Malaysia

While digitalisation continues to reshape Malaysia’s insurance and takaful landscape, Zurich Malaysia remains focused on delivering both efficient technology and compassionate, empathy-driven support to customers during challenging times. Today, insurance and takaful is no longer just about financial protection, but about providing timely assistance and understanding when it matters most. Over the years, Zurich Malaysia has supported millions of customers through moments of crisis, from sudden loss of a loved one to major disruptions caused by accidents or illness. In these difficult moments, they were met with compassionate support that brought peace of mind when it was needed most. Their experiences reflect a growing shift in the industry, integrating digital innovation with empathy. At Zurich Malaysia, this approach is more than a strategy; it is a commitment to respond with efficiency and heartfelt care, ensuring customers receive the support they truly deserve. Through the streamlining of traditionally complex processes into seamless and efficient platforms, digitalisation across the insurance and takaful sector is empowering customers to take greater control over their protection. However, Zurich Malaysia believes that technological advancement alone is not enough as what truly matters is how these innovations impact customers’ lives. By combining the strengths of digital tools with customer care support rooted in empathy, it ensures that the service customers receive not only meets but exceeds their expectations. “‘Care For What Matters’ is more than a slogan we put on the wall. It’s a standard we hold ourselves to every day,” said Ally Robertson, Country Chief Operations Officer at Zurich Malaysia, “Digitalisation goes beyond speed and removes friction. It’s about enabling our people to respond with empathy, insights and purpose, especially when our customers are going through some of life’s hardest moments.” Among the many lives Zurich Malaysia has supported over the past year, the following stories reflect the emotional weight of those moments, and how timely protection made a real difference when life took an unexpected turn. In Johor, Nor Hasimah binti Ahmad Shukri was left to care for her young child after the sudden passing of her husband from cancer. Amid grief and uncertainty, she needed timely support to stabilise her family’s finances. Zurich Malaysia’s digitised claim verification and payout system ensured the death claim was processed swiftly, giving her the support she needed to secure her family’s future. A more complex case unfolded in Kota Bharu, where Hasnira binti Mat Jusoh’s late husband had not named a nominee in his insurance policy. What could have become a lengthy and difficult process was resolved through Zurich Malaysia’s internal records and dedicated staff follow-up. She was guided step by step until the payout was delivered, a reminder that while systems matter, follow-through matters even more. Meanwhile, Zainuddin bin Abdul Halim and his son were affected by the Putra Heights gas leak explosion that resulted in the total loss of their vehicles. Amid the disruption, Zurich Malaysia’s user-friendly digital claims platform helped them to submit reports, upload documentation, and track their claims with ease. Iris Dang, Chief Operations Officer, Property and Casualty at Zurich Malaysia, said “What truly matters to us is how we support our customers during their most difficult times. These stories remind us that insurance/takaful isn’t just about policies/certificates and payouts, it’s about listening with empathy, understanding unique needs, and being there with clear, caring support every step of the way. Our teams are trained to go beyond transactions and build meaningful connections, ensuring every interaction is focused on what our customers truly need. That human touch makes all the difference when lives are impacted.” As Zurich Malaysia continues to evolve, our focus remains on building solutions that are digitally enabled and deeply empathetic. We Don’t Just Cover, We Care is at the core of our heart. We stand with our customers, offering clarity, compassion and support when it matters most. This is our promise and our commitment to truly Care For What Matters. To learn more about how Zurich Malaysia supports customers, kindly please visit zurich.com.my.

