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https://technode.global/2023/08/07/chinas-eve-energy-builds-422m-ev-batteries-manufacturing-facility-in-malaysia/

China’s EVE Energy builds $422M EV batteries manufacturing facility in Malaysia

EVE Energy Co. Ltd. EVE Energy and Malaysian Investment Development Authority (MIDA) said in a joint statement that the new factory, which will be EVE’s 53rd, will focus on the production of cylindrical lithium-ion batteries to support power tools and electric two-wheelers manufacturing in the country and across Southeast Asia. EVE Energy Malaysia Sdn. Bhd. Director Joe Chen said that relying on EVE’s domestic advantages and operational experience, the firm will build a cylindrical battery production base in Malaysia to support the electric two-wheelers and power tools in Malaysia. According to him, this initial project will be constructed in phases, and the construction period will not exceed three years. “This is an important milestone for EVE to expand our global businesses, enhance our comprehensive competitiveness and to further grow our global market share, “And most importantly, to let us contribute to the development of electrical power ecosystem in Malaysia,” he added. MIDA Deputy Chief Executive Officer (Investment Development) Ms. Lim Bee Vian said that the investment marks a crucial milestone that not only benefits EVE but also paves the way for more companies to invest in Malaysia in EV industry and its ecosystems. “By collaborating with industry leaders like EVE, we can foster an environment of innovation and technological advancement,” she said. She also said this project aligns perfectly with Malaysia’s Twelfth Malaysia Plan (12MP) and the National Automotive Policy 2020 (NAP), as the country is committed to achieving net-zero greenhouse gas emissions by 2050. “By establishing this cylindrical battery manufacturing plant in Malaysia, we demonstrate our commitment to competitiveness in the international market,” she said. She also said the country’s robust ecosystem, supported by strong research and development (R&D) and standards facilities (through agencies like SIRIM), along with a thriving components’ sub-sector, positions the country to cater to the entire EV value chain. Established in 2001, EVE was first listed on Shenzhen GEM in 2009. After 22 years of rapid development, Ethe firm is now a global lithium battery company which possesses core technologies and solutions for consumer batteries, power batteries and energy storage batteries. MIDA is Malaysian government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in the country. The agency has 12 regional and 21 overseas offices. Tesla to invest in Malaysia, boosting the country’s sustainable mobility

https://technode.global/2023/08/07/malaysias-tnb-partners-laoss-edl-to-boost-cross-border-renewable-energy-trade/

Malaysia’s TNB partners Laos’s EDL to boost cross-border renewable energy trade

Malaysian electricity utility firm TNB said in a statement on Sunday that the has presented a letter of intent (LOI) to EDL to forge a collaboration in facilitating cross-border trade and human capital development, as part of its ongoing drive to strengthen the ASEAN Power Grid (APG) interconnectivity and to reinforce TNB Power Generation Sdn Bhd (TNB Genco) presence as the power generation arm in ASEAN countries. Under the LOI, TNB is keen to form a Joint Collaboration Committee to optimize resource utilization, bolster energy security, and promote knowledge and expertise sharing through innovative mechanisms for energy exchange, leveraging TNB’s educational and research institutions. This initiative further strengthens TNB’s strategic partnerships and the execution strategy with major energy players as TNB Genco-EDL has signed a Memorandum of Understanding (MoU) to explore investment and offtake opportunities for renewable power projects in Laos. The collaboration will also investigate the feasibility of exporting the renewable power generated in Laos to Malaysia via the Laos-Thailand-Malaysia Power Integration Project (LTMPIP) or any other arrangements, with a projected trade value of RE export from Laos between MYR 460 million ($101 million) for 200MW in 2025 and a potential trade value up to MYR 2.3 billion ($500 million) for 1,000MW beyond 2030. TNB President and Chief Executive Officer Indera Ir. Baharin Din said that the firm believes that EDL’s influential role in the Laos power sector makes it an ideal partner as the collaborative approach would enable both parties to develop mutually beneficial projects that can capitalize on both strengths. As the demand for renewable energy sources continues to grow, he said EDL’s influential role in Laos’ power sector makes it an ideal partner to explore such opportunities. Stating the pivotal role of human capital development in sustaining and advancing the energy sector, he also said TNB has its own educational and research institutions: TNB Integrated Learning Solution (ILSAS), an institute offering technical training programs; Universiti Tenaga Nasional (UNITEN), a university providing energy-focused courses; and TNB Research Sdn Bhd, a research house specialising in Research & Development (R&D) expertise. “By promoting the exchange of expertise and fostering cooperation in research and development, these institutions can create a skilled workforce that drives innovation and tackles industry challenges, “This approach can be utilized to encourage knowledge sharing and collaboration between TNB and EDL,” Baharin said. He also said TNB is ready to be Laos’ strategic partner, fostering growth as Laos is the ‘Battery of Southeast Asia. This is also in line with TNB’s commitment to meeting its environmental, social and governance (ESG) targets, accelerating the Energy Transition and achieving Net Zero emissions by 2050, he said. Besides, he said TNB is also always open to collaborating with EDL in any other areas of the energy sector. “In line with our vision, as we seek to provide sustainable energy solutions for the region and beyond, we are also developing various opportunities in renewables and clean energy to capture growing market demand,“This partnership will enhance TNB’s ongoing drive to strengthen APG interconnectivity and reinforce TNB Genco as the power generation arm of TNB with a presence in ASEAN countries,” he concluded. Malaysia’s TNB inks partnerships with energy players in Vietnam and Laos for renewable energy

https://technode.global/2023/08/07/ni-hsin-ev-tech-plans-for-ieo-fundraising-through-utility-tokens-issuance-for-ev-business/

Ni Hsin EV Tech plans for IEO fundraising through utility tokens issuance for EV business

Ni Hsin EV Tech Sdn Bhd (NH EV TECH)NH EV TECH said in a bourse filing on Monday that the firm has signed IEO agreement with IEO Operator Pitch Platforms Sdn Bhd and service agreement with service provider Masverse Sdn Bhd. Under the agreements, Pitch Platforms will provide its IEO services to NH EV TECH with the end objective of hosting the company on its licensed IEO platform (pitchIN). Meanwhile, Masverse will conduct in-depth analysis and design the tokenomics for NH EV TECH’s utility token for its IEO pitchIN. “NH EV TECH’s venture into EV two-wheelers has gained traction and we are making good progress in terms of promoting the transition from ICE two-wheelers to EV two-wheelers in support of reducing carbon emissions, creating green economy and achieving sustainability,” said Khoo Chee Kong, Managing Director of NH EV TECH. He said the firm has received very encouraging interests and feedback from its engagements with various government departments and agencies as well as corporate entities on the use of EV two-wheelers in security, surveillance, enforcement as well as operational functions. “We foresee healthy growth prospects for our EV two-wheeler business, not just in outright sales of the products but the rent-to-own, rent-to-use and ride sharing business models. In line with the forecasted growth, we need to expand our manufacturing and operational capacities,“To finance this expansion, we are proposing to raise funds via the issue of utility tokens which will be hosted on the IEO platform, pitchIN, which is registered and recognized by the Securities Commission Malaysia,” he addedMeanwhile, pitchIN Chief Executive Officer Sam Shafie said the firm values innovation and clarity, and it sees great potential in this approach. According to him, the issuance of an IEO utility token is a perfect fundraising mechanism for projects that aim to create and accelerate a community ecosystem. Furthermore, he said this is a high impact EV project that will bring about positive changes to our transport system. “pitchIN has led the way in equity crowdfunding (ECF) fundraising in Malaysia. We have raised the most funds and hosted the highest number of companies,“We aim to replicate our success with our new IEO services,” he added. Like all other pitchIN fundraising projects, he said the proposed NH EV TECH utility token will undergo rigorous due diligence and screening processes before it is launched to the public on its IEO platform. Masverse Chief Executive Officer Chiew Kian Kok said that the tokens issued by NH EV TECH are utility tokens, which means they have practical functionalities within a specific ecosystem, rather than being investment-oriented securities. “In the IEO market, utility tokens are expected to gain new premium space as investors recognize their actual use cases and potential value within specific projects or platforms,” he said. He also noted that tokenomics will play a crucial role in providing sustainability for utility tokens, helping to foster project development and increase holder participation. Additionally, he said Tokenomics will offer new financial means for product enthusiasts to benefit from participating in the project ecosystem, gaining profits or ownership rights. “This innovative financial model will bring more possibilities for participants while supporting the success and growth of the project, “Therefore, with the new role of Tokenomics, the value of utility tokens will continue to be acknowledged and driven within the IEO market and ecosystem,” he added. NH EV TECH is in the business of manufacturing, assembling, promoting and marketing of all kinds of EV and accessories and development of concepts, facilities and fittings using EV battery systems for the delivery industry. The focus of NH EV TECH is in smart mobility and its applications with safer and more efficient charging in a sustainable and environmentally-friendly model. PitchIN is Malaysia’s Digital Fundraising and Investment Hub, and also a registered market operator with the Securities Commission Malaysia. PitchIN has raised nearly MYR 300 million ($65.79 million) with over 160 successful ECF campaigns under its belt. As of June 2023, pitchIN’s IEO platform was given the official go-live status. Through this platform, pitchIN aims to connect promising companies to a wide range of investors in a regulated and safe environment. Masverse is a Malaysian start-up pioneering in Web 3.0 technology that offers blockchain and Web 3.0 infrastructure solutions to different industries and sectors. The firm’s one-stop Web 3.0 ecosystem provides smart contract and blockchain technology solutions to Malaysian communities. Masverse is also working closely with the Education Department of Kuala Lumpur to drive the development of Web 3.0 education, equipping students with the necessary skills and knowledge to thrive in the digital age and has delivered Web 3.0 education micro-credential course with non-fungible token (NFT) certificates in collaboration with Asia Pacific University of Technology and Innovation (APU). Ni Hsin EV Tech partners foodpanda Malaysia for greener food delivery with EV motorcycles

https://technode.global/2023/08/05/qalbox-partners-astro-to-offer-an-muslim-focused-entertainment-content-in-malaysia/

Qalbox partners Astro to offer Muslim-focused entertainment content in Malaysia

Subscription video on demand (SVOD) entertainment streaming service Astro said in a statement on Thursday that in line with Muslim Pro’s aim of becoming the digital home for all things Muslim, this strategic alliance represents a pivotal moment in the country’s entertainment landscape, offering Astro’s customers an unparalleled selection of enriching Muslim-centric content, elevating the entertainment experience for viewers across the country. Under this collaboration, Qalbox will be available on all Astro Ultra and Ulti Boxes as an add-on, offering an extensive array of content for the Muslim community. As part of this strategic partnership, Astro customers who own an Ultra/Ulti Box will enjoy an exclusive two-month complimentary subscription to Qalbox, along with a Muslim Pro subscription, starting from July 27 2023 until September 26 2023. Since the inception of Qalbox, which is readily accessible within the Muslim Pro app, on web and TV, Muslim Pro has consistently demonstrated a deep commitment to investing in the Malaysian market. Acknowledging the nation’s young and tech-savvy Muslim population and the government’s vision of establishing Malaysia as a tech hub for Islamic content, Muslim Pro launched Qalbox in Kuala Lumpur in December 2022. The latest collaboration with Astro further strengthens Muslim Pro’s dedication to serving the Muslim community in Malaysia by enhancing accessibility for users. This partnership enables a more dedicated and seamless experience, ensuring that Muslim-focused content is readily available to a wider audience, enriching the entertainment landscape in Malaysia. “We are thrilled to collaborate with Astro, Malaysia’s leading entertainment provider, to expand Qalbox’s reach and impact within the Malaysian audience,” said Fara Abdullah, co-Chief Executive Officer of Muslim Pro. She said that through this partnership, the firm’s vision of establishing ourselves as a global Muslim content and entertainment hub and providing a platform for Muslim creatives and filmmakers becomes more concrete. “With our diverse content offerings, we are confident that Qalbox will deeply resonate with the Malaysian audience, delivering an unparalleled entertainment experience,” she added. According to the statement, Qalbox continuously aims to showcase Muslim identities and how faith is integrated in everyday lifestyles of Muslims via a comprehensive scope of genres, including iconic feature films, binge-worthy series, enlightening Islamic-focused documentaries, children’s animations, reality TV and much more. “We are excited to announce Muslim Pro’s Qalbox on our platform, further enriching our suite of the best global streaming apps,” said Shafiq Abdul Jabbar, Astro’s Group Chief Financial Officer. According to him, the firm’s Muslim viewers can enjoy Muslim-centric content with the addition of over 1,000 hours of Qalbox’s SVOD content available for streaming on its Ultra and Ulti Boxes. “We now have compelling content from 12 streaming apps, including our own Astro GO app, which is complimentary to all customers, “We are delighted to have this venture with Muslim Pro, the world’s most popular Muslim lifestyle app, and believe this will further complement Astro’s robust content offering, from Astro Signatures and Astro Originals, to the best in live sport and news, to children’s animation and now the rich diversity of Muslim cultures globally, all within a simple touch of a button, he added. According to the statement, both Astro and Muslim Pro are dedicated to nurturing a community of entertainment enthusiasts who find joy in culturally diverse and spiritually enriching content. It said that this partnership is set to redefine entertainment for the Malaysian audience, providing a dedicated space that celebrates Muslim culture and identity within the comfort of their homes. The Muslim Pro app is a popular Muslim lifestyle app with more than 150 million downloads worldwide in over 190 markets. Starting in 2010 as a mobile application with a founding ambition of providing accurate prayer times for the Muslim community, Muslim Pro has grown with the evolving needs of its users into a comprehensive app serving millions of users. The app’s main features support the religious needs of users through its accurate prayer times and tracker, azan (call to prayer), full audio of the Holy Quran, qibla compass, Hijri calendar, zakat (alms) calculation, as well as lifestyle-inspired content such as its stories, inspiration and community features that cater to the diverse interests of the global Muslim community. Astro is a content and entertainment company, serving 5.5 million homes or 69 percent of Malaysian TV households, 8,600 enterprises, 18 million weekly listeners across FM radio and online, 7.8 million digital monthly unique visitors and 3.3 million shoppers across its TV, radio, digital and commerce platforms. The firm serves Malaysians with three distinct services – Astro Pay-TV, NJOI Prepaid and sooka, its own over-the-top (OTT) for the millennials; and Astro Fibre, its own broadband service. Singapore-based Bitsmedia announces significant milestone with 150 million downloads for its global lifestyle app

https://technode.global/2023/08/04/gentari-partners-bmw-group-malaysia-for-green-mobility-and-renewable-energy/

Gentari partners BMW Group Malaysia for green mobility and renewable energy

Malaysian clean energy solutions provider Gentari said in a statement on Friday that the firm via its wholly-owned subsidiary, Gentari Green Mobility Sdn Bhd, has signed a Memorandum of Understanding (MoU) with BMW. Gentari and BMW are currently actively working together to explore potential collaborations in areas such as installation of electric vehicle (EV) charging infrastructure at various facilities, including among others, the BMW network of dealerships; various EV fleet solutions in the Malaysia market; value-added services for BMW EV owners including EV charging subscription plans, electric forecourts, portable charging and mobile charging services; and deployment of joint renewable energy infrastructure. “We are thrilled to collaborate with a prestigious automotive brand like BMW to expand the accessibility of green mobility services and solutions in Malaysia,“Additionally, Gentari’s capabilities in renewable energy will also help to establish a more comprehensive green electron value chain and together, we can pave the way for a greener and more sustainable future,” said Shah Yang Razalli, Deputy Chief Executive Officer of Gentari and Chief Executive Officer of Green Mobility Sdn Bhd. Hans de Visser, Managing Director, BMW Group Malaysia, meanwhile, said that as the leading premium automaker offering the largest portfolio of EVs in Malaysia, BMW is pleased to collaborate with Gentari to develop more mobility solutions, services as well as infrastructure to drive more clean and responsible technology and practices for the automotive industry here. “I can already envision this partnership shaping the future mobility landscape of Malaysia, offering more solutions created through the means of sustainable development and circularity,” he said. Since its introduction in June 2022, Gentari has rapidly expanded its green mobility network. To date, Gentari through its affiliated entities, has deployed over 160 charging points in Malaysia and over 170 charging points in India. With a mission to be Asia Pacific’s most valued clean energy solutions partner by 2030, Gentari aims to capture over 10 percent market share of charge points and Vehicle-as-a-Service (VaaS) offering, across key markets in Asia Pacific. Malaysia’s Gentari partners KPJ Healthcare to offer clean energy solutions

https://technode.global/2023/08/04/bsn-collaborates-with-visa-to-spur-e-commerce-among-micro-smes-in-malaysia/

BSN collaborates with VISA to spur e-commerce among micro-SMEs in Malaysia

Malaysian lender Through this partnership, BSN and Visa have committed to nurturing micro-small and medium-sized enterprises (SMEs) in a digital commerce training program called ‘Accelerate My Business’ (AMB), the duo said in a statement on Thursday. According to the statement, the training is intended to drive the adoption of digital disbursement solutions which will provide micro SMEs with better financial literacy to explore more significant financing to boost their businesses. The training program will be divided into two module workshops aimed to digitize the knowledge of 750 selected BSN micro-SMEs, empowering them for the next phase of their business journey. This comprehensive initiative comprises a total of 27 sessions conducted across 13 different locations nationwide, encompassing both Sabah and Sarawak regions in Malaysia. During these workshops, micro-SMEs will be equipped with essential entrepreneurial skills, covering diverse areas such as business management, financial literacy, operational efficiency, and digitalization strategies. To cater to the diverse needs and challenges of participants, the program will be categorized based on their entrepreneurial expertise – beginner and seasoned stages. Additionally, the AMB learning platform will play a crucial role in providing practical guidance to the participants, offering various resources. This includes interactive activities, worksheets, self-assessment tools, glossaries, and supplementary materials to support them throughout their entrepreneurial journey. BSN Chief Executive Jay Khairil said that the firm has always been mindful of the community’s needs by diversifying its product and service offerings tailored to various segments. “We have also integrated financial education resources and programs within our services to ensure our customers can access vital financial insights and practical advice, “Hence, the strategic partnership with Visa is timely and coincides with our aim to drive digital transformation among micro-SMEs for enhanced operational efficiency and competitive advantage in today’s dynamic business landscape,” he added. Visa Country Manager for Malaysia Ng Kong Boon said that the firm sees micro and small businesses as the backbone of Malaysian economy. He said the firm shares a common goal with BSN in empowering these enterprises with resources and tools to uplift their businesses and livelihoods, ultimately creating a ripple effect throughout their communities. “By continuing to build on this foundation with greater financial and business knowledge, we can help them find new growth and thrive,” he said. Cited Visa’s recent Back to Business study, the statement said 90 percent of small businesses are optimistic about their future. In addition, of small businesses surveyed with an online presence, nine in ten agreed their survival through the pandemic was due to increased efforts to sell via e-commerce. The training will commence from August 2023 until March 2024. Incorporated in 1974, BSN currently has 7,504 employees, supported by 389 branches in Malaysia. The bank has over 9 million customers in the coutnry with retail deposits amounting to MYR 19.90 billion ($4.37 billion) as of June 2023. BSN offers a wide range of conventional and Islamic products including savings, financial asset management, business and personal financing and credit cards products. Visa is the world’s leader in digital payments. Its advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. Singapore’s Thunes extends Series C funding to $72M with support from Visa, EDBI, Endeavor Catalyst

https://technode.global/2023/08/04/this-malaysian-startup-offering-cafe-syrup-with-zero-sugar-plans-to-expand-regionally/

This Malaysian startup offering cafe syrup with zero sugar plans to expand regionally

Malaysia-based food tech startup “We are planning to get halal certification for our Timi Syrup so that we can approach well-establish cafes. We are also planning to export to neighbouring countries and planning to expand our business by producing other food products such as ready-to-drink, sports drink, sauces and other household products,” Atirah Danial told Timi Syrup is a syrup sweetener produced with zero white sugar and also with lesser calories than normal syrup used in cafes. She said the company plans to prioritize business-to-business (B2B) segment. “We will be focusing on Timi Syrup. Once our brand is well known, we will continue our business-to-consumer (B2C) segment which is with our cordials, sweetener droppers and sweetened condensed milk,” she added. “Our business model for Timi Syrup would be B2B. We will be dealing with cafes and distributors. ”“We are targeting cafes, restaurants and bars because they use high volume of syrup sweetener. We are currently a small company, once we are stable enough, we would love to establish our brand and hit the B2C market segment. ”Manis Leting is one of the winners in the 1337 Ventures’ Alpha Startups Pre-Accelerator Demo Day. The food tech firm produce sweetener products in a bid to help the food and beverage industry to reduce the use of white sugar. Manis Leting will receive pre-seed funding of up to MYR50,000 (US$10,969). Atirah said the funding received will be used for certifications, patent submission, producing samples to be given out to cafes, marketing as well as operations. “We look forward to the opportunity to work with people with the same goals as us as well as other entrepreneurs. We do see that maintaining production as well as customer relationships could be a challenge in the future. However, we plan to ensure it will be prioritized when the business is up and running. ”1337 Ventures Founding Partner Bikesh Lakhmichand explained the potential the VC firm sees in Manis Leting. “It is a known fact that diabetes and obesity is a problem plaguing not only Malaysians, but Southeast Asians. Coupled with the rise of cafes in Malaysia, together with an increase of health-conscious consumers, we believe the timing is ripe for Manis Leting’s patented zero sugar formulation for their café syrup,” he told Unlike other sweeteners in the market, Bikesh said Timi Syrup is able to mimic the same recognisable taste, while having 30 percent less calories than alternatives, and even without a premium in cost. “We believe that with the right timing and solution, we will be able to help Manis Leting grow quickly,” he said. “Our main plan is to help them move from [having]’a product to a business’. This is through professionalizing and putting in place systems to optimize their operations and financials, together with creating efficient go-to-market strategies through B2B sales and partnerships,” he added. Manis Leting and Triphie tops the 1337 Ventures’ Alpha Startups™ Pre-Accelerator

https://technode.global/2023/08/03/germanys-infineon-invests-up-to-5-46b-to-build-200-millimeter-sic-power-fab-in-malaysia/

Germany’s Infineon invests up to $5.46B to build largest 200-millimeter SiC Power Fab in Malaysia

Germany’s semiconductor manufacturerInfineon said in a statement on Thursday that over the next five years, the firm will additionally invest up to EURO 5 billion ($5.46 billion) in Kulim during a second construction phase for Module Three. According to the statement, the investment will lead to an annual SiC revenue potential of about EURO 7 billion ($7.65 billion) by the end of the decade, together with the planned 200-millimeter SiC conversion of Villach and Kulim. This highly competitive manufacturing base will support Infineon’s SiC market share target of 30 percent towards the end of the decade. Infineon is also confident that the company’s SiC revenue in the fiscal year 2025 will come in ahead of the target of EURO 1 billion ($1.09 billion). According to the firm, the decarbonization trend will result in strong market growth for power semiconductors, in particular those based on wide bandgap materials. As a leader in power systems, it said the firm is now taking a further, decisive step to shape this market by significantly expanding its Kulim fab – over and above the original investment announced in February 2022. “The market for silicon carbide shows accelerating growth, not only in automotive but also in a broad range of industrial applications such as solar, energy storage and high-power electric vehicle (EV) charging,“With the Kulim expansion, we will secure our leadership position in this market,” said Jochen Hanebeck, Chief Executive Officer of Infineon. With the industry’s leading scale and a unique cost position, he said the firm is leveraging its competitive position of best-in-class SiC trench technology, the broadest package portfolio and unrivaled application understanding. He noted that these factors are the areas of differentiation and success in the industry. According to the statement, the planned expansion is backed by customer commitments covering about EURO $5 billion ($5.46 billion) of new design-wins in automotive and industrial applications as well as about EURO 1 billion ($1.09 billion) in pre-payments from existing and new customers. In the automotive sector, this includes six original equipment manufacturer (OEMs), three of them from China. Among the customers are Ford, SAIC and Chery. In the area of renewable energies, customers include SolarEdge and three leading Chinese photovoltaic and energy storage systems companies. In addition, Infineon and Schneider Electric have agreed on a capacity reservation including prepayments for power products based on silicon and silicon carbide. Infineon and the respective customers will provide more details in separate announcements in the near future. According to the statement, the prepayments will contribute positively to Infineon’s cash flow in the coming years and shall be fully repaid in connection with the agreed sales volumes by 2030 at the latest. “Malaysia is putting in maximum efforts to meet its national target to decarbonize its economy and achieve net zero by 2050, “Malaysia’s continued appeal as a preferred investment destination comes with a well-established landscape for developing innovative and sustainable technologies,” said Anwar Ibrahim, Prime Minister of Malaysia. In this vein, he said Infineon’s vision on green technology and sustainability puts it right at home in Malaysia. He also said Infineon and other well-established German corporations’ continued faith in Malaysia is a vote of confidence in Malaysia’s new economic growth agenda premised on inclusivity and sustainability, enabled by strong policies on knowledge transfer, quality investments, business enablement and socio-economic well-being based on equitable sharing of the nation’s wealth. The Minister of Investment, Trade and Industry (MITI) Tengku Zafrul Aziz also said that Infineon’s expansion of their world-class silicon carbide facility in Kulim marks a significant milestone in Malaysia’s pursuit of developing advanced manufacturing capabilities. He said this investment will create high-skilled employment opportunities and positioning the country at the forefront of enabling green technologies, which are crucial to achieving its global sustainable development goals. “The innovative power semiconductor technologies manufactured in the SiC Power Fab will also bolster Malaysia’s position as a key player in the world’s semiconductor ecosystem, with a growing role specifically in the sustainable technology supply chain,” he said. It is noted that sustainability is a key element in the planning, construction and operation of the fab. The building is designed in a way that allows Infineon to make responsible use of resources such as electricity and water. Listed in Germany and United States, Infineon is a global semiconductor leader in power systems and internet of things (IoT). The firm drives decarbonization and digitalization with its products and solutions. It has around 56,200 employees worldwide and generated revenue of about EURO 14.2 billion ($15.51 billion) in the 2022 fiscal year ended September 30. Bosch invests $384M for new semiconductor backend site for chips in Malaysia

https://technode.global/2023/08/03/soft-space-hong-leong-bank-and-jcb-expand-jcb-card-acceptance-in-malaysia/

