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KUALA LUMPUR, Singapore-based iFAST Corporation Ltd has secured provisional approval from Bank Negara Malaysia to operate as an electronic money issuer. The approval, granted to its subsidiary iFAST Pay Malaysia Sdn Bhd, will allow the group to hold a money services business licence. iFAST said its initial focus will be on expanding its multi-currency e-wallet, prepaid cards, and cross-border payment offerings. The company also plans to deepen the integration of its digital payment services with its wealth management platform. “Our goal has always been to build a virtuous cycle of investing, earning and now spending, all within one powerful application,” said Lim Chung Chun, chief executive officer and chairman of iFAST Corp. Listed on the Singapore Exchange, iFAST is a digital banking and wealth management platform with more than RM10 billion in assets under administration in Malaysia, and over S$27 billion globally as at June 2025. Dennis Tan, chief executive of iFAST Malaysia, said the new offerings will support instant payments for daily spending and international travel, targeting frequent travellers and expatriates. “We are looking to roll out these solutions over the next year,” he added.

KUALA LUMPUR, Kronologi Asia Bhd has announced plans to acquire Quantum Storage (Hong Kong) Ltd for RM45 million, strengthening its presence in the enterprise data management (EDM) market, particularly in Hong Kong and Taiwan. According to its Bursa Malaysia filing, the deal will be settled through the issuance of up to 40.8 million new shares at 98 sen each, along with a cash payment of up to RM5 million. Kronologi said the purchase price was arrived at on a willing buyer-willing seller basis after arm’s-length negotiations, with payments to be made in stages. The valuation represents a price-earnings multiple of 8.85 times, based on a profit warranty of US$1.2 million (RM5.07 million) for the financial year ending Dec 31, 2017 (FY17). The profit warranty was deemed reasonable, supported by Quantum Storage (HK)’s unaudited net profit of US$580,000 for the first half of FY17 and the company’s future growth prospects within the enlarged Kronologi group. Following the acquisition, Law Chee Yii, who owns 100% equity in Quantum Storage (HK) and was previously a non-substantial shareholder of Kronologi, will emerge with a 12.1% stake in the group. The RM5 million cash portion of the deal will be funded through proceeds raised from Kronologi’s private placement of new shares completed on Aug 25. Kronologi currently operates in Southeast Asia and India. The inclusion of Quantum Storage (HK) will extend its footprint to Hong Kong, Taiwan, and Greater China, regions seen as offering strong growth opportunities amid rising digitalisation and technology adoption. On Monday, Kronologi’s share price slipped 1.02% to 97 sen, valuing the company at RM288.5 million. Year-to-date, the stock has surged 212.9%, and at current levels, it trades at a price-earnings ratio of 23.8 times.

JAKARTA, The Ministry of State-Owned Enterprises (SOEs) and Danantara Asset Management, as shareholders of state railway operator Kereta Api Indonesia (Persero) or KAI, have restructured the company’s board of commissioners and directors to strengthen strategy, drive innovation, and improve service quality. Bobby Rasyidin, previously president director of Len Industri, has been named KAI’s new president director, succeeding Didiek Hartantyo. The appointment follows Indonesia’s new SOE Law No. 1 of 2025, which allows changes in the leadership of SOEs to be made without convening a physical shareholders’ meeting. Instead, appointments and dismissals are formalized through a ministerial decree, which simultaneously serves as a general meeting of shareholders’ resolution. Similar provisions existed under the previous SOE Law No. 19 of 2003 and the Limited Liability Company Law No. 40 of 2007.

Specialty chemicals firm Lubrizol has signed a memorandum of understanding (MoU) with PT Pertamina Lubricants, a subsidiary of Indonesia’s state-owned energy company Pertamina, to explore joint opportunities in the country’s lubricants market. The partnership focuses on technology collaboration, market expansion, and sustainability to support Indonesia’s industrial growth and environmental goals. The MoU was signed on July 24 by Lubrizol Asia Pacific vice president Henry Liu and Pertamina Lubricants president director Werry Prayogi during the opening of Lubrizol’s new office in South Jakarta. Executives from Lubrizol cut a ribbon on July 24 to mark the opening of a new office at Tavera Office Park in South Jakarta. The specialty chemicals producer said it was ready to expand cooperation with local partners in various industries. Werry said the collaboration would enhance Pertamina Lubricants’ capabilities with access to Lubrizol’s advanced formulations. “This partnership reflects our commitment to supporting energy transition and boosting industrial efficiency in Indonesia,” he noted. Liu highlighted Indonesia’s strong growth potential, pointing out that Lubrizol already supplies chemical products to about 80 local partners across industries such as automotive, mining, and footwear manufacturing. “Pertamina is one of our largest partners in Indonesia, but there are many more opportunities across sectors,” he said, adding that footwear is a particular area of focus given the country’s demand for materials like thermoplastic polyurethane. The MoU signing coincided with the official launch of Lubrizol’s new office at Tavera Office Park, TB Simatupang, which will serve as a hub for customer engagement, technical services, and industry collaboration. The move complements the recent opening of the Southeast Asia Innovation Center in Jurong, Singapore, forming a regional network to strengthen Lubrizol’s presence in Southeast Asia. “Indonesia represents diversity, resilience, and potential,” Liu said. “Through this office, we aim to deliver tailored, science-based solutions that empower industries and improve lives, while creating opportunities for collaboration with local partners and innovators.”

