News

As the Fourth Industrial Revolution advances with unprecedented speed, nations across the globe are grappling with how to prepare their people for an increasingly digital and automated economy. In Malaysia, this preparation is taking a deliberate, evidence-based and human-centred approach—one that prioritises resilience, dignity and inclusion in the face of evolving technologies such as artificial intelligence (AI). When Rudyard Kipling penned The Secret of the Machines over a century ago, he captured the awe and trepidation that society felt during the second industrial revolution. Today, similar sentiments are being echoed as AI rapidly reshapes the contours of work. With it comes both the promise of augmented productivity and the existential worry of displacement. In Malaysia, these anxieties are being met with action. Upon assuming the role of Minister of Human Resources 17 months ago, Steven Sim was struck not by abstract theories but by real conversations with Malaysians—corporate leaders, employees, gig workers and entrepreneurs—all uncertain about their place in a changing economy. The questions were simple yet profound: Will I still have a meaningful job? Can I earn a dignified living? Will my skills remain relevant? In response, the Ministry of Human Resources, through its agency TalentCorp, initiated a nationwide study to examine the implications of AI, digitalisation and the green economy on the labour market. The results were sobering: approximately 620,000 jobs are at high risk of becoming obsolete due to automation. This necessitates large-scale cross-skilling, upskilling and reskilling to future-proof the workforce. However, the findings also revealed significant opportunities. The study identified 60 emerging job roles, with 70% rooted in AI and digital technologies. These roles are not hypothetical—they are already being advertised in job listings, and several countries are outpacing Malaysia in preparing their talent pipelines to fill them. Malaysia’s strategic response is both broad-based and data-driven. The country currently invests RM10 billion (£1.65 billion) annually in skills-related education and training, with roughly 30% of that funding sourced from a statutory levy imposed on private sector employers. To ensure this investment leads to meaningful outcomes, the government launched MyMahir—a national digital platform providing real-time insights into job trends, required competencies and available training. This tool is designed to empower individuals, companies and policymakers alike in making informed decisions about skills development. To align training more closely with industry needs, the Ministry established the Future Skills Talent Council, comprising sector-based, industry-led groups. These councils bridge the gap between policy and practical workforce requirements, ensuring that training programmes reflect the realities of the workplace. Early results are promising: workers trained under these schemes have earned a 12% higher average wage than the national norm in the programme’s first year. Looking ahead, the government plans to establish “skill universities”—accessible, industry-aligned institutions that offer credentials equivalent in value to traditional degrees. These will serve as a new model for post-secondary education in a skills-driven economy. The country’s workforce strategy is not limited to domestic ambitions. Recognising the interconnectedness of the ASEAN region, Malaysia will spearhead the ASEAN Year of Skills 2025 during its chairmanship, with support from the International Labour Organization. This initiative aims to catalyse deeper regional cooperation on human capital development. One of its flagship efforts will be to open Malaysia’s National Training Week in June 2025 to all ASEAN citizens. The programme will offer access to 65,000 high-quality training courses delivered by both local and international providers, positioning ASEAN as a globally competitive and highly skilled region. Gender inclusion is also a core component of Malaysia’s workforce agenda. In partnership with the World Economic Forum, Malaysia is co-chairing the Gender Parity in the Future of Work Accelerator. This programme will formulate data-driven policy recommendations to enhance women’s participation in the labour market, aligning with Malaysia’s broader Madani Economic Framework, which seeks to boost female labour force participation. As technology continues to redefine economies and societies, Malaysia remains committed to ensuring that human dignity is not an afterthought but the cornerstone of its future-of-work policies. Echoing Kipling’s reassurance that technology remains a tool—powerful yet ultimately subordinate to human intent—the government’s strategy is clear: people must write the manual for technology, not the other way around. Reflecting on his tenure, Minister Sim acknowledged that the greatest concerns were never just about employment statistics or wage growth. They were about ensuring that in the pursuit of innovation, no one is left behind. -World Economic Forum

Ancom Nylex Bhd reported a decline in net profit for the financial year ended 31 May 2025 (FY2025), registering RM63.49 million compared to RM81.47 million in the previous year. Revenue also eased to RM1.87 billion from RM1.99 billion in FY2024, the group disclosed in a filing with Bursa Malaysia today. The company attributed the lower revenue to softer contributions from its industrial chemicals segment, which faced reduced selling prices and volumes. The drop in net profit was primarily due to elevated freight costs and unfavourable foreign exchange fluctuations. Managing Director and Group Chief Executive Officer Datuk Lee Cheun Wei described FY2025 as a challenging year marked by geopolitical tensions that pushed up freight costs and created volatility in currency markets, weighing on overall performance. “Escalating tariffs and volatile trade conditions could further impact both global and domestic economic projections, making it increasingly difficult to anticipate trends in raw material costs and market prices,” he noted. Nevertheless, Lee expressed optimism that Malaysia’s economic growth is expected to remain positive over the next 12 months, with scope for further improvement if global conditions stabilise. For the fourth quarter ended 31 May 2025 (4Q2025), Ancom Nylex recorded a lower net profit of RM17.07 million compared to RM18.44 million a year earlier, while revenue slipped to RM459.4 million from RM487.2 million. During FY2025, the group declared a first interim dividend through the distribution of treasury shares on the basis of four shares for every 100 shares held. A second interim dividend was also distributed at one treasury share for every 100 shares. -Bernama

Saliran Group Bhd has announced the appointment of its chief financial officer Yong Wai Kin as executive director, reflecting the board’s confidence in his leadership and expertise as the company advances its growth trajectory following its initial public offering. Yong, who has held the role of CFO since May 2022, brings more than three decades of experience in finance, audit and corporate management, spanning industries including manufacturing, automotive, media and palm oil. Since joining Saliran, he has played a key role in strengthening the company’s financial management, supporting its strategic expansion plans. The supplier and distributor of pipes, fittings and flanges said the appointment marks a significant step in reinforcing its leadership team to drive long-term value creation. -The Star

Boost has announced key leadership changes aimed at accelerating its growth trajectory and reinforcing its position in the digital financial services landscape. Ungku Norliza Syazwan Ungku Halmie has been named Deputy Chief Executive Officer of Boost Bank. Formerly the CEO of Boost Life, Ungku Norliza was pivotal in transforming the Boost eWallet into a fast-growing platform. Recognised as ‘Female Leader of the Year’ in 2023, she will now collaborate with Boost Bank CEO Fozia Amanulla to spearhead the bank’s expansion and innovation agenda. Meanwhile, Gin Wong has been appointed Head of Consumer Business, assuming leadership of Boost Life. Previously serving as Head of Product, she played a critical role in evolving the eWallet into a comprehensive financial solution. In her new capacity, Gin will be responsible for advancing consumer strategy, enhancing user experience, and driving product innovation. Group CEO of Boost, Sheyantha Abeykoon, emphasised the company’s commitment to nurturing internal talent and providing growth opportunities. “At Boost, one of our core principles is creating a platform where every employee can grow and thrive professionally. We believe it’s our responsibility to provide opportunities, and it’s up to our people to seize them. There’s nothing more fulfilling than seeing Boosties who embrace this chance and advance in their careers, fuelling our collective growth as a company. Leaders like Ungku Liza and Gin exemplify this spirit, and we’re immensely proud whenever we can open doors for our own people to rise within Boost.” These appointments underline Boost’s strategic focus on strengthening leadership capacity as it works towards becoming a leading regional digital banking group. -Fintech News