Soft Space, Hong Leong Bank and JCB expand JCB card acceptance in Malaysia

Malaysia-based fintech-as-a-service provider The trio said in a statement on Wednesday that as the Malaysian economy continues to grow positively in 2023, tourism has emerged as one of the brightest sectors spearheading the recovery process, with Japan listed as one of the top ten contributors to tourist arrivals and spending in Malaysia. They noted that Malaysia targets to welcome 16.1 million international tourist arrivals and generate MYR 49.2 billion ($10.89 billion) in tourist receipts in 2023. To capitalize on this bright recovery prospect, Soft Space and JCBI recently signed an agreement to enable Soft Space to work with local acquirers, such as HLB, to promote JCB Card acceptance in Malaysia. Sofitel Kuala Lumpur Damansara, a hotel in Kuala Lumpur, is one of HLB’s merchants that has begun accepting JCB Card payments. “As Japanese tourist arrivals in Malaysia begin to ramp up again, we are pleased to be able to enable and promote cross-border payments between Japan and Malaysia via our partners,” said Joel Tay, Chief Executive Officer of Soft Space. According to him, this merely represents a first step in the firm’s ambition to roll out similar agreements in Southeast Asia, boosting JCB Card acceptance and riding on the wave of increasing contactless card payments in the region. Meanwhile, JCBI President and Chief Executive Officer Yoshiki Kaneko said that the firm decided to expand the collaboration with another global leader who shares similar values in enhancing user experience through state-of-the-art technological application. According to him, Malaysia has been an important destination country for the firm’s card members across the regions. Thus, he noted that establishing a partnership with HLB is a huge step forward for the expansion of JCB acceptance network in Malaysia. “We can now better serve JCB Card members coming to Malaysia not only from Japan, but also from the ASEAN region where we have more than 10 million card members,” he said. Leveraging on today’s success, he said the firm is further strengthening its presence in the entire ASEAN region through this partnership with Soft Space. HLB Personal Financial Services Managing Director Andrew Jong, on the other hand, said that this partnership with JCB and Soft Space signifies the bank’s commitment to providing financial products and services that are centerd around the needs of both its merchants and their customers. “This partnership will enable us to serve the customers who are increasingly going cashless as well as help our merchants increase their sales and customer transaction value,” he said. According to the statement, the agreement showcases the partnership progress between JCB and Soft Space since the former investment in the fintech in January 2022. This includes a series of business collaborations that are aimed at leveraging on Soft Space’s fintech-as-a- service business model, technology and regulatory knowhow, and JCB’s global recognition, vast alliances and brand reach. It noted that the promotion of JCB Card acceptance in Malaysia also signals the expansion of its merchant network, the establishment of card issuing solutions, and the provision of customer marketing solutions in Malaysia, and later in Southeast Asia. Founded in 2012, Soft Space is a SoftPOS player that simplified the complexity of financial infrastructure and creates value-added features for businesses to expand theirWith over 70 financial institutions and partners across 23 global markets adopting its payment solutions, Soft Space is supported by Malaysia Digital Economy Corporation (MDEC)’s Global Acceleration and Innovative Network (GAIN) program and received financial support through MIDA’s Domestic Investment Strategic Fund in 2014. JCB is a major global payment brand and a credit card issuer and acquirer in Japan. The firm launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 43 million merchants around the world. JCB Cards are now issued mainly in Asian countries and territories, with more than 154 million cardmembers. As part of its international growth strategy, JCB has formed alliances with hundreds of banks and financial institutions globally to increase its merchant coverage and cardmemberHLB is a subsidiary of Hong Leong Financial Group Berhad, the financial services arm of the Hong Leong Group. The bank provides financial services covering consumer banking, business banking and trade finance, treasury, branch and transaction banking, wealth management, private banking and Islamic financial services. The bank has branches in Singapore and Hong Kong and wholly owned subsidiaries in Vietnam and Cambodia. In China, the Bank is a substantial shareholder in Bank of Chengdu Co. , Ltd. , Sichuan. Malaysia’s Soft Space raises $31.5M Series B1 funding led by Southern Capital Group

https://technode.global/2023/08/03/funding-societies-partners-cgc-digital-to-support-msmes-via-digital-supply-chain-financing-guarantee/

Funding Societies partners CGC Digital to support MSMEs via digital supply chain financing guarantee

Singapore-based digital financing platform The partnership aims to provide digital credit guarantee through a Shariah-compliant digital supply chain financing (DSCF) solution to better address the financing needs of Malaysian micro and small enterprises who are also the most underserved segments, the duo said in a statement on Thursday. According to the statement, both parties have signed the Memorandum of Understanding (MoU) that showed their commitment to collaborate on a proof of concept (POC) project and innovate products that could enable wider financing access for underserved and unserved MSMEs. Through the partnership, CGC Digital will develope a new digital credit guarantee product for CGC that will be offered for financing up to MYR 4 million ($880,000) as a start, benefiting up to 100 creditworthy micro and small enterprises via Funding Societies’ industry leading DSCF solutions, leveraging alternative data for MSMEs’ credit risk assessment. “Following our entry into the small and medium-sized enterprise (SME) portfolio guarantee program of CGC in April this year, we are fortifying this collaboration with CGC Digital,” said Wong Kah Meng, Group Chief Operating Officer, Funding Societies | Modalku. According to him, the digital-first approach leverages alternative data, enabling MSMEs with broader and more affordable access of MSMEs to digital guarantee and transformative financing. He noted that CGC Digital’s innovation of CGC’s credit guarantee would mitigate risk for investors and reduce cost of financing for MSMEs. “Combining it with our industry playbook for fast-moving consumer goods (FMCG), agriculture, telecommunications, and wholesale and retail trade segments, we would be able to serve more micro and small enterprises that make up these industry segments,” he added. Meanwhile, CGC Digital Chief Executive Officer Yushida Husin said that CGC Digital broke new ground in this collaboration with Funding Societies, as this MoU signifies their mutual dedication to fostering innovation and co-creating value with MSMEs. “CGC Digital seeks to provide MSMEs with a one-stop digital marketplace for better access to finance and more targeted assistance to scale up, “Given this, we are committed to collaborating with like-minded strategic partners in the digital ecosystem to accelerate financial inclusion of MSMEs in Malaysia,” she said. According to the statement, financing for micro and small enterprises remains challenging due to the lack of credit history and the nature of the financing, which is smaller ticket size and higher volume of transactions. This presents an exciting opportunity for FinTech companies like Funding Societies and CGC Digital to step in and provide the necessary capital and CGC’s innovative credit guarantee features to meet the unique needs of these segments. By working hand in hand, Funding Societies and CGC Digital can leverage on technology and automation to risk-price more accurately and process financing efficiently, enabling right-priced trade finance products (traditionally reserved for larger businesses) for micro and small enterprises. The announcement comes on the heels of Funding Societies’ MoU signing with CGC in April for a MYR 10 million ($2.19 million) SME portfolio guarantee scheme focusing on business expansion for small and medium-sized enterprises, and most recently, their launch of a comprehensive Islamic Financing solutions including Shariah-compliant micro, trade, and term financings. Funding Societies | Modalku is the largest unified SME digital finance platform in Southeast Asia. It is registered with the Securities Commission Malaysia (SC), as well as licensed in Singapore, Indonesia, and Thailand, and operates in Vietnam. It is backed by SoftBank Vision Fund 2, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others. The FinTech company provides business financing to SMEs, which are funded by individual and institutional investors. CGC Digital which was launched in July 2022 aims to advance financial sector digitalization and providing greater access to financing through its digital platform and digital products. Its vision is to drive MSME’s economic growth through innovative, accessible, and efficient financial digital solutions. Funding Societies introduces Shariah-compliant Guaranteed Islamic Investment Note in Malaysia

https://technode.global/2023/08/02/fwd-startup-studio-accelerator-application-is-open-to-asia-based-startups-to-apply/

FWD Startup Studio Accelerator application is open to Asia-based startups to apply

Application for FWD Startup Studio Accelerator Program is now open, with a focus on Asia-based startups that are venture-backed in insurtech or adjacent verticals. FWD Startup StudioAccording to the statement, the FWD Startup Studio Accelerator aims to bring together the brightest minds in the industry, fostering innovative collaborations and potentially leading to proofs of concept (POC). Thus, aspiring startups seeking to enrich their ventures through a strategic partnership with FWD Insurance in Malaysia are encouraged to apply. “Startups bring new ideas to traditional businesses and industries, which aligns closely with our vision of changing the way people feel about insurance,“Through our Startup Studio Accelerator as well as TIM Ventures, our venture capital fund, we are keen to identify outstanding startups, work together with them and help them grow, leveraging on our presence in 10 markets across Asia,” said Ryan Kim, Group Chief Digital and Marketing Officer, FWD Group. The accelerator program offers a plethora of benefits for participating startups:Industry expertise: gain unprecedented access to decision-makers within FWD Insurance and esteemed mentors who can provide invaluable guidance, open doors to collaborations, and facilitate partnerships. Acceleration of growth: fast-track the development of collaboration to a real proof of concept (POC) before the accelerator program concludes, giving the startup the momentum it needs to thrive. Fundraising opportunities: connect with prominent investors such as TIM Ventures and 1337 Ventures, expanding network within the investor community. Exceptional collaboration ideas may even unlock the potential for Venture Capital funding. Access to customers and markets: successfully piloting idea in Malaysia could spark interest from other FWD branches in different countries, opening doors to new markets and potential scaling opportunities. Resource support: empower startup with over $20,000 worth of credits on digital infrastructure and cloud services, providing essential resources to fuel your growth. Networking and community: join a vibrant community of like-minded entrepreneurs and global insurtech and adjacent vertical leaders, fostering meaningful connections that could propel startup to new heights. Bikesh Lakhmichand, Founding Partner of 1337 Ventures, said the FWD Startup Studio Accelerator presents an incredible opportunity for startups to engage with FWD Insurance to explore a proof of concept (POC) solution and access to decision-makers and mentors within FWD Group. “We are eager to support and witness the growth of promising startups in the insurtech and fintech space,” he said. Thus, venture-backed seed stage Asia-based startups who are in the insurtech or adjacent verticals are encouraged to apply and develop a proof of concept (POC) design with FWD Malaysia. The startups who participated in the previous cohorts have walked away from the accelerator better equipped to be game changers within their respective industries. Past participants include; BlueDuck, Kapitani, Finory, Betterteem, Koha, Safyer, Cashku, eHibah, CoreHalal, Du-It, Marion, Protos Labs, uPledge, Warantee and more. Applications are open now, and the deadline for submissions is August 28, 2023. FWD Startup Studio Accelerator will begin on 5 September 2023. FWD Startup Studio is a innovation and accelerator platform that empowers startups to realize their full potential and drive transformative change in the insurance, takaful and adjacent sectors. With a commitment to fostering innovation, FWD Startup Studio provides startups with access to industry expertise, resources, and collaboration opportunities to accelerate their growth. Established in 2012, 1337 Ventures is Malaysia’s accelerator program and early-stage accelerator. Pioneering the design thinking methodology and design sprints in Malaysia, 1337 Ventures has utilized its learning to accelerate the growth of over 2,500 startups from six different countries. 1337 Ventures has launched accelerators for multinational corporations (MNCs) and government-linked companies (GLCs) such as Bank Negara Malaysia, Khazanah Nasional, Telekom, Digi, MDEC, CIMB and Maybank. More recently, 1337 Ventures becomes one of the three new recipients of the equity crowdfunding license from the Securities Commission Malaysia. FWD to enter Malaysian life insurance market with strategic investment in Gibraltar BSN

https://technode.global/2023/08/02/ni-hsin-ev-tech-partners-foodpanda-malaysia-for-greener-food-delivery-with-ev-motorcycles/

Ni Hsin EV Tech partners foodpanda Malaysia for greener food delivery with EV motorcycles

Ni Hsin EV Tech Sdn Bhd (NH EV TECH)Ni Hsin said in a statement on Tuesday that both parties have signed a business collaboration agreement for the partnership. Under the agreement, both parties have agreed to collaborate to advance their environmental, social and governance (ESG) agendas. This collaboration aims to reduce carbon emissions, support eco-friendly transportation solutions and promote sustainability within the food industry. The duo aim to achieve this objective through jointly promoting and encouraging sustainable consumption among the riders within foodpanda Group by adopting EBIXON EV motorcycles in place of the current internal combustion engine (ICE) motorcycles. To incentivize and encourage foodpanda riders to use EBIXON EV motorcycles, NH EV TECH will be giving foodpanda Malaysia two complementary units of its EBIXON BOLD motorcycles, as well as discounts to foodpanda delivery partners who want to do their part in lowering carbon emissions with an electric motorcycle. In exchange, foodpanda will be promoting NH EV TECH’s EV motorcycles to its tens of thousands of rider population. “This collaboration is strategic to both NH EV TECH and foodpanda in furthering our ESG agenda,” said Khoo Chee Kong, Managing Director of NH EV TECH. He said the firm believes the faster way to effect change and make significant impact on climate change is to work together with corporate citizens and conglomerates of like mindedness. “With the current Malaysian government policies and targets supporting the transition of the ICE two-wheelers to EV two-wheelers, including tax incentives, installation of charging infrastructure, we are positive this collaboration is hitting the right notes,“One of the objectives of our business model is to support the B40 (the Bottom 40 percent of the Malaysian household income) by offering entrepreneur programs with financing packages in collaboration with various institutions such as the Cooperatives and Government Agencies,” he added. Meanwhile, foodpanda Malaysia’s Chief Executive Officer Sayantan Das said that the company has been working at making food delivery more eco-friendly and sustainable. “We have a responsibility to foster positive change in the way we operate, embracing environmentally-friendly practices to minimize our ecological footprint, “One example of this is by introducing the foodpanda walker programme, where they do not even need to own a motorcycle to make deliveries,” he said. He also said foodpanda envisions a future where convenience and sustainability can go hand-inhand, and they are excited to incentivize the riders in doing their part with this partnership with NH EV TECH. “We hope that this collaboration will also contribute to the government’s vision of having 1.5 million EVs on the road by 2040 and the move away from ICE vehicles,” he added. NH EV TECH is in the business of manufacturing, assembling, promoting and marketing of all kinds of EV and accessories and development of concepts, facilities and fittings using EV battery systems for the delivery industry. The focus of NH EV TECH is in smart mobility and its applications with safer and more efficient charging in a sustainable and environmentally-friendly model. Foodpanda is a on-demand delivery platform in Asia dedicated to bringing consumers a wide range of food, groceries and more, quickly and conveniently. Powered by technology and operational excellence, foodpanda is spearheading the growth of quick-commerce (q-commerce) across the region with its network of retail partners, as well as pandaMart cloud stores to provide more on-demand options beyond the millions of food delivery options. Foodpanda operates in more than 300 cities across 11 markets in Asia Pacific – Singapore, Hong Kong, Thailand, Malaysia, Pakistan, Taiwan, Philippines, Bangladesh, Laos, Cambodia and Myanmar. Foodpanda is a subsidiary of Delivery Hero, a global leader of the food delivery industry. Ni Hsin partners Australia’s Vmoto for EV motorcycles assembly and distribution in Malaysia

https://technode.global/2023/08/02/malaysias-fourier-intelligence-launches-advanced-rehab-robotics-centre-to-expand-rehabilitation-tech-solutions/

Singapore’s Fourier Intelligence launches Advanced Rehab Robotics Center to expand rehabilitation tech solutions

Singapore-based rehabilitation technology provider Fourier Intelligence said in a statement on Tuesday that the new center will act as a strategic hub to support Fourier Intelligence’s business operations and further strengthen its commitment to providing cutting-edge rehabilitation and assistive technology solutions to the Southeast Asian market. “We are thrilled to launch our new Advanced Rehab Robotics Center here, as it allows us to serve our regional stakeholders better,” said Zen Koh, Co-Founder and Global Chief Executive Officer of Fourier Intelligence. According to him, the rehabilitation tech industry in Asia is still in the early adoption phase, and he hopes to elevate this through the firm’s offerings in this region. “This aligns with our mission to empower therapists and patients through advanced robotics and artificial intelligence (AI) solutions, “We look forward to driving the Malaysian and overall Southeast Asian markets forward and anticipate facilitating stronger collaborations with local partners, healthcare professionals, and research institutions to drive innovation and enhance patient care,” he added. He also noted that Fourier Intelligence is driven by knowledge sharing and he believes that collaboration is key to advancing the rehabilitation industry, as it enables industry partners to forge closer ties and share knowledge for the betterment of the sector. “We hope that with our new Advanced Rehab Robotics Center in place, we can see a huge growth in rehabilitation technology and wider adoption of intelligent rehabilitation,” he said. Fourier Intelligence is a technology company dedicated to developing exoskeleton and rehabilitation robotics with a focus on creativity since its inception in 2015. The firm is backed by Saudi Aramco’s Prosperity7 Venture, and has successfully raised $62 million in funding. With over 2,000 installations and a market presence in 56 countries globally, the company focuses on rehabilitation technology that aims to empower patients and therapists using robotics and artificial intelligence. With a diverse portfolio of more than 30 products and 200 turnkey solutions, Fourier Intelligence specializes in developing advanced robotic exoskeletons and virtual reality-based therapy platforms to address needs for upper, lower, balance and movement impairments. Coupled with gamified therapy, these innovations enable healthcare providers to deliver personalized and effective rehabilitation programs, improving the patient’s overall recovery outcomes and quality of life. Already establishing a prominent presence in Malaysia through multiple large-scale projects with Sunway Medical Center, Pertubuhan Keselamatan Sosial (PERKESO) and WQ Park, Fourier Intelligence aims to serve as a direct waypoint for the domestic medical industry to obtain the latest advancements in rehabilitation technology. BEYOND EXPO 2023: Malaysia’s Aerodyne plans to raise up to $200M in Series C round; IPO in two to three years’ time

https://technode.global/2023/08/01/bosch-invests-384m-for-new-semiconductor-backend-site-for-chips-in-malaysia/

Bosch invests $384M for new semiconductor backend site for chips in Malaysia

BoschUntil the middle of the 2030, Bosch intends to invest around EURO 350 million ($384.35 million) in the site, Bosch said in a statement on Tuesday. With the opening, the company continues to systematically reinforce its semiconductor business and manufacturing footprint to meet global chip demand. “Semiconductors are key to the success of all Bosch’s business areas. The Penang backend site is a key component in our growth strategy in the mobility sector as we respond to the increased demand for semiconductors,” said Klaus Maeder, member of the Bosch mobility sector board responsible for operations. “We chose to invest in Penang for its high level of semiconductor knowledge and skilled workforce. The proximity to business partners and customers is another advantage, as it will shorten delivery times and distances for the chips,” he added. According to the statement, the production of semiconductors can basically be divided into two sections: the so-called front-end and back-end production. With a land area of 100,000 square meters, the facility in Penang is the first of its kind in Bosch’s Southeast Asia region. It will primarily focus on the latter, which is final testing of chips manufactured at Bosch’s fab in Dresden, Germany. The high-tech semiconductor backend site currently covers some 18,000 square metres and includes clean rooms, office space, and laboratories for quality assurance and manufacturing. “Penang is delighted to house Bosch’s semiconductor backend site at Batu Kawan Industrial Park, which is the group’s fourth facility in the state, following the automotive electronics, power tools, and automotive steering manufacturing plants,” said Chow Kon Yeow, caretaker chief minister of Penang. He affirmed Bosch’s close relationship with Penang and thrive to work together to accelerate Penang’s vibrant electrical and electronic (E&E) ecosystem development, anchoring its status as the Silicon Valley of the East, and ensuring beneficial economic spillovers for Malaysia. Malaysian Investment Development Authority (MIDA) chief executive officer Wira Arham said that Bosch’s continued investment in Malaysia, is a testament to the trust and confidence built over the years. “Having like-minded global partners like Bosch strengthens Malaysia’s position in global value chains and our goal to be an advanced manufacturing base in the region driven by innovation,“This project is in line with the National Investment Aspirations (NIA) to make Malaysia a strategic investment hub and promote high-skilled jobs and ensure that Malaysia’s industries remain resilient and competitive,” he added. According to the statement, Malaysia is an important hub in Bosch’s global semiconductor supply chain, and the country is estimated to cover around 13 percent of the global backend production. “We are further expanding the local semiconductor ecosystem and reinforcing our commitment in Malaysia amid our 100-year celebration,“Our new facility in Penang brings Bosch’s global manufacturing network closer to outsourced semiconductor assembly and test vendors (OSATs) in the region as well as to our automotive customers in the Asian market,” said Landhaeusser. With the addition of an advanced backend site in Southeast Asia, Bosch said it is completing its internal process chain especially for the semiconductors manufactured in Dresden, Germany. Bosch is currently carrying out the final testing of its semiconductors for the most part in Reutlingen, Germany, Suzhou, China, Hatvan, Hungary, as well as Malaysia. The new Penang facility is expected to employ up to 400 associates by mid-2030. With a total of 4,200 associates and nearly MYR 400 million ($89 million) investments in Malaysia, as of December 31, 2022, Penang is home to the largest number of manufacturing facilities in a single country for Bosch in Southeast Asia. Malaysia woos Microsoft, Google to bolster data hub ambitions – report

https://technode.global/2023/08/01/malaysia-airports-asia-mobiliti-enter-strategic-collaborations-with-google-cloud-to-enhance-travel-experiences-in-malaysia/

Malaysia Airports, Asia Mobiliti enter strategic collaborations with Google Cloud to enhance travel experiences in Malaysia

Google Cloud As Malaysia approaches a full year since COVID-19 entry restrictions — such as testing and quarantine requirements — were lifted for foreign arrivals, Google Cloud also unveiled new solutions and resources that are now available to help organizations in Malaysia innovate with generative artificial intelligence (AI) quickly, securely, and responsibly, and seize growth opportunities amidst the country’s tourism rebound. “When we consider tourism’s economic impact, there’s often a focus on the contribution from core areas like aviation and accommodation – and rightfully so,“But our analysis also highlights tourism’s impact on other sectors, from financial services to healthcare, to retail and transportation,” Google Cloud Indonesia and Malaysia Regional Director Megawaty Khie said in a statement. According to her, the firm is committed to empowering organizations across industries with intelligent, data driven capabilities to make smarter business decisions and be part of an integrated ecosystem that delivers world-class visitor experiences. She said the collaborations with Malaysia Airports and Asia Mobiliti, supported by its partners CloudMile and PointStar, will enhance their ability to serve travelers with personalized, digital-first offerings powered by their secure and scalable open data cloud. “This also builds on our existing work with airasia Super App to help micro-, small and medium-sized enterprises (MSMEs) grow their revenue streams,” she added. To stay ahead of spikes in passenger traffic in and out of its five international airports and 17 domestic airports in Malaysia, Malaysia Airports — with support from CloudMile — has also migrated its digital real estate to Google Cloud’s open, scalable, secure, and energy-efficient infrastructure. By using Google Cloud’s database management services to break down internal data silos, Malaysia Airports is enhancing its ability to push real-time airport and flight information to millions of passengers, thereby allowing them to enjoy smoother experiences from check-in to immigration to boarding to baggage collection. “As our industry recuperates from the effects of the past few years, it’s critical that we find the ability to both optimize costs and ramp up our operations,” Vijaykumar Dayinde, Chief Information Officer, Malaysia Airports Holdings Berhad. According to him, the firm’s choice of CloudMile as its longstanding partner and Google Cloud as its primary cloud provider gives the them the right combination of automated solutions and deep innovation expertise to deliver high-quality and safe digital-first passenger experiences at scale. “Google Cloud’s open data cloud will provide a strong yet flexible foundation for Malaysia Airports to fulfill our vision of becoming a global airport group that champions connectivity and sustainability, and serve as the gateway for tourists to discover and enjoy all that Malaysia has to offer,” he added. To enable seamless and more sustainable multimodal transport experiences for tourists in Malaysia, Asia Mobiliti, is also building and running its mobility-as-a-service platform for businesses and consumers entirely on Google Cloud’s open, scalable, secure, and energy-efficient infrastructure. With support from PointStar, Asia Mobiliti has also deployed Google Cloud’s advanced analytics and business intelligence tools to give its business to business (B2B) customers access to real-time insights that help them better respond to commuters’ needs. “The concepts of sustainable tourism and sustainable mobility are deeply intertwined,“At Asia Mobiliti, our goal is to help digitize all modes of transport and connect them with each other, thereby enabling seamless and on-demand multimodal transport experiences,” said Ramachandran Muniandy, Chief Executive Officer and Co-Founder, Asia Mobiliti. While tourists tend to be the biggest consumers of multimodal transport services, he opined that citizens stand to benefit too. “An effective multimodal public transport system reduces the need for private or single occupancy vehicles. This then translates to reduced road congestion and carbon“It was a clear choice for us to build our platform on Google Cloud’s open data cloud, given its leadership in data science and it being the only cloud provider that is powering its infrastructure and services using 100 percent renewable energy,” he added. To help organizations innovate with generative artificial intelligence (AI) quickly, securely, and responsibly, and seize new growth opportunities amidst Malaysia’s tourism rebound, Google Cloud has also unveiled new generative AI solutions and resources for businesses in Malaysia. To make career paths in generative AI more accessible to individuals, Google Cloud has made ten generative AI skills development courses available at no cost under its Cloud Skills Boost Program. The firm has also announced the general availability of Generative AI support on Vertex AI to help organizations accelerate their AI journeys. To support more seed to Series A startups in Malaysia who use AI as the core technology to develop primary products or solutions, the Google for AI Startups Cloud Program is also now available to cover their cloud costs of up to $350,000 over two years. “Generative AI will have a profound impact on community and commerce, “By making new skilling courses, pre-trained models, developer-friendly tools, and startup support available in Malaysia, Google Cloud is reinforcing its commitment toward empowering organizations of all sizes to build and deploy their own generative AI applications with ease and speed, while protecting their data, applications, and users,” saidSingaporean government partners Google Cloud to launch AI Trailblazers to accelerate generative AI development

https://technode.global/2023/08/01/alpro-pharmacy-partners-grabexpress-for-on-demand-prescription-medication-deliveries-in-malaysia/

Alpro Pharmacy partners GrabExpress for on-demand prescription medication deliveries in Malaysia

Malaysia’s prescription pharmacy chain Alpro Pharmacy said in a statement on Tuesday that by launching video showcasing the fully online flow from tele-consult to filling the prescription to sending the medication straight to doorstep, the collaboration aims to provide the much-needed support for stay-alone elderlies, chronic-illness patients and parents of young children, who might find leaving home for the pharmacy a hassle or physically not possible. “As community pharmacists, we strive to make it a point to address our regular customers by their names when they walk through the door,” said Low Swee Siong, Chief Executive Officer of Alpro Pharmacy. Through the years, he noticed more and more young people are leaving their hometowns for work and their parents in an empty nest. Therefore, he said the firm’s medication delivery serves as a means for the children to continue taking care of their elderly parents even when they are away. “We also realize the struggle faced by working parents who need to balance working from home and childcare, especially when their child falls sick. Hence, the availability of on-demand deliveries specifically for prescription medication meets their urgent needs,” he added. According to the statement, the quick medication delivery is an extension of Alpro’s e-pharmacy service launched in 2021 amidst the pandemic. Under the service, patients can consult with a doctor virtually, receive medical advice, and obtain an electronic-prescription, if necessary, without the need to leave the comfort of theirOnce the prescription is issued, the e-pharmacy’s team of professional pharmacists dispenses the medication, ensuring accuracy and adherence to safety protocols. The prescribed medication will then be delivered to patients leveraging GrabExpress. It is noted that Alpro Pharmacy has been a long-standing merchant-partner on GrabMart, delivering over-thecounter pharmacy items right to customers’ doorstep. “This partnership highlights how various online services on our platform can help a business enhance the way it caters to customers’ needs,” said Tan Jiong Jian, Director of Commercial and Deliveries at Grab Malaysia. According to him, tapping into GrabExpress as a last-mile delivery solution, Alpro’s customer base now have access to an even wider range of products and services all from the comfort of their homes, while providing delivery-partners on Grab with more earning opportunities too. “We’re proud to be able to collaborate with the Alpro brand once again, especially in supporting their efforts to reinvent how Malaysians get medication timely and reliably,” he added. Started a single pharmacy outlet in the small town of Port Dickson in 2002, Alpro Pharmacy is now a diversified community chain pharmacy that provides comprehensive primary healthcare solutions via over 250 outlets including Alpro Pharmacy, Alpro Clinic, Alpro Physio and BB Fortress, both online and offline, nationwide. The firm is supported by a team of more than 650 healthcare professionals, ranging from doctors, pharmacists, nutritionists, dietitians to physiotherapists and many otherServing more than 2 million families in Malaysia, Alpro Pharmacy is a community pharmacy in the country to provide MYR 1 million ($220,000) product liability insurance toWith over 500,000 prescriptions filled per year, Alpro Pharmacy is also the largest prescription pharmacy chain in Malaysia. Malaysian healthtech startup Qmed Asia raises $1.16M in equity crowdfunding for regional expansion

https://technode.global/2023/07/31/malaysian-foodtech-firm-goodmorning-global-raises-4-4m-via-equity-crowdfunding/

