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Milieu Insight Survey Finds 55% of Southeast Asians Are Ready for Domestic Travel

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SINGAPORE – With the summer season approaching, Southeast Asia is poised for a rise in local travel, especially in the Philippines and Indonesia, where interest in domestic trips is highest. However, safety and affordability are pivotal concerns for many regional travelers. Milieu Insight, a leading survey software company in Southeast Asia, has released its latest findings on summer travel intentions among Southeast Asians. Milieu Insight’s quantitative study, drawing from its survey community, engaged 1,966 respondents from the Philippines, Thailand, Indonesia, and Malaysia. According to the report, more than 60% of respondents prioritize safety and cost when selecting domestic travel destinations, and 55% are inclined to travel domestically this year. sheds light on the summer travel plans of numerous Southeast Asians. As individuals look to explore their own countries, the key factors guiding their choices are affordability and safety,” stated Gerald Ang, Founder and CEO of Milieu Insight. “Moreover, many travelers in Asia are increasingly budget-conscious, favouring family-oriented experiences and finding value in land transportation and road trips.” Inflation is fueling the preference for budget-friendly travel options, with international travel becoming more expensive. As a result, domestic leisure travel is expected to remain robust among Southeast Asians. A majority of travellers across the region are now financially prudent, with 62% placing cost as a top priority, closely followed by 63% who emphasize the importance of secure destinations and scenic spots. This trend underscores the need for marketers to promote local destinations known for their safety. Land transport has emerged as the preferred mode of travel for domestic vacations, with 74% of respondents opting for this mode. Thai and Indonesian travellers, in particular, favour land transportation, with 88% and 76% opting for road trips to explore domestic destinations. Family-focused travel experiences, including culinary exploration and immersive touring, are gaining traction. Around 79% of Southeast Asian travellers plan to embark on adventures with their families, prioritizing quality time together and seeking out local hidden gems. While hotels remain the top choice for accommodations (preferred by 78% of respondents), alternative options like Airbnb and pool villas are gaining popularity. In Malaysia, 44% of travellers seek personalized experiences through Airbnb, while in Thailand, 47% are drawn to the luxury and exclusivity of pool villas. As Southeast Asia gears up for summer travel, there is a notable willingness among most travelers to opt for domestic destinations due to proximity and affordability. This shift reflects a pragmatic mindset amid evolving global circumstances, with safety and cost considerations taking precedence in travel planning. The study, conducted through Milieu Insight’s survey community, provides a comprehensive overview of Southeast Asian summer travel intentions, highlighting key insights and emerging travel trends. Representative of the online adult population aged 16 and above, the fieldwork for this study was conducted from 7th to 31st March 2024.

YB Rafizi Ramli, Minister of Economy
News

Government Launches Comprehensive Initiatives to Elevate Kuala Lumpur as Top 20 Global Startup Hub by 2030

