Malaysia

KUALA LUMPUR: TrueMoney Malaysia, part of the region-leading Ascend Money financial platform, today announced the launch of its International Remittance (IR) services in Malaysia. The newly introduced offering includes both Business-to-Business (B2B) and Consumer-to-Consumer (C2C) transfers, enabling corporate import transactions and retail money transfers. Cross-Border B2B & C2C Transactions Now Available With TrueMoney Remittance, Malaysian users can now: Facilitate B2B payments to all countries, with competitive exchange rates in USD, SGD, and THB. Conduct C2C transfers to seven countries: Myanmar, Cambodia, Indonesia, the Philippines, India, Nepal, and Bangladesh — primarily supporting the needs of migrant workers. These services are accessible via the TrueMoney e-wallet, ensuring convenient, affordable, and secure transactions. Advancing Financial Inclusion “At TrueMoney Malaysia, we are committed to advancing financial inclusion for all, particularly for underserved communities such as migrant workers,” said Shaik Ikhwan, Head of Commercial at TrueMoney Malaysia. “Our International Remittance services provide a seamless, reliable, and affordable way to send money across borders. By leveraging our advanced digital verification and extensive cash connectivity, we ensure secure transactions that reach even rural areas in receiving countries.” Full eKYC Capabilities Users are required to complete an eKYC (electronic Know Your Customer) verification process to access the remittance services. Notably, TrueMoney Malaysia is one of only 11 out of 26 digital remittance platforms in the country that offer full eKYC capability. Launch Offer: Transaction Fee Waiver To celebrate the launch, users can enjoy zero transaction fees on remittances of RM150 or more, with up to three redemptions per user from March to June 2025. Malaysia’s Remittance Market on the Rise According to Research and Markets, Malaysia’s outbound international remittance market grew by 2.4% in 2023, reaching $9.35 billion in 2024. It is projected to grow at a CAGR of 1.5%, hitting $9.93 billion by 2028. With just two years in Malaysia, TrueMoney has already established a strong digital payment ecosystem, offering e-wallet services, bill payments, and now, international remittance. Commitment to Inclusive Financial Solutions “At TrueMoney, we are dedicated to meeting the evolving demands of Malaysia’s remittance market through innovative, inclusive financial solutions,” added Shaik. “We invite businesses with international payment needs to reach out and explore how TrueMoney can support their operations. Together, we can positively impact the lives of those who depend on reliable cross-border remittance services.”

Palm oil futures declined amid growing concerns over increasing supply in Malaysia, the world’s second-largest producer. March saw inventories climb for the first time in six months, with production jumping 17% month-on-month, according to the Malaysian Palm Oil Board. Market sentiment has also been weighed down by softer soybean oil and crude oil prices. However, the decline in palm oil was cushioned by improving export activity — shipments from Malaysia rose 29% during April 1–10, driven by stronger demand from China and the Middle East. Analysts say palm oil’s current price discount to soybean oil has made it more attractive, with expectations of renewed buying from key markets like China and India.