Malaysian foodtech firm GoodMorning Global raises $4.4M via equity crowdfunding

GoodMorning Global GroupGoodMorning Global said in a statement on last Friday that the firm has raised the fund from 1,046 investors. The firm’s Funder and Executive Chairman Dr. Lim Sin Boon acknowledged the success of the equity crowdfunding campaign as a milestone to the company’s commitment to enhancing consumer health and creating value for shareholders. He reaffirmed the group’s dedication to contribute towards a shared global future, addressing challenges such as climate change, rising sea levels, and food crises through the promotion of affordable nutritional balanced plant-based protein food. He attributed GoodMorning’s rise as the leading grain beverage brand in Malaysia, commanding a remarkable 70 percent market share, to the unwavering support and love of its patrons. To combate global greenhouse gas emissions and food crises, GoodMorning Global has also forged strategic partnerships with private enterprises and academic institutions such asThe company has also set in motion collaborative research projects in the fields of food and biotechnology. The firm also highlighted its commitment to promote affordable and nutritionally balanced plant-based protein food on a global scale. Looking ahead, Lim emphasized that GoodMorning Global is poised to explore boundless opportunities in the vast global market, marching steadfastly towards sustainable development. Dr. Charles Cheng Fang Chin, Chief Executive Officer and Chief Financial Officer of GoodMorning Global Group, has also highlighted the company’s commitment to global collaboration in addressing the challenges of food security through innovative solutions in plant-based protein and biotechnology. “World population growth poses a significant challenge to ensure food security. For GoodMorning Global, these challenges are also opportunities for innovation and transformation, “We have prepared ourselves for these challenges with pioneering work in biotechnology,” he said. He also said the firm is poised to expand its reach beyond Malaysia and strengthen connections with the global community. Collaborating with international partners, he said the company aims to drive food and biotechnology innovation, paving the way towards a sustainable future that benefits future generations. Established in 2008, GoodMorning Global is Malaysia’s food technology and multi-grain company. The company actively engages in research and production of plant-based protein and multi-grain products, committed to providing affordable plant-based balanced nutrition for Malaysia and global communities. Driven by innovation, quality, and service, GoodMorning Global strives to become a world food technology company that promotes health, supports sustainable agricultural and food industry development. Malaysia’s Incite Foodtech acquires Eatcosys to create ASEAN’S retail tech ecosystem

https://technode.global/2023/07/31/malaysias-capital-a-seals-partnership-with-philippines-uniondigital-bank/

Malaysia’s Capital A seals partnership with Philippine’s UnionDigital Bank

Malaysia-based multinational low-cost airline Capital A said in a statement on Sunday that the partnership will enhance the travel experience of frequent fliers with flexible payment options with a Fly Now, Pay Later offer available in airasia Superapp, and exclusive co-branding deals. It said this will create a progressive shift in the way customers plan and pay for their flights and other travel-related services, making fintech more convenient and accessible for Filipinos. According to the statement, UnionDigital Bank’s role will be to provide embedded finance in partnership with BigPay within the airasia Superapp travel platform, the main booking channel for AirAsia flights in the Philippines. This synergy will deliver a seamless and enriched travel booking experience for airasia Superapp’s users, and redefine the way people travel and manage their finances. AirAsia is the airline business of Capital A, while airasia Superapp is the one-stop travel platform offering services from flights, hotels, ride-hailing, loyalty programs and more. BigPay is the fintech arm providing accessible and secure digital financial services with the vision of improving financial wellbeing and accessibility in Southeast Asia. “For Capital A, the vision has always been to provide low cost, best value services, connecting people and realizing dreams, for people of Asean and beyond,” said Tony Fernandes, CEO Capital A. With UnionDigital as the firm’s partner, he said Capital A is now on its way to create a future where travel meets innovative financial solutions that facilitate everyone’s dream journeys with unparalleled ease. “We look forward to working with UnionDigital to redefine travel coupled with fintech as an accessible and enriching experience,” he said. He also said that data has shown that seven out of ten of its customers in the Philippines save up for their travel plans, carefully budgeting to ensure they can explore the world comfortably. “It is this inspiring dedication that fuels our determination to break down barriers and create a more connected and inclusive global community,” he added. UnionDigital Bank’s partnership with BigPay, a mobile wallet providing financial services in Malaysia and Singapore, solidifies its expansion into the Philippine market. Through this partnership, BigPay will be able to serve Philippine customers with secure and frictionless financial services that will improve their financial health and management in the long-run. “As tourism flourishes in the region, we are excited to elevate the end-to-end travel and payment experience of Filipinos through our collaboration with UnionDigital Bank and airasia,” said Zubin Rada Krishnan, Chief Executive Officer of BigPay. Through this partnership, he said BigPay is one step closer to making its financial services highly accessible in the Philippines, with the mission of empowering people to level up their lives, one transaction at a time. “With these key partnerships, we believe we can continue to make lives better in the Philippines through innovative and smart financial services,” he added. According to the statement, these collaborations unveiled are a turning point in the progression of the local banking and travel sectors. It recognizes the potential impact of these partnerships, reinforcing UnionDigital Bank’s commitment to driving innovation and fostering economic growth alongside these key industry players. “This is a pivotal moment for the two important sectors in the Philippines. We are forging a path towards greater convenience, accessibility, and innovation to empower Filipinos to live better lives,” said Henry Aguda, President and Chief Executive Officer, UnionDigital Bank. “We are not just setting the stage but building a solid foundation for a brighter future with BigPay and AirAsia by our side,“As we continue to push boundaries and pioneer new initiatives with like-minded partners, a financially inclusive Philippines will surely be on its way,” he added. According to the statement, the collaboration demonstrates UnionDigital Bank, AirAsia, and BigPay’s dedication to drive positive change, leveraging on powerful synergies that will empower and uplift the lives of Filipinos. Malaysia’s airasia Superapp 2Q average monthly active users up 40 percent on year to 15M

https://technode.global/2023/07/28/malaysia-hong-kong-plan-economic-hub-near-singapore-border-report/

Malaysia, Hong Kong plan economic hub near Singapore border – report

Hong Kong will join Malaysia in developing an economic hub in southern Johor, near the Singapore border, as Malaysia looks to tap the land development potential near the site of an upcoming cross-border rail link, Malaysia’s MRT Corp. and Hong Kong’s MTR Corp. signed a memorandum of understanding (MoU) to develop a six-acre land for mixed use in Bukit Chagar on Friday. The development, worth 3 billion ringgit ($660 million), will come up less than one kilometer from the Malaysia-Singapore border. The location is also the site of the under-construction Bukit Chagar terminus station that’s part of the Johor Bahru-Singapore Rapid Transit System, according to the report. “The intended mixed development is expected to transform the area into an attractive investor destination, for local and international investors,” MRT Corp. ’s Chief Executive Officer Mohd Zarif Hashim reportedly said at a briefing. The RTS project, which is expected to serve up to 10,000 commuters per hour in every direction, is due for completion in 2026. The project is also expected to ease traffic congestion at Malaysia and Singapore’s land border crossing, one of the world’s busiest. The four kilometer transit has two stations — Bukit Chagar in Johor and Woodlands in Singapore. The news came amid Hong Kong Chief Executive John Lee’s visit to Malaysia and other countries in Southeast Asia during his week-long Asean trip. Lee was in Singapore and Indonesia earlier of the week. Hong Kong and Singapore have signed seven agreements on improving cooperation and trade during Lee’s visit to the city-state. The memoranda of understanding (MoU), signed at a business dinner in Singapore on Monday evening, cover trade, financial services, fintech, innovation and technology, and research collaboration, Hong Kong and Indonesia have also signed 15 memorandums of understanding (MOUs) on Wednesday during a visit to the nation Lee reportedly said closer ties with Asean countries would create new opportunities as the city battled economic headwinds, Hong Kong and Malaysia signed 11 MoUs, including the one involving MTR Corporation. According to Lee, Hong Kong and Malaysia enjoy close and longstanding ties in trade and investment. “In 2022, our bilateral trade in goods grow by 7% year-on-year to reach $28.1 billion, making Malaysia our ninth-largest trading partner and the third-largest among ASEAN Member States. As a conduit for trade with Mainland China, some 9% of trade between Malaysia and Mainland China was routed through Hong Kong in the same year,” Lee wrote in a Facebook post on Thursday. Featured photo credits: John Lee’s Facebook PageHSBC, GOBI Partners join hands to support innovative businesses between Hong Kong and ASEAN

https://technode.global/2023/07/28/malaysias-airasia-superapp-2q-average-monthly-active-users-up-40-percent-on-year-to-15m/

Malaysia’s airasia Superapp 2Q average monthly active users up 40 percent on year to 15M

Malaysia-based Its parent firm Capital A said in a statement on Friday that this led to a 102 percent year on year jump in the number of transactions at 7.9 million. The encouraging results indicate improved user engagement in the app, as the number of transactions rose more than two-fold compared to the average MAU on a yearly basis, according to the firm. Meanwhile, gross booking value (GBV) for the app has also improved notably by 110 percent year on year. The travel vertical experienced a 9 percent improvement and the delivers vertical saw a 5 percent increase, while rewards and other businesses delivered close to 8 percent growth. These were largely attributed to Superapp Super Sale campaigns, free seats campaigns for AirAsia flights and ongoing efforts to increase fleet drivers for airasia ride that improved completion rates, which resulted in a total of 2.6 million rides completed by June 2023. BigPay’s carded users also grew by 16 percent year on year reaching 1.4 million users. The gross transaction value (GTV) also posted an upward trend, climbing 40 percent year on year driven by domestic transactions within the payment and remittance products. Additionally, the marketplace GTV grew by 32 percent YoY with the introduction of prepaid mobile top-ups, which enables users to top up directly through the BigPay app while earning airasia points which can be redeemed for services and products on airasia Superapp. The lending segment that was launched in Malaysia in the first quarter of 2022, grew 6 percent year on year. Capital A said the managed growth of the lending product is deliberate to ensure a stable and balanced risk-return profile. Meanwhile, Capital A’s logistics venture Teleport continues to demonstrate robust performance, having moved 45,250 tonnes, up 105 percent year on year. The growth was driven by the increased cargo belly capacity from the return of international flights and increased utilization. The delivery segment also showed strong uplift, delivering 4.9 million parcels in the second quarter of 2023. Capital A said the 321 percent year on year improvement showcases Teleport’s success to capture wallet share from key marketplaces, now served by a combination of dedicated freighter and flexible belly capacity that enhances Teleport’s ability to meet market requirements. Earlier in July, Teleport reached a momentous breakthrough with the official induction of its first dedicated A321F aircraft named Awan, further strengthening its extensive air cargo network. The freighter’s inaugural flight took place on July 17, 2023, covering the Kuala Lumpur to Kota Kinabalu and Kuching routes initially, with plans to expand internationally, starting with flights to Hong Kong in August. Meanwhile, in second quarter, AirAsia Malaysia, AirAsia Thailand, AirAsia Indonesia and AirAsia Philippines (the consolidated airlines) posted a healthy load factor of 88 percent, having carried 14.2 million passengers, almost double the number year-on-year. Across the group, 16.2 million seats were available, operated by 146 of the 166 activated aircraft. To date, the consolidated airlines have recovered 73 percent and 74 percent of first half of 2019 capacity and passengers carried respectively. With the strong resurgence of travel demand, the group available seat kilometres (ASK) soared 132 percent year on year to 18.99 billion, while revenue passenger kilometres (RPK) surged 146 percent year on year to 16.31 billion. During the quarter, the largest short-haul airline in the group, AirAsia Malaysia recorded a strong overall load factor of 87 percent reaching 6.4 million passengers. AirAsia Thailand, on the other hand, posted a load factor of 89 percent carrying 4.6 million passengers. AirAsia Indonesia and AirAsia Philippines posted robust load factor at 84 percent and 91 percent, with passenger carried of 1.5 million and 1.6 million, respectively. Throughout the second quarter, the domestic performance was incredibly strong and international market traffic remained buoyant with favorable load factor. In response to the robust international market demand, the group has reallocated more capacity to international routes to meet the strong resurgence from the international market. Airasia SuperApp average monthly active users up 12 percent q-o-q in first quarter

https://technode.global/2023/07/28/hsbc-gobi-partners-join-hands-to-support-innovative-businesses-between-hong-kong-and-asean/

HSBC, GOBI Partners join hands to support innovative businesses between Hong Kong and ASEAN

Gobi PartnersBoth parties said in a statement that under the MOU, both companies will explore further opportunities to drive business and financial connectivity between the Greater Bay Area and ASEAN. They will also explore the opportunities of “TaqwaTech”, a new category of Muslim entrepreneurs focusing on using technology to serve the demand of the Islamic economy. They will also explore opportunities of sustainable innovation and investment aligned to the United Nation’s Sustainable Development Goals, and growth and empowerment of diverse entrepreneurs. According to the statement, the MOU further underlines HSBC and Gobi Partners’ commitment in empowering diverse entrepreneurs, regardless of gender and background. “Gobi Partners and HSBC share a common vision, which is to help innovative businesses unlock their potential, create more jobs and access new global opportunities, “The MOU signals our commitment to support Hong Kong and ASEAN businesses at all stages, boost their growth and help them compete on the global stage,” said Luanne LIM, Chief Executive, Hong Kong, HSBC. Meanwhile, Gobi Partners Co-Founder and Chairperson Thomas Tsao said that the firm is thrilled to amplify connectivity between Hong Kong and Southeast Asia so that the Greater Bay Area in China will become known as Greater Bay ASEAN. “The signing of this MOU with HSBC marks a significant milestone further solidifying the collaboration between our two esteemed companies,“Together, we are poised to make an impact in shaping the future of the region’s entrepreneurial landscape,” he said. According to the statement, ASEAN is the largest digitally enabled population in the world with its e-commerce forecasted to grow to $88 billion by 2025. It is also noted that in 2020 alone, 40 million people in Southeast Asia came online for the first time. Cited a survey jointly conducted by Google, Temasek and Bain & Company, it said Southeast Asia’s digital economy is expected to reach $330 billion by 2025. Recognizing the role technology and digital education plays in promoting gender equality, HSBC and Gobi Partners have also jointly hosted an event for female entrepreneurs and investors in March as part of their International Women’s Day celebration. Gobi Partners is a venture capital firm with $1.6 billion in assets under management (AUM). Headquartered in Kuala Lumpur and Hong Kong, the firm supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets. Founded in 2002, Gobi Partners has raised 16 funds to date, invested in over 380 startups and nurtured 10 unicorns. The firm has grown to 15 locations across key markets in Bangkok, Cairo, Dhaka, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Shanghai, Shenzhen, Singapore and Surabaya. As a participant of the United Nations Global Compact, Gobi Partners is committed to aligning strategies and operations with universal principles on human rights, labor, environment and anti-corruption to ensure long-term value creation and sustainability across its portfolio. As a participant of the United Nations Global Compact, the firm launched its second sustainability report in June 2023. Gobi Partners releases 2022 Sustainability Report as part of its commitment to UNGC’s Corporate Sustainability Principles

https://technode.global/2023/07/28/malaysias-myeg-seals-deal-to-deploy-blockchain-based-customs-clearance-between-the-philippines-and-china/

Malaysia’s MYEG seals deal to deploy blockchain-based customs clearance between the Philippines and China

Malaysian digital services company MYEG said in a statement on Thursday that the group, together with its Philippines-incorporated companies, signed agreements for a collaboration with Philippines Bureau of Customs (BOC) and Cargo Data Exchange Center Inc. (CDEC). This paves the way for the Philippines to adopt the digital solution known as Ztrade – a first of its kind Web3 + artificial intelligence (AI) link between China and its trading partners – which runs on MYEG’s innovative Zetrix layer-1 blockchain platform. Under the collaboration, MYEG will provide the Ztrade solution in the Philippines including ground installation, training, and assistance with customisation requirements while CDEC, which is a value-added service provider of trade and logistics solutions for the BOC will support the integration of Ztrade to its platform to ensure a seamless experience for users. This groundbreaking initiative by MYEG follows the signing in March of a partnership between the group and East Logistic-Link Co. , Ltd, a wholly-owned agency of the General Administration of Customs of the People’s Republic of China (GACC), to jointly provide a full suite of cross-border trade facilitation services on the Zetrix blockchain platform. This includes the lodgment of certificates of origin as well as potentially other certificates relevant to cross-border trade like food safety, quarantine, and bill of lading, thus enabling all data to be available accurately in near real-time, hence, increasing the efficiency of tariff computation and customs clearance, especially for trade within the Regional Comprehensive Economic Partnership (RCEP). Leveraging Web3 technologies of blockchain smart contracts and AI, MYEG said the Ztrade service can overcome the prevailing limitations of conventional technology architecture in providing a reliable and automated method of securely and effectively digitalizing trade clearance processing whilst removing the cumbersome retro-verification currently practiced, thus making it hassle-free, seamless, faster and simpler overall. It is noted that Malaysia, through the Ministry of Investment, Trade and Industry (MITI), had in April announced its support for the adoption of a blockchain-based single window system for the mutual recognition of digital certificates of origin to improve trade facilitation and reduce technical barriers for more efficient and secure processing of goods originating from Malaysia to China. “At MYEG, we are pleased that the advantages of deploying a Web3 + AI-based solution i. e. Ztrade in offering faster, secure, more intelligent and more cost-effective processing of cross-border trades are now also being recognised in the Philippines, besides in Malaysia and China,“We look forward to expanding this service to other nations as we continue pursuing our objective of deploying this pioneering solution, which leverages the power of Web3 and AI technology, across Association of Southeast Asian Nations (ASEAN) and the RCEP region,” said TS Wong, Group Managing Director of MYEG. Meanwhile, BOC Commissioner Bienvenido Y. Rubio said that this platform is a blockchain-based application that will enable the verification of certificates of origin for exports to China and vice-versa, using express clearance and tariff exemptions under the RCEP and the ASEAN-China Free Trade Agreement (ACFTA). He said that proposed use of the Zetrix platform shall be at no cost to the Philippine government and is expected to facilitate greater trade through seamless yet highly secure transactions between countries. CDEC President Jason Gaw Cheng added that the Zetrix platform will increase the global trade competitiveness of the Philippines and improve ease of doing business for the country’s traders and logistics service providers. According to the statement, the roll-out of Ztrade in the Philippines also marks the broadening of MYEG’s presence as a key enabler of government digitalization in the archipelago. Since commencing operations in 2017, the group has gone on to establish itself as a leading provider of e-government services in the Philippines. The group currently provides a variety of services for a wide-range of government agencies including the National Bureau of Investigation, the Securities and Exchange Commission, Bureau of Internal Revenue, Landbank of the Philippines, PhilHealth, Philippines Economic Zone Authority and the Tourism Infrastructure and Enterprise Zone Authority. Developed by MYEG, Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. The cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as blockchain-based identifiers (BID) and verifiable credentials (VC). China’s Xinghuo BIF appoints Malaysia’s MyEG to own and operate Xinghuo International Supernode

https://technode.global/2023/07/27/uem-partners-local-foreign-investors-to-develop-hybrid-solar-photovoltaic-power-plant-in-malaysia/

UEM partners local, foreign investors to develop hybrid solar photovoltaic power plant in Malaysia

UEM Group BerhadUEM said in a statement on Thursday that the project is in line with the strategic and high-value national flagship energy transition projects under the Malaysia’s National Energy Transition Roadmap (NETR), which was launched by the Minister of Economy for which Khazanah has been named as the champion for Renewable Energy Zone (REZ) in Malaysia. According to the statement, the project will be developed by UEM Group in collaboration with local investor ITRAMAS Corporation Sdn. Bhd. (ITRAMAS), currently the largest vertically integrated solar plant developer, engineering, procurement, construction, and commissioning (EPCC) and service provider in Malaysia. The collaboration will see both parties leveraging complementary expertise, resources and networks, to achieve synergies that will ensure greater success for the project. The project has also attracted renowned foreign strategic investors which include the likes of Macquarie Asset Management’s Green Investment Group unit Blueleaf Energy and ITRAMAS’s existing partners, Chinese contractor China Machinery Engineering Wuxi Co. Ltd. (CMECWUXI) and Singapore-based RE firm HEXA Renewables. It is noted that the project investors are in discussion with UEM Group to consider participating through multiple potential roles including collaborating on project development, financing (including equity investments) and commercialization (including offtake of green electricity). ITRAMAS alongside CMECWUXI also intend to be the anchor tenants and initial green electricity offtakers within the RE Industrial Park. According to the statement, the RE Industrial Park aims to attract foreign manufacturers and suppliers across the RE and electric vehicle (EV) value chains as well as other high-tech companies to set up operations and research and development facilities in the park, which in turn could drive the growth of the overall energy transition and EV ecosystems in Malaysia. “Khazanah fully supports the NETR, a catalyst for the achievement of Malaysia’s aspiration in becoming a regional leader in the fields of energy transition and renewable energy, “This Project is a step in the right direction and demonstrates UEM Group’s commitment to sustainable green initiatives moving forward,” said Amirul Feisal Wan Zahir, Managing Director of Khazanah. Meanwhile, UEM Group Managing Director Mohd Izani said that this project is in line with the strategic and high-value national flagship energy transition projects under NETR, launched by the Minister of Economy. “ITRAMAS, Blueleaf Energy, CMECWUXI, and HEXA Renewables are investors that are not only committed to invest and develop Malaysia’s renewable energy assets but have also pledged to upskill local contractors in the RE industry, provide job creation and undertake knowledge transfer, all of which fits into UEM Group’s aim of creating high quality employment opportunities for Malaysians,” he said. ITRAMAS Managing Director Lee Choo Boo said that the firm is fully committed, together with Khazanah and UEM Group, to ensure the resounding success of this flagship energy transition project under the RE Zone and the National Energy Transition Roadmap. “I Squared Capital and CMECWUXI together with Khazanah, UEM Group, HEXA Renewables, Blueleaf Energy and CMECWUXI, we will provide a strategic catalyst to propel our nation to be a regional leader in energy transition and renewable energy value chain,” he added. According to the statement, Blueleaf Energy, which is part of the MoU, will also contribute its technology, financing and commercialization expertise to realize the investment, development, construction and operation of reliable, long-term and commercially viable renewable hybrid energy solutions for the national significance RE industrial zone initiative in the country under the NETR framework. “Investing in Malaysia’s renewable energy projects is strongly supported by government’s sustainability vision and a growing demand for green energy solutions, “The realization of this project with strong public and private sector support will be an important step towards achieving Malaysia’s climate commitment of 40 percent RE in the power mix by 2035, thereby creating a positive social and environmental impact and securing long-term benefits for the country,” said the firm. CMECWUXI General Manager and Board Chairman Kathy Hsu said that the world is multilateral and it is the responsibility and mission of every entrepreneur in the world to promote the development of economy between countries and benefit the happiness index of the people of the two countries. “The world advocates a low-carbon lifestyle and realizes zero-emission manufacturing as soon as possible, “As a member of ‘CMEC New Energy’, we, CMECWUXI, take it as our corporate mission and responsibility, and work hard with UEM Group/ITRAMAS for the development of new energy in Malaysia, China, and even the world,” she said. I Squared Capital Senior Partner Harsh Agrawal said that having invested in nearly 5.8 gigawatts of renewable assets around the world, the firm is excited to bring its expertise in green power generation to help catalyze the energy transition in Malaysia, an Indo-Pacific Economic Framework (IPEF) founding member. Khazanah spearheads green investment platform to attract new direct investments into Malaysia

https://technode.global/2023/07/27/malaysia-government-glics-to-invest-211m-to-support-startups/

Malaysia government, GLICs to invest $211M to support startups, technopreneurs

The Malaysia government and government-linked investment companies (GLICs) will invest MYR1 billion ($211.12 million) in additional funds to match private funds in a bid to support local startups and encourage technopreneurs, its Prime Minister said. The initiative, which is one of several under the new economic road map, would include ensuring the provision of funds for each phase of a company’s growth, alongside expanding the implementation of programs such as Corporate Hackathon and MYHackathon, said Anwar Ibrahim in his speech at the launch of the so-called “Ekonomi Madani” plan on Thursday. According to the prime minister, Malaysia ranked 20th in the world based on the report of The Global Startup Ecosystem 2023, valuing the Malaysian start-up ecosystem at $46 billion for the first half of 2020 to 2022. It will also allocate an additional MYR100 million ($22.12 million) to intensify research, development, commercialization and innovation, with a focus on industrial needs, such as renewable energy, food security and new growth areas. Anwar said the capital market also needs to be “more lively” by bringing more company listings and thus giving birth to new local ‘unicorns’. The banking system and capital markets have to act quickly to meet business financing needs. The Securities Commission will develop Financial Market Reform Policies by facilitate the investment of retail investors, attract more investors to finance MSMEs as well as the country’s new growth activities; and increase the level of competitiveness of the capital market at the international level, he added. To drive digital economic reforms, Anwar said the government will implement “Digital ID” to develop online businesses and related industries. A matching grant for digitalisation will be increased by RM100 million to assist micro, small and medium enterprises (MSMEs) in accelerating their shift towards a more digital business model, he added. The government has decided to provide an e-cash credit of MYR100 to all Malaysians with an annual income of MYR100,000 or below. “The number of eligible recipients is estimated to exceed 10 million people, including the B40 (bottom-tier households) and M40 (middle-tier households) groups, with funds totaling MYR1 billion ($211.12 million). “Malaysia must learn from the decline of past nations which have risen again nimbly to the front. Like it or not, we must become a regional economic powerhouse. We need to think globally and internationalize the economy to generate prosperity. With that, we will be able to achieve the targets set for the Top 30 largest economies in the world in the medium term,” Anwar said. “If we are just satisfied with the status quo, it is expected that our economic growth will continue to grow between 4 to 5 percent However, if we work hard towards implementing reforms aligned with Ekonomi Madani, we are more than capable to reach 5.5 percent, and I believe that it is not impossible to reach even up to 6 percent,” he added. In order to accomplish this significant goal, he said:• We need to establish greater economic integration with neighbouring countries, especially considering the world is facing supply chain constraints. Therefore, we need to nurture more high-competitive local companies to penetrate the ASEAN regional market. • Our efforts now need to go beyond Free Trade Agreements. For instance, trade diplomacy and strategic arrangements can enhance bilateral and multilateral market integration and facilitate the movement of goods, capital, skilled workforce, and technology sharing with neighboring countries. • Until now, our emphasis has been on main sector activities, encompassing Electrical and Electronic (E&E) and chemistry. As we advance, the new industrial mission under New Industrial Master Plan (NIMP) will center around activities that offer high-added value or economic sophistication. For instance, cluster in Penang focus should be on high-value E&E activities such as Integrated Circuit (IC) design. As for the chemical sector, petrochemical and oleochemical companies should prioritise manufacturing specialty chemicals, the prime minister said. The government will introduce outcome-based tax incentives to support and reward companies focusing on high-impact activities, he added. “We must implement reforms so that Malaysia can be ranked among the 12 best economies in terms of competitiveness and ease of doing business,” Anwar added. Thus, it should be announced to all corners of the world that Malaysia is open and ready to welcome investors and businesses. According to him, so far several companies have announced investment commitments including Sumitomo Corporation, Tesla and Rongsheng and Samsung Engineering. The government is also launching the Malaysia’s National Energy Transition Roadmap (NETR) to accelerate energy transition and change the way energy is generated in Malaysia in order to improve climate resilience. According to Anwar, efforts to be implemented include increase renewable energy generation capacity, installing solar panels on Government buildings, and implementing renewable energy trading policies through the electricity market system. “We should also take inspiration from Sarawak’s pioneering efforts in the bus project that utilises hydrogen energy and CCUS (Carbon Capture, Utilisation & Storage). To promote these new green growth activities, the governmentMalaysia to reform startup ecosystem, focus on investment, says minister – report

https://technode.global/2023/07/26/1337-ventures-hosts-ecf-accelerator-to-help-malaysian-smes-maximize-opportunities-through-ecf-fundraising/