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Kuala Lumpur, Malaysia – 22 Apr 2024 – The Malaysian Government is committed to propelling Kuala Lumpur into the top 20 global startup hubs by 2030, addressing key challenges such as funding accessibility, regulatory navigation, and talent attraction. To stimulate Malaysia’s startup scene, the government organized the KL20 Summit 2024 at the Kuala Lumpur Convention Centre on 22-23 April. Led by the Ministry of Economy, the summit showcased government initiatives to support startups, expand the talent pool, and foster a vibrant entrepreneurial ecosystem. KL20 featured 10 major initiative launches and 50 expert speakers. KL20 Action Paper and Highlights During the event, Prime Minister Dato’ Seri Anwar Ibrahim launched the KL20 Action Paper, a roadmap outlining reforms to drive convergence among key stakeholders—founders, venture capitalists, talent, incubators, and accelerators—to elevate Malaysia’s startup tech sector. “The KL20 Action Paper aims to transform Malaysia’s economy into a high-income nation by reducing dependency on large corporations and shifting towards innovation,” said Rafizi Ramli, Minister of Economy. “KL20 aims to position Malaysia as a global hub for top talents and scalable startups,” added Rafizi. The summit convened government decision-makers, unicorn founders, investors, and thought leaders in Kuala Lumpur for discussions, debates, and deal-making. Movers and Shakers The event featured speakers like Gobind Singh Deo, Minister of Digital, and international industry pioneers such as Jenny Lee, Carl Pei, Werner Vogels, Geraldine Andrieux Gustin, and Dr Qi Bin, who explored future trends in entrepreneurship and innovation. Focused on nurturing a dynamic startup ecosystem, the summit attracted startups and investors worldwide, fostering collaboration, investment, and growth. Government Initiatives “The government will launch the Single Window Initiative under the Ministry of Science, Technology, and Innovation to simplify procedures and consolidate resources for startups,” said Chang Lih Kang, Minister of Science, Technology, and Innovation. “The Single Window Initiative will dismantle bureaucratic obstacles and empower entrepreneurs to navigate the startup landscape efficiently,” highlighted Chang. The Malaysian Startup Ecosystem Roadmap (SUPER) was also developed to propel the country’s startup ecosystem, addressing talent development, funding accessibility, market access, and technology innovation. KL20 underscores Malaysia’s potential as a startup-friendly environment, particularly in key sectors like semiconductors, fintech, e-commerce, manufacturing, agritech, cleantech, and Islamic finance. By fostering innovation and investment, Malaysia aims to become a top 20 global startup ecosystem by 2030 and a leading centre for entrepreneurship and innovation in ASEAN, transitioning towards a technology-driven economy.

News

Penang’s Mutiara LRT Line to Improve Mobility, Bolster State’s Economy

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KUALA LUMPUR: The Penang Light Rail Transit (LRT) Mutiara Line project is poised to significantly improve mobility, reduce traffic congestion and bolster economic and tourism sectors while aligning with the Silicon Island initiative to establish Penang as a top destination for high-tech investors. State Executive Councillor for Infrastructure, Transport and Digital, Zairil Khir Johari said this transformative infrastructure project has the potential to be a catalyst for Penang’s rise as it bridges geographical gaps as well as propels Penang into the spotlight, showcasing its potential as a prime investment destination. He also highlighted recent reports of investors shying away from Singapore due to the escalating cost of operating businesses there and in this context, Penang has ready infrastructure to offer itself as an alternative to Singapore. “In the shifting landscape of global investment, Singapore’s soaring operational costs have cast a shadow over its once-prominent allure. “As investors retreat from the Lion City, Penang emerges as a compelling and attractive alternative with its well-established infrastructure. The LRT project will further boost Penang’s image to attract investors,” Zairil said. Additionally, the LRT is said to provide efficient transportation and environmental sustainability by reducing carbon emissions and supports the goals of the National Energy Transition Roadmap and Penang 2030 vision. Zairil said the LRT project has been on the drawing board of the Penang state government for 9 years and has gone through all the necessary processes and critical approvals, such as the Railway Scheme and Environmental Impact Assessment. Meanwhile, Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the project will have a positive spillover effect on the state’s economy. “The construction job will provide jobs for the local contractors, resulting in higher demand for building materials such as steel, concrete and machinery, among others. “Upon completion, the LRT infrastructure would help to ease traffic congestion, reduce travelling time during work commutes and perhaps also reduce carbon emissions along the way,” he added. — BERNAMA

Malaysia Aims to be in Top 20 Countries in Global Startup Ecosystem Index by 2030, Says PM Anwar
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Malaysia Aims to be in Top 20 Countries in Global Startup Ecosystem Index by 2030, Says PM Anwar

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KUALA LUMPUR, April 21 — Malaysia aims to be among the top 20 countries in global startup ecosystem index by 2030 and turn Kuala Lumpur into a regional startup and digital hub, Prime Minister Datuk Seri Anwar Ibrahim said today. He added that the two-day KL20 Summit 2024, which begins tomorrow, would be a forum to facilitate startups in high-value investments and will encourage startups to expand abroad to benefit from a complete global ecosystem. “I appreciate partnerships from venture capitalist firms and investors who are part of this summit. It’s important that government policies consider their long-term perspectives and strategies. “I stress my government’s determination to support startups through clear policies that encompass our country’s vision, strength of resources and investor perspectives,” he posted on Facebook after attending the KL20 Summit 2024 exclusive dinner. He added that the Madani Government remains committed to creating a dynamic startup ecosystem to position Malaysia as a central hub for entrepreneurship and innovation. The prime minister is slated to officiate the summit, that will take place at the Kuala Lumpur Convention Centre, tomorrow. — BERNAMA