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has extended the contract of its President and Group CEO, Datuk Khairussaleh Ramli, for another three years, enabling him to see through the bank’s M25+ corporate strategy and steer the group into its next strategic phase. Sources close to the matter said the extension comes as Maybank prepares to transition from its current strategic plan, which concludes this year, to a new mid-term growth roadmap. Khairussaleh, who took the helm on May 1, 2022, previously served as CEO of RHB Bank Bhd for seven years. He succeeded Tan Sri Abdul Farid Alias, who led Maybank for nearly a decade. The bank declined to comment on the contract extension when contacted. Solid Financial Trajectory Amid Leadership Change Under Khairussaleh’s leadership, Maybank has achieved consistent earnings growth. Net profit rose by 17.4% to RM9.35 billion in FY2023 and further increased by 7.9% to RM10.09 billion in FY2024 — marking a record high for the group. Return on equity (ROE) improved steadily from 9.6% in FY2022 to 11.1% in FY2024, putting the bank on track to meet its M25+ target of 11%-12% ROE in 2025. Despite the robust performance, Maybank drew investor attention earlier this year following the abrupt departure of Group Chief Financial Officer Khalijah Ismail. The bank cited “non-compliance with internal requirements and processes” as the reason, clarifying that no financial losses were incurred. However, some analysts expressed concerns over governance practices. Khalijah, who denies any wrongdoing, is reportedly taking legal action against the bank. Maybank declined to provide further details, citing confidentiality of employment matters. Relocation to Merdeka 118 Set for Mid-2026 In a strategic move, Maybank confirmed it will begin relocating to its new corporate headquarters at the Merdeka 118 tower in the second quarter of 2026. The long-awaited move was initially announced in 2022 but faced delays due to construction and compliance requirements. Once completed, Maybank will occupy 33 floors of the iconic skyscraper, making it the building’s largest tenant and granting it naming rights. The move will mark the end of an era for Menara Maybank, the group’s long-time base on Jalan Tun Perak. Strong Market Position and Investor Confidence Maybank’s market capitalisation stood at RM123.7 billion as of last Friday, with shares closing at RM10.24 — up 12.8% year-on-year. It remains Malaysia’s largest public-listed company by market value, ahead of Public Bank (RM84.82 billion) and CIMB Group Holdings (RM75.26 billion). Analyst sentiment on Maybank remains broadly positive. According to Bloomberg data, 13 analysts have a “buy” recommendation, while six maintain a “hold” and two rate it a “sell”. The average 12-month target price is RM11.52. Kenanga Research has named Maybank its top pick among large-cap banks, citing strong asset quality and earnings momentum. The firm maintains an “outperform” rating with a target price of RM12. Outlook for 2025 Maybank’s gross impaired loans ratio improved to 1.23% in FY2024 from 1.34% a year earlier. The record earnings were driven by a 20.4% increase in non-interest income and reduced loan loss provisioning, down 8.5% year-on-year. The bank declared total dividends of 61 sen per share for FY2024, reflecting a 73% payout ratio, fully in cash. While net interest income remained flat last year, growing just 0.1%, signs of recovery emerged in the fourth quarter with a 5.3% year-on-year increase — the first such growth in two years. Analysts attribute this to improved pricing discipline on loans and deposits and better net interest margin (NIM) management. CGS International projects a 7.9% rise in Maybank’s net profit for FY2025, supported by higher net interest income and further reductions in provisioning. The research house maintains an “add” call with a target price of RM12.80, citing potential write-backs of management overlays and a 6% dividend yield. UOB Kay Hian Research, however, is more cautious with a “hold” rating and a target price of RM10.56. The firm expects non-interest income to normalise and NIM to stabilise, forecasting a modest 3% earnings growth. As Maybank enters a new strategic phase, all eyes will be on how Khairussaleh navigates evolving market conditions while continuing to deliver shareholder value from the country’s most valuable financial institution.

Arup, a global sustainable development consultancy renowned for shaping some of Malaysia’s early landmarks, has appointed Lau Ching Luan as Southeast Asia Leader in a newly created Asia Pacific (APAC) region. Lau previously led Arup’s operations in Malaysia. At the same time, the firm announced its expansion into Johor, the southern state of Peninsular Malaysia, positioning itself to support the region’s growing role as a key economic corridor due to its proximity to Singapore. These developments form part of Arup’s broader expansion strategy in the APAC region, which accounts for 39% of global GDP and is projected to experience sustained growth over the next two decades. Lau’s new role supports a refreshed leadership structure aimed at enhancing the firm’s ability to contribute to sustainable development across the region. “I’m eager to continue the work of diversifying Arup’s business offering, leveraging the exciting opportunities emerging across Southeast Asia,” Lau said. “The rapid acceleration of urbanisation across Southeast Asian developing countries, coupled with increasing interest in sustainability services and decarbonisation, makes us perfectly placed to partner with clients and industry. Having developed innovative sustainable solutions in the Asia Pacific for more than six decades, our renewed focus in Southeast Asia will allow us to more seamlessly access the skills and expertise of our members, leading to better outcomes for our clients.” He added that the new Johor office signals the firm’s commitment to long-term growth in the region. “Recognised for development potential, the Johor-Singapore Special Economic Zone and Forest City Special Financial Zone offer significant opportunities in infrastructure, data centres, industrial parks and real estate. Having our people on the ground in Johor enables us to gain a deeper understanding of local market dynamics and deliver tailored solutions for our clients,” Lau said. Arup, which recently marked its 60th year in Malaysia, remains committed to creating a resilient and sustainable future through its multidisciplinary expertise. Recent projects in Johor include the Smart City Masterplan for Ibrahim Technopolis (IBTEC), the Public Transport Action Plan for Majlis Bandaraya Iskandar Puteri (MBIP), and acting as owner’s engineer for a 500MWac solar PV power plant.

