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Boey has more than 20 years of experience in the security industry. IPS Securex Holding Limited has announced the appointment of Boey Teik Heng as the acting chief executive officer, according to a bourse filing. Boey will be responsible for the overall business development, strategic planning, and operations of the group. He joined the group as Vice President of Operations on 1 August 2017. In March 2020, Boey was promoted to general manager to manage the sales and operations of the group’s General Security Products division. Furthermore, Boey has more than 20 years of experience in the security industry, gaining from sales, service, and project management-related matters from managerial positions in Johnsons Control, Tyco Fire, Security and Services, TJ Systems, and Aeqon between 2005 and 2017. Prior to his appointment, Boey was the deputy chief operating officer of Securex GS.–SINGAPORE BUSINESS REVIEW

Koh will assume the role on 1 December. Singapore Exchange Group (SGX Group) has appointed Daniel Koh as its new Chief Financial Officer (CFO), succeeding Ng Yao Loong. Ng will step down from his role as CFO on 1 December to assume the position of Head of Equities. Koh will serve as CFO designate from 1 October until Ng’s official departure. Before he was appointed SGX Group CFO, Koh was with Standard Chartered Bank as managing director and global head of Treasury Markets.–SINGAPORE BUSINESS REVIEW

SINGAPORE: New Relic, the Intelligent Observability Platform, announced the appointment of Larissa Crandall as Channel Chief and Group Vice President of Partners and Alliances to further develop and strengthen the company’s partner strategy and channel programs worldwide. In this role, Crandall will grow the partner organisation, expand multiple parts of the company’s alliance and partner ecosystem, and help enterprises around the world realise the benefits of New Relic in driving innovation, improving reliability, and delivering more perfect customer experiences. “With worldwide spending on public cloud services forecasted to double between 2024 and 2028, and AI adoption continuing to rise, the need for intelligent observability has never been greater,” said New Relic Chief Revenue Officer Chris Jones. “As these industry trends continue to drive demand for our platform, engaging our partners on a global scale will be vital to New Relic’s continued success. Larissa is joining the company at a pivotal moment, and I’m thrilled to have her lead our channel and alliances program into its next stage of growth.” Channel veteran to strengthen and accelerate partnerships globally Crandall has spent her entire career leading channel and sales teams in the technology sector. She joins New Relic from Veeam, where she held the position of Vice President of Global Channel and Alliances. During her tenure, Crandall successfully built the company’s first global partner program, rebuilt the certification and enablement program, and accelerated partner-initiated revenue. Prior to Veeam, Crandall led the Global Channel and Alliances organisation at Gigamon and held senior partner roles at Scalr and Unitrends. Crandall is a highly awarded, collaborative leader with a stellar track record in building and leading high-growth partner programs. Her accolades include recognition by CRN for numerous awards, including top Channel Chiefs, Woman of the Channel, Power 100 – Top Most Powerful Woman in the Channel, and Inclusive Leadership Award. Crandall also serves on the Baptie & Company Channel Advisory Board, a leading global community for individuals running sophisticated channel ecosystems. “New Relic is a market maker and a pioneer in the observability space. I am excited to join the company as it continues to innovate and lead the sector with a compelling product, business model, and team dedicated to delivering customer success,” said Crandall. “With the amazing partnerships we have developed, I embrace the opportunity to lead the global channel and alliances organisation at New Relic as the company enters its next phase of growth.” New Relic to grow multiple parts of the ecosystem Crandall will build on New Relic’s channel presence worldwide by working with global and regional partners, MSPs, GSIs, and hyperscalers to strengthen best practices and catalogs for advancing the observability journey and augmenting growth with new partners. She will also focus on empowering the partner ecosystem with resources and tools, and further simplifying doing business with New Relic for partners and customers. Partnerships and alliances are at the centre of New Relic’s growth strategy. Most recently, New Relic formed the Secure Developer Alliance with FOSSA, Gigamon, and Lacework to help secure cloud infrastructure and close the gap between security and engineering teams when shipping code. New Relic also continues to demonstrate its commitment to its partner ecosystem with several key initiatives, including the expansion of New Relic Instant Observability, an open source ecosystem of nearly 800 quickstarts and integrations that help engineers instrument, dashboard, and alert their entire stack. Recent collaborations involve AWS, Microsoft, and NVIDIA.