KUALA LUMPUR, Maxis Bhd and CelcomDigi Bhd have each injected an additional RM116.67 million into Digital Nasional Bhd (DNB) through their subsidiaries, Maxis Broadband Sdn Bhd and Infranation Sdn Bhd. In a filing with Bursa Malaysia, Maxis said the fresh shareholder advance is intended to support DNB’s ongoing 5G rollout and assist in managing the company’s financial requirements. CelcomDigi, in a separate filing, confirmed that its contribution was made in line with the agreed proportions among DNB’s shareholders, as outlined under the existing shareholders’ agreement. According to Maxis, the additional shareholder advance carries the same rights as those of an ordinary shareholder. This means each ringgit of shareholder advance is entitled to one vote within DNB. Based on the latest equity structure, the Ministry of Finance Inc (MoF Inc) remains the single largest shareholder of DNB, with RM500.1 million in issued share capital and RM250.2 million in shareholder advances, bringing its total contribution to RM750.3 million. This gives MoF Inc a 41.67% stake in the special-purpose vehicle tasked with implementing Malaysia’s 5G network. Meanwhile, Maxis, CelcomDigi, and YTL Corp each hold a 19.44% stake in DNB. Their respective shareholdings comprise RM133,333 in issued share capital, RM233.33 million in shareholder advances, plus the latest RM116.67 million injection. The latest funding move underscores the commitment of Malaysia’s leading telecommunications players to the success of DNB and the country’s broader 5G agenda, which is seen as critical for driving digitalisation, innovation, and future economic growth.

Estonian ride-hailing company Bolt has introduced Bolt Business in Malaysia, offering companies a smarter, hassle-free way to manage employee travel. The service, available with no onboarding fees, features a centralised dashboard and automated reporting tools that remove the need for manual ride claims. Companies can set ride limits, assign cost centres, track usage, and access real-time reports — all from a single account. This helps finance and HR teams streamline expense management, cut down paperwork, and make data-driven mobility decisions. Bolt Business also integrates easily with third-party platforms like Zoho, SAP Concur, Rydoo, and Expensify, enabling seamless adoption into existing expense systems. “Our goal with Bolt Business is to make travel management simple and transparent, while reducing messy claims processes,” said Afzan Lutfi, General Manager of Bolt Malaysia. “This also means more earning opportunities for local driver-partners and a stronger commitment to Malaysia’s business mobility sector.” Fully licensed by the Land Public Transport Agency (APAD), Bolt began operations in the Klang Valley in November 2024. In just three months, it achieved a 540% increase in driver-partners and a 280% growth in registered passengers.

Malakoff Corp Bhd has named Syahrunizam Samsudin as its new group chief executive officer (CEO), effective Sept 1, 2025. He succeeds Anwar Syahrin Abdul Ajib, who is stepping down after nearly five years at the helm, having joined the company as managing director and group CEO in December 2020. The appointment confirms a report by The Edge Weekly (July 28–Aug 3) that Syahrunizam was in discussions with Malakoff for the top role. Malakoff is Malaysia’s largest independent power producer, with an installed capacity of 6,953MW, and a growing renewable energy portfolio of 173MW. Through its subsidiary Alam Flora Sdn Bhd, the group is also a leading waste management operator. Beyond Malaysia, Malakoff has power generation and water desalination operations in Saudi Arabia, Bahrain, and Oman. The company is 38.45%-owned by MMC Corp Bhd, the flagship of tycoon Tan Sri Syed Mokhtar Albukhary. At the close of trading on Thursday, Malakoff’s shares slipped 1.5 sen or 1.58% to 93.5 sen, valuing the company at RM4.65 billion.