CIMB Group Holdings Berhad has announced the appointment of Datuk Syed Zaid Albar as its next Group Chairman, with effect from 20 July 2025. This appointment follows the scheduled retirement of Tan Sri Mohd Nasir Ahmad, who will step down from the Board on 19 July 2025. In preparation for this leadership transition, Datuk Syed Zaid will join the Board as an Independent Non-Executive Director on 18 June 2025. Tan Sri Mohd Nasir, speaking on behalf of the CIMB Group Board of Directors, expressed confidence in his successor, stating that Datuk Syed Zaid’s extensive expertise in law, financial services, and regulatory oversight would bring a valuable perspective to the Group’s strategic direction. He noted that Datuk Syed Zaid’s leadership is expected to provide critical guidance in driving the Forward30 strategic plan as the Group enters its next phase of growth and transformation. Datuk Syed Zaid brings with him four decades of legal experience, having made a distinguished impact on Malaysia’s capital markets, particularly in debt and equity financing, including Islamic finance. A founding partner of Albar & Partners, he has been consistently recognised for his role in significant capital market transactions and legal advisory excellence. In 2018, he stepped away from legal practice to assume the position of Executive Chairman of the Securities Commission Malaysia (SC), where he served until mid-2022. During his tenure, Datuk Syed Zaid was instrumental in enhancing regulatory frameworks and governance across Malaysia’s capital markets. He represented the SC on key domestic and international platforms, including the Bank Negara Malaysia Financial Stability Committee and the Board of Trustees of the Financial Reporting Foundation. Internationally, he served as a board member of the International Organisation of Securities Commissions (IOSCO), its Asia Pacific Regional Committee, and the ASEAN Capital Markets Forum, fostering regional capital market integration and development. He returned to Albar & Partners in 2023 as a senior partner, focusing on advisory work and professional development. His prior board experience includes directorships at several publicly listed companies, such as Yinson Holdings Berhad, Cycle & Carriage Bintang Berhad, Malaysian Pacific Industries Berhad and Malaysia Building Society Berhad, underscoring his commitment to corporate governance and leadership. Welcoming the appointment, CIMB Group Chief Executive Officer Novan Amirudin expressed optimism about Datuk Syed Zaid’s stewardship. He highlighted the alignment between the incoming Chairman’s leadership and the Group’s ambition under its Forward30 strategy, which seeks to reimagine banking and embed CIMB into the daily lives of its customers across ASEAN. The Group also paid tribute to outgoing Chairman Tan Sri Mohd Nasir Ahmad for his decade of service on the Board, including his leadership as Chairman since 2018. His tenure has seen CIMB’s evolution into one of ASEAN’s leading banking groups. As at 31 December 2024, CIMB reported total assets of RM755.1 billion, with a market capitalisation of RM75.2 billion as of 31 March 2025.

INV New Material Technology (M) Sdn Bhd, a subsidiary of China-based Shenzhen Senior Technology Material Co Ltd, has officially commenced operations at its RM3.2 billion manufacturing facility in Penang, signalling a significant enhancement to Malaysia’s position in the global lithium-ion battery supply chain. Situated within the Penang Technology Park @ Bertam, the 26.7-hectare site is set to become the world’s largest production base for wet-process and coated battery separators. The milestone was marked by an opening ceremony officiated by Penang Chief Minister Chow Kon Yeow, with senior company leadership including INV’s Chief Executive Officer Liu Rui and Shenzhen Senior Technology Material Co Ltd Chairman Datuk Chen Xiu Feng in attendance. Datuk Chen emphasised that Penang’s well-established industrial base and Malaysia’s competitive manufacturing landscape made the region an ideal destination for this strategic investment. He highlighted the country’s central location in Southeast Asia as a distinct advantage for international trade and regional connectivity. “With Malaysia as our pivot, we will provide localised, zero-distance service to international clients beyond Greater China. This is the essence of our vision for Illuminating Southeast Asia – positioning Penang as a hub connecting ASEAN to the world in lithium battery innovation,” he stated. The new smart factory is underpinned by state-of-the-art technologies, prioritising sustainability and innovation throughout its operations. In addition to job creation and economic stimulation, the company has committed to community development initiatives and collaboration with local universities to support research in advanced battery materials. The facility represents a major advancement in Malaysia’s green technology landscape and reinforces the nation’s attractiveness as a regional hub for next-generation manufacturing and clean energy innovation. According to Chen, total investment in the site will reach RM6.4 billion, with Phase 2 of the development currently underway and projected for completion by 2027. Once fully operational by June 2027, the facility is expected to produce two billion square metres of high-performance battery separators annually, securing an estimated 15 per cent share of the global market. Chief Minister Chow praised INV’s rapid progress and strategic contributions to the state’s green economy. He noted that INV, incorporated in August 2023, is a critical extension of Shenzhen Senior Technology Material Co Ltd’s global leadership in lithium-ion battery separator R&D. “With applications spanning electric vehicles, energy storage, aerospace and electronics, INV’s presence here adds depth and value to Penang’s growing green technology and energy ecosystem,” Chow said. He further noted that the facility is anticipated to generate 1,200 skilled jobs, contributing meaningfully to local talent development and aligning with Penang’s vision of promoting high-value industries.