SINGAPORE: Temasek will set aside S$100 million (US$77.5 million) as concessional capital to support climate action initiatives, announced chairman Lim Boon Heng on Monday (Sep 23). “The aim is to crowd in capital to support marginally bankable projects,” said Mr Lim at the state investor’s 50th anniversary dinner held at the Shangri-La Hotel. “We believe there can be a catalytic effect by mobilising funding from other sources such as public, private and philanthropic capital providers. Our philanthropic dollar will be amplified as more funding goes towards climate action.” This is the first time Temasek is contributing concessional capital – defined as a type of capital that is willing to absorb more risks or take a lower return – to drive the green transition. The firm has been investing in sustainability – with a “sustainable living” portfolio valued at S$44 billion – but said it is seeing “the criticality of concessional capital to catalyse financing into emerging markets and developing economies” where the net-zero transition has been hindered by structural constraints and challenges. Southeast Asia is one example where plans to decarbonise and build new industries concurrently will require the scaling of catalytic financing, it said. Temasek added that its concessional capital will provide “more flexible, patient and favourable financing” that can address challenges such as emerging market risks and a higher cost of capital. Success of its latest initiative will be measured by the “ability to scale positive outcomes in the area of climate action”. These include the ability to avoid, mitigate and adapt to the impact of climate change, promote biodiversity and encourage sustainable living choices, among others, it said–CNA

The Securities Commission Malaysia (SC) has endorsed the government’s introduction of a new Family Office incentive scheme, aimed at bolstering Malaysia’s investment landscape. The scheme seeks to attract global and regional investors, helping to deepen the pool of capital available for financing small and medium-sized enterprises (SMEs) and Malaysia’s evolving new economy sectors. This initiative follows Prime Minister Dato’ Seri Anwar Ibrahim’s policy announcement last year, designed to encourage the establishment of family offices in the country. The initiative is expected to position Malaysia as a key destination for high-net-worth families looking for robust wealth management solutions. On September 20, 2024, Minister of Finance II, Senator Datuk Seri Amir Hamzah Azizan, unveiled the Single Family Office (SFO) incentive scheme as part of a broader set of financial incentives targeting the Forest City Special Financial Zone. The SC will be responsible for overseeing the implementation of this scheme, which offers a 0% tax rate on income generated by eligible investments from Single Family Office Vehicles (SFOVs). Transforming Forest City into a Hub for Family Offices Forest City, located in Johor, will become Malaysia’s first designated zone to offer a 0% tax incentive for Family Offices, marking a key milestone in the country’s financial strategy. The incentives are designed to stimulate long-term investment and are subject to specific criteria, ensuring alignment with Malaysia’s broader economic goals. The Family Office incentives are structured across two phases: Initial Period (10 years): SFOVs must be newly incorporated in Malaysia and pre-registered with the SC. The related management company or SFO must operate out of Pulau 1, Forest City Special Financial Zone, employing at least one investment professional with a monthly salary of RM10,000 or more. The SFOV must manage assets under management (AUM) of at least RM30 million, with a minimum local investment of 10% of AUM or RM10 million, whichever is lower. A minimum of RM500,000 in annual local operating expenditure (OPEX) and the employment of two full-time employees, including at least one investment professional, are required. Additional Period (subsequent 10 years): AUM must increase to at least RM50 million, with a minimum local investment of 10% of AUM or RM10 million, whichever is higher. Local OPEX must rise to RM650,000 annually. The number of full-time employees must increase to four. The incentive package underscores Malaysia’s ambition to build a sustainable financial hub, leveraging both its regulatory strength and the growing demand for family office services across Asia. Attracting Patient Capital and Long-Term Growth Family offices are known for their patient capital approach, typically investing in bonds, equities, and private markets with a focus on high-growth enterprises. These investments are seen as instrumental in driving long-term economic development, particularly in sectors critical to Malaysia’s growth strategy, such as technology and innovation. SC Chairman Dato’ Mohammad Faiz Azmi highlighted that the scheme reflects a rising global trend, where family offices are becoming significant players in wealth management and investment. “Establishing the SFO scheme positions Malaysia to enhance its investor base by attracting regional and Malaysian families to manage their wealth from here,” Faiz said. He further noted the projected economic multiplier effect of the initiative, estimating it could generate between RM3.9 billion and RM10.7 billion in economic value over the long term. This would be driven by job creation, increased demand for ancillary services, and the strengthening of the local investment ecosystem. Operationalizing the Family Office Scheme While the SC will oversee the scheme, it is working closely with stakeholders to ensure the incentive programme is operational by the first quarter of 2025. Eligible SFOVs can apply for certification from the SC to access tax incentives, provided they comply with all relevant conditions. In addition, family offices or management companies associated with the SFOV may not be required to hold certain licenses under the Capital Markets and Services Act 2007 (CMSA) as long as they limit their services to related corporations. With this new scheme, Malaysia aims to not only deepen its financial sector but also establish itself as a regional hub for family offices, aligning with the country’s broader strategy of attracting high-value investments and fostering long-term economic growth.