1337 Ventures hosts ECF Accelerator to help Malaysian SMEs maximize opportunities through ECF fundraising

Malaysia-based venture capital firms 1337 Ventures said in a statement on Wednesday that alternative financing is gaining popularity in Malaysia as a viable option for local businesses to raise funds. This is evident as total funds raised in Equity Crowdfunding stood at MYR 560.34 million ($123.10 million) via 330 campaign as reported by the Securities Commission of Malaysia. It said the ECF Accelerator Program is to support the alternative financing landscape. According to the statement, the three-day fundraising bootcamp will guide up to 20 ambitious growth stage entrepreneurs on fundraising methods and strategies through venture capital, private equity, and ECF. The bootcamp will cover stakeholder mapping, go-to-market strategy, financial modelling, marketing, pitching, and other topics necessary for launching a successful ECF campaign and fundraising exercises. The culmination of this rigorous bootcamp will see the top three companies gaining an exclusive opportunity to showcase their potential at Leet Angel Club – a prestigious event is a strictly invite-only gathering of discerning angel and sophisticated investors, curated by the reputed Leet Capital. “In the journey of fundraising, many SME entrepreneurs hit a wall when it comes to building solid financial models, crafting a bulletproof fundraising strategy, or nailing a killer pitch. That’s a real concern,” said Bikesh Lakhmichand, the Founder and Chief Executive Officer of 1337 Ventures. Bikesh, with his vast experience of propelling over 2,500 startups to their zenith, emphasized that Malaysian businesses aren’t short of potential. “They just need the right pointers to understand the fundraising landscape. And yes, learning to pitch effectively to investors is a game-changer that many are missing out on in their capital raising efforts,” he added. In 2022, the ECF Accelerator program had two successful cohorts that included homegrown companies from healthtech, eco-friendly beauty products, food and beverage (F&B), and more. QMED Asia, the cohort 1 winner, raised over MYR 5 million ($1.1 million) in ECF from 110 investors on Leet Capital. Arus Oil, from cohort 2, was recently invested in by Shell as an initiative to encourage Malaysians to recycle their used cooking oil and continue to provide cleaner and sustainable energy solutions. Cohort 3 begins in August 2023 and will take place on August 4th, 11th, and 18th, 2023. The program is supported by WORQ, Malaysia Digital Economy Corporation (MDEC) and Digital Penang.1337 Ventures is an early-stage venture capital firm focused on pre-seed and seed-stage investments in Malaysia and South East Asia. Established in 2012, the firm is Malaysia’s first accelerator program. Pioneering the design thinking methodology and design sprints in Malaysia, 1337 Ventures has utilized its learning to accelerate the growth of over 2,500+ startups from five different countries. 1337 Ventures sister company Leet Capital is an ECF platform. Since being awarded its license by the Securities Commission in May 2019, the firm has been enabling investors to invest in highly vetted high growth businesses, whilst providing an avenue for high growth businesses to raise capital. Leet Academy, its education arm, focuses to empower, educate and build resilient individuals through a series of workshops, mentorship and networking events in the areas of design thinking, pitching and agile ways of work. Malaysian venture capital firm 1337 Ventures launches new $290,000 fund for Malaysian startups

https://technode.global/2023/07/26/alibaba-cloud-sees-increase-in-demand-from-various-industries-in-malaysia-market-says-vp-qa/

Alibaba Cloud sees increase in demand from various industries in Malaysia market, says VP [Q&A]

Alibaba Cloud“We expect an increase in demand from various industries in the market. Our goal is to continue to serve more local customers to enable their digital journey as one of the leading cloud service providers in Malaysia,” he told “Malaysia has a very high willingness to embrace technology so we are going to put priorities here too,” he noted. “In fact, we started Energy Expert (Alibaba Cloud’s sustainability solution for enterprise) in this region first, in the Malaysia market. We recently see Agmo–a digital solutions specialist in Malaysia as our first international customer of EMAS Superapp solution to drive the EV evolution by adopting our cutting-edge technological superiority. ”He said Alibaba Cloud will continue investing in the market and develop and nurture the use of latest and advanced cloud computing solutions to provide customers the ability to take their business digital. In recent years, Southeast Asia has become an important battleground for Internet giants from US and China which offer cloud computing services as they vie for dominance in the region which has seen rapid digitalization. Companies such as Google, Microsoft, Alibaba, Huawei, Amazon. com are investing heavily in cloud computing in Southeast Asia, building data centers, among other initiatives. Amazon Web Services (AWS), the cloud computing division of Amazon. com announced in March it plans to invest $6 billion in Malaysia over the next 14 years to strengthen its cloud services infrastructure in the country. The infrastructure hub will enable customers in the region to store data securely, AWS said then. In August last yearIn the same month, Tencent Cloud, the cloud business of global technology company Tencent, and Acclivis Technologies and Solutions, a wholly-owned subsidiary of CITIC Telecom International Holdings Ltd, announced that they have signed a strategic collaboration agreement to bring private, public and hybrid cloud and ICT solutions to enterprises in Southeast Asia and China. In November last year, Huawei launched the Indonesia Region, a regional hub of Huawei Cloud’s 29 global availability zones. Huawei plans to spend $300 million on upgrading its local cloud infrastructure for the next five years, according to Alibaba Cloud has built five global data centers during 2021 to 2022, according to Besides launching the innovation center in Malaysia, Alibaba Cloud said in 2021 that it plans to invest $1 billion in funding and resources within the next three years as part of its Project AsiaForward, which aims to foster one million digital talents, empower 100,000 developers and accelerate the growth of 100,000 tech start-ups across Southeast Asia and Hong Kong. According to IDC, Southeast Asia is the fastest-growing cloud computing market and is expected to be valued at $40.32 billion by 2025. This wave of interest is spurred by increased cloud reliance as more organizations acknowledge the long-term benefits of embracing the cloud. Governments in the region are investing in cloud computing to fuel digital transformation, which in turn drives greater innovation in the private sector, Xiong, however, also shared some of the challenges Alibaba Cloud sees while expanding in Malaysia and the rest of Southeast Asia. “Traditional IT enterprise mindset is our challenge. But the pandemic has served as the impetus for the acceleration of digitalization in Malaysia as well as the rest of Southeast Asia,” he said. “We have seen Covid-19 bringing more opportunities than challenges. More and more companies see cloud solutions and services help them deliver new products and services seamlessly and cost-effectively, making them more adaptable to the shifting demands of the market. ”In the interview, Xiong also shared about how digitization can help carbon neutralization, insights on the latest development and technology for carbon management, and Alibaba’s own approach to carbon reduction, among others. Malaysia has a very high willingness to embrace technology so we are going to put priorities here too. In fact, we started Energy Expert (Alibaba Cloud’s sustainability solution for enterprise) in this region first, in the Malaysia market. We recently see Agmo–a digital solutions specialist in Malaysia as our first international customer of EMAS Superapp solution to drive the EV evolution by adopting our cutting-edge technological superiority. We expect an increase in demand from various industries in the market. Our goal is to continue to serve more local customers to enable their digital journey as one of the leading cloud service providers in Malaysia. We will continue investing in the market and develop and nurture the use of latest and advanced cloud computing solutions to provide customers the ability to take their business digital. In doing so, Alibaba Cloud is committed to fulfilling its role as an enabler of Malaysia’s Digital Economy transformation. Traditional IT enterprise mindset is our challenge. But the pandemic has served as the impetus for the acceleration of digitalization in Malaysia as well as the rest of Southeast Asia. We have seen Covid-19 bringing more opportunities than challenges. More and more companies see cloud solutions and services help them deliver new products and services seamlessly and cost-effectively, making them more adaptable to the shifting demands of the market. According to a new survey report entitled “The Next-Generation Cloud Strategy in Asia” targeting 1,000 cloud strategy decision-makers across eight Asian countries, the impact of COVID-19 has led to significant changes in their use of IT, with 54 percent reporting an increased use of cloud- based software and 41% reporting acceleration with their cloud migration. The survey data also shows that Malaysia’s uptake of the use of software in the cloud has clocked in a 56 percent increase as a result of the pandemic. Digitization is critical to overcoming sustainability challenges. The culture of embracing digital technology within a business organisation will encourage sustainable innovation. Implementing sustainable digital technologies can reduce waste and make a business more energy efficient, ultimately reducing carbon emissions. Therefore, choosing the right strategies in investing for sustainable solutions is crucial to achieve the United Nations’ sustainable development goals, such as SDG12 [Responsible consumption and production] and SGD 13 [Climate action] goals. Today climate change is one of the biggest challenges in terms of sustainable development in the world. How we can measure the carbon footprint, and especially after measuring, how we can optimise the carbon footprint is what everyone tries to do. For me, in the future what is exciting is how we can make it very inclusive and scalable in terms of sustainability in activities. A SaaS solution is a means of software delivery that allows services and data to be accessible from different devices with a web connection, instead of having to have software installed onto individual computers or networks. Digital SaaS sustainability solutions can help enterprises to calculate their organization or product carbon footprint by providing insightful analysis and AI based recommendations to reduce the carbon footprint. Sustainable technology has been identified by Gartner as one of the Top 10 Strategic Technology Trends for 2023, highlighting its ability as a powerful tool to help shape the innovations of the future. When carefully and thoughtfully implemented, this technology can provide a valuable resource for helping to manage and lowerEnergy Expert helps our global customers to achieve their net zero targets through insightful actions and informed sustainability practices. Through streamlined solutions, Energy Expert helps customers automate the carbon accounting and reporting process and obtain real-time sustainability impact statistics for them to make informed decisions. It enables customers to identify the sources of the carbon emissions from their daily business activities as well as the full life cycle of their products, based on the PAS 2060 and ISO 14064 standards on carbon neutrality. Customers can also quantify their carbon footprint through prebuilt calculation models and our datasets. It also provides real-time visibility into carbon emission patterns and the progress of their sustainability performance through visualisations on dashboards and online reports. So far, Energy Expert has helped more than 2600 enterprises worldwide across a wide range of industries save energy or reduce carbon emissions since its launch last year. We started with creating a sustainability framework that is appropriate to our role and influence. Alibaba Group is targeting Scope 1 and 2 carbon neutrality, and 50 percent carbon intensity reduction for Scope 3 by 2030. New Scope 3+ dimension to facilitate additional 1.5 gigatons of decarbonization across the Alibaba Ecosystem by 2035. Alibaba Cloud will take the lead and aim to achieve Scope 3 carbon neutrality by 2030. Alibaba Cloud is also committing to power its cloud computing with 100 percent clean energy no later than 2030. Apart from that, we also were the Number 1 renewable energy purchaser in 2021 among China’s tech companies according to BloombergNEF. In its financial year 2022 (FY2022), Alibaba cut a total of 619,944 tons of carbon emissions from changing its energy mix to include more clean energy; over this time period, 21.6 percent of the electricity for Alibaba Cloud was from clean energy. In the first half of 2022 alone, Alibaba purchased more than 800 million kWh of clean energy, a 150 percent increase over the full year of 2021. Alibaba Cloud’s data centers reached an annual average power usage effectiveness (PUE) of 1.247 in FY22, an Asia-leading standard; customers in China can avoid 85.5 percent of their computing emissions by moving to Alibaba Cloud from on-premise equivalents. I believe we are on track to achieve our target at the moment. One of the biggest challenges that people face is they are keen to take initiatives to reach their sustainability goal but they don’t know how to start. That requires a lot of expertise and companies needed to hire and invest a lot to undertake the sustainability journey. I think what we are trying to do is to make it inclusive not only for large companies, but also for small and medium enterprises (SMEs). We want to make it accessible to any organisation. With the right system in place, youEven for the companies who don’t have the experience or experts but they still embark on this journey. My recommendation is to start small, to start with some POC (proof of concept) first with the sustainability initiative. We also allow a company to calculate for 1 particular product, this is very affordable. Then they can do the cost justification. If we don’t know how to start, we better start with something that is concrete and we can have a see through result and then we can generalize to the rest of the business. To me, it’s not only about doing business, it’s also about how to make it more inclusive, for not only large enterprises but also for SMEs, researchers and universities to utilise. Hopefully we can involve more players in the sustainability drive. Alibaba Cloud unveils plans to strengthen global partnership ecosystem

https://technode.global/2023/07/25/malaysia-becomes-the-60th-country-where-spacexs-starlink-provides-high-speed-internet-service/

Malaysia becomes 60th country SpaceX’s Starlink provides high-speed internet service

StarlinkIn a tweet on Tuesday, SpaceX said, “Starlink is now available in Malaysia, marking the 60th country around the world where Starlink can provide high-speed internet connectivity. ”According to local media The plan is offered without contract, as users will be required to purchase the Starlink Kit, which comes with an electronic phased array antenna with a base suited for ground installation, a WiFi router, and cables. Last weekAccording to the minister, currently, 97 percent of populated areas in Malaysia have Internet access. However, the remaining 3 percent face challenges due to geographical locations, such as remote rural areas or isolated islands, making network infrastructure development difficult. Therefore, Fahmi said the government is willing to collaborate with satellite internet service providers, including Starlink, to achieve 100 percent internet access in populated areas. The announcement comes after the virtual meeting between Anwar and Musk about Starlink and Tesla earlier this month. Starlink, a satellite internet constellation operated by SpaceX, provides high-speed, low-latency broadband internet across the globe. Founded in 2002 by Musk, SpaceX is a spacecraft engineering company which designs, manufactures and launches advanced rockets and spacecraft in a bid to “revolutionize” space technology. With Starlink, users can engage in activities that historically have not been possible with satellite internet, information from SpaceX’s website showed. Starlink’s high-speed, low-latency service is made possible via the world’s largest constellation of highly advanced satellites operating in a low orbit around the Earth, the company claimed. Musk’s electric vehicle maker Tesla has unveiled its sport utility electric vehicle, Model Y, in Kuala Lumpur last Thursday. Tesla said it will establish its head office and service centre in Cyberjaya, Selangor, Malaysia, which will serve as the central hub for all corporate operations, marketing, training, customer support activities and vehicle services. Malaysia grants licence to Elon Musk’s Starlink to bring Internet services to rural areas

https://technode.global/2023/07/25/khazanah-impact-innovation-challenge-2023-calls-for-applications/

Khazanah Impact Innovation Challenge 2023 calls for applications

Malaysian sovereign wealth fund Khazanah said in a statement that KIIC is a business challenge aligned with Khazanah’s Dana Impak value creation objectives, aiming to address pervasive problem statements and drive socio-economic resilience and growth potential for the country. Organized under the Khazanah Dana Impak initiative, a MYR 6 billion ($1.32 billion) commitment over five years, the KIIC 2023 intends to attract innovative agri-food start-ups and micro, small and medium-sized enterprises (MSMEs) that are actively tackling problems arising from the impact of climate change on the agri-food sector. Additionally, KIIC 2023 will provide support to the selected participants to enhance their readiness and knowledge in securing and raising funds to take their businesses to the next level of growth. Ultimately, the program seeks to strengthen the profile of Malaysia-based agri-food start-ups and MSMEs, with the aim of creating socio-economic value for the country. KIIC 2023 is co-organized with Khazanah program partner, Plug and Play, outreach partners Impact Circle and Cradle Fund’s MYStartup, and funding partners Gobi Partners, 500 Global and Agrobank. The challenge aims to seek innovative solutions such as alternative animal feed sources, alternative fertilizers, on-farm technologies, financing, and supply chain solutions to enhance efficiency and productivity in the agri-food industry. The ten KIIC finalists will receive an award of up to MYR 500,000 ($109,589) each in the form of grants and the opportunity to pitch for potential equity investments and/or debt funding from Khazanah and its funding partners. It is noted that this year’s challenge theme was derived from escalating concerns about climate change and its potential threat to food security. According to Khazanah, climate change poses an imminent threat to the agri-food sector, globally. It said that prolonged dry spells, heatwaves, intense rainfall, and floods are already ruining food production across continents, leading to plummeting crop yields and the destruction of livestock and food stocks. Cited intergovernmental panel on climate change, it projected 5 percent to 32 percent decline in crop yields due to climate change by 2050, which is further exacerbated by an estimated 60 percent increase in global food demand by the same year, driven by population growth as modeled by the Food and Agriculture Organization. KIIC 2023 is now calling for applications from impactful Malaysian businesses that have developed innovative and commercially viable solutions to address the challenges posed by climate change on Malaysia’s food security. The online application opens today and will end on 4 September 2023. “Dana Impak is pleased to bring together partners from various sectors to explore opportunities to collaborate with, and tap into the wealth of talent and expertise among Malaysian startups and MSMEs within the agri-food space,“As climate change poses an increasing threat to food security in our country, we hope that through this challenge, we can offer the necessary support and a wide-reaching platform to attract capital for innovative and sustainable solutions for the identified theme, which is aligned with our long-term strategy of Advancing Malaysia,” said Khazanah Managing Director Amirul Feisal Wan Zahir. The competition is open to all Malaysian-based business entities. All applications will be carefully assessed, and only successful applicants will be selected to participate in KIIC 2023. Shortlisted applicants will receive an invitation for Demo Day and finalists will be announced in October 2023. Khazanah is the sovereign wealth fund of Malaysia entrusted to deliver sustainable value for Malaysians. In line with its long-term strategy of advancing Malaysia, Khazanah aims to deliver its purpose by investing in catalytic sectors, creating value through active stewardship, increasing its global presence, as well as building capacity and vibrant communities for the benefit of Malaysians. Singapore’s Antler partners Khazanah to launch and invest in Malaysia

https://technode.global/2023/07/25/teslas-entry-into-malaysia-could-lead-to-structural-change-in-local-automotive-industry-but-lack-of-charging-hubs-remains-a-challenge/

Tesla’s entry into Malaysia could lead to structural change in local automotive industry but lack of charging hubs remains a challenge

Electric vehicle maker Tesla’s competitive price is disruptive to the (ICE) and electric vehicle (EV) market in Malaysia, according to Affin Hwang Investment Bank. “Tesla’s pricing strategy in Malaysia is competitive for two primary reasons. Firstly, the D2C model allows Tesla to bypass traditional dealership systems, reducing costs and streamlining the sales process. Secondly but most importantly, Tesla could price its Model Y competitively without worrying about cannibalizing its existing product lineup,” analyst Afifah Ishak wrote in a note on Monday (July 24). Most EV brands from the other manufacturers, are priced higher than their internal combustion engine (ICE) counterparts, she said. Besides, she noted that existing EVs brands in Malaysia are priced significantly higher than in international markets, while Tesla’s prices on the other hand are remain more comparable. “Ultimately, we believe that Tesla’s presence will not only impact the EV space but also encroaches into the traditional ICE vehicle market, given the Model Y‘s price points, which pitches it against popular models in the C segment and D segment range,” the analyst added. Last week, Tesla made a significant impact in Malaysia with the launch of its highly competitive Model Y vehicle, priced from MYR199,000 ($43,523) to MYR288,000 ($62,988) for different variants, which drew a favorable crowd and is expected to garner impressive bookings, Afifah said. According to her, the EV race in the country was initially stimulated by government tax breaks announced in Budget 2022, including duty exemptions and road tax waivers until December 2025. However, the real catalyst for the EV frenzy was the support from Peneraju’s Global BEV (Battery EV) program, enabling Tesla to adopt a Direct-to-Consumer (D2C) model by bypassing the requirement of franchised Approved Permits (AP). Kenanga Investment Bank Research expects Tesla likely to be well-received due to the Model Y’s price competitiveness against competitors in the same segment. “We believe the famed EV is likely to be well received domestically. However, we do not expect it to pose a meaningful threat to the local automotive industry over the immediate term as more than 70 percent of vehicles sold locally carry a price tag of less than MYR100,000 including close to 40 percent under the MYR50,000 mark, although we do see it potentially giving internal combustion engine (ICE) SUVs of Berjaya Auto Bhd a run for their money, subject to charging infrastructure becoming more widely available in Malaysia,” analyst Wan Mustaqim Wan Ab Aziz wrote in a note on Friday (July 21)According to him, the Model Y is competitively priced against its closest competitors in the compact SUV segment (excluding China-brand EVs). The first delivery of Model Y is expected in the first quarter next year (1Q24) from its Shanghai Gigafactory with an estimated pre-booking units of more than 2,000 units, with up to 4,000 units per year (average waiting period about 6 to 8 months). Its next model to be launched is Tesla Model 3, which could be priced competitively at MYR150,000 ($32,805) with a driving range of 438km. According to Wan Mustaqim, Tesla’s entry is also expected to boost EV-related technology transfer. “Tesla’s presence in Malaysia is expected to create skilled and better- paying job opportunities for workers in the BEV segment and increase the participation of local companies in the Tesla ecosystem, both domestically and globally and further, to strategically leverage on Malaysia electrical and electronics ecosystem to make Malaysia the preferred investment destination for technology related to low-carbon mobility,” he said. Tesla Malaysia roadmap unveiled that a comprehensive development plan for experience centre, service and support, and charging infrastructure in the country, aimed at delivering a seamless Tesla ownership experience and building an EV “supercharger” network (currently 10 chargers with at least 50 Superchargers within three years and at least 30 percent usable by other brands). Meanwhile, TA Securities analyst Angeline Chin said it is still unclear if Tesla will set up any local assembly facility in Malaysia or source local EV parts and components. “Should this happen, it can expedite the development of the EV ecosystem in Malaysia and increase consciousness of sustainability, in our view,” she wrote in another research note on Monday. Tesla operates on a direct-to-consumer sales model without involving the use of dealers. All bookings are made online while Tesla experience centres function as physical showrooms and delivery centers, Kenanga’s Wan Mustaqim noted. “With more than 70 percent of automotive total industry volume (TIV) vehicles sold priced less than MYR100,000, and close to 40 percent at less than MYR50,000 mark, it is still far from being an affordable price range to fully replace ICE vehicles, despite the Tesla EVs’ attractive pricing, and low financing rate, he said. “From the lack of EV charging stations to the lack of a holistic strategy in building up a robust EV ecosystem, ICE will still be in dominance,” he wrote in a note. The analyst also said he believes the challenges faced in ramping up charging hubs could be a hindrance for potential buyers of electric vehicles looking for out-of-town long drive. Apart from financial support, Gentari (a subsidiary of Petronas) has been able to ramp up its charging station installation capacity due to its access to the chain of Petronas stations owned by Petronas Dagangan nationwide, where it can readily put up charging points at strategic locations. However, there are speed bumps hampering the expansion of the charging network of which Gentari listed land acquisition, the tedious process of obtaining various local authorities’ approvals to set up a charging hub, and having sufficient energy to power up the charging points, Kenanga’s Wan Mustaqim noted. “Nevertheless, the underlying issue remains the lack of a holistic strategy in building up a robust EV ecosystem that will encourage the adoption of EVs, building up of technology and talent, and the related industries,” he said. While there are numerous issues to tackle before Malaysia can drive on the EV track, having enough charging points is the crucial first step, he added. “There are only about 1,000 charging stations available at present, compared to the Ministry of International Trade and Industry (MITI) expectation of 4,000 charging points by the end of this year. Under the Low Carbon Mobility Blueprint 2021−2030, the government aims to install 10,000 public charging stations by 2025 (1,000 DC chargers, 9,000 AC chargers). The need for more charging stations is made more urgent with the increasing number of electrified vehicles registered in Malaysia, the analyst pointed out. Currently, there are already more than 100,000 electrified vehicles which include over 10,000 EVs, 80,000 petrol-electric hybrid vehicles and 2,700 diesel-electric hybrids, Wan Mustaqim wrote in the research note. Tesla to invest in Malaysia, boosting the country’s sustainable mobility

https://technode.global/2023/07/24/ni-hsin-partners-australias-vmoto-for-ev-motorcycles-assembly-and-distribution-in-malaysia/

Ni Hsin partners Australia’s Vmoto for EV motorcycles assembly and distribution in Malaysia

Ni Hsin EV Tech Sdn. Bhd. (NH EV TECH)Ni Hsin said in a statement on Monday that both parties have signed a memorandum of understanding (MOU), to assemble and distribute VMOTO branded F01, CPX Pro and TC Max. Under the MOU, VMOTO and NH EV TECH agree to exercise their best efforts to forge a strategic alliance which will include executing a distribution agreement and entering into a joint venture structure. This is subject to reaching certain sales milestones, to assemble the VMT EVs in Malaysia, and to promote and win market share through business-to-consumer (B2C) sales, business-to-business (B2B) and business to government (B2G) marketing channels in Malaysia. According to Ni Hsin, the rationale of the MOU is that this strategic collaboration enables both parties to expand their share of the two-wheeler EV market. It said that VMOTO has the right fit of products for the B2B and B2G market segments in this region which are significant components of the firm’s business model. “We are delighted to work with VMOTO as they have the right fit of products for the B2B and B2G market segments in this region,” said Khoo Chee Kong, Managing Director of NH EV TECH. According to him, this strategic collaboration enables both parties to expand their share of the two-wheeler EV market. “The products are just what the market needs especially in the B2B and B2G segments, “The high-performance electric motorcycles manufactured by VMOTO is well suited for the security enforcement functions of organizations be it business or governmental,” he said. He also said the firm’s business model covers B2B and B2G segments and its target customers include the police force, armed forces, road and transport department, customs department, ports, security companies and the like. VMOTO is a global electric vehicle company and holds a manufacturing license in China to produce electric motorcycles and mopeds at its wholly owned state of the art, 30,000 sq. m manufacturing and warehouse facility in Nanjing, China. The company manufactures and distributes high performance and competitive electric vehicle products to international B2B and B2C markets under three brands globally, Vmoto, Super Soco and Ducati. Vmoto is VMOTO’s proprietary brand, targeting international B2C premium markets and B2B Fleet markets, while Super Soco is a brand targeting international B2C markets. Ducati is CUX Ducati special edition, a premium vehicle manufactured by VMOTO and distributed to all B2C markets under a worldwide licensing agreement. VMOTO’s global market coverage includes Europe, Asia Pacific, North America, South America, Australia, New Zealand and South Africa. Its global B2C distribution network comprises 62 international distributors and over 1,500 dealers in more than 65 countries. “We are delighted to have signed an MOU with NH EV TECH, which represents the first stage of our cooperation, “We identified NH EV TECH as an ideal partner for VMOTO within the Malaysian market, due to their experience and dedications in Malaysia EV sector,” said VMOTO’s Managing Director Charles Chen. According to him, the firm has been in discussions with NH EV TECH for quite some time and are confident this MOU represents the first step in establishing a long-term successful business relationship. “Malaysia is a market we have been researching and we believe our expansion into this market will be a great success, with a number of milestones to be achieved in the coming months to secure sales growth and market share over the coming years, he added. According to the statement, Malaysia is the 12th largest internal combustion engine (ICE) two-wheeler market in the world, having sold approximately 4 million units between 2014 and 2022, and two-wheeler EVs only account for 1.7 percent of the registered motorcycles in Malaysia, which represents huge opportunity for the EV motorcycle. It noted that the Malaysian government policies point to increasingly supporting the adoption of two-wheeler EVs and the Malaysian two-wheeler EV market is predicted to grow at 15.4 percent compound annual growth rate (CAGR) for 2021-2027 and the growth is primarily driven by the government initiatives. It said that current Malaysian government policies and targets support the transition of the ICE two-wheeler to two-wheeler EVs, including tax incentives, installation of charging infrastructure and net-zero greenhouse gas in 2050, increasing Malaysia MYR 100 billion ($32 billion) gross domestic product value in the green technology sector and generating 230,000 green job opportunities. It is anticipated that Malaysian government will introduce and implement more initiatives to speed up the transition from traditional ICE two-wheeler vehicles to two-wheeler EV. With VMOTO’s products and experience in EV industry together with NH EV TECH’s local market knowledge and dedications, it said both parties can create synergy and have significant benefits together to gain market share in the growing two-wheeler EV market in Malaysia. Malaysia’s Ni Hsin partners UNIVERSITI TEKNIKAL MARA to promote EV motorcycles

https://technode.global/2023/07/24/mdec-expects-high-tech-malaysian-companies-to-generate-55m-in-digital-export/