JOHOR BAHRU: Boustead Petroleum Marketing Sdn Bhd (BHPetrol), a subsidiary of Boustead Holdings Bhd and the Armed Forces Fund Board (LTAT), is set to build 30 new petrol stations in rural areas across Malaysia as part of a nationwide expansion strategy. According to BHPetrol CEO Azizul Azily Ahmad, each station is expected to cost approximately RM3 million, with the rollout scheduled over the next five years. The initiative is aimed at enhancing fuel accessibility and ensuring that subsidised fuel reaches eligible groups, especially defence personnel stationed in remote areas. “As a subsidiary of LTAT, BHPetrol continues to move forward proactively, in line with the government’s commitment to equitable access to subsidised fuel,” Azizul said during the launch of the new BHPetrol Bandar Seri Alam station in Johor Bahru on Sunday. The new station was officiated by Defence Minister Datuk Seri Mohamed Khaled Nordin. Expansion Objectives: Widen rural coverage for subsidised fuel access. Support national defence personnel operating in hard-to-reach locations. Reduce reliance on bottled fuel in rural communities. Ensure legal and safe fuel distribution across underserved areas. With the addition of the Bandar Seri Alam station, BHPetrol now operates 82 stations in Johor, strengthening its network in one of the key southern states. “The opening of this latest station is a proud milestone that further strengthens our support network for delivering subsidised fuel to the people,” Azizul added. The expansion reflects BHPetrol’s continued alignment with government policies focused on fuel equity and infrastructure development in strategic areas.

KUALA LUMPUR: has inked a landmark 40-year power purchase agreement (PPA) through its 70%-owned unit Oriole Hydro Padas Sdn Bhd (OHP) with Sabah Electricity Sdn Bhd (SESB) for a 162MW run-of-river hydroelectric project at Hulu Sungai Padas in Sipitang, Sabah. The RM2.8 billion initiative is one of Sabah’s largest renewable energy investments and has secured all required land and resource approvals from the state government. The project operates under a build-own-operate-transfer (BOOT) structure, with commercial operations slated for June 1, 2029 — slightly later than the originally projected December 31, 2028. Once operational, the project is expected to contribute approximately RM300 million in annual recurring revenue to the group. Key PPA Terms: Annual Firm Energy Quantity (AFEQ): SESB will purchase up to 868,894MWh/year at 31.5 sen/kWh. Maximum Annual Allowable Quantity (MAAQ): Up to 950,222MWh, sold at the same rate on a willing-buyer, willing-seller basis. Excess output: Any generation above the MAAQ can be sold at eight sen/kWh, also based on mutual agreement. Renewable Energy Certificates (RECs): Valued up to RM10.1 million, with surplus value shared equally with SESB. The hydropower project employs a run-of-river cascading system, ensuring minimal environmental disruption while preserving natural river flow and surrounding ecosystems. Socio-Economic and Industrial Upside: Jobs: ~2,000 construction jobs and 150 high-skilled roles during operations. Talent pipeline: Jentayu is collaborating with local universities to develop skilled talent in clean energy. Local manufacturing: The group is exploring a JV with a global turbine manufacturer to set up a facility in Sabah, boosting the state’s role in the regional energy value chain. Executive Chairman Datuk Beroz Nikmal Mirdin emphasised the company’s commitment to “localising production and elevating Sabah’s status in the energy sector,” aligning with ambitions for a high-income, innovation-driven economy. EPC Contract Awarded The engineering, procurement, construction, and commissioning (EPCC) contract has been awarded to a consortium led by XD Power Transmission Sdn Bhd (a unit of China’s Xi’an Electric Engineering Co Ltd), PT Anhe Konstruksi Indonesia, and Jawat Johan Sdn Bhd. The award follows a transparent international tender launched in May 2023, which saw eight firms purchase tender documents and four final submissions. The special purpose vehicle, OHP, is owned 70% by Jentayu’s subsidiary, 20% by SESB subsidiaries, and 10% by Yayasan Sabah. Trading in Jentayu shares was temporarily halted on Monday for the announcement. As of 10:33 a.m., the stock was up 2% to 51 sen, bringing its market capitalisation to RM226.9 million. The counter has gained 18.6% year-to-date.