GEORGE TOWN: The number of overhang residential houses in Penang dropped to 2,400 units in the first half of 2024 from 2,901 units in the same period a year ago. The National Property Information Centre (Napic) report estimated the overhang value to be RM2.02bil. According to Napic, Penang ranks fourth in the country with the most overhang properties, after Perak (4,161 units), Johor (3,219 units) and Kuala Lumpur (3,051 units) In the country, the completed but unsold units fell to 22,642 units, worth RM14.24bil, in the first half of 2024, continuing the decline from 25,816 units worth RM17.68bil in the second half of 2023. “Condominiums and apartments account for 59.8% or 13,535 units of the overhang. “Terrace houses represent 24.4% or 5,524 units, while semi-detached and detached houses comprise 8.2% or 1,867 units. The remaining 7.6% consists of other houses,” said Napic. It added that the overhang units in the high-end segment priced above RM500,000 took up the largest market share at 41.6% or 9,413 units. “In contrast, the remaining properties are priced at RM300,000 and below, as well as between RM300,001 and RM500,000, representing 30.2% or 6,840 units and 28.2% or 6,389 units, respectively,” Napic said. Napic added that condominium and apartment units in the Johor Baru District, the Northeast and Southwest districts of Penang and Section 1-100 in Kuala Lumpur dominated the overhang units, accounting for 18.9% or 4,284 units of the national total. There were 1,232 new residential property launches in Penang in the first half of 2024. “The unsold units in the under-construction category were 4,288 units with an RM1.98bil value. “The unsold in the yet-to-be-constructed category was 1,480 units with an RM702,019 value,” the Napic report added. During the first half, Penang had an existing stock of 555,549 residential properties, while the incoming and planned supply units stood at 26,733 and 18,640, respectively.–THE STAR

JAKARTA: President Joko Widodo (Jokowi) has emphasized that Indonesia’s demographic bonus, which is predicted to peak in the 2030s, must be accompanied by an expansion in job opportunities. “We should be focusing on the job market. In the future, there will be too few jobs for too many people. We should avoid this phenomenon,” he stressed at the opening of the Congress of the Association of Indonesian Economic Graduates in Surakarta, Central Java, on Thursday. In this sense, the demographic bonus could be both a strength and a burden, he said. “This is the biggest challenge for us to become a developed country. This demographic bonus requires many job opportunities. In fact, to open up jobs, we are facing tough challenges, as experienced by other countries as well,” he explained. According to Jokowi, the first challenge is the global economic slowdown. “In 2023, the global economy only grew 2.7 percent, and is estimated to grow 2.6 percent this year. This is far from our expectation,” he noted. However, he said he is grateful that Indonesia’s economic growth is estimated to reach 5.1 percent in 2024. “Being able to grow at approximately 5.1 (percent) is quite an achievement,” he added. The second challenge is improving automation systems in work sectors. “From mechanical automation, now we have artificial intelligence (AI) and analytical automation. In 2025, there will be 85 million jobs lost. We are required to open up employment opportunities because of the increase in automation in various sectors,” he pointed out. He said that the third challenge is related to the gig economy. “We should be careful with the gig economy. If not managed properly, this will become a trend of companies preferring independent workers or short-term contracts to reduce the risk of global uncertainty. The trend is heading there,” he cautioned.–ANTARA

