News

SINGAPORE: New York-based hybrid cloud and artificial intelligence (AI) provider International Business Machines Corporation (IBM) sees strong growth potential in Malaysia, pointing to a recent surge in tech investors and new data centres. IBM ASEAN general manager Catherine Lian said the company is focused on strengthening its private partnership ecosystem while developing strategies to enhance the technology value chain in the country. “It is interesting to see how the Malaysian government prioritises enhancing the value chain in this country. “We believe Malaysia is a hub of economic growth, and with the political stability, we are excited about what lies ahead in the coming year,” Lian told Bernama following a media briefing on the sidelines of the IBM Think 2024 conference, here. The two-day conference, which started on Monday in Singapore, runs until Aug 15 and will explore how the future of AI is unlocking ASEAN’s economic potential. Lian added that IBM is particularly encouraged by the increasing number of data centres in Malaysia, which she described as evidence of “explosive growth” in the country’s technology sector. “This really shows that the value chain of economic growth is evident. “While we see a lot of investment across these technology portfolios, IBM is excited to be part of the journey to drive technology and the adoption of generative AI in these data centres,” she said. She also highlighted the Malaysian government’s role in fostering economic growth and attracting foreign direct investment, noting that IBM is committed to aligning its technology solutions with these national initiatives. Looking ahead, Lian said IBM will continue to advance hybrid cloud and artificial intelligence (AI) solutions in partnership with its Malaysian clients. “When we consider Malaysia’s outlook, the adoption of AI has already started across all industries. It is important that technology providers like IBM continue to drive hybrid cloud AI solutions to build the digital transformation journey with our customers and clients in Malaysia,” she added. IBM offers global expertise in hybrid cloud, AI, and consulting, helping clients leverage data insights, streamline business processes, reduce costs and gain a competitive edge. Hybrid cloud combines public, private, and on-premises infrastructure to create a unified, flexible, cost-efficient IT environment. – Bernama

KUALA LUMPUR: Bank Negara Malaysia (BNM) had imposed an Administrative Monetary Penalty (AMP) of RM4.32 million on Malayan Banking Bhd and Maybank Islamic Bhd, as well as RM760,000 on CIMB Bank Bhd and CIMB Islamic Bank Bhd due to prolonged disruptions in several banking services. In separate statements, the central bank reported that Maybank paid the full penalty for the AMP imposed on 8 August while CIMB settled its penalty on 12 August 2024. “The AMP was imposed due to non-compliance with paragraph 48(1)(a) of the Financial Services Act 2013 (FSA) and paragraph 58(1)(a) of the Islamic Financial Services Act 2013 (IFSA) in conjunction with paragraph 10.32 of the Risk Management in Technology (RMiT) Policy Document,” BNM stated. Paragraph 10.32 of the RMiT Policy Document mandates that financial institutions ensure their critical systems are designed for high availability. Specifically, cumulative unplanned downtime affecting user interfaces must not exceed 4 hours over a rolling 12-month period with a maximum tolerable downtime of 120 minutes per incident. Maybank’s regional mobile banking platform and MAE applications experienced multiple unplanned downtimes between 1 June 2023 and 31 May 2024 resulting in significant disruptions to customer and counterparty interfaces. BNM also noted that CIMB’s customers faced prolonged service disruptions on 8-9 April 2024, affecting e-banking channels, ATMs and both debit and credit card services. These disruptions exceeded the thresholds set by BNM. In response, CIMB acknowledged the central bank’s decision and expressed regret over the unplanned downtime, which impacted its customers and counterparties during those dates. “Whilst the bank, together with its third parties, took necessary steps to ensure that the downtime was minimised, the incident affected our customers’ banking transactions and we acknowledge that we need to strive to do better,” it added. CIMB also affirmed its commitment to investing in technology, systems and processes to enhance resilience and ensure its critical infrastructure can consistently meet customers’ needs. — BERNAMA