Ongoing collaboration between Russia and ASEAN nations in the energy sector is positioned to catalyse the development of a regional nuclear energy market, delivering extensive economic and strategic benefits, according to industry analysts. Elena Burova, Senior Research Fellow at the Institute of China and Contemporary Asia, identified nuclear energy as one of the most dynamically evolving sectors in the global energy landscape. She highlighted that nuclear energy projects are not only capital-intensive but also deliver significant multiplier effects across national economies. “A large-scale nuclear power plant in ASEAN could contribute as much as US$62 billion to regional GDP, create over 20,000 jobs during construction, and sustain 7,000 permanent roles in operations and related industries,” Burova said. The remarks followed the 43rd ASEAN Senior Officials’ Meeting on Energy, convened earlier this month in Kuching, Sarawak. During the event, ASEAN and Russia launched the ASEAN–Russia Capacity Building on Energy Statistics project and renewed their energy cooperation framework for the period 2026–2028. Elena Vikulova, Deputy Head of Russia’s Directorate of International Cooperation, underscored the potential for deeper engagement between ASEAN and Russia, given the region’s accelerating energy requirements. Malaysia has also made notable strides in exploring nuclear energy. Deputy Prime Minister Fadillah Yusof confirmed in April that the International Energy Agency would support Malaysia in developing policies related to nuclear energy exploration. Yusof is currently on a working visit to Russia until 28 June, with nuclear cooperation high on the agenda. His visit follows Prime Minister Anwar Ibrahim’s earlier trip to Moscow, where nuclear energy emerged as a key area of bilateral interest. The zero-emission and reliable nature of nuclear energy has gained increasing traction among ASEAN nations as they seek to advance their energy transition objectives. In a related development, Bloomberg reported that Vietnam is seeking urgent negotiations with Russia to formalise an investment cooperation agreement concerning the Ninh Thuan 1 nuclear power project, targeted for discussion in August. The initiative was previously shelved in 2016 due to high costs and safety concerns but is being revisited to enhance energy security and support the country’s economic growth trajectory. Burova noted that Russia, through its state-owned nuclear entity Rosatom, possesses significant expertise in nuclear development. Since its inception in 2007, Rosatom has constructed over 110 nuclear reactor units and is currently responsible for 22 out of 24 reactor builds under export contracts. “Rosatom brings a competitive advantage by supporting local job creation across ASEAN economies,” Burova added. “This includes the localisation of manufacturing and engineering for heavy and specialised equipment, as well as sourcing local labour, construction materials and other site-specific resources.” As energy demands in Southeast Asia continue to climb, nuclear energy cooperation with Russia could become a cornerstone of regional energy policy, bolstering long-term sustainability, employment and industrial capability. -FMT

The Ministry of Investment, Trade and Industry (MITI) is intensifying efforts to empower young entrepreneurs in Malaysia and across ASEAN, in tandem with the country’s current role as ASEAN chair, said Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz. Speaking at the closing keynote of the Nusantara Youth Forum 2025 in Putrajaya, Tengku Zafrul underscored MITI’s commitment to regional youth entrepreneurship through pivotal initiatives such as the ASEAN SME Academy and the Digital Economy Framework Agreement (DEFA). DEFA, described as the world’s first regional digital economy treaty, is expected to expand ASEAN’s digital economy to over US$2 trillion by 2030 while creating millions of jobs. “These are not just statistics; they are doorways to your future,” Tengku Zafrul emphasised, noting the transformative potential these initiatives hold for aspiring entrepreneurs across the region. He also highlighted how Malaysia’s long-term economic strategy is aligned with regional goals. “Through the New Industrial Master Plan 2030 (NIMP 2030), Malaysia is transforming our industrial landscape by focusing on high value-added sectors, advanced manufacturing, and future-oriented skills,” he said. NIMP 2030 aims to generate quality employment and maintain the global competitiveness of Malaysia’s key industries, particularly in the electrical and electronics sectors as well as green technology. “NIMP’s core mission is to ensure our industries remain globally competitive, resilient, and sustainable,” Tengku Zafrul added. The minister further stated that national frameworks such as NIMP not only advance Malaysia’s own development but also reinforce broader ASEAN efforts. “They complement regional initiatives like DEFA and the ASEAN SME Academy, creating a seamless ecosystem that supports youth – from upskilling and financing to market access – so you can truly take your ideas from the region to the world,” he explained. Tengku Zafrul also addressed the vital role of arts and culture in economic and social development, pointing out that the creative sector is often undervalued. “The truth is, culture and creativity are economic engines, identity builders, and bridges between nations,” he said. He noted that ASEAN’s creative industries, including music and film, are rapidly gaining global recognition. In closing, the minister stressed the significance of youth-led entrepreneurship as a catalyst for economic growth and societal progress. “Today, the most exciting businesses in Malaysia, and indeed throughout ASEAN, are being founded, led, and grown by youths. Whether you are developing tech solutions, running sustainable farms, designing innovative products, or launching platforms for social impact, you show the world what is possible when ambition is united with purpose,” he said. -Bernama