SINGAPORE: Milieu Insight, an award-winning market research and data analytics platform company, has named Sundip Chahal as its new Chief Executive Officer (CEO). He joins Milieu Insight following a remarkable 18-year tenure at research company YouGov, where he rose to the position of Group Chief Operating Officer and oversaw the company’s growth. Drawing on his extensive network and experience, Chahal will continue to strengthen Milieu Insight’s position in Southeast Asia (SEA) while spearheading Milieu Insight’s growth into new global markets, starting with the US and UK. Speaking on his appointment, Chahal takes on his new role with excitement and determination, “The opportunity to lead Milieu Insight at this juncture is thrilling and humbling,” he reflects. “We’re not just looking to grow; we’re going to change how businesses understand and connect with consumers globally. Southeast Asia has been a key driver of Milieu Insight’s success, and I look forward to furthering that momentum as we push into new markets.” With a commanding presence across Southeast Asia, Milieu Insight’s clientele spans various sectors, including consumer brands, media agencies and government organisations. Its advanced end-to-end survey and data analytics platform, Canvas, offers intuitive tools for survey design, survey distribution, data analysis, visualisation, and reporting, delivering actionable business insights across an expansive spectrum of topics. Canvas gives clients the opportunity to move to one integrated system and even own the entire research process if they wish, streamlining operations and enhancing control over data collection and analysis. Since 2016, over 100 million surveys have been completed on Milieu Insight’s platform. Leading companies like Hubspot, Dentsu, Yahoo, CNBC, Logitech and One Championship, as well as social and non-profit organisations, have utilised Milieu Insight’s survey and data analytics software to gain consumer insights and drive strategic decision-making. Milieu Insight Founder, Gerald Ang, to lead product innovation Gerald Ang, the founder of Milieu Insight, sees Chahal’s appointment as a fantastic opportunity to accelerate the company’s global ambitions, freeing him to focus on innovation and business strategy, alongside the new CEO. “With Sundip on board, we’re entering a new phase of growth,” Ang states. “Southeast Asia is an important and exciting region for us, and we look forward to strengthening our partnerships here with his invaluable experience and network.” Ang’s vision for the company remains focused on product development and skill enhancement. “We’ve built a great team and a powerful platform,” he says. “Now, with Sundip’s leadership, we can scale up rapidly while maintaining our commitment to innovation.” For his part, Chahal is eager to build on the solid foundation laid by Ang and the founding team. “My focus is on enabling the vision already in place,” he explains. “We’re taking what’s been articulated locally and expanding it globally. The potential here is enormous, and I’m excited to help realise it.”

Onshore yuan-denominated deposits last month slid to 121.639 billion yuan (US$17.15 billion), down 5.09 percent from a month earlier and the lowest in nearly 11 years, data released by the central bank showed yesterday. The 5.09 percent monthly decline also marked the second-largest fall since Taiwan started allowing banks to take in yuan deposits in February 2013, the central bank data showed. The monthly decrease of 6.527 billion yuan from 128.166 billion yuan in July came as investors and corporates continued to lose interest in the Chinese currency amid growing worries about a slowdown in the world’s second-largest economy, the central bank said. Onshore yuan deposits include those at local banks’ domestic banking units (DBUs) and those at offshore banking units (OBUs) in Taiwan. Central bank data showed that yuan deposits last month fell to their lowest level since October 2013, with DBU deposits down 1.43 percent from the previous month to 91.942 billion yuan and OBU deposits declining 14.88 percent to 29.697 billion yuan. The central bank attributed the significant decrease in OBU deposits to firms in the electronics industry converting a large portion of their yuan-denominated deposits into US dollars for fund management purposes. Whether electronics firms were simply in shortage of US dollars or needed greenbacks for other purposes such as supply chain adjustments would require observation for a few more months to see if the situation continues, the central bank added. Based on information provided by the central bank, Bank SinoPac (永豐銀行) offers the highest interest rate in Taiwan for one-month yuan deposits at 3.05 percent, while Standard Chartered Bank provides the highest rate for three-month deposits at 2.2 percent. The highest interest rate for six-month and one-year yuan time deposits are 2.2 percent at Bank SinoPac and 2.1 percent at Sunny Bank (陽信銀行) respectively, the data showed.–TAIWAN TIMES

Tupperware Brands is preparing to file for bankruptcy as soon as this week, Bloomberg News reported on Monday, citing people with knowledge of the plans. The company’s shares were down 15.8% at 43 cents after the bell. They closed down 57%. Founded in 1946 by chemist Earl Tupper, the company’s popularity exploded in the 1950s as women of the post-war generation held “Tupperware parties” at their homes to sell food storage containers as they sought empowerment and independence. The COVID-19 pandemic provided a boost in sales from families who sheltered at home, cooked more and produced lots of leftovers. Sales have declined in recent quarters as the world re-opened. Tupperware is planning to enter court protection after it breached the terms of its debt and enlisted legal and financial advisers, Bloomberg News reported on Monday. The bankruptcy preparations follow protracted negotiations between Tupperware and its lenders over how to manage more than $700 million in debt, according to the report. Tupperware did not immediately respond to a Reuters request for comment. In March, the company warned it was not certain its business could continue as a going concern and faced a liquidity crunch. – Reuters