MDEC expects high-tech Malaysian companies to generate $55M in digital export

Malaysia Digital Economy Corporation (MDEC) MDEC said in a statement on last Friday that its recent DEX Connex and FOX Xposure programs, in partnership with KUMPUL, an Indonesian entrepreneur ecosystem builder, aimed to enhance collaborative relationships between hightech companies in Malaysia and Indonesia. The programs served as a valuable platform for participants to engage, expand their reach, showcase technology companies from Malaysia, and facilitate business growth opportunities towards driving the digital economy in ASEAN. The programs also witnessed a significant milestone with exchanging of Memorandums of Understanding (MoU) between Malaysian and Indonesian companies. Malaysian companies include Faszz Technology (M) Sdn Bhd; TRB Ventures Sdn Bhd (MHub); Verofax Asia Sdn Bhd and PT The Lorry Online Indonesia. Meanwhile, Indonesian partners include PT Envy Tbk; PT. Aksi Visitama (Tada); PT. Marega Kernel Teknologi and PT Mitrausaha Indonesia Grup (Modalku). The MoU exchanges are to further solidify the collaboration between the two nations. MDEC Chief Executive Officer Mahadhir Aziz has highlighted the importance of fostering collaboration and knowledge-sharing as key drivers for innovation and growth in the digital economy. Meanwhile, MDEC has recently launched MDEC Horizon Publication, a comprehensive and strategic publication that offers invaluable insights and information on Malaysia’s digital landscape. The publication serves as the go-to reference for global and local stakeholders seeking reliable data and informed perspectives. MDEC will also be launching the MDX 2023 in September, an event that celebrates and amplifies all tech events with participations of international and local speakers, andMalaysia’s MDEC eyes $230M digital investments by 2025

https://technode.global/2023/07/21/malaysias-sime-darby-motors-partners-uks-astrazeneca-to-accelerate-electric-vehicle-adoption/

Malaysia’s Sime Darby Motors partners UK’s AstraZeneca to accelerate electric vehicle adoption

Malaysia’s automotive playerBoth parties said in a statement on Friday that they have formalized their collaboration through the signing of a Memorandum of Understanding (MoU). According to the statement, the partnership with Sime Darby Motors marked AstraZeneca’s commitment to transition to EV fleet in line with its Ambition Zero Carbon sustainability program to reduce carbon emission and address climate change. Ambition Zero Carbon is AstraZeneca’s decarbonization strategy to reduce carbon footprint and achieve net-zero emissions for planetary health. This partnership between a biopharmaceutical company and Sime Darby Motors is the first in Malaysia and would entail the provision of corporate rates to AstraZeneca’s employees to own an EV vehicle, in particular, BMW, BYD and Hyundai. The initiative aligns with the growing trends of corporations prioritizing environmental sustainability and addressing the urgent need to combat climate change. This partnership also demonstrates the commitment to reduce carbon emission by addressing environmental issues, in an effort to achieve greener growth towards rebuilding a better and sustainable future. AstraZeneca commented that through partnerships such as this, the company is able to maximize its transition to EVs to reduce carbon footprint. As EV fleet embraces renewable energy resources for charging, it opined that the environmental impact on the planet can be proactively managed. Through AstraZeneca’s Ambition Zero Carbon sustainability programme, it said the company is pursuing ambitious decarbonization targets, accelerating its progress towards“We have very clear EV ambitions at Sime Darby Motors and partners such as AstraZeneca play important roles as enablers in helping us achieve our target of a more energy-efficient product portfolio by 2025 and becoming a leader for EV in Malaysia，“We are committed to supporting AstraZeneca in their transition to EV and this collaboration marks a crucial part of our efforts to achieve a wider EV adoption in Malaysia as well as to help achieve our mission to be future-ready in the automotive industry,” said Jeffrey Gan, Managing Director of Sime Darby Motors Retail and Distribution – Southeast Asia, Hong Kong and Macau. According to the statement, Sime Darby Motors’ offerings to support the country’s EV include a wide spectrum of world leading brands such as BMW, MINI, Jaguar, Land Rover, Porsche, Volvo, Hyundai, BYD and Ford. With a focus on a more energy efficient product portfolio, Sime Darby Motors is expanding its EV line-ups, charging network, as well as highly skilled workforce for EV retail and aftersales services. The company is also committed to continuously upgrade the skills of its technical team to prepare for the future of automotive. Sime Darby Motors is an automotive group representing luxury brand such as BMW, Rolls-Royce, Jaguar, Land Rover, and Porsche to broad appeal market brands including Ford and Hyundai, as well as commercial vehicles. The firm is actively involved in all facets of the automotive business – from importation and assembly, to distribution, retail, and rental. In Malaysia, Sime Darby Motors operates 29 dealerships representing the BMW, MINI, Motorrad, BYD, Hyundai, Ford, Jaguar, Land Rover, Porsche, Volvo, and Auto Selection brands. AstraZeneca is a global, science-led biopharmaceutical company that focuses on the discovery, development, and commercialization of prescription medicines in oncology,Based in Cambridge, AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. Sime Darby, AEI Capital become limited partners in Vynn Capital’s $30M fund

https://technode.global/2023/07/21/grab-could-achieve-adjusted-ebitda-breakeven-in-3q-following-layoff-exercise-say-cgs-cimb-analysts/

Grab could achieve adjusted EBITDA breakeven in 3Q following layoff exercise, say CGS-CIMB analysts

Southeast Asia-based superapp “Layoff exercise in June leads us to believe Grab can achieve adjusted EBITDA breakeven in 3Q23F (forecast), one quarter ahead of guidance,” CGS-CIMB analysts Ong Khang Chuen and Kenneth Tan wrote in a research note on Thursday. “We expect Grab’s on-demand gross merchandise value (GMV) to re-accelerate to $3.8 billion as deliveries segment returned to GMV year-on-year (y-o-y) growth while mobility’s GMV recovery continued,” they noted. Given the healthy competitive landscape for on-demand service players in Southeast Asia, the analysts believed Grab was able to further scale back on its incentive levels and increase monetisation in 2Q23. “We estimate Grab’s mobility segment GMV and adjusted EBITDA rose 25 percent and 30 percent y-o-y respectively in 2Q23F, with tailwinds from the economic reopening and tourism recovery in Southeast Asia. Tight driver supply in the Singapore (due to high certificate of entitlement prices) enabled Grab to raise its platform fee by S$0.40 per ride in May 2023,” the analysts noted. Trans-Cab’s acquisition expands driver base, enables synergiesGrab announced on Thursday it has acquired Trans-cab, the third largest taxi operator in Singapore with a fleet size of 2,500 taxi or cars at a consideration of about S$100 million/ $75.23 million, according to “Aside from expanding Grab’s driver base, we believe Trans-Cab’s street hail licence could enable synergies including lower procurement costs. The transaction is minimally earnings accretive and expected to close by 4Q23, according to Grab,” the analysts wrote. “We estimate a Generally Accepted Accounting Principles (GAAP) net loss of $213 million, taking into account one-off restructuring costs with regards to its layoff exercise in June of about circa $35 million,” the report added. CGS-CIMB forecasted that Grab deliveries’ GMV to be at $2.5 billion in 2Q23F, riding the demand recovery post Islamic fasting month of Ramadan. “We think Grab likely gained GMV market share versus Gojek in Indonesia as the latter guided for moderation of GMV in 2Q23 on the back of cost cutting measures. We expect Grab’s adjusted EBITDA to GMV ratio further expanded to 3.0 percent in 2Q23F, but forecast a more gradual pace of margin expansion in second half of 2023 (2H23) given strategic shift back towards growth as it nears adjusted EBITDA breakeven,” the analysts wrote. “We lift our FY23F to FY25F adjusted EBITDA forecasts as we factor in cost savings from Grab’s recent layoff exercise. We expect Grab to achieve adjusted EBITDA breakeven by 3Q23F,” they said, adding that the research house reiterated “Add” rating and sum-of-parts (SOP)-based target price of $4.50, as they still see a healthy competitive landscape enabling Grab to continue on its path to profitability. Grab acquires Singapore’s third largest taxi operator Trans-cab through its GrabRentals arm

https://technode.global/2023/07/21/atome-partners-tiktok-shop-to-drive-e-commerce-growth-in-malaysia/

Atome partners TikTok Shop to drive e-commerce growth in Malaysia

AtomeThis strategic partnership enables businesses of all sizes, but particularly young entrepreneurs and small and medium enterprises (SMEs), to harness the potential of online shopping and foster economic growth in the country, Atome said in a statement on Friday. “This partnership between TikTok Shop and Atome signifies a milestone in the e-commerce landscape in Malaysia, heralding a new era of convenience, accessibility, and growth for businesses and consumers alike,” said William Yang, Head of Commercial of Atome. “By integrating Atome as a payment option on TikTok Shop, we’re excited to help drive ecommerce growth and support brands of all sizes, but especially SMEs and young entrepreneurs in Malaysia while also providing consumers with the choice, convenience and flexibility of how they want to shop and pay,” he added. According to the statement, Malaysia’s e-commerce industry has experienced tremendous growth in recent years, with a surge in digital adoption and changing consumer behavior. Cited Statista, it said online shopping in Malaysia is projected to exceed MYR 84 billion ($18.42 billion) by 2025. It said this trend not only signifies a shift in consumer preferences but also presents a significant opportunity for local businesses to thrive in the digital marketplace. It said that Atome’s “buy now, pay later” service offers consumers the flexibility to make purchases and spread deferred payments over three or six months. With Atome live as a payment option on TikTok Shop in Malaysia, it said consumers can enjoy an enhanced online shopping and checkout experience. With TikTok Shop’s innovative social commerce features and Atome’s convenient payment solution, it said entrepreneurs can leverage the power of e-commerce to expand their reach and drive sales growth. “TikTok Shop is about elevating the shopping experience for consumers and providing brands and small businesses with opportunities to drive growth – all of which is done by bringing together content and commerce, “Through this partnership with Atome, TikTok Shop enables merchants and small businesses to offer their customers a convenient and flexible payment option,” said Jonathan Low, E-commerce Lead of Strategy and Special Projects, TikTok Shop. It is noted that Atome recently announced the first-of-its-kind Lender of Record partnership with Standard Chartered Bank in Singapore, which has resulted in over 100,000 transactions booked since April. A similar partnership will also be rolled out to Malaysia soon. This partnership, which is part of a ten-year multi-product strategic collaboration with the bank, enables Atome to grow and promote financial inclusion for its millions of customers across the region, while enhancing the bank’s access to retail customers. Atome is Southeast Asia’s digital consumer financing platform, which offers users flexible payment, as well as smart saving and rewarding shopping options. Available across thousands of online and offline brands across the region, Atome offers consumers choice, convenience and flexibility in how they choose to shop and pay. Atome partners with Amazon to offer deferred payment option during checkout in Singapore

https://technode.global/2023/07/21/malaysias-worq-partners-de-rantau-to-bring-high-value-jobs-to-malaysia-worth-over-79m/

Malaysia’s WORQ partners DE Rantau to bring high-value jobs to Malaysia worth over $79M

WORQThis collaborative effort aims to support the initiatives to uplift Malaysia’s competitiveness as the destination of choice for global digital nomads and bring high-value jobs in information technology (IT), digital marketing and content creation into Malaysia, WORQ said in a statement on Monday. According to the statement, this is the latest initiative spearheaded by MDEC following the successful MDH and MTEP programs. This collaboration with DE Rantau also signifies WORQ’s efforts to actively contribute to the development and advancement of the digital economy in Malaysia through providing high-quality, conducive and flexible workspace across all its locations in Malaysia, with a strong WORQ community ready to support the digital nomads from the mental and social aspects while fostering potential collaborations to grow their business. The WORQ with DE Rantau program is estimated to inject MYR 360 million ($79.07 million) into the Malaysian economy by supporting 6,000 highly skilled workers to the workforce as well as enabling new businesses into the economy. Each digital nomad is estimated to spend around $1,250 per month with an average time spent in one location between three to nine months. To date, DE Rantau has issued 536 passes to foreign digital nomads. This initiative will also be extended to the digital nomads travelling to Alunan Resort on Perhentian Island, in the East Coast state of Terengganu, who will have access to WORQ Express, its seventh and self-service coworking space on the island. WORQ Co-Founder and Chief Executive Officer Stephanie Ping said the program is a step to attract more digital nomads to Malaysia. “These skilled individuals contribute to the local economy and have become a critical part of the global workforce,“With this program, we are making Malaysia the destination of choice for the large global workforce as well as businesses looking to set up offices in the region,” she said. She also said the DE Rantau program’s ambitious goal to secure Malaysia’s position as the top digital nomad destination in the ASEAN region has become a reality. By participating in the WORQ with DE Rantau program, all pass holders are recognized as WORQ community members and will have access to all WORQ events and community initiatives where they can meet, connect and collaborate with like-minded individuals. This is part of a larger national initiative to reinforce Malaysia’s position as a global business hub, attracting multinational corporations (MNCs) to set up regional offices in Malaysia and thereby creating high-value jobs in the country, especially in the tech and digital sectors. At present, foreign companies setting up offices in Malaysia make up about 30 percent to 40 percent of WORQ’s clientele. This initiative to attract foreign digital nomads through the DE Rantau program will further enhance the ability of WORQ to attract foreign companies into Malaysia. Through this partnership with WORQ, digital nomads can now travel and work remotely across various locations in Malaysia while having access to high-speed broadband connectivity and various other facilities and services that support the nomadic lifestyle. “WORQ has consistently demonstrated their dedication in nurturing the digital ecosystem,“They have successfully proven their strong capability to empower global companies to set up offices in Malaysia through the adoption of flexible workspaces, which is the backbone infrastructure for businesses,” said Mahadhir Aziz, Chief Executive Officer of MDEC. According to him, this collaboration not only addresses the surging demand for digital transformation but also underscores their unwavering commitment to positioning Malaysia as the leading digital hub in ASEAN. “Through the Malaysia Digital (MD) national strategic initiative and its PEMANGKIN programs, we aim to generate significant economic spillover and enrich the digital economy,“Together, we are poised to unlock boundless opportunities for digital nomads, drive digital transformation, and foster exceptional economic growth in Malaysia,” he added. Since its inception in 2017, WORQ has successfully launched seven new outlets and maintained profitability. By 2030, the coworking space industry is projected to grow to MYR 1.3 billion ($290 million) and with its steadily progressing expansion strategy, the company has aggressive plans to expand its total space under management to 450,000 square feet by 2025. “In line with the Malaysian Startup Ecosystem Roadmap (SUPER), we recognize the critical role of talent in developing a thriving digital workforce that continuously fosters highly skilled tech professionals. WORQ plays a crucial role in fulfilling our mission by providing a conducive environment and a thriving ecosystem for startups and entrepreneurs. By offering a supportive community, WORQ expedites the path to success for startups once they secure funding. We are proud to support WORQ as they embark on this collaboration with DE Rantau and continue to play a significant role as the ecosystem enabler, accelerating the growth of Malaysia’s digital economy as well as the startup ecosystem,” shared Norman Matthieu Vanhaecke, Acting Group CEO of Cradle Fund Sdn Bhd (Cradle). WORQ on track to double total space under management to 200,000 sqf by year end

https://technode.global/2023/07/21/malaysia-grants-licence-to-elon-musks-starlink-to-bring-internet-services-to-rural-areas/

Malaysia grants licence to Elon Musk’s Starlink to bring Internet services to rural areas

Malaysia has issued a licence to Starlink, the satellite communications service started by tech billionaire Elon Musk, to provide Internet services in the country, particularly in rural areas, according to Communications and Digital Minister Fahmi Fadzil. “I have recently handed over the license for facilities and network services to a representative from Starlink. This allows Starlink to provide satellite Internet services in Malaysia, especially in rural areas,” he wrote in a Facebook post on Thursday. According to the minister, currently, 97 percent of populated areas in Malaysia have Internet access. However, the remaining 3 percent face challenges due to geographical locations, such as remote rural areas or isolated islands, making network infrastructure development difficult. Therefore, Fahmi said the government is willing to collaborate with satellite internet service providers, including Starlink, to achieve 100 percent internet access in populated areas. Hopefully, Starlink will begin their services in higher learning institutions and schools first, as announced by Prime Minister Anwar Ibrahim last week, he added. The announcement comes after the virtual meeting between Anwar and Musk Starlink, a satellite internet constellation operated by SpaceX, provides high-speed, low-latency broadband internet across the globe. Founded in 2002 by Musk, SpaceX is a spacecraft engineering company which designs, manufactures and launches advanced rockets and spacecraft in a bid to “revolutionize” space technology. With Starlink, users can engage in activities that historically have not been possible with satellite internet, information from SpaceX’s website showed. Starlink’s high-speed, low-latency service is made possible via the world’s largest constellation of highly advanced satellites operating in a low orbit around the Earth, the company claimed. Meanwhile, on Thursday, Musk’s electric vehicle maker Tesla has unveiled its sport utility electric vehicle, Model Y, in Kuala Lumpur, with deliveries to Malaysia to begin next year. Tesla will also establish its experience centers in key metropolitan areas across Malaysia, where customers can explore and experience the latest electric vehicle models first hand. It will also invest in setting up a network of fast-charging and regular-charging stations across strategic locations in Malaysia. The government earlier this year approved Tesla’s application to import battery-run EVs into the country. Malaysia PM Anwar Ibrahim discusses Starlink satellite service with Elon Musk

https://technode.global/2023/07/20/tesla-to-invest-in-malaysia-boosting-the-countrys-sustainable-mobility/

Tesla to invest in Malaysia, boosting the country’s sustainable mobility

Tesla Sdn. Bhd. (Tesla)Tesla and Malaysian Investment Development Authority (MIDA) said in a statement that Tesla is committed to introducing its cutting-edge lineup of electric vehicles to Malaysian consumers by offering its Model 3 and Model Y into the market. As the company aims to cater to the diverse needs and preferences of Malaysians, more of its models will be introduced in the future. To address the crucial aspect of charging infrastructure, Tesla will also invest significantly in setting up a vast network of fast-charging and regular-charging stations across strategic locations in Malaysia. This initiative is aimed at providing electric vehicle (EV) owners with a seamless and convenient charging experience, encouraging widespread EV adoption in the country. Tesla is also set to establish its state-of-the-art head office and service centre in Cyberjaya, Selangor, Malaysia, which will serve as the central hub for all corporate operations, marketing, training, customer support activities and vehicle services equipped with advanced diagnostic tools and staffed with highly trained Tesla technicians to offer prompt and reliable after-sales services to customers. Tesla will also establish its experience centers in key metropolitan areas across Malaysia, where customers can explore and experience the latest electric vehicle models first hand. These centers will serve as interactive spaces for potential buyers to gain insights into the benefits of electric mobility and receive personalized assistance from knowledgeable Tesla. “Tesla’s mission is to accelerate the world’s transition to sustainable energy,” said Tesla’s Regional Director Isabel Fan. As part of Tesla’s commitment to Malaysia, she said the firm has unveiled a comprehensive development plan for experience center, service and support, and charging infrastructure in the country, aimed at delivering a seamless Tesla ownership experience. “We’re committed and excited to help driving a zero emission and greener future for Malaysia,” she added. With its steadfast commitment to innovation, sustainability and customer satisfaction, Tesla is primed to revolutionize the Malaysian automotive market and contribute significantly to the nation’s environmental goal to become carbon neutral by 2050, in alignment with Malaysia’s pledge to reduce carbon emissions under the United Nations Framework Convention on Climate Change (UNFCCC). Additionally, under the Low Carbon Mobility Blueprint (LCMB) 2021-2030, Malaysia is set to achieve at least 15 percent of xEVs out of the total industry volume (TIV) by 2030 and 38 percent of xEV by 2040 under the National Energy Policy (NEP) 2022 – 2040, with 10,000 units of charging facilities built by 2025 (comprising 9,000 alternating current [AC] units and 1,000 direct currents [DC] units). According to the statement, Tesla’s expansion in Malaysia is a direct response to the Battery Electric Vehicle (BEV) Global Leaders initiative introduced by the Ministry of Investment, Trade and Industry (MITI) of Malaysia. “We are pleased that Tesla has chosen Malaysia as one of its destinations for their expansion in Southeast Asia,“Their commitment to sustainable mobility is closely aligned with Malaysia’s vision for a greener future, and our New Industrial Master Plan 2030’s push for net zero,” MITI Minster Zafrul Aziz said. According to him, MITI is focused on transforming its industrial and investment landscape to not only attract companies like Tesla to help enhance our domestic suppliers’ position in global value chains, but also open up new ‘greener’ economic opportunities and create higher-paying jobs for Malaysians. “Tesla’s presence here will also help raise Malaysia’s pro-business and pro-investment credentials on the global stage, and we look forward to welcoming more multinational investors that share our vision of developing a more sustainable, balanced and inclusive economic growth for our nation,” he said. It is also noted that the Malaysian Investment Development Authority (MIDA) has approved 58 projects totalling MYR 26.2 billion ($5.76 billion) in the EV and its related ecosystems from 2018 to March 2023. The approved investments span various areas, including EV assembly, manufacturing of EV parts and components as well as its charging components. As the demand for sustainable transportation continues to rise, MIDA’s support and facilitation of these projects contribute to the advancement of the EV sector in Malaysia, fostering economic development, job creation, and a greener future. “Tesla’s decision to choose Malaysia as its expansion destination highlights the country’s attractiveness as an investment hub in the region,” said MIDA Chief Executive Officer Arham Abdul Rahman. “We are pleased to support Tesla in establishing their operations and creating a strong presence in the Malaysian market, “The growth of electric mobility will play a pivotal role in Malaysia’s sustainable development and we believe that Tesla will play a crucial part in this journey,” he added. Tesla starts accepting orders in Malaysia

https://technode.global/2023/07/19/sime-darby-aei-capital-become-limited-partners-in-vynn-capitals-second-fund/

Sime Darby, AEI Capital become limited partners in Vynn Capital’s $30M fund

Vynn CapitalVynn Capital said in a statement that this strategic collaboration aims to accelerate innovation and drive transformation in the rapidly evolving sectors of mobility and supply chain. The fund, which is targeted to close at $30 million, has also received investment commitment from Wide Technologies from Indonesia and other limited partners from Malaysia and Singapore. The new fund aims to support startups developing innovative solutions in areas such as smart mobility, transportation, logistics, and supply chain optimization. By combining the financial resources and industry knowledge of Sime Darby and AEI Capital with Vynn’s venture capital expertise, the partnership is poised to provide startups with the necessary resources, mentorship, and access to networks to thrive in the evolving landscape of mobility and supply chain. The collaboration between Sime Darby, AEI Capital, and Vynn Capital signifies a shared commitment to supporting entrepreneurship and driving technological advancements in the mobility and supply chain sectors. By leveraging their collective resources and expertise, the partners aim to play a pivotal role in shaping the future of these industries and contributing to economic growth in ASEAN. “We are thrilled to welcome Sime Darby and AEI Capital as limited partners in our mobility and supply chain-focused venture capital fund,” said Victor Chua, Founding and Managing Partner at Vynn Capital. “Their extensive experience and industry knowledge in the targeted sectors will significantly enhance our ability to identify and support startups with groundbreaking solutions,“Together, we aim to drive innovation, accelerate digital transformation, and shape the future of these key sectors in Southeast Asia,” he added. With its latest fund, Vynn Capital aims to further strengthen its presence in the regional startup ecosystem by providing crucial financial support and industry expertise to startups focusing on mobility and supply solutions. The firm has identified and nurtured high-potential startups in Southeast Asia and partnerships with North Asian companies expanding into the region, with investments in companies like Carsome and Dropee, that have expanded into key markets across ASEAN. “This investment in Vynn Capital is in line with our mobility strategy that aims to futureproof our traditional core businesses against disruptive trends, “We are proud to be supporting the development of the Malaysian venture capital ecosystem, and we look forward to further collaborations with Vynn Capital’s portfolio of companies,” said Dato’ Jeffri Salim Davidson, Sime Darby Berhad’s Group Chief Executive Officer. According to the statement, Sime Darby which is a trading multinational in Asia Pacific, is expected to bring extensive experience and a diverse range of capabilities to this partnership. With deep knowledge and involvement in the automotive and industrial sectors, Sime Darby has established itself as a partner of choice for many of the world’s brands such as BMW and Caterpillar. Sime Darby’s investment in Vynn Capital’s new fund demonstrates its commitment to driving innovation and supporting transformative solutions in new areas of mobility from electric vehicles (EVs) and batteries to alternative ownership models such as ride hailing and carsharing. AEI Capital, a firm known for its strategic investments in mid-market technology-driven businesses across Asia, is also excited to collaborate with Vynn Capital in this venture via its fund-of-funds investment arm. With its expertise in identifying disruptive businesses and its strong network of industry connections, AEI Capital is well-positioned to contribute to the growth and development of innovative solutions in the mobility and supply chain sectors. Its investment in Vynn Capital’s new venture capital fund exemplifies its dedication to supporting entrepreneurs and driving technological advancements in Southeast Asia. John Tan, the Chairman and Chief Executive Officer of AEI Capital Group, also expressed the firm’s sincere wish for strong strategic synergy with Vynn Capital in identifying and seizing strategic high growth investment opportunities in Southeast Asia. Malaysia’s Vynn Capital shares research insights on Southeast Asia cross-border commerce landscape

https://technode.global/2023/07/18/malaysia-pm-says-chinas-geely-to-invest-10b-to-build-domestic-auto-hub/

Malaysia PM says China’s Geely to invest $10B to build domestic auto hub

Chinese automobile manufacturer Geely will invest $10 billion in Malaysia and turn Tanjung Malim, Perak in Malaysia into the region’s largest auto city, according to Malaysia Prime Minister Anwar Ibrahim. He said the aspiration, conveyed by the company in a letter to him on Monday night, would create thousands of job opportunities for Malaysians, state news agency “I am mentioning this for the first time. Geely, which is jointly producing cars with Proton, has written a 10-page letter to me to inform that it wants to continue to make Tanjung Malim the largest auto city in the region. It will kick off with $10 billion or RM40 billion in investment,” he said in his speech at an event. Geely Holding Group Co has a 49.9 percent stake in Malaysian carmaker Proton Holdings Bhd, the remaining stake is owned by Malaysian automotive manufacturer and distributor DRB-Hicom Bhd. Earlier in April this yearDRB-Hicom said then the AHTV will be Malaysia’s next generation vehicle hub in Tanjung Malim covering extensive automotive and mobility solutions value chain, from a fully-fledged high technology global research and development centre to a manufacturing cluster and supporting services and associated ecosystem. The focus of the HOA is the development of an integrated automotive city that will give birth to a hub for a new energy vehicle (NEV) industry. AHTV will occupy an area of approximately 1,000 acres and will be expanded accordingly to cater for future needs. Over the next ten years, AHTV is expected to attract some MYR32 billion ($7.24 billion) worth of investments, including by national car company Proton. AHTV will also receive direct and indirect benefits from Proton’s plan to fully relocate its manufacturing facilities to Tanjung Malim by 2026. AHTV will also include a research-based university to nurture new talents and development in areas of new and emerging technologies for the industry and the automotive sector in general. It will also house a research and development (R&D) center that will provide carmakers with a tropicalized setting to test their vehicles. With the global trend shifting towards NEV, Geely’s role in the development of AHTV is apt, given the Chinese carmaker’s wide experience in sector. Geely’s flagship brand, Geely Auto, has launched several NEVs, including the intelligent luxury EV brand Zeekr. The company has also invested in a range of battery technologies and has a dedicated new energy division which is focused on developing and producing NEVs, and has announced plans to launch more than 30 new energy models across its brands by 2025. Malaysia’s DRB-Hicom partners China’s Geely to develop Automotive High-Tech Valley in Malaysia

https://technode.global/2023/07/18/malaysian-clean-energy-firm-solarvest-embarks-strategic-initiatives-to-expand-into-singapore-and-brunei/

Malaysian clean energy firm Solarvest embarks strategic initiatives to expand into Singapore and Brunei