Investment & Market Trends, News

Meta Bright Partners with Doople Tech for RE Venture

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KUALA LUMPUR: Meta Bright Group Bhd (MBG), via its wholly-owned subsidiary, FBO Land (Serendah) Sdn Bhd (FBO Land), signed a subscription and joint venture agreement with Doople Tech Sdn Bhd (DTSB).   In a filing with Bursa Malaysia, MBG said the agreement entails FBO Land to subscribe 1,000,000 redeemable non-convertible preference shares (RNCPS) at an issue price of RM1.00 per RNCPS in a new joint venture company to be incorporated. The new joint venture company will identify, invest in, and develop renewable energy (RE) projects, particularly those requiring Bumiputera’s participation. This initiative perfectly aligns with MGB’s commitment to supporting Malaysia’s national energy roadmap and contributing to a greener planet. MBG executive director of corporate and strategic planning Derek Phang Kiew Lim said the company looks forward to its partnership with DTSB, which has expertise in the solar sector and is experienced in the commercial and industrial (C&I) front. “This partnership allows MBG to leverage its position as a listed company to fund promising renewable energy projects, while DTSB’s technical proficiency ensures exceptional execution,” he said in a statement. Besides expansion into sustainable energy, the joint venture also promises substantial financial benefits. FBO Land is set to receive a yearly cumulative preferential dividend of 8 per cent per annum, creating a stable, recurring income stream over the five-year tenure of the RNCPS. This collaboration highlights the synergistic potential between MBG’s financial capabilities and DTSB’s operational expertise. The focus will particularly be on niche markets within the solar C&I sector, which are currently underserved by larger players. This targeted approach is expected to unlock new opportunities and drive growth within Malaysia’s renewable energy sector. MBG reported that the total value of projects that have completed installation is approximately RM3.55 million. Additionally, the company has projects currently in progress valued at around RM11.89 million.

MATRADE
News

Matrade, Amazon Team Up to Enhance Cross-border E-commerce

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KUALA LUMPUR: The Malaysia External Trade Development Corporation (MATRADE) will enhance cross-border e-commerce among small and medium enterprises by partnering Amazon in a programme that allows products to be sold internationally via Amazon’s e-stores. The year-long collaboration is in response to growing demand from Malaysian businesses, a joint statement said. “The two parties will join hands to offer quarterly outreach events throughout 2024 to raise awareness of cross-border e-commerce and to help Malaysian brand owners while introducing Malaysian brands and products to customers in the US,” the joint statement said. The programme, known as Amazon Global Selling, includes offline events in Kuala Lumpur, Penang and Johor Bahru with in-person workshops to provide insights and guidance to empower local entrepreneurs and to enhance online engagements with tailored training and content designed to equip Malaysian sellers. “The course contents cover the end-to-end journey of an Amazon seller, including account registration, product preparation, compliance, listing, shipping and advertising,” the statement said. MATRADE chief executive officer Datuk Mohd Mustafa Abdul Aziz said the collaboration aims to equip Malaysian SMEs with the knowledge and resources to expand their presence on Amazon’s e-stores and grow their brands internationally. “This initiative complements the MADANI Economy Framework, the National Trade Blueprint, and the New Industrial Master Plan (NIMP) 2030 all of which underscore digitalisation and cross-border e-commerce as a fundamental catalyst in driving Malaysia’s economic growth and resilience,” he said today. The Access Partnership Report 2023 predicted Malaysias e-commerce export value to surge 14 per cent annually to reach an estimated RM36.2 billion by 2027. Head of Amazon Global Selling in Southeast Asia Anand Palit said Malaysia’s e-commerce export sector projections highlight much potential in the region. —BERNAMA