HONG KONG and SHANGHAI: Leading global professional services firm Alvarez & Marsal (A&M) announces the appointment of Wei Zhu as Managing Director and Co-head of North Asia. Mr Zhu’s hire marks a significant milestone in A&M’s ambitious regional growth strategy and reinforces the firm’s commitment to helping corporates worldwide drive transformation for sustainable profitability. Mr. Zhu will work alongside Managing Director and Co-head James Dubow to spearhead A&M’s operations in North Asia, along with growing the firm’s Restructuring & Turnaround, Performance Improvement, Disputes and Investigations, Global Transaction Advisory, Tax and Digital practices in Greater China. Recognized for expanding China-based consulting practices over several decades and under varied market environments, Mr Zhu’s experience and relationships align with A&M’s integrated platform. From 2020 to 2024, A&M North Asia has tripled the number of practitioners in the region, now with over 340 professionals across offices in Beijing, Shanghai, Hong Kong, Shenzhen and Seoul. This team expansion underpins A&M’s North Asia performance, with revenue growth of over 2.5 times from 2020 to 2023. Bryan Marsal, Co-founder and Co-CEO of A&M, said, “We are undertaking a global expansion with a series of senior appointments across the US, Europe, the Middle East and Asia. Wei’s joining underscores our commitment to expanding our North Asia footprint. His extensive expertise and connections, along with our growing regional team, furthers our ability to help clients navigate environment complexities while capitalizing on market opportunities that unlock growth.” Mr. Zhu brings 35 years of management consulting, investment banking, and private equity experience to his role at A&M. He has worked in multiple sectors including automotive, manufacturing, consumer goods, telecommunications, logistics, high-tech and financial services. His expertise in guiding companies through revenue growth strategies, developing new digital business models, and navigating complex mergers and acquisitions (M&A) enhances A&M’s ability to provide strategic advice and tailored solutions that best meet corporates’ needs. “Rapidly changing market conditions demand a continuing and deepening investment in our operational capabilities. Wei’s appointment reflects A&M’s commitment to do just that. His functional expertise and in-depth knowledge of multiple sectors augment our lines of services and regional leadership position,” said James Dubow, Managing Director and Co-head of North Asia. “Wei’s exceptional expertise will help drive A&M’s strategic regional priorities forward.” Mr. Zhu previously served as the Greater China Chairman and Market Unit Lead at Accenture. He has also held leadership roles at AT Kearney, Roland Berger, Goldman Sachs, CVC Capital and Standard Chartered Private Equity. “The North Asia region is undergoing an accelerated transition from traditional growth models to a more quality and sustainability-based economy. A&M’s integrated platform uniquely positions the firm to help corporates navigate this transformation and optimize opportunities arising from rapid digitalization across industries,” said Mr. Zhu. “The firm’s 40-year history of entrepreneurship, operational excellence and results-oriented mindset furthers our ability to provide best-in-class advice and solutions that make a difference to our clients.”

HONG KONG: OSL, a leading regulated digital asset platform and the subsidiary of OSL Group (863. HK) – Hong Kong’s only publicly listed company fully dedicated to digital assets, is thrilled to elaborate on the appointment of Kevin Cui as the new CEO. Following the initial announcement, Kevin’s extensive experience and visionary leadership will drive OSL’s direction in regulatory compliance, security, and user experience. Kevin Cui joins OSL following impactful leadership roles at Bybit. On this global digital asset platform, he significantly increased trading volumes among different products and positioned Bybit among the top exchanges. His achievements in the Web3 space and user-centric approach, emphasising transparency and client-focused product development highlight his commitment to enhancing user experience. “Delivering exceptional brand value beyond the product is key to winning users’ loyalty.”- Kevin Cui, CEO of OSL. “I am honoured to lead the OSL team into its next phase of growth. My leadership philosophy is rooted in putting the customer first, a principle I honed during my time at Google,” Kevin Cui, CEO of OSL, remarked. “By focusing on what our clients need and delivering value, we aim to make digital assets more accessible and convenient, fostering mass adoption and future applications. Our commitment to compliance and security will remain unwavering as we strive to create the best possible user experience.” As OSL welcomes Kevin Cui, with a steadfast commitment to compliance and innovation, OSL will continue to lead the industry, providing a secure and user-friendly platform for investors and clients. From his dual role as Chairman and CEO, Patrick Pan will now focus exclusively on his position as Chairman of the Board, spearheading company strategy, strengthening board governance, overseeing international acquisitions, and fostering government partnerships.