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz held high-level discussions with senior leaders from Singapore and Indonesia aimed at bolstering economic ties among the three neighbouring nations. In meetings with Singapore’s Deputy Prime Minister Gan Kim Yong and Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto, Tengku Zafrul emphasised the shared commitment to deepening economic cooperation in the region. “Our main focus was to improve and deepen trilateral economic cooperation for our shared benefit,” he stated via his official X platform while currently on a working visit to Indonesia. Tengku Zafrul is part of a ministerial delegation accompanying Prime Minister Datuk Seri Anwar Ibrahim on his official visit to Indonesia. The delegation also includes Foreign Minister Datuk Seri Mohamad Hasan, Higher Education Minister Senator Datuk Seri Dr Zambry Abdul Kadir, Communications Minister Datuk Ahmad Fahmi Mohamed Fadzil and Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. Tengku Zafrul noted that the discussions were held within the context of growing geopolitical uncertainty, with ASEAN’s strategic role taking centre stage in navigating an increasingly complex geoeconomic environment. Indonesia remained Malaysia’s sixth-largest global trading partner in 2024, and its second-largest within ASEAN. Bilateral trade between the two countries increased by 4.5 per cent to RM116.29 billion (US$25.5 billion), up from RM111.21 billion (US$24.39 billion) in 2023. According to a statement from the Foreign Ministry on Thursday, Prime Minister Anwar’s visit is a reciprocal gesture following Indonesian President Prabowo Subianto’s official visit to Malaysia earlier this year. The itinerary includes bilateral meetings and participation in the 46th ASEAN Summit, the Second ASEAN-GCC Summit, and the ASEAN-GCC-China Summit, held from 26 to 27 May. The visit also forms part of the preparatory framework for the upcoming 13th Annual Consultation between Malaysia and Indonesia, which is expected to take place later this year. -Bernama

The Small and Medium Enterprises Association Malaysia (SAMENTA) has expressed strong support for the Ministry of Finance’s recent revision to the expanded Sales and Service Tax (SST), calling it a significant relief for small and medium-sized enterprises (SMEs). Datuk William Ng, President of SAMENTA, noted that the revised framework includes an increased annual sales threshold for the imposition of service tax on rental and financial services. This adjustment effectively exempts around 75 percent of SMEs from the additional eight percent tax under the newly expanded SST structure. “When the SST expansion was initially announced, SAMENTA was among the earliest to raise concerns, particularly regarding its potential implications for SMEs,” said Ng in a formal statement. He explained that the association had called on the government to raise the SST threshold as a means of safeguarding smaller enterprises while ensuring a broader and more equitable tax base. In a move aligned with public and industry sentiment, the Ministry announced that it would not proceed with the proposed extension of the service tax to include beauty-related services such as manicures, pedicures, facials, as well as services provided by barbers and hairdressers. All amendments to the expanded SST were made following extensive consideration of feedback from both the public and industry stakeholders. Ng conveyed appreciation to Prime Minister Datuk Seri Anwar Ibrahim for taking the concerns of the SME community into account and for directing the Ministry to revise the threshold upwards. “While we will continue to advocate for a tax policy that is balanced and conducive to SME growth, we consider this particular matter to be resolved and will not seek additional concessions with regard to the SST expansion,” he added. Ng also advised SMEs impacted by the revised SST measures to proceed with the necessary implementation steps and to approach the Royal Malaysian Customs Department for assistance where required. -Bernama