Malaysian clean energy expert This includes a synergetic collaboration with Singapore partners to advance energy storage solutions (ESS) development in solar energy systems for enhanced energy stability and reliability, Solarvest said in a statement on Tuesday. According to the statement, Solarvest has successfully secured a total of nine commercial and industrial (C&I) rooftop solar photovoltaic (PV) installation projects across Singapore and Brunei, with a combined capacity of nearly 4.0 megawatt-peak (MWp). In addition, the group boasts a robust project tender book of 60.0 MWp for rooftop solar PV projects in Singapore and Brunei, positioning it to establish a strong market presence in advancing clean energy solutions in both countries. Solarvest opined that the prospects in both countries are highly promising, as Singapore has set its sights on reaching 2.0 GWp by 2030, while Brunei aims to achieve a solar energy target of 200.0 MWp by 2025. Solarvest’s geographical footprint now includes Taiwan, the Philippines, Vietnam, Indonesia, Thailand, Singapore, and Brunei. This strategic expansion allows Solarvest to be well-positioned in tapping into new sources of overseas income. Apart from geographical expansion, Solarvest is also on track to promote energy sustainability in the C&I sectors, particularly the development of ESS within solar energy systems. With that, Solarvest’s wholly owned subsidiary Solarvest Energy Sdn Bhd (SESB), has entered into a memorandum of understanding (MoU) with IDA Holdings Pte Ltd, an acclaimed Singapore-based multi-faceted industrial consultant, and Acumon Capital Pte Ltd (Acumon), a multi-disciplinary real estate developer and manager. The MoU will facilitate the comprehensive development of clean energy projects in the C&I sector, including investment management and land sourcing for ESS-integrated solar projects. Collaborative efforts will be directed toward submitting project proposals as well as undertaking the development and execution of the secured projects. The development of ESS-integrated solar projects involves leveraging lithium battery and hydrogen hybrid technologies to optimize energy usage, efficiently manage peak demand, and ensure a stable power supply. “In line with the Group’s 5-Year Strategic Roadmap, our expansion into the Singapore and Brunei markets represents a crucial step in strengthening our ASEAN market presence,” Solarvest Executive Director and Group Chief Executive Officer Davis Chong Chun Shiong said. With that, he said the firm’s total tender book for overseas projects currently stands at 720.0 MWp, indicating a strong job pipeline for the group. As part of its expansion strategy, he said the firm is progressing across the value chain as a holistic clean energy developer for selected overseas projects. In addition to offering EPCC services, he said the firm is actively involved in project development, securing financing, and providing comprehensive operations and maintenance services. “As Solarvest forges ahead, we are strategically positioning the group to capitalize on the ongoing shift toward clean energy by venturing into innovative sustainable offerings,” he said. Through the tripartite MoU with IDA and Acumon, he said the firm aims to drive the C&I sector’s transition toward a low-carbon economy in line with the United Nations’ Sustainable Development Agenda. According to him, the development of ESS in solar energy systems is exciting, as it unlocks new possibilities for energy optimization, thereby empowering businesses’ decarbonization journey with enhanced energy security and reliability. “By integrating Solarvest’s clean energy capabilities with IDA’s architectural expertise and Acumon’s financial support, we are looking forward to creating a comprehensive framework for the deployment of ESS in clean energy projects, “This partnership represents an advancement towards a more robust clean energy ecosystem, accelerating the adoption of green solutions among industrial players,” he added. Solarvest is a listed firm in Malaysia with a multi-national presence across Asia-Pacific. The company started as a one-stop solar PV system solution provider for residential, C&I, and utility-scale solar farms. Today, the firm owns renewable energy generation plants with a cumulative capacity of over 100MW (on-going and completed). The company is currently venturing into other clean energy solutions including, among others, energy efficiency, low-carbon mobility, and renewable energy certificates. Malaysia’s Solarvest launches start-up program to encourage innovations in greentech, FinTech and renewable energy

https://technode.global/2023/07/18/malaysias-gentari-appoints-navjit-gill-as-indias-country-head/

Malaysia’s Gentari appoints Navjit Gill as India’s Country Head

Malaysian clean energy solutions provider As Country Head of Gentari India, Navjit will lead the team in growing all three core pillars, fortifying its presence not only in commercial and industrial sectors by 2025 but also in utility-scale renewables, as well as collaborating to propel the company’s green hydrogen ambitions, and expanding its green mobility footprint, Gentari said in a statement on Monday. According to the statement, Gentari India also targets to pursue opportunities in areas where it can offer integrated clean energy solutions. Gentari India’s initiatives will complement Gentari’s 2030 global aspirations in building a renewable energy capacity of more than 30GW; supplying more than 0.7mtpa of clean hydrogen; and becoming Asia Pacific’s preferred green mobility solutions provider by capturing over 10 percent market share of charging points and Vehicle-as-a-Service sectors across key markets in the region. Gentari said Navjit brings 34 years of experience in the energy and marine sectors to his new role, and was previously the Chief Executive Officer of First Energy Pvt Ltd and the Chief Commercial Officer at SB Energy. Throughout his illustrious career, he has held key positions at GE Renewables India Pvt Ltd, Rolls-Royce Marine India Pvt Ltd, and KSK Energy Ventures, further solidifying his expertise and accomplishments within the energy industry. Navjit began at Wartsila, where he spent almost 17 years in various assignments. “Navjit’s vast experience in the Indian energy sector, makes him an invaluable addition to the Gentari India team,” said Sushil Purohit, Chief Executive Officer of Gentari. With India’s increasing focus on achieving net zero goals, he said the country presents extensive opportunities for global private players to contribute. “We have full confidence that Navjit will hit the ground running in developing our three core pillars: renewable energy, hydrogen and green mobility, “As India rapidly ascends to become the world’s fourth largest economy and third largest energy consumer, Navjit’s expertise will enable us to capitalize on this growth and make a significant impact,” he added. Gentari is a clean energy solutions company, wholly owned by Malaysia’s state-owned oil and gas firm Petroliam Nasional Bhd (Petronas). The firm is tasked to independently pursue and deliver integrated sustainable energy solutions. Malaysia’s Gentari partners KPJ Healthcare to offer clean energy solutions

https://technode.global/2023/07/18/tesla-starts-accepting-order-in-malaysia/

Tesla starts accepting orders in Malaysia

Tesla has announced that its latest all-electric SUV, Model Y, is now available to order in Malaysia on its website. Model Y, a mid-size SUV, is the best-selling all-electric SUV in the world and one of the safest cars on the road, Tesla said, adding that the estimated delivery date will be in early 2024. “As part of Malaysia’s commitment to promoting the adoption of low-carbon mobility and supporting the development of the electric vehicle (EV) industry, customers can enjoy full import and excise duties exemption for newly registered zero-emission Tesla electric vehicles (Completely Built-up electric vehicles) along with 100 percent road tax exemption,” the company said in a statement. Tesla owners may also claim individual income tax relief of up to MYR2,500 on expenses related to the cost of installation, rental, purchase, including hire-purchase equipment or subscription fees for EV charging facilities, for the assessment year of 2023. Tesla’s entry into the Malaysian market also came after more Chinese EV makers such as BYD are setting up shop here as the country builds more charging facilities for EV. Malaysian Prime Minister Anwar Ibrahim on Friday (Jul 14) said that electric vehicle company Tesla will set up its head office in Cyberjaya this year. The announcement came after Anwar met Tesla Founder and Chief Executive Officer Elon Musk via a virtual meeting earlier on Friday. In a statement, Anwar said he welcomes the interest and investment decisions of Tesla in Malaysia, as well as Musk’s willingness to come to Malaysia. “I also congratulate and appreciate the government’s support for the opening of the headquarters, service center, and Tesla Experience Center owned by Elon in Selangor this year,” he added. Malaysia PM Anwar Ibrahim discusses Starlink satellite service with Elon Musk

https://technode.global/2023/07/17/aeon-credit-service-partners-aeon-financial-service-to-undertake-digital-islamic-bank-business-in-malaysia/

AEON Credit Service partners Aeon Financial Service to undertake digital Islamic bank business in Malaysia

Malaysia’s financial service firm AEON Credit said in a bourse filing last Friday that the firm has entered into a shareholders’ agreement with AFS to regulate the rights and obligations of the parties in respect of ACS Digital Berhad (ACSD), which is preparing to be licensed as a digital Islamic bank to carry on digital Islamic banking. The business and operations of ACSD are to commence within 24 months from April 8, 2022. The total investment outlay and eventual share capital for the ACSD is estimated to be MYR 550 million ($121 million) during the foundational phase of up to five years from commencement of the digital Islamic digital banking business. AEON Credit and AFS will each contribute MYR 175 million ($38 million) to subscribe 175 million ordinary shares at MYR 1 ($0.22) in ACSD. Upon completion of the subscription, ACSD will be an associated company of AEON Credit. Upon compliance with the equity condition, the eventual equity structure in ACSD would be AEON Credit (35 percent), AFS (35 percent) and the Malaysian shareholder(s) (30 percent). The proposed joint venture will be fully funded by the AEON Credit’s internally generated funds and is anticipated to contribute positively towards the earnings of the company in future over the long term after the launch of the digital Islamic banking business. AEON Credit said in a statement that the proposed joint venture signifies a timely opportunity for the firm to reach a wider pool of customers through ACSD’s digital Islamic banking business by deploy combined expertise of all parties in providing financial services and solutions to customers, especially from the underserved and unserved market segments, adding dynamism to the banking landscape and contributing to the financial inclusion agenda in Malaysia. “We are directing our energies to the creation of a thriving AEON Living Zone, our ecosystem that provides seamless and onestop solution by embedding multiple services & products including retails, financing, banking, insurance and entertainments,” said Daisuke Maeda, Managing Director of AEON Credit. According to him, the integration of the firm’s digital Islamic banking business onto the AEON Living Zone will enable the firm to meet customer lifecycle needs and expand its membership base for cross-selling activities which will drive transaction volume and market share for all of its businesses. “Further, in line with our corporate philosophy to embrace financial inclusion for all the customer segments and to support Sustainable Development Goal 10 which aims at reducing inequality, digital banks would be better positioned than traditional channels to serve financially underserved segments such as gig economy workers or rural residents, who may lack of credit history to have the equal opportunities to receive loans or, to gain access to a wider variety of financial services,” he added. ACSD also intends to leverage on AEON CO. , LTD. , Japan and its subsidiaries retail network in Malaysia to elevate the banking experience of target segments by offering a broader range of financial services and products of AEON Credit. As of today, AEON Credit and AEON in the retail sector have a total customer base of more than 5.3 million. Thus, the digital banking business to be established by ACSD aims to serve the underserved market segments leveraging on AEON Credit’s vast experience, retail network and customer base at the beginning, to help customers take better control of their personal financial management and financial outcomes. AEON Credit also expects that ACSD would be able to develop a sustainable business model and achieve profitability in operations before the end of the foundational phase. Earlier on June 30, 2021, Aeon Credit and AFS had submitted a joint application to Bank Negara Malaysia (BNM) for a digital banking license. Subsequently, MoneyLion Inc. (MoneyLion) was included in the consortium and the joint application was revised for a digital Islamic banking license. On April 29, 2022, the companies had received a letter from BNM on the approval by the Minister of Finance, Malaysia (MOF) of the grant of a digital Islamic banking licence to the consortium, comprising AEON Credit, AFS and MoneyLion. On September 30, 2022, the parties and MoneyLion reached an agreement to cease negotiations on MoneyLion’s participation in the proposed joint venture. Consequently, the parties as the remaining joint venture partners continued with the implementation of the operational readiness plan to establish the digital Islamic bank. AEON Credit and its subsidiary are principally involved in the provision of easy payment schemes, personal financing schemes, issuance of payment cards under the international brand names of Visa and MasterCard and insurance broking business. Its personal financing schemes and certain easy payment schemes are based on Islamic principles. AFS is principally involved in the activities of credit card issuance, banking, leasing, life insurance, distribution of insurance products and other financial services, with operations in Japan and several other countries in Asia. GRAB-Singtel, Axiata’s Boost-RHB, Sea Ltd-YTL, AEON Credit consortiums among winners of Malaysia digital banking licenses

https://technode.global/2023/07/17/malaysias-ni-hsin-partners-universiti-teknikal-mara-to-promote-ev-motorcycles/

Malaysia’s Ni Hsin partners UNIVERSITI TEKNIKAL MARA to promote EV motorcycles

Ni Hsin EV Tech Sdn. Bhd. (NH EV TECH)Ni Hsin said in a statement on Monday that under the LOI, UniKL and NH EV TECH agree to exercise their best efforts to explore various potentials within any field related to the electric motorcycle industry that are beneficial to the parties. The collaboration shall cover the areas of education, research and development (R&D), project management, social and culture and aims to establish the Industrialmanship program in UniKL for the purposes of industrial exposure such as technical workshops or seminars, industrial training placement and employability program to UniKL students where NH EV TECH has the technical expertise and entrepreneurship program. The rationale of the LOI is for NH EV TECH to leverage on the technical expertise and facilities of UniKL in the educational environment and large pool of students to facilitate advancements in the EV industry and to promote their entrepreneurship program whilst propagating climate change awareness in our pursuit of the group’s environmental, social, and corporate governance (ESG) agenda. NH EV TECH Managing Director Khoo Chee Kong said they see a synergistic collaboration in the areas of education, R&D, project management, social and culture. “Together we hope to achieve meaningful advancements to the technical and functional features of the electric motorcycles,” he said. According to him, this strategic collaboration enables both parties to conduct R&D and provide technical training and industrial exposure to UniKL students thus equipping them with adequate skills to match current job requirements. “This is in line with Kementerian Kemajuan Desa dan Wilayah’s aspiration to raise the minimum wage of students who have completed the Technical and Vocational Education Training (TVET) from MYR 1,500 ($330) to MYR 2,000 ($439),“Additionally, we have crafted entrepreneurship programs for these students who aspire to start a self-sufficient small entrepreneurship,” he added. NH EV TECH is in the business of manufacturing, assembling, promoting and marketing of all kinds of electric vehicles (EV) and accessories and development of concepts, facilities and fittings using EV battery systems for the delivery industry. The focus of NH EV TECH is in smart mobility and its applications with safer and more efficient charging in a sustainable and environmentally-friendly model. Malaysia’s Ni Hsin inks deal with Boustead Technology for EV motorcycles distribution

https://technode.global/2023/07/15/malaysias-capbay-achieves-profitability-last-year-celebrates-220m-milestone-in-p2p-financing/

Malaysia’s CapBay achieves profitability last year, celebrates $220M milestone in P2P financing

CapBay“We are profitable since last year. So this year, despite moving to Singapore and Thailand, we managed to maintain our profitability,” CapBay Co-Founder and Chief Business Development Officer Darrel Ang told During the event, CapBay announced it has achieved a significant milestone by providing over MYR1 billion ($220.91 million) in funding to more than 400 underserved small and medium enterprises (SMEs) in Malaysia. This is the result of successful financing through 7,600 investment notes, underscoring CapBay’s commitment to empowering SMEs and offering attractive investment opportunities for potential investors, the company said in a statement. As a supply chain financing (SCF) specialist, CapBay offers tailored financing solutions to SMEs in various industries. Through its so-called proprietary credit-decisioning model, businesses of all sizes can obtain financing, while banks and investors can participate in high-quality financing deals. The company said it has partnered several large corporates, banks, and institutional investors to offer its solution. Regulated by Securities Commission Malaysia (SC), the CapBay Group, which includes its multi-bank SCF platform and Islamic factoring house, has provided over MYR2.5 billion in financing, helping over 1,600 businesses through its alternative financing solutions. “Our remarkable growth in recent years has positioned CapBay P2P as a leader in the Malaysian P2P space. Together with our talented team and unwavering investor support, we will continue pushing boundaries, unlocking new opportunities, and scaling greater heights,” CapBay’s Co-founder and CEO Ang Xing Xian said in the statement. Recognizing the significance of alternative financing in the Malaysian economy, the government has allocated MYR40 million to the Malaysia Co-Investment Fund (MyCIF) as part of Budget 2023. CapBay said it was one of the key P2P platforms that helped to drive the MyCIF program which has collectively co-invested over MYR540 million, benefiting at least 3,500 MSMEs. As demand for alternative financing options increases and government initiatives drive industry growth, CapBay said it is poised to unlock more potential within the region. To fulfil its vision of becoming a technology enabler within Southeast Asia, CapBay aims to bridge the financing gap for underserved SMEs and expand its operations across Southeast Asia, having set up offices in Singapore and Thailand this year. Additionally, CapBay is actively pursuing joint ventures, mergers, and acquisitions with key players across the value chain to establish itself as a dominant omni-channel platform offering synergistic regional supply chain financing, holistic financial services, and data and technology solutions, the company added. Since 2017, CapBay has financed more than 22,000 transactions worth over MYR2.5 billion, serving over 1,600 SMEs. According to data platform Besides Xing Xian and Darrel, Capbay’s two other co-founders include Edwin Tan and Dion Tan, who is also the group managing director of Malaysia-listed property developer Tropicana Corporation Bhd. Capbay (Bay Group Holdings Sdn Bhd) saw its revenue jumped to MYR17.34 million in 2021, from MYR3.19 million in 2020. Loss after tax for 2021 narrowed to MYR3.01 million from a loss after tax of MYR4.65 million in 2021, data from Companies Commission of Malaysia (SSM) showed. Revenue in 2019 stood at MYR1.62 million, while its loss after tax was MYR1.29 million. Key financial information for 2022 is not available on SSM’s website yet. Malaysian fintech firm CapBay secures $7.1M from Kenanga Investment Bank

https://technode.global/2023/07/14/malaysia-pm-anwar-ibrahim-discusses-starlink-satellite-service-with-elon-musk/

Malaysia PM Anwar Ibrahim discusses Starlink satellite service with Elon Musk

Malaysia Prime Minister Anwar Ibrahim has met billionaire entrepreneur Elon Musk and discussed about the participation of “We also discussed the participation of SpaceX in the Starlink satellite service, which can contribute to faster and broader internet access, especially in remote areas that require minimal physical infrastructure and land to improve global internet connectivity,” Anwar said in a statement on Friday, after a virtual meeting with Musk, Founder and Chief Executive Officer (CEO) of SpaceX. This initiative will enhance the capabilities and well-being of the people, particularly in terms of education, agricultural technology potential, and income generation, he said. Founded in 2002 by Musk, SpaceX is a spacecraft engineering company which designs, manufactures and launches advanced rockets and spacecraft in a bid to “revolutionize” space technology. Starlink, a satellite internet constellation operated by SpaceX, provides high-speed, low-latency broadband internet across the globe. Within each coverage area, orders are fulfilled on a first-come, first-served basis. With Starlink, users can engage in activities that historically have not been possible with satellite internet, information from SpaceX’s website showed. Starlink’s high-speed, low-latency service is made possible via the world’s largest constellation of highly advanced satellites operating in a low orbit around the Earth, the company claimed. Malaysia government has aimed to improve internet access in the country. Communications and Digital Minister Fahmi Fadzil said in March the issue of internet access in Malaysia, especially in rural areas, will be resolved by June this year. He then said the Ministry of Communications and Digital, through the Malaysian Communications and Multimedia Commission, will hold discussions with telecommunications companies to identify and find appropriate solutions. Meanhwile, Anwar also said he welcomes the interest and investment decisions of Tesla in Malaysia, as well as Musk’s willingness to come to Malaysia. “I also congratulate and appreciate the government’s support for the opening of the headquarters, service center, and Tesla Experience Center owned by Elon in Selangor this year,” he added. Musk is also the CEO of electric vehicle maker Tesla Inc and the owner of Twitter. Tesla will be launching in Malaysia on July 20, 2023, according to earlier reports. Malaysia will continue to strengthen its commitment to achieving net-zero emissions as early as 2050. Malaysia has comprehensive plans and ecosystems, as well as competitive resources, to support the clean energy industry, including electric mobility, Anwar said. Elon Musk announces new AI company, xAI

https://technode.global/2023/07/13/singapores-antler-partners-khazanah-to-launch-and-invest-in-malaysia/

Singapore’s Antler partners Khazanah to launch and invest in Malaysia

Singapore-based venture capital firmBoth parties said in a statement on Thursday that Antler is aiming to invest in over 30 startups across Malaysia over the next three years. It said that the partnership is to further establish Antler presence across six continents, which already includes Southeast Asia— with existing footholds in Singapore, Indonesia, and Vietnam. It also said the strategic alliance serves to unearth and nurture Malaysia’s entrepreneurial talents and provide them access to Antler’s global platform and network, enabling them to establish themselves as the defining companies of tomorrow. By drawing upon Antler’s global network of investors, founders, and advisors, it said this partnership will infuse new opportunities into the Malaysian entrepreneurial scene, and subsequently accelerate the growth trajectory of Malaysian entrepreneurs and startups, propelling them towards international expansion and success. The partnership with Antler is the latest addition to Khazanah’s Future Malaysia Program, an initiative under its Dana Impak (Impact Fund) mandate, which aims to support the local start-up ecosystem of entrepreneurs, start-ups, venture capital, and corporate venture programs through collaborations with domestic and international partners. Dana Impak is an MYR 6 billion ($1.3 billion) commitment over five years and is a key pillar under Khazanah’s Advancing Malaysia strategy. “The strategic collaboration with Antler marks a new chapter in Malaysia’s entrepreneurial landscape, underscoring Khazanah’s unwavering commitment to introducing innovative and impactful solutions,” said Amirul Feisal Wan Zahir, Managing Director of Khazanah. According to him, this is another step forward for Khazanah Future Malaysia Program, which aims to scale Malaysian ideas and businesses to be globally competitive. “Going forward, we will continue to identify potential partners with proven track records, expertise, and strategic value proposition to join us in nurturing and empowering the next generation of Malaysian entrepreneurs through this programme, offering comprehensive support throughout the entire funding lifecycle, spanning from the pre-seed stage right up to the growth stage,” he added. Antler is one of the most active early-stage investors globally and has invested in over 792 companies across 26 cities worldwide, amassing a cumulative portfolio value of $3.7 billion. The firm has a goal to back more than 6,000 by 2030. Specializing in ‘Day Zero investing’, the firm takes a distinctive approach to fostering startup success, setting it apart from other entrepreneurial programs. The firm is committed to supporting founders throughout their journey, starting from the pre-seed stage and extending all the way to Series A and beyond. This includes support in co-founder matching, deep business model validation, provision of initial capital, expansion assistance, and securing follow-on funding. With Antler’s comprehensive investment approach, startups are backed from their very earliest days through significant growth phases. “We are on a mission to fundamentally improve the world by backing and investing in the world’s most exceptional people from Day Zero to greatness,” said Jussi Salovaara, Co-Founder and Managing Partner Asia, Antler. According to him, founders scale their companies faster with Antler, where they can build remarkable teams, join a global community of founders, and access capital to accelerate growth. “We are especially thrilled about partnering with Khazanah to unlock this opportunity for entrepreneurs in Malaysia,“From its new Kuala Lumpur office, Antler is aiming to invest in over 30 startups across Malaysia over the next three years, with the inaugural Venture Generation Program set to begin in October 2023 and applications are currently open,” he added. Antler currently has offices globally across most major entrepreneurial hubs in 26 cities, including Malaysia, Singapore, Jakarta, Ho Chi Minh, Austin, New York, London, Berlin, Stockholm, Bangalore, Seoul, Tokyo, and Sydney. Antler closes $285M emerging growth fund to back industry leaders

https://technode.global/2023/07/12/via-curlec/

India’s Razorpay launches payment gateway in Malaysia via Curlec

Indian fintech unicorn Curlec said in a statement on Wednesday that the Curlec Payment Gateway will serve more than 5,000 businesses with a target of MYR 10 billion ($2.15 billion) in annualized gross transaction value (GTV) by 2025. The growth is driven by Malaysia’s fast-growing digital economy which is projected to be worth $35 billion in gross merchandising value by 2025, high mobile-phone penetration rate, and strong government support for the digital economy. It said that Malaysia’s real-time payments system, also known as DuitNow, is another key catalyst for merchant acceptance of cashless payments and has significantly aided the emergence of mobile transactions. Given the fast-growing economies of Malaysia and the broader Southeast Asia region, the scope and need for more robust, reliable, and advanced payment solutions is undeniable, said Curlec. In leveraging Razorpay India’s industry-first solutions and its extensive experience working with multiple sectors, Curlec said it intends to incorporate the same innovative technologies that proved successful in the Indian market. “We see great potential in the Southeast Asian market and are delighted to announce the launch of our first international payment gateway in Malaysia,” said Shashank Kumar, Managing Director and Co-Founder of Razorpay. He said the firm recognizes the power of payments in Malaysia and what it means for businesses of all sizes, regardless of sector. The firm’s extensive experience operating in India’s diverse and dynamic market has also prepared them to pursue growth on a global scale, he said. “When we joined forces with Curlec a year ago, our vision was to build products that cater to the needs of Southeast Asian users, “The unveiling of the new Curlec Payment Gateway today is a first step in that direction,” he said. He also believes the new payment gateway will revolutionize how Malaysian businesses and end-consumers transact and engage with each other. “Going forward, I believe that collaboration, innovation, and customer-centricity will be the three keys to unlocking the potential of digital payments and driving economic growth in Malaysia,” he added. Zac Liew, Co-Founder and Chief Executive Officer of Curlec by Razorpay, said with the launch of the Curlec Payment Gateway, the firm is now a full-stack payment solutions provider, having combined the expertise of both Curlec and Razorpay India. “We hope to build on our recent significant traction, notably in insurance, lending, and savings, where we tracked a 110 percent increase in transaction volumes,“With Curlec providing an unrivalled payment experience for our customers, we are targeting 10 times growth by 2025,” he said. Driven by the goal of simplifying payments for Malaysian startups and enterprises, he said Curlec will continue to build a stronger focus on customer needs, and the new payment gateway that will help Malaysian businesses scale seamlessly with industry-first solutions and uncompromised support. After being acquired by Razorpay, Curlec has transitioned from a dedicated recurring payments solution to a full stack payment gateway for businesses of all sizes. Curlec by Razorpay combines India’s tech capabilities with a deep local understanding of the Malaysian payments ecosystem. It aims to provide businesses with a payment gateway that accepts payments, automates payouts and helps them focus on their customers. By harnessing the Razorpay technology that powers 10 million businesses in India, the all-new Curlec Payment Gateway aims to offer an uncompromised payment experience to Malaysian merchants. Curlec by Razorpay is currently used by over 700 businesses ranging from small and medium-sized enterprises (SMEs) to enterprises, and has improved payments for some of Malaysia’s brands including Tune Protect, CTOS, Courts, Mary Kay and The National Kidney Foundation. Indian payment platform Razorpay buys majority stake in Malaysian fintech firm Curlec

https://technode.global/2023/07/12/khazanah-backed-insurtech-firm-policystreet-aims-to-serve-underserved-underinsured-communities-including-gig-workers/

Khazanah-backed insurtech firm PolicyStreet aims to serve underserved & underinsured communities including gig workers [Q&A]