Investment & Market Trends, News

Malaysia’s Economic Expansion Estimated at 3.9% in Q1

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PETALING JAYA: Malaysia’s economy expanded by 3.9% in the first quarter of the year according to preliminary figures released by the statistics department. This growth represents an improvement from the 3% seen in the previous quarter, which was affected by lower export activity. Chief statistician Uzir Mahidin highlighted that the services sector drove the Q1 growth, increasing by 4.4%, led by gains in wholesale and retail trade, transport and storage, and business services. The construction sector notably surged by 9.8%, largely propelled by civil engineering projects. Manufacturing rebounded with a 1.9% growth after a contraction of 0.3% in the preceding quarter. Agriculture expanded by 1.3%, supported by increased oil palm and livestock production. The mining and quarrying sector grew by 4.9% in Q1 2024, primarily due to expansion in the natural gas sub-sector. Separately, the Ministry of Investment, Trade, and Industry reported Malaysia’s highest-ever Q1 trade figures this year, with total trade increasing by 7.1% year-on-year to RM690.59 billion, resulting in a trade surplus of RM34.22 billion. Exports rose by 2.2% to RM362.41 billion, driven by higher shipments of manufactured and mining goods including iron and steel products, machinery, crude petroleum, and liquefied natural gas. Imports surged by 13.1% to RM328.19 billion, mainly due to increased imports of capital and intermediate goods for manufacturing.

News

Intel Announces New Business Leadership for APJ, India

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KUALA LUMPUR: Intel Corporation has appointed new sales, marketing, and communications group (SMG) leaders for the Asia Pacific and Japan (APJ) region and the India region as part of its ongoing transformation efforts. Effective immediately, Hans Chuang was appointed general manager of SMG APJ. Based out of Taiwan, Hans will be responsible for Intel’s overall business in the APJ region, including driving revenue growth, engaging with the local ecosystem to create new opportunities, and strengthening existing customer and partner relationships. Hans holds a B.S. in Electrical Engineering from the University of British Columbia and an MBA from McGill University. “Intel is transforming, and I am excited to lead the company’s growth and innovation in APJ, one of Intel’s most diverse and fastest-growing regions. “Leveraging the strength of our partners and continuing our commitment to building an open ecosystem that serves our customers in a transparent and secure manner is going to be key to our long-term success here in the APJ region,” said Hans. In March this year, Intel announced India as a separate region within its SMG organisation, to capitalise on the country’s rapid growth and business opportunities. Santhosh Viswanathan, VP and MD-India region will lead the newly formed region, leveraging his expertise to drive value and customer centricity. “We see massive business opportunities and growing momentum in India. Creating a separate region enables our teams, including our strong engineering base in India, to work closely with our customers. It is a very exciting time for Intel in India, and I am thrilled to lead our business in the country,” said Santhosh. Santhosh holds an engineering degree in Industrial Engineering and Management and a master’s degree in business administration. Both Hans and Santhosh have extensive leadership experience within Intel and are known for their dedication to delivering outcomes for Intel customers. Intel’s appointment of Hans Chuang and Santhosh Viswanathan as leaders of the company’s SMG organisations in APJ and India reflects its strategic focus on aligning organisational structures with evolving market dynamics. By leveraging its internal leadership talent, Intel aims to enhance its responsiveness and effectiveness in addressing each region’s unique opportunities and challenges, positioning itself for sustained success in these growth markets.