KUALA LUMPUR, AIA Public Takaful Bhd has named Mohd Asri Omar as its new chief executive officer, effective Aug 11, 2025. With over 27 years of experience in the insurance and takaful industry, Mohd Asri brings extensive expertise in agency distribution, business strategy, legal affairs, and shariah governance. According to AIA Public Takaful, his leadership will focus on strengthening the company’s Total Shariah Solution proposition — a holistic approach that integrates sustainable, purpose-driven, and professionally delivered financial protection in line with the principles of Maqasid Shariah. His appointment comes on the heels of the company’s recent milestone of declaring its highest-ever surplus distribution of RM84 million since inception, underscoring its financial strength, agency performance, and customer value delivery. AIA Malaysia CEO Ben Ng said Mohd Asri’s deep industry knowledge and strong shariah credentials make him well-positioned to lead the takaful operator into its next phase of growth. “Under his leadership, AIA Public Takaful will continue to be a key growth driver for AIA Malaysia. We aim to expand our professional takaful agency force, protect more Malaysians, and reinforce our purpose of helping customers live healthier, longer, better lives,” Ng said. Prior to this role, Mohd Asri served as CEO of Hong Leong MSIG Takaful Bhd since 2018, and previously held senior leadership roles at AIA Public Takaful, including head of governance and strategy. He holds a Master of Business Administration from Universiti Putra Malaysia and a double degree in Shariah (LLBS) and Law (LLB) from the International Islamic University Malaysia.

Proton Holdings Bhd has entered into a strategic partnership with Touch ‘n Go Sdn Bhd to integrate Touch ‘n Go’s RFID technology into the all-new Proton X50, marking a significant step forward in Malaysia’s connected mobility landscape. The collaboration, formalised through the signing of a memorandum of understanding (MoU), will see every new Proton X50 rolling off the production line pre-fitted with a Touch ‘n Go RFID tag. This allows owners to immediately enjoy seamless access to Malaysia’s extensive network of RFID-enabled highways without the need for aftermarket installation or manual registration. Zhang Qiang, Deputy CEO of Proton Edar Sdn Bhd and Prabakaran Sangarajoo, CEO of Touch ‘n Go Sdn Bhd. Touch ‘n Go chief executive officer Praba Sangarajoo said the partnership is a testament to the innovation and capability of two homegrown Malaysian brands coming together to elevate the driving experience. “This is about making life easier for our customers. You collect your new Proton X50 from the showroom, and the RFID is already there — ready to use from day one. It’s not just smarter mobility; it’s about creating daily convenience and value for drivers across the country,” he said. Proton Edar deputy chief executive officer Zhang Qiang said the move aligns with Proton’s mission to continually improve customer satisfaction through practical innovations. He added that the company is exploring the possibility of extending RFID integration to other models in Proton’s lineup, ensuring more customers benefit from the same level of convenience. “With upcoming model launches, we see great potential in offering RFID fitment across more of our range. It’s a simple yet impactful step towards enhancing the ownership experience, reducing hassle, and keeping pace with the growing demand for smart, connected solutions,” Zhang said. The partnership not only streamlines toll payment for Proton drivers but also underscores the growing role of digital technology in transforming Malaysia’s automotive sector, setting the stage for further collaborations that enhance connectivity, efficiency, and customer experience.

KUALA LUMPUR (Aug 13): The government has recovered a total of RM29.7 billion linked to 1Malaysia Development Bhd (1MDB) and SRC International Sdn Bhd (SRC) since the Asset Recovery Trust Account was established in 2018, according to the Ministry of Finance (MOF). Of this amount, RM10.9 billion was recovered between 2022 and June 30, 2025, the ministry said in a written parliamentary reply on Wednesday. As of July 31, 2025, RM42.17 billion in net funds had been channelled to 1MDB to meet debt repayments and financial obligations. This included RM15.44 billion from MOF and Minister of Finance Inc (MOF Inc) via shareholder advances or loans, and RM26.73 billion from recovered 1MDB assets. From this, RM28.93 billion went towards settling principal debt, while RM13.24 billion covered interest payments and other commitments. The ministry noted that the remaining 1MDB debt — comprising principal and interest on sukuk Islamic medium-term notes due by 2039 — stands at RM9.02 billion, made up of RM5 billion in principal and RM4.02 billion in interest. For SRC, RM5.35 billion has been allocated to settle its principal, interest, and other obligations. The MOF stressed that the recovery process remains ongoing and is complex, involving multiple local and foreign agencies, as well as legal proceedings and settlement talks. “Nevertheless, the government is committed to maximising recoveries to fully settle all 1MDB and SRC debts within the set timeframe,” it said.