Malaysia homegrown insurtech startup Under its so-called Dana Impak mandate, Khazanah led the Series B fundraising round of PolicyStreet, raising a total of $15.3 million. Other local and international investors include Altara Ventures, Gobi Partners and Spiral Ventures. Founded in late 2016, PolicyStreet has grown into a regional full-stack insurtech group of companies providing digital insurance solutions to businesses and consumers in Southeast Asia and Australia. PolicyStreet works directly with over 40 life, general, and takaful(Islamic insurance) providers globally to offer a comprehensive range of products and services, which includes but is not limited to embedded insurance, customized employee benefits, financial advisory and aggregation of insurance, as well as the development of digital solutions to make insurance purposeful and simple for businesses and consumers. As a licensed Reinsurer and General Insurer by the Labuan Financial Services Authority (LFSA), an approved Financial Adviser and Islamic Financial Adviser by Malaysia central bank Bank Negara Malaysia, and a licensee of the Australian Financial Services License by the Australian Securities and Investments Commission (ASIC), PolicyStreet is able to underwrite, customize policies, and provide unbiased advice to its clients and partners worldwide. PolicyStreet serves over 5 million customers with over $6 billion in sum insured, according to its website. ​Below are the edited excerpts:We’re honored to have completed an oversubscribed Series B funding round. Having received $15.3 million in funding, we aim to utilize it to:PolicyStreet remains committed to making insurance more accessible for businesses and consumers in the region. Currently, PolicyStreet is present in three markets: Malaysia, Singapore, and Australia. We are not opposed to further expanding regionally but will currently focus on improving our market position in the aforementioned markets we have a presence in. PolicyStreet offers a wide variety of insurance offerings to cater to different segments. Our focus extends beyond traditional insurance products and includes innovative solutions that meet the evolving needs of consumers and businesses. PolicyStreet uses a variety of approaches to address the protection gap, including business-to-business (B2B), business-to-business-to-consumer (B2B2C), and direct-to-consumer (D2C) strategies. Through these approaches, we leverage our underwriting and tech capabilities to create a comprehensive ecosystem of insurance solutions to serve the underservedOur focus on the digital and gig economy is an example of our insurance solutions ecosystem. Our notable innovative insurance solutions include the Digital HR Portal and employee benefits, the gig workers’ insurance and Gig Worker’s Claims Platform, and the Damage Protection Plan and claims platform. The three solutions provide protection for businesses which contribute to digital and gig economies, gig workers fulfilling the last-mile delivery demand, and consumers fuelling the two economies, respectively. The ecosystem contributes to narrowing the protection gap while ensuring sustainable, long-term growth for the nation. In the insurance industry, both in Malaysia and Southeast Asia, there are significant opportunities driven by technological advancements and ever-changing consumer behavior. The industry has experienced disruption to varying degrees, with the potential for further innovation in the future. Opportunities in the insurance industry arise from several key factors. Firstly, the growing digital landscape presents opportunities for insurers to leverage technology to enhance customer experiences, streamline operations, and develop innovative products. Secondly, changing demographics and consumer behaviors provide opportunities to cater to new segments and address emerging needs. This includes catering to the digital-savvy younger generation, addressing the gig economy’s insurance requirements, and tapping into underserved markets. Additionally, the rise of data analytics also enables insurers and insurtech companies to better understand customer preferences, personalize offerings, and improve risk assessment and underwriting processes. While the insurance industry has witnessed significant disruption, it is still in the early stages of transformation. Insurtech startups and innovative incumbents have introduced new business models, distribution channels, and products. However, the industry as a whole is adapting at varying speeds, and traditional insurers are also embracing digital transformation to stay competitive. Overall, insurance penetration in Asean hovers around 4 percent of GDP, still lagging behind the global average of 7 percent. The insurance industry in Malaysia and Southeast Asia presents ample opportunities for those who can navigate the evolving landscape and leverage technology to provide customer-centric solutions. The potential for further transformation remains significant as the industry continues to evolve. PolicyStreet and other insurtech companies face several challenges in pursuing growth and innovation in the insurance industry. Among the key challenges includes building customer trust as a new brand. Considering insurtech is a relatively new industry, businesses and consumers alike tend to err on the side of caution and be skeptical or hesitant to embrace new insurance products and digital platforms. Nevertheless, our persistence and operational excellence helped establish our credibility in the region, especially among leading industry brands. Overcoming challenges as an insurtech company necessitates strategic planning, regulatory adherence, effective customer communication, technological innovation, and strong financial support. By addressing these obstacles, we have positioned ourselves for growth and contribute to the ongoing transformation of the insurance industry. PolicyStreet is committed to contributing to increased insurance penetration in Malaysia by focusing on developing customer-centric insurance solutions and leveraging our technology development capabilities. In efforts to make insurance accessible, we are addressing the roadblocks that underserved communities face and resolving them. Roadblocks that limit accessibility to insurance are not limited to affordability but also other factors such as convenience, relevance, and variety of insurance solutions available on the market. Tapping into our underwriting and technology capabilities, we’re working to improve accessibility by creating insurance that addresses specific needs, preferences, and affordability levels, focusing on underserved segments. Furthermore, we supplement our insurance solutions with digital platforms that streamline the entire process. We are also working to expand our partner network, enabling us to build more comprehensive ecosystems that integrate insurance into daily aspects of life and reach a larger customer base. Through these initiatives, we aim to move the needle in advancing insurance in Malaysia and achieve the targets set by Bank Negara Malaysia. Insurtech companies such as PolicyStreet differ vastly from insurers who have digitalized their business and do not directly compete with them. PolicyStreet is looking to tap into underserved market segments. Instead of developing products that can benefit the most number of people, we are focused on developing solutions that can best serve the underserved and underinsured communities. In addition to underwriting and developing insurance solutions, PolicyStreet is also partnering with relevant stakeholders to embed protection into the lives of the underserved, providing protection without the financial burden or additional effort. Each insurtech company in the region has its competitive edge and has carved its market niches accordingly. For PolicyStreet, our competitive edge lies in our capabilities to build strong partnership networks where we practice customer-first problem-solving. By offering effective and efficient solutions to existing problems, we are committed to deepening and expanding our partnerships, benefitting more members of underserved communities. An example of our efforts would be our partnership with foodpanda Malaysia and ShopeeFood Malaysia, where we are insuring the two p-hailing service providers’ entire fleet of delivery partners. Gig workers working as delivery partners for the two industry giants are insured on the job as a default without any additional cost to them. The protection is also complemented by the Gig Workers’ Claims Platform, where the gig workers working for different service providers can manage their insurance claims all in one consolidated insurance platform. In the case of insuring the delivery partners, we are serving the underserved specifically while also leveraging our partnerships to advance insurance and narrow the protection gap. Utilizing a similar modus operandi, we are modeling our ecosystems to complement existing insurance solutions and foster financial inclusion in the region. Khazanah leads PolicyStreet’s $15.3 million Series B fundraising round

https://technode.global/2023/07/10/carsome-appoints-former-pwc-singapore-chairman-as-first-independent-director/

Carsome appoints former PwC Singapore chairman as first independent director

Southeast Asia’s largest integrated car eCommerce platform Yeoh commenced as Chairman of the group’s Audit Committee as of the same date, Carsome said in a statement. According to the statement, Yeoh brings to the table a wealth of experience and knowledge in corporate governance, risk management, organizational strategy, people and culture, and digital transformation. His guidance will be pivotal as Carsome grows into the next phase of maturity and builds an effective and independent board. Driven by its mission to deliver excellent customer experience within the used car industry, Carsome said it is working towards establishing the world’s first integrated car ownership ecosystem in Southeast Asia, whilst embracing long-term sustainability through operational excellence. In addition to being a Board Member at Singapore Exchange Limited, Yeoh serves as the Chairman of the Singapore Land Authority, and Vice Chairman and Audit Committee Chair at the Singapore Business Federation. He is also a member of the Corporate Governance Advisory Committee of the Monetary Authority of Singapore. Beyond these corporate engagements, Yeoh serves the non-profit sector as Director and Audit Committee Chairman of the Kidney Dialysis Foundation and Independent Governor for the Lien Foundation. Yeoh was the Executive Chairman of PricewaterhouseCoopers LLP (PwC) Singapore before his retirement in June 2021. As part of an illustrious 38-year career with PwC, he served within the firm’s leadership team for more than 15 years, chairing several regional joint ventures such as PwC SEA Consulting and PwC SEA Corporate Finance. In addition, he was a member of the PwC Strategy Council, which sits leaders from the largest 21 firms in the PwC global network. “Carsome is extremely fortunate to welcome Yeoh into our fold, as we strive to go beyond buying and selling used cars to further elevate the customer experience in the automotive industry,” said Carsome Co-Founder and Chief Executive Officer Eric Cheng. “His exceptional acumen in finance, digital transformation, and business strategy, combined with his position as a corporate governance stalwart, bodes well for our next chapter to establish world-class governance, operational and ecosystem excellence, “We are inspired by his proficiency in navigating regional business dynamics, which will be valuable in our expansion and ongoing mission to revolutionize the automotive ownership landscape in Southeast Asia,” he said. According to the statement, Yeoh is also a member of the Institute of Chartered Accountants in England and Wales as well as the Immediate Past President of CPA Australia, Singapore Chapter. He graduated with a First-Class Honors (Accounting) from the University of Birmingham, England. “I am honored to join the distinguished Board of CARSOME. I strongly resonate with the company’s visionary approach toward transforming the automotive industry in Southeast Asia, “CARSOME is at a very exciting and critical stage of maturing its business model in an industry that holds great potential. I look forward to working collectively with the Board and the team to shape the future of mobility in some of Southeast Asia’s rapidly developing markets,” said Yeoh. In addition to its proficient board, Carsome said the firm also benefits from the guidance of an insightful Advisory Board, which promotes a deeper understanding of regional technology landscapes. It said its members bring unique specializations, perspectives, and experiences in building and scaling tech companies in Southeast Asia. The advisory board currently comprises four esteemed members: Nicholas Nash, Managing Partner and Co-founder of Asia Partners; Harish Bahl, Founder of Smile Group; Pandu Sjahrir, Managing Partner of Indies Capital; and Dan Neary, Vice President of Meta Asia Pacific. Carsome has been actively reshaping Southeast Asia’s used car industry through its innovative data and tech-driven approaches, offering trust, transparency, and choice to elevate the automotive ownership experience. Operating in Malaysia, Indonesia, Thailand, and Singapore, the firm sold over 150,000 cars in 2022 and serves more than 15 million unique customers monthly across its diverse online and offline channels in the region. Carsome partners PolicyStreet to introduce personal accident coverage in Malaysia

https://technode.global/2023/07/10/malaysias-gentari-partners-kpj-healthcare-to-offer-clean-energy-solutions/

Malaysia’s Gentari partners KPJ Healthcare to offer clean energy solutions

Gentari Sdn BhdGentari said in a statement on last Friday that both parties have signed a Memorandum of Understanding (MoU) to embark on a strategic collaboration that will drive decarbonization efforts in the healthcare sector and propel KPJ Healthcare towards sustainable growth. By joining forces with Gentari, KPJ Healthcare is set to integrate green mobility and renewable energy solutions into KPJ Healthcare’s operations, positioning the group at the forefront of driving positive environmental impact through clean energy solutions. According to the statement, this partnership marks a significant milestone in KPJ Healthcare’s commitment to sustainability and sets the stage for the widespread deployment of clean energy ecosystems across the group’s extensive network of hospitals. One of the key areas of collaboration outlined in the MoU is the installation of electric vehicle (EV) charging facilities at ten KPJ Healthcare premises. These charging facilities will be made available to the public soon, on a pay-per-use basis, supporting Malaysia’s growing EV infrastructure and encouraging EV adoption among staff, patients, and visitors. This collaboration also aligns with the ambitious targets set by the Malaysian government, aiming to establish 10,000 charging points by 2025 and have 1.3 million EVs on the road by 2040. By installing EV charging stations at KPJ Healthcare hospitals, this collaboration aims to contribute to these national targets, reduce carbon emissions, and promote sustainable transportation. In addition to providing better accessibility to EV charging facilities at KPJ Healthcare hospitals, the joint effort also aims to drive awareness, educate stakeholders, and influence policy frameworks to create an enabling environment and accelerate the transition towards sustainable operations and widespread EV adoption across the country. Beyond EV charging facilities, the collaboration will introduce zero emission vehicle fleet solutions tailored to the Malaysian market by exploring options which may include the adoption of EVs to reduce greenhouse gas emissions and promote sustainable transportation in the healthcare sector. In addition to green mobility, the collaboration also extends to exploring the deployment of renewable energy solutions within KPJ Healthcare’s facilities. This may include the installation of solar and other clean energy technologies to harness renewable sources and generate electricity, thereby reducing the group’s reliance on fossil fuels and decreasing its overall carbon footprint. The collaboration also anchors KPJ Healthcare’s aspirations in redefining its healthcare ecosystem by embracing sustainable and eco-friendly practices. The integration of renewable energy solutions and green mobility not only reduces KPJ Healthcare’s carbon footprint but also creates greater efficiency, better service delivery and, ultimately, a more positive patient experience. “With our network of 29 specialist hospitals, we are confident that by combining our expertise and resources, we are able to set new industry standards, establish best practices, and drive positive change in the healthcare sector,” said Norhaizam Mohamed, Officer In Charge of KPJ Healthcare. According to her, the firm’s existing sustainability program has laid a strong foundation, and they understand the need to accelerate their efforts. She also said this collaboration aligns perfectly with the firm’s commitment to providing high-quality healthcare services while prioritizing environmental stewardship. Together with Gentari, she said they will work hand in hand to accelerate the transition towards sustainable operations and make a meaningful impact on global emissions. “We set out over 40 years ago to enhance the livelihood of the communities we operate in, and we believe this is one of the best ways to ensure our ‘Care for Life’ promise can be further expanded to include the environment as well, in order for us to deliver the very best of quality healthcare to our patients, “In a way, it is personal for us to continuously elevate our standards of treatment, especially with our personalized care and our future growth towards preventive care,” she added. Through this strategic collaboration, KPJ Healthcare and Gentari opined that they are poised to lead the sustainability changes in the healthcare industry, and are confident to affect the much-needed changes in creating awareness as well enabling more positive impacts to the environment and society. “At Gentari, we recognize that the significant energy demands of the healthcare industry must be underpinned by sustainable practices. It is our privilege to collaborate with KPJ Healthcare to support their responsible approach to operations, “With the integration of clean energy solutions, we aim to assist KPJ Healthcare in reducing their carbon footprint and contribute towards achieving their sustainability goals,” said Shah Yang Razalli, Deputy Chief Executive Officer of Gentari. Malaysia’s Gentari partners Singapore’s Keppel, Semcorp for clean energy solutions in SEA

https://technode.global/2023/07/10/malaysia-ni-hsin-inks-deal-with-boustead-technology-for-ev-motorcycles-distribution/

Malaysia’s Ni Hsin inks deal with Boustead Technology for EV motorcycles distribution

Ni Hsin EV Tech Sdn. Bhd. (NH EV TECH)Ni Hsin said in a statement that under the corporate agent agreement, BOUSTECH will act as the Exclusive Corporate Agent to promote, market, sell and distribute NH EV TECH’s EBIXON EV Motorcycles exclusively within Boustead Group’s internal workforce. The CAA will be valid for a term of three years, and may be extended for a further term of one year upon the terms and conditions mutually agreed by the parties. The rationale of the CAA is for NH EV TECH to leverage on Boustead Group to promote and market the products. NH EV TECH Managing Director Khoo Chee Kong said both parties see the partnership as a synergistic collaboration. He noted that BOUSTECH is a second growth engine driver within the Boustead Group aiming to transform and reinvent existing business landscape through impactful technology adoption towards environmental, social and governance (ESG) agenda focusing carbon management, blockchain and internet of things (IOT). BOUSTECH Chief Executive Officer Ir Azril said that in line with the “Reinventing Boustead” initiative, this will take the forefront in promoting sustainable living and encouraging staff together in reducing carbon footprint across the group through the utilization of electric vehicles. “This strategic collaboration marks a significant step towards enhancing the visibility and accessibility of EBIXON EV Motorcycles, as BOUSTECH and NH EV TECH combine their expertise to create a compelling and sustainable transportation solution and also helps propel the group’s ESG agenda while creating a green revenue stream in carbon trading, in which emissions are treated as either carbon credits or offsets that can be sold in a carbon market such as Bursa Securities Malaysia Berhad’s voluntary carbon market,” he added. NH EV TECH is in the business of manufacturing, assembling, promoting and marketing of all kinds of electric vehicles (EV) and accessories and development of concepts, facilities and fittings using EV battery systems for the delivery industry. The focus of NH EV TECH is in smart mobility and its applications with safer and more efficient charging in a sustainable and environmentally-friendly model. Ni Hsin inks deal with Koperasi Tenaga Dan Petroleum to promote EV motorcycles

https://technode.global/2023/07/07/malaysias-gentari-partners-singapores-keppel-semcorp-for-clean-energy-solutions-in-sea/

Malaysia’s Gentari partners Singapore’s Keppel, Semcorp for clean energy solutions in SEA

Malaysian clean energy solutions provider Gentari said in a statement on Thursday that the firm has signed a Memorandum of Understanding (MoU) with Keppel’s infrastructure division to jointly explore the development of specific sustainability-related opportunities. Through the MoU, the parties are looking to unlock synergies in renewable and low-carbon energy projects as well as electric vehicle (EV) charging infrastructure and roaming to build economies of scale, facilitate mutual support in market access and enable mutual capability development. In addition, the parties will explore potential collaboration in energy-as-a-service opportunities, including energy efficiency and energy management projects. Gentari Chief Executive Officer Sushil Purohit said the MOU represents a significant step in growing the application of sustainable energy solutions across Southeast Asia. “By leveraging our combined capabilities in areas such as renewable energy, electric vehicle charging infrastructure and sustainable energy applications, we aim to deliver innovative solutions that support the region’s net zero ambitions, “Together, we are committed to reshaping the energy landscape and creating a greener future for Southeast Asia,” he said. Keppel’s infrastructure division Chief Executive Officer Cindy Lim said that the collaborate with Gentari on a targeted slate of initiatives will help to address immediate urban and climatic challenges in Southeast Asia. “The MoU is a testament to Gentari and Keppel’s shared commitment towards helping the region get closer to net zero, “Through collaborating on sustainable infrastructure projects and energy-as-a-service with Gentari, we aim to leverage each other’s strengths to improve urban environments and enhance access to e-mobility,” she said. Earlier on Wednesday, Gentari also announced that the firm has signed a MoU with Sembcorp to jointly explore potential collaborations and related business activities in the field of clean energy solutions. Under the MoU, Gentari and Sembcorp will jointly explore potential areas of collaboration in clean energy solutions, including renewable energy and low-carbon hydrogen. Both parties are eyeing trading of renewable energy from Southeast Asia or other mutually agreed locations, with the aim to accelerate the adoption of clean energy sources. They also aim for the supply of low-carbon hydrogen, including the development of hydrogen production facilities and joint studies on the transportation of hydrogen from Malaysia to Singapore. The collaboration aims to leverage the joint expertise of both parties and their resources to drive innovation and create sustainable solutions in the hydrogen sector. “Through this strategic partnership with Sembcorp, Gentari aims to further accelerate the expansion of renewable energy and hydrogen-related initiatives,“This MoU signifies the shared vision and commitment of our two organisations to drive the energy transition in Southeast Asia, contributing to a more sustainable and low carbon future for the region,” said Low Kian Min, Chief Renewables Officer of Gentari. Sembcorp (Singapore & Southeast Asia) chief executive officer Koh Chiap Khiong also said the collaboration underscores the strong potential of Malaysia’s fast-growing renewables sector. “As a leading renewables player in the region, we look forward to working with like-minded partners like Gentari to progress initiatives that will accelerate the shift towards a sustainable energy transition,” he said. Malaysia’s Gentari partners JomCharge, chargEV for EV charging points roaming network

https://technode.global/2023/07/07/catcha-digital-sets-up-new-unit-to-develop-technology-solutions-and-software-for-malaysias-public-sector/

Catcha Digital sets up new unit to develop technology solutions and software for Malaysia’s public sector

Malaysia-based Catcha Digital said in a statement said i-Gov unit is established to contribute to the Malaysian government’s effort in digital transformation and GovTech. On May 15， 2023, Malaysian Prime Minister Anwar Ibrahim announced the establishment of the Centre for the Fourth Industrial Revolution Malaysia (Malaysia Centre for 4IR), an independent centre within the World Economic Forum (WEF) global ecosystem focusing on two priorities – digital transformation and GovTech, and energy transition. Catcha Group Pte Ltd, the major shareholder of Catcha Digital, has long maintained a meaningful dialogue with the Malaysian Government on matters related to the digital economy and government digitization, the technology ecosystem and opportunities for improving the government’s digital initiatives. “We see tremendous opportunities to work with the Malaysian government to unify and improve digital services for the nation and its people, in accordance with The Malaysia Digital Economy Blueprint and Policy for the Fourth Industrial Revolution,” said Patrick Grove, Chairman of Catcha Digital. “We have spent considerable time in dialogue with various parts of the Government brainstorming ways to bring Malaysia’s digital services to a world class level,“Internationally, significant progress has been made in enhancing efficiency and convenience for countries through the introduction of world class software solutions and digital access to government services,” he said. With the launch of i-Gov, he saidm the firm aims to accelerate Malaysia’s transformation towards a digital economy. According to the statement, i-Gov will look to acquire existing software providers to the Malaysian Government and enhance their capabilities and services, as well as engaging directly with the Malaysian Government on new initiatives and projects designed to advance the government’s technology agenda. I-Gov will also forms a board of advisors to guide its efforts in the government space in the near future. Catcha Digital is a Malaysia-based investment holding company focused on operating businesses in the digital media, advertising and software industries. As a final step in its regularisation plan, Catcha Digital in last month launched an abridged prospectus in relation to a renounceable rights issue involving the issuance of up to 174.64 million new ordinary shares in Catcha Digital on the basis of one rights share for every one existing Catcha Digital share held by the entitled shareholders at an issue price for each rights share fixed at MYR 0.235 ($0.05), to raise up to MYR 41.04 million ($8.79 million). Catch Group has already committed MYR 18 million ($3.85 million) to the rights issue. Upon completion of the regularisation plan, Catcha Digital will have its GN2 status lifted. Meanwhile, the group’s wholly-owned subsidiary, iMedia Asia Sdn Bhd, is a digital media company that provides integrated advertising solutions to major brands in the fast moving consumer goods, retail, property, entertainment and other industries in Malaysia. IMedia recorded a Profit Before Tax (PBT) of MYR 10.28 million ($2.2 million) in FY2022, representing year-on-year growth of approximately 69 percent. In the first quarter ended 31 March 2023, iMedia PBT grew by approximately 28 percent compared to the same period last year to reach MYR 3.89 million ($830,000). IMedia reaches over 13.1 million Malaysians each month as of 31 May 2023 via its extensive portfolio of digital marketing platforms and services over 100 brands across multiple industries. Catcha Digital completes acquisition of iMedia

https://technode.global/2023/07/07/malaysias-carsome-partners-policystreet-to-introduce-personal-accident-coverage/

Carsome partners PolicyStreet to introduce personal accident coverage in Malaysia

CARSOME, Southeast Asia’s largest integrated car e-commerce platform,The complimentary coverage is valid for a year and is embedded into every purchase of a Carsome Certified car, available to Malaysians who apply for car loans from Carsome Capital without any additional cost, PolicyStreet said in a statement on Thursday. Understanding that approximately 90 percent of the Malaysian population, or about 30 million Malaysians are underinsured PolicyStreet said the protection also includes personal accident coverage of up to MYR 10,000 ($2142) in the event of accidental death or permanent disablement. According to the statement, Malaysians can cruise confidently as the loan protection add-on in Carsome Care+ covers car loan payments of up to MYR 1,000 ($214) per month for a maximum of six months. With a projected 60,000 jobs at risk in 2023, PolicyStreet said the protection ensures those who may be affected by layoffs and workplace downsizing are not financially burdened by their car loans. The Carsome Care+ coverage also includes weekly hospitalization benefits, smart key protection in the event of theft or accidental damage, theft of personal belongings kept inside the car, and travel allowance for the transportation of the policyholder’s children to school and tuition classes. “While car insurance is mandatory for road-legal vehicles, there are no regulations to ensure that the drivers themselves are protected while on the road,“Regardless of the circumstance, we believe that insurance is a peace of mind that every Malaysian should be able to enjoy,” said Yen Ming Lee , Co-Founder and Chief Executive Officer of PolicyStreet. Through the partnership with Carsome, he said PolicyStreet hopes to narrow the protection gap and protect underinsured Malaysian drivers. “By embedding the Carsome Care+ protection into the car purchasing journey, we can offer drivers purposeful insurance coverage without the added financial burden,” he added. As Southeast Asia’s largest integrated car e-commerce platform, Carsome is also committed to creating value for its customers by providing comprehensive protection when a customer takes home a Carsome Certified car. Carsome Co-Founder and Group Chief Executive Officer Eric Cheng said, at Carsome, the firm believes that owning a car is more than just a means of transportation, and it is a significant investment and a part of its customers lives. According to him, this insurance policy goes beyond the usual after-sales services. “We understand the worries and uncertainties that come with car ownership, and that’s precisely why we’ve partnered with PolicyStreet to provide this added layer of protection,” he said. He also said Carsome Care+, combined with its existing quality guarantee through Carsome Certified, ensures that consumers can enjoy a worry-free and hassle-free car buying experience. “It begins from the moment you make your purchase to long after you’ve hit the road, so customers benefit from end-to-end support throughout your entire car ownership journey,” he added. PolicyStreet is a full-stackinsurtech group of companies providing digital insurance solutions to businesses and consumers in Southeast Asia and Australia. The firm works directly with over 40 life, general, and takaful providers globally to offer a comprehensive range of products and services, which includes but is not limited to embedded insurance, customized employee benefits, financial advisory and aggregation of insurance, as well as the development of digital solutions to make insurance purposeful and simple for businesses and consumers. PolicyStreet is backed by the Malaysian sovereign wealth fund Khazanah Nasional Berhad, and serves over 5 million customers with over $6 billion in sum insured. Carsome is Southeast Asia’s integrated car e-commerce platform, with operations across Malaysia, Indonesia, Thailand and Singapore. The firm aims to digitize the region’s used car industry by reshaping and elevating the car transaction and ownership experience. Together with subsidiary brands iCar Asia, WapCar and CarTimes, Carsome provides end-to-end solutions to consumers and used car dealers across the decision funnel, from carCarsome currently has more than 4,000 employees across all its offices in Asia. It has sold over 150,000 cars annually and serving more than 15 million unique customers monthly across its diverse online and offline channels in the region. Carsome completes latest financing round, bringing liquidity position to $200M

https://technode.global/2023/07/07/malaysia-pm-anwar-to-meet-elon-musk-to-discuss-investment-report/

Malaysia PM Anwar to meet Elon Musk to discuss investment – report

Malaysia’s Prime Minister Anwar Ibrahim on Friday said he will be meeting Elon Musk, CEO of Tesla and owner of Twitter, to discuss the billionaire’s investment in the Southeast Asian nation, “Next week, Elon Musk asked to discuss with me the possibility and his commitment to increase his investments in Malaysia,” Anwar was quoted as saying in a speech during an event with civil servants. Earlier in March, the Ministry of International Trade & Industry (MITI) said it had approved electric vehicle maker Tesla Inc’s application to import battery-run EVs into Malaysia. The ministry said Tesla will open an office, showrooms and service centres in the country and establish a network of charging stations for its cars, but did not say when. According to the statement then, MITI said Tesla’s presence in Malaysia is expected to create skilled and better paying job opportunities for workers in the Battery Electric Vehicles (BEV) segment and increase the participation of local companies in the Tesla ecosystem both domestically and globally. Anwar did not provide any other details of next week’s meeting, according to the report on Friday. The Prime Minister’s Office has yet to respond to Malaysia government approves Tesla’s application to import BEVs into the country

https://technode.global/2023/07/07/malaysias-gentari-partners-jomcharge-chargev-for-roaming-network/

Malaysia’s Gentari partners JomCharge, chargEV for EV charging points roaming network