News

EPF Might Introduce ‘Account 3’ for Withdrawals, to be Announced on 25 April

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KUALA LUMPUR: The Employees Provident Fund (EPF) is planning to introduce a new account that would allow members to withdraw from RM50 to a maximum of 10% of their savings. Should the new account, Account 3 or ‘flexible account’ be realised, new contributions into the members’ EPF will be split where 75% will go to Account 1, 15% to Account 2 and 10% to Account 3. Currently, EPF contributions are split into 70% and 30% to Account 1 and Account 2 respectively. Dividend concerns However, talks of Account 3 have started to make experts anxious when it comes to dividend rates. While it is unlikely for the dividend rate to be severely impacted because of this, the overall net dividend returns might be affected. This is considering the new account making up 10% of a member’s total contribution. According to experts, expectations of potentially lowering dividend aligns with former finance minister Tengku Datuk Seri Zafrul Abdul Aziz, saying that the EPF dividend rate in 2021 should have been higher at 6.7%, compared to the finalised 6.1% at the time. He said this dividend would not have been impacted if there was no outflow of savings by its members, highlighting the fact that an additional dividend of RM5.4 billion could be distributed to all its members if previous withdrawals were not made. It was reported that in February 2023, a total of RM145 billion was withdrawn from the EPF by 8.1 million members. ‘A good strategy by EPF’ According to Tradeview Capital Chief Executive Officer and Founder Nd Zhu Hann, the concern is not serious and is overshadowed by the benefit that may arise. “When there was a series of withdrawals allowed by the government in 2021-2022, the outflow from EPF led to more than RM100 billion worth of withdrawals,” he said, highlighting that Account 3 only allows for 10% of the total savings to be withdrawn. “I foresee that EPF will be even better at managing the fund allocation via the strategic asset allocation means to meet flexible withdrawal demands in the long term. “It will also be helpful for them to plan or forecast when it comes to projecting returns and dividend payouts,” he added. Ng also suggested that it would be beneficial for the members if EPF could provide the option to move monies from Account 3 to either Account 1 or Account 2, allowing the members to save more if they prefer.

News

Whoscall Flags Over 1.6Mil Scam Calls in Malaysia for 2023, Second Top Country In Asian

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KUALA LUMPUR: The number of scam calls received by Malaysian Whoscall users increased by 100.92 per cent, totalling 1,632,290 in 2023 compared to 812,428 in the previous year, Whoscall’s 2023 annual report noted. Whoscall is the industry-leading digital anti-fraud app under the TrustTech service provider Gogolook. Gogolook Malaysia country marketing lead Man Yong said the report also shows that out of the 7 Asian countries, Malaysia is the second-top country seeing an increase in scam calls after Hong Kong, followed by Japan, which takes the third spot. Other Asian countries, such as Taiwan, Thailand, Korea, and the Philippines, are seeing a decrease in scam calls. She said that despite the increased risk of scam calls in Malaysia, Whoscall managed to help its users by identifying and adding the ‘scam’ tagging to 1,632,290 calls in 2023 alone. “However, 10.35 per cent, equivalent to 168,946 users, still chose to pick up the tagged scam calls. “This is a concern, and we would like to remind our users not to entertain any calls tagged as ‘scam’ and to take action to block the number immediately. “Taking these early preventive steps can save you from becoming a victim of scams,” she said in a statement. The Malaysia Royal Malaysia Police (PDRM) is a long-term strategic partner of Whoscall in Malaysia and works closely in database sharing to combat fraud cases amongst Malaysians. Commenting on the latest trends of online scams in Malaysia, PDRM Anti-Scam Ambassador ASP Rahmat Fitri Abdullah said phone scam is the leading online scam cases, with over 2,092 cases with loss amounting to RM65.8 million in just the first two months of 2024 (January – February 2024). “Another popular tactic is link or URL scams shared through messaging apps. We urge Malaysians to be alert and think twice before clicking on any links,” he said. Rahmat Fitri said that generative artificial intelligence (AI) is now used to create fake content, making it hard to differentiate the authenticity of information shared. He said Malaysia is now seeing emerging trends in AI-based scams involving manipulating news. “Scammers take real news footage and alter the audio clip to achieve a certain goal, such as producing positive news about an investment opportunity to win the victims’ trust. This trick has seen more and more Malaysians fall for it,” Rahmat Fitri said. As scam tactics evolve, Whoscall’s anti-fraud detection scope has expanded from calls and text messages to URL Scanner and ID security features. By integrating its AI-powered anti-fraud technology, Whoscall has established a leading global advantage in detecting risky links and checking unknown links from various sources under its URL Scanner feature. Recently, Whoscall’s new free feature, ID Security, is transforming user protection by swiftly detecting past leaks with just a phone number. Users gain instant insights into compromised accounts, passwords, and personal details, all at a glance. Plus, it offers vital remedial suggestions for added security. Whoscall is actively expanding its feature offerings to become an essential anti-fraud app that protects its users against constantly evolving scam tactics.

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