 million doses annually to meet the national insulin requirement. “The EPF has been very positive since 2023 due to good policy rollouts; fiscal rationalisation being addressed (with the Public Finance and Fiscal Responsibility Act passed, and subsidy rationalisation underway); and technocrats incorporating market-based principles into policy implementation. “Khazanah believes that the existing policy framework will ensure that investments are effectively targeted for sustainable growth, while KWAP believes that Malaysia does have the necessary talent (although there is a need to address the issue of talent moving overseas). “LTAT thinks that the country has put in the right structural framework to move forward,” said Maybank IB Research.– THE STAR