Malaysia-based clean energy solutions provider Gentari said in a statement on Monday that the partnership will enable cross access to charging points on the Gentari, JomCharge and chargEV networks, and cross tracking via the Setel, JomCharge and chargEV mobile applications respectively. This allows electric vehicle (EV) drivers to access charging stations, activate and pay from any partner platform with ease, offering enhanced convenience and peace of mind. Via the roaming network, EV users have convenient access to a combined total of more than 600 charging points across Malaysia including in East Malaysia, equivalent to approximately 60 percent of EV charging points in the country. These comprise over 150 Gentari charging points, above 320 chargEV charging points and more than 100 JomCharge charging points. “Offering ease of access and convenient use of charging infrastructure is essential to drive the switch to EVs,” said Shah Yang Razalli, Chief Executive Officer of Gentari Green Mobility Sdn Bhd. With this roaming collaboration, he said they are able to offer access to an extensive network to empower EV drivers with range confidence, growing the number of accessible charging points at a pace that would have otherwise, become a challenge for individual network owners. “We are mutually committed to continue fostering innovation and collaboration towards achieving collective progress and pace in building the ecosystem necessary to push greater EV adoption,” he added. Dr Che Hang Seng, Technical Director, EV Connection Sdn Bhd, said he believes this is an exciting milestone in the development of EV charging infrastructure in Malaysia, where three major charge point operators (CPOs) come together to innovate and bring convenience to the EV user community. “With our joint efforts, EV users are now able to enjoy seamless charging experience, where they can discover and access over 600 charge points across EVC, ChargEV and Gentari charging networks using just one single app of their choice,“The development of this roaming capability of our backend systems is also the first in Malaysia, and we believe more CPOs will follow suit,” he added. Yinson Group Chief Executive Officer Lim Chern Yuan further said YGT as a leading green technology solutions provider is committed to an inclusive transition, ensuring that no one is left behind in our ultimate pursuit of a net-zero future. “Partnering chargEV with Gentari and EV Connection, is a step forward to quickly expand the EV charging network, making it readily accessible and convenient for all, “This move empowers businesses and individuals in the adoption of sustainable transportation,” he said. Sunway, Gentari and EV Connection ink MoU to develop Electric Vehicle charging infrastructure across Malaysia

https://technode.global/2023/07/07/malaysias-proton-forms-partnerships-with-e-bidding-firms-mytukar-muv-and-carsome/

Malaysia’s Proton forms partnerships with E-bidding firms myTukar, MUV and Carsome

Malaysian national carmaker Proton said in a statement on Friday that by collaborating with the EBCs, the company is confident it has taken a significant step forward towards delivering a faster and more efficient way for customers to own new cars. According to the statement, Proton’s partnership with EBCs will enable customers to send their vehicles for auction through a user-friendly online platform. This reduces the need for customers to visit multiple dealerships or negotiate with potential buyers, saving them valuable time and effort. Through a fair and open auction system, customers will be able to receive competitive trade-in values for their vehicles. The transparent pricing model also ensures that customers can make informed decisions during the trade-in process while the payment and ownership transfer processes are expedited to minimize any potential delays or complications, providing customers with a seamless experience. “We are thrilled to join forces with myTukar, MUV and Carsome as we believe this transforms the trade-in experience for our customers,“By leveraging on their expertise in e-commerce and auction platforms, the EBCs offer our customers a seamless and reliable solution for disposing of their trade-in cars, while also receiving competitive trade-in values,” said Roslan Abdullah, Deputy Chief Executive Officer of Proton. According to the statement, as sales volume continue to rise, the need to offer customers a better way to trade-in and dispose of their old cars has become apparent. These partnerships are expected to provide customers with a range of benefits, including enhanced convenience, trustworthiness, competitive trade-in values, transparency in pricing, secure payment and ownership transfer, daily auctions, faster disposal, and comprehensive inspections. “Over the last five years, Proton has increased the number of models offered and updated our current line-up, while improving product quality and introducing connectivity technology in our models,” said Roslan Abdullah. According to him, consumer confidence has increased due to these efforts as well as improvements made at the dealership level. “Working with EBCs will help to enhance these efforts as well as the trade-in value of our models while helping to facilitate customers who intend to upgrade their vehicles,” he added. He also noted Proton is the first original equipment manufacturer (OEM) to form strategic partnerships with EBCs and they think this will help pave the way for faster and more transparent trade-in transactions for customers and in turn help drive new car sales. “Additionally, by using open platforms, the resale value for our models can be established helping to build consumer confidence and giving a more accurate ownership picture to buyers,” he added. Proton began as Malaysia’s first national car project, founded with the aim to accelerate Malaysia’s economic development and lay the foundations for the local automotive industry. In 2017, Proton entered its next phase to be a modern and global automotive brand; through a partnership between its two principals, Malaysian conglomerate DRB-HICOM and Chinese automaker Zhejiang Geely. MyTukar is a Malaysia-based digital used car platform owned by Singapore’s used car marketplace Carro. Started out as a bidding platform for used car dealers in 2013, Muv is also a Malaysia-based marketplace for used vehicles. Carsome is a Malaysia-based integrated car e-commerce platform, providing end-to-end solutions to consumers and used car dealers, from car inspection to ownership transfer to financing. With presence across Malaysia, Indonesia, Thailand and Singapore, the firm aims to digitalize the region’s used car industry by reshaping and elevating the car buying and selling experience. Malaysia’s Proton plans for comprehensive new energy vehicle solutions

https://technode.global/2023/07/06/mranti-partners-leave-a-nest-to-advance-malaysian-startups-expansion-into-japan/

MRANTI partners Leave a Nest to advance Malaysian startups expansion into Japan

Japan-based research group The GMP, organized by MRANTI since 2020, has been a catalyst for numerous companies, fostering growth and establishing partnerships across six countries, MRANTI said in a statement on Thursday. Now, in 2023, the program invites ambitious startups to apply and seize the opportunity to enter global markets, with Osaka and Tokyo as the selected destinations. “GMP 2022 value creation for 18 companies was MYR 5.4 million ($1.16 million). This year, MRANTI is thrilled to assist 25 new innovative companies to embark on their next phase of growth, “This initiative is poised to become one of Malaysia’s most prominent global market-entry programs, highlighting its significance this year,” said Dzuleira Abu Bakar, Chief Executive Officer of MRANTI. The GMP is seeking companies prioritizing research and development (R&D) solutions with intellectual property registered in Malaysia or are majority Malaysian-owned. Startups in various sectors, including manufacturing, robotics/drones, internet of things (IoT), artificial intelligence (AI), agri-tech, biotech, healthcare, med-tech, food-tech, care-tech, marine-tech and ecotech are encouraged to apply. Selected participants in the program will have the opportunity to gain a significant program value. Over a two to three month period, from August to November, participants will engage in a comprehensive series of physical and virtual workshops, match-making meetings, andThe program will guide participants on localizing and validating their business models, strategizing their market entry, and preparing their products and solutions for needs analysis and value creation frameworks. Additionally, participants will benefit from networking opportunities, gaining valuable business insights, and receiving technical support through one-on-one mentoring sessions from Leave a Nest ecosystem partners. They will have the chance to meet with potential investors, industry associations, and prospective partners to explore collaboration opportunities and contracts during the validation trip to Tokyo and Osaka. It is projected that each participating company will generate $109,000 in value creation over a span of 24 months, achieved through prototype contracts, development contracts, partnerships, intellectual property (IP) licensing, subscriptions, and other collaborations. To be eligible for the program, companies must demonstrate a minimum revenue of MYR 1 million ($210,000), possess commercialized products with a minimum technical readiness level of 6 or higher, have a proven stream of business transactions, and maintain a solid financial record. Applications for the Global Market-Fit program are now open, and interested startups can apply or inquire at www. mranti. my/gmp. The deadline for applications is July 30, 2023. Earlier in June, Leave a Nest Malaysia and MRANTI, have officially signed a Memorandum of Understanding Japan. The MoU signifies a significant milestone in promoting collaboration and advancing technological innovation between the two organizations. It also highlights the significance of this partnership in fostering regional collaboration. MRANTI is Malaysia’s central research commercialization agency that fast-tracks the development of technology innovations from ideas to impact. Serving as a connector, incubator and catalyst to enable early-stage ideation to mature entities to commercialize and scale, MRANTI offers innovators and industry access to integrated infrastructure, interventions and programs, partnerships and a suite of resources. In doing so, MRANTI aims to expand Malaysia’s funnel of innovation supply, and unlock new R&D value by ensuring effective transitions in the commercialization lifecycle. It will also link academia with industry and the public sector to streamline market-driven R&D efforts for mission-based outcomes. MRANTI partners pitchIN to boost Malaysian startups

https://technode.global/2023/07/06/malaysias-e-commerce-transactions-income-surges-10-4-pct-year-on-year-in-first-quarter/

Malaysia’s E-Commerce transactions income surges 10.4 pct year on year in first quarter

Malaysia’s e-commerce income by establishment recorded a notable growth of 10.4 percent year-on-year in the first quarter of 2023, to reach MYR 291.7 billion ($62.6 billion U. S. dollars), official data showed Thursday. The Department of Statistics Malaysia (DOSM) said in a statement that this growth was primarily driven by manufacturing and services sectors. As for 2022, the e-commerce income amounted to MYR 1.1 trillion ($240 billion), rose 6 percent growth as compared to the previous year. On quarterly basis, the first quarter of 2022 recorded an income of MYR 264.3 billion ($56.72 billion), which increased to MYR 273.8 billion ($58.76 billion) in the second quarter. The upward trend continued, with e-commerce income registering MYR 274.6 billion ($58.93 billion) in the third quarter of 2022 and MYR 287.1 billion ($61.61 billion) in the fourth quarter of the same year. According to the DOSM, these positive results can be attributed to Malaysian government’s initiatives aimed at establishing a regional e-commerce gateway, investing in e-commerce startups, promoting innovation through a regulatory sandbox, and enhancing communication and broadband facilities. It said these efforts have yielded substantial economic benefits, including increased adoption of digital technology and overall improved performance. Meanwhile, the income generated from e-commerce in Malaysia experienced a remarkable 23.9 percent surge in 2021 compared to 2019, reaching 1.04 trillion ($220 billion). Examining the e-commerce income by market segment, the local market segment, which includes sales conducted within Malaysia, recorded a substantial increase of 25.5 percent, amounting to MYR 932.7 billion ($200.15 billion) in 2021. In contrast, the international market segment increased by 11.9 percent, reaching MYR 104.5 billion ($22.42 billion). Furthermore, analyzing the e-commerce income based on the type of customer, business to consumer (B2C) transactions experienced a significant growth in 2021, rose 26.2 percent to MYR 308.9 billion ($66.29 billion). Business to business (B2B) transactions increased 25.9 percent to MYR 713.1 billion ($153.03 billion). Conversely, the business to government (B2G) transactions declined 31 percent to MYR 15.2 billion ($3.26 billion). According to the DOSM, these statistics highlight the substantial growth and economic impact of e-commerce in Malaysia, with strong performances in the local market segment, B2B transactions, and B2C transactions. This was despite that the B2G sector declined during the same period. Malaysia’s E-commerce expenditure in 2021 also recorded an increase of 23.6 percent to MYR 460.8 billion ($98.88 billion). The local market segment surged 25.8 percent to MYR 426.8 billion ($91.59 billion), while the international market grew 3.2 percent to MYR 34 billion ($7.3 billion). E-commerce expenditure by type of market via B2B rose 20.5 percent to MYR 403.1 billion ($86.5 billion), followed by B2C with 85 percent increase to MYR 50.8 billion ($10.9 billion). Meanwhile, B2G expenditure declined 12.6 percent to MYR 7 billion ($1.5 billion). Subsequently, computer usage recorded an increase of 7.6 percentage points to 93.8 percent, followed by internet (increase 5.4 percentage points to 90.6 percent), and web presence (increase 9.4 percentage points to 63.3 per cent). Information and communication, financial and takaful/ insurance, and real estate sectors fully utilized the use of the internet and computers in their businesses. “Even though the COVID-19 pandemic had a negative impact on the overall health and economy, it also had a significant positive effect on boosting Malaysia’s e-commerce activity,” said DOSM. It said the restrictions and safety measures imposed to control the spread of the virus, such as lockdowns, social distancing, and limited physical store operations, have led to a surge in online shopping and digital transactions. “Overall, the COVID-19 pandemic has acted as a catalyst for the growth of e-commerce in Malaysia,” it added. Malaysia’s Vynn Capital shares research insights on Southeast Asia cross-border commerce landscape

https://technode.global/2023/07/05/contactless-card-payments-usage-surges-in-malaysia-says-visa-study/

Contactless card payments usage surges in Malaysia, says Visa study

Seven in ten consumers in Malaysia are now using contactless cards for payments, said a recent study done by global payment firm Visa. According to Visa Consumer Payment Attitudes Study, more than 90 percent of Malaysians are familiar with contactless payments, and almost 70 percent of them are using contactless payments in the country. This is an increase from 56 percent compared to the previous year. The top categories that Malaysians have been using contactless payments include supermarkets (53 percent), retail stores (46 percent) and restaurants (44 percent). Based on the study, Malaysian consumers also indicated that contactless payment is their most preferred payment method when paying for their groceries at the supermarket, retail shopping and making purchases for entertainment. The study highlighted that Malaysians are becoming more cashless, given card payments have overtaken cash usage in the country. Majority of Malaysians indicated that they have used credit or debit card payments (92 percent) compared to 86 percent who have used cash. In addition, more than three in four have attempted to go cashless. The study also showed close to 70 percent (67 percent) of consumers in the country have tried to go cashless for at least a few days. Close to 50 percent of Malaysian consumers said that they are carrying less cash in their wallets compared to before. The top reasons for carrying less cash include using more contactless card or mobile payments, more places adopting cashless payments and fear of carrying cash as it may be lost or stolen. Visa Country Manager for Malaysia Ng Kong Boon said that Malaysia has become one of the most developed contactless payments markets in Asia Pacific, where eight in 10 Visa transactions are contactless payments. “We are proud to share that contactless payments have grown significantly over the past few years, especially when we compare its growth since the pandemic,” he said. According to him, in 2019, only three in ten Visa transactions were contactless payments in Malaysia. “Over the years, we have worked with our merchants to expand contactless payments acceptance across everyday spend categories in Malaysia, and issuers to educate consumers about the benefits of contactless payments and we are seeing great results,” he said. According to him, Visa’s mobile pay partners launching mobile contactless payments in Malaysia have also supported this growth in usage. “Consumers value the convenience of being able to tap and pay using their mobile devices and embrace it as a secure way to pay given every transaction is tokenized,” he added. The study was conducted by CLEAR on behalf of Visa across seven Southeast Asian countries including Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Visa partners GHL to offer consumers instalment options for in-store purchases in Malaysia

https://technode.global/2023/07/04/mranti-partners-pitchin-to-boost-malaysian-startups/

MRANTI partners pitchIN to boost Malaysian startups

Malaysian Research Accelerator for Technology & Innovation (MRANTI)This collaboration will enable startups and spinoffs to raise investments through pitchIN’s robust platform while receiving valuable support and guidance from MRANTI throughout their fundraising journey, the duo said in a statement on Tuesday. With alternative financing surpassing venture capital funding in Malaysia, having raised MYR 1.7 billion ($370 million) in 2022 compared to MYR 1.3 billion ($280 million) from venture funding, the collaboration between MRANTI and pitchIN positions regulated alternative financing and investments as the preferred option for businesses as well as investors in Malaysia. “Malaysia aims to attain a Top 20 position in the Global Innovation Index (GII) by 2030 and rises among the middle-income economies by bridging the innovation divide, supported by positive indicators such as high-tech net exports and creative goods exports, “Our position here tells you that we do have bright talent and a lot of potential that requires some refining,” said Dzuleira Abu Bakar, Chief Executive Officer of MRANTI. According to her, the collaboration between MRANTI and pitchIN will pave the way for a vibrant and dynamic innovation environment, enhancing Malaysia’s position on the global innovation index (GII). By value-adding to the start-ups’ growth development cycle, she said the collaborations are effectively raising their value and impact. She also said that through this partnership, they are poised to transform the investment landscape, democratize access to capital, and drive the growth of startups and spin offs in the country. “Keep in mind that startups are the engine of our economy. They are generally more concerned with cutting-edge innovation and innovative technologies, “Being more agile means startups are able to develop a concept into a product and update it in response to customer demand with quicker decision-making communications. Essentially, they not only increase creation of impact technologies, but also chances for innovations to go into market,” she added. Fundraising Accelerator (FA) by pitchIN is a specialized program designed to assist founders who have limited or zero experience in securing funding from external investors. It equips founders with the necessary techniques and knowledge to effectively raise capital for their businesses, providing in-depth learning on the intricacies of fundraising. Since its launch in November 2021, pitchIN has successfully completed a total of six cohorts of the FA. The program has been extended to three different cities, namely Kuala Lumpur, Penang, and Kuching in Sarawak. This year, the target is set to boost 15 tech startups from MRANTI in raising funds from investors in exchange for a stake (equity) in the businesses. Distinguished by its proven track record, pitchIN has facilitated the successful fundraising efforts of 163 companies, collectively raising an impressive MYR 297 million ($63.83 million) since 2016. Furthermore, pitchIN’s Fundraising Accelerator (FA) program has already nurtured over 60 companies and 120 founders, equipping them with the skills and connections to embark on their entrepreneurial journeys. PitchIN Chief Executive Officer Sam Shafie said that pitchIN is looking forward to working with MRANTI on this program. “Our FA programme will impart essential knowledge and the intricacies of fundraising to the participants. All startups need capital for growth and expansion,” he said. According to him, his experience running the pitchIN equity crowdfunding platform has shown that most startups will benefit from learning about key areas covered in its program such as company valuation, legal, due diligence, deal structuring, and funds sources. “In addition to that, all our FA cohorts participants receive specialized fundraising advice as well as preferential access to our equity crowdfunding expertise,” he added. Under this transformative partnership, several key initiatives will be implemented to foster growth and provide comprehensive assistance to startups and spinoffs. The capacity building programs are designed to equip startups and spin offs with the necessary knowledge and skills to successfully raise investments. These programs will guide entrepreneurs through the fundraising process, empowering them with the tools needed to attract investors effectively. Next, through pitchIN’s Equity Crowdfunding (ECF) platform, tech enterprises are granted access to a diverse range of investors, including those from ASEAN countries, thereby expanding their alternative funding horizons. Furthermore, MRANTI’s collaboration with pitchIN will foster collaboration between the private, public, government, and civil society sectors. By promoting the quad helix model, this partnership aims to create a vibrant ecosystem that nurtures innovation and facilitates seamless cooperation between all stakeholders. Adding to this, pitchIN will provide access to its extensive network of legal, marketing, and financial experts. Startups and spinoffs can leverage these resources for invaluable support and guidance throughout the fundraising process, ensuring a robust and successful campaign strategy. This partnership further amplifies MRANTI’s role as connector and catalyst in the startup ecosystem. By joining forces with pitchIN, MRANTI reinforces its commitment to fostering entrepreneurship and driving the growth of startups and spinoffs in Malaysia. Applications for the Funding Accelerator Program that will take place from July 24 to July 26 are now open, and interested startups can apply at https://academy. pitchin. my. The deadline for applications is July 17, 2023. MRANTI invites high growth Malaysian startups for global expansion

https://technode.global/2023/07/04/touch-n-go-ewallet-offers-complete-payment-coverage-for-on-street-parking-in-kuala-lumpur-and-selangor/

Touch ‘n Go eWallet offers complete payment coverage for on-street parking in Kuala Lumpur and Selangor

Touch ‘n GoTouch ‘n Go said in a statement on Monday that the newly enabled councils are the Majlis Perbandaran Klang, Majlis Bandaraya Seremban – Nilai, and Majlis Perbandaran Ampang Jaya. “Touch ‘n Go eWallet is the first eWallet in Malaysia to offer complete coverage for on-street parking in both Kuala Lumpur and Selangor, “With this, we are addressing pain points experienced by our users, especially with the removals of parking machines,” said Alan Ni, Chief Executive Officer of TNG Digital Sdn Bhd. According to the statement, this expansion of the on-street parking feature in the eWallet brings the list to a total of 19 councils, covering areas including Kuala Lumpur, Selangor, Negeri Sembilan, Kelantan, Terengganu, Perak, Wilayah Persekutuan Putrajaya in Malaysia. “With more than 300,000 users paying their parking fee with Touch ‘n Go eWallet daily, this expansion will bring good news to more users and our aim is to provide nationwide on-street parking coverage. No more skipping payment for parking, and drivers no longer need to search for parking ticket machines or paper tickets,” said Ni. The Touch ‘n Go is Malaysia’s consumer facing financial-technology enterprise with a key focus in the country’s transportation ecosystems and platform-based payments infrastructure. It comprises the service offerings of Touch ‘n Go Sdn Bhd (Touch ‘n Go) a wholly owned subsidiary of CIMB Group and TNG Digital Sdn Bhd (TNG Digital), a joint venture between Touch ‘n Go and Ant Group, parent company of Alipay, China’s largest digital payments platform. The Touch ‘n Go Group of companies serve Malaysians who use its card, radio-frequency identification (RFID) and eWallet offerings to fulfil a host of daily transactions. TNG Digital Sdn Bhd was founded by Touch ‘n Go Sdn Bhd and Ant Group in 2017. TNG Digital is the owner and operator of Touch ‘n Go eWallet, with more than 19 million registered users and over 1.2 million merchant touch points including DuitNow QR. Combining Touch ‘n Go’s strong domestic brand, dominance in toll, transit and parking use cases and nationwide user base, together with Ant’s deep domain expertise and leading the development of open platforms for technology-driven inclusive financial services, Touch ‘n Go eWallet provides financial services and payments services to both retail users and small to mid-sized businesses, across physical and online infrastructure. Tourists can now use AlipayHK, Kakao Pay, Touch ‘n Go, Alipay China in Thailand

https://technode.global/2023/06/27/khazanah-spearheads-green-investment-platform-to-attract-new-direct-investments-into-malaysia/

Khazanah spearheads green investment platform to attract new direct investments into Malaysia

Malaysia’s sovereign wealth fund The green investment platform, which aims to attract domestic and overseas investments, will be mobilized under UEM Group Berhad (UEM Group), a wholly owned subsidiary of Khazanah, Khazanah said in a statement. According to the statement, the platform will look to invest and build businesses in green sectors such as renewable energy and storage, green building technology and energy efficiency, and e-mobility ecosystem. In line with Khazanah’s Advancing Malaysia strategy and as part of its nation-building and value creation initiatives, the platform is aimed at delivering Khazanah’s societal, strategic and financial mandates. Khazanah plans for the platform to drive Malaysia’s decarbonisation agenda while also upskilling Malaysians in green sectors over the long term. The platform will also serve to unlock value in Khazanah’s existing portfolio and achieve commercial returns by developing its seed assets through new investments and collaborating with high potential local and international companies. “Our vision is the development of a globally competitive green investment platform in the region, with a direct and active ownership approach,” Khazanah managing director Amirul Feisal Wan Zahir said. According to him, this will be carried out in phases with its initial near-term objective of creating green domestic champions in the country, followed by the medium-term aim of establishing a platform that is competitive regionally. “The platform will be a significant part of our nation-building and value creation initiatives, aimed at driving Malaysia’s decarbonization agenda and economic prowess, while building the capabilities of the nation’s green industries and upskilling of Malaysians to support and augment these industries, as we head towards the new economy,” he added. According to the statement, Khazanah via UEM Group will soon launch a comprehensive strategy on strategic investments as well as partnerships and collaborations with both local and foreign entities, including planned approaches to attract green investments to create a vibrant and dynamic green economy ecosystem. “We look forward to contributing towards the government’s ambition in establishing Malaysia as ASEAN’s center of electricity interconnection and integration to facilitate the sharing of renewable energy resources, crowd-in more investments and promote sustainable development in the region by synergizing efforts across our companies,” said Amirul Feisal. Khazanah is the sovereign wealth fund of Malaysia entrusted to deliver sustainable value for Malaysians. In line with its long-term strategy of Advancing Malaysia, the fund aims to deliver its purpose by investing in catalytic sectors, creating value through active stewardship, increasing its global presence, as well as building capacity and vibrant communities for the benefit of Malaysians. Malaysia’s Khazanah anticipates another challenging year ahead

https://technode.global/2023/06/27/iskandar-investment-collaborates-with-seven-ev-players-to-promote-ev-use-in-malaysia/

Iskandar Investment collaborates with seven EV players to promote EV use in Malaysia

In keeping up with global efforts towards sustainable development and reducing carbon emissions, This initiative is part of the five strategic verticals to further solidify IIB’s commitment in spearheading a net-zero carbon central business district (CBD) in Medini Iskandar, IIB said in a statement. According to the statement, the collaboration brings together industry players such as Nano Malaysia Bhd, Handal Indah Sdn Bhd, Handal Green Mobility Sdn Bhd, Kumpool Sdn Bhd, Yinson Green Technologies (M) Sdn Bhd, GO TO U (M) Sdn Bhd, and UN Global Compact Network Malaysia and Brunei (UNGCMYB). IIB said that such collective efforts are paramount in promoting sustainable transportation solutions that are environmentally friendly, socially equitable, and economically viable. “We have outlined five strategic verticals in our roadmap to achieve carbon neutrality in Medini Iskandar which are energy management, water management, waste management, green building materials and of course, sustainable mobility. “Today, are proud to lead the way in the first vertical, which is our commitment in advancing electric vehicle adoption and paving the way for clean energy solutions by having charging stations for EV vehicles,” IIB President/Chief Executive Officer Idzham Mohd Hashim said. According to him, this document exchange ceremony signifies the agency’s dedication to creating a net-zero carbon city in Medini and establishing low-carbon cities as a global standard. “By collaborating with key stakeholders, we leverage their expertise and resources to accelerate the growth of the EV industry, shaping a cleaner and more sustainable future, where economic prosperity goes hand in hand with environmental responsibility,” he said. According to the statement, IIB’s partnership with UNGCMYB aims at jointly developing and implementing sustainable development initiatives within Iskandar Puteri, in line with the United Nation’s Sustainable Development Goals. The partnership serves as a platform to facilitate knowledge sharing of best practices between IIB and other members of UNGCMYB. As part of creating awareness and enhancing understanding of sustainable development principles, the collaboration will expand into capacity-building initiatives which include conducting training programs, workshops and seminars. These efforts will be broadened to local communities, civil society organizations and government entities to foster collaboration and address shared challenges. With all these initiatives put together, IIB is expected to enhance their reputation as a leading player in Iskandar Puteri’s development. The integration of sustainable practices into its development plan will also provide competitive advantage by attracting sustainable investors, tenants and partners. In recognizing the increasing usage of EV’s in the state, the Johor state government plans to develop mechanisms that support EV usage in the future. Following the strong push for a full EV population by Singapore in their Green Plan 2030, a high demand for EV charger stations in Johor has also developed. The initiative undertaken by IIB will establish the necessary infrastructure to support the transition to EVs, and it will play a vital role in the federal and state of Johor’s low carbon initiative. “Today’s document exchange ceremony marks a significant milestone in our journey towards sustainable development and a low-carbon future,” said Raven Kumar a/l Krishnasamy, Johor State EXCO for Tourism, Environment, Heritage and Culture. According to him, this collaboration stands as a testament to the unwavering commitment of IIB and its strategic partners as they work hand in hand to create a greener and more carbon-neutral Johor. “We must now recognise the pressing need to address the challenges of carbon emissions and environmental degradation,“The environment is our shared responsibility. Let us work together to preserve the natural beauty of Johor for future generations, ensuring a sustainable and thriving ecosystem,” he said. IIB is a catalyst of change and a key player in Iskandar Malaysia’s transformation into a regional metropolis of international standing. Incorporated in November 2006, IIB is tasked to ensure Iskandar Malaysia continues its successful trajectory into an attractive investment destination and a vibrant, liveable region via catalytic and high-impact projects. Malaysia’s Iskandar Investment provides funding access, opens doors for tech startups through Match@Medini pitching program

https://technode.global/2023/06/27/malaysias-imotorbike-raises-2-6m-in-series-a-round-led-by-gobi-partners-and-ondine-capital/

Malaysia’s iMotorbike raises $2.6M in Series A round led by Gobi Partners and Ondine Capital

IMotorbikeThe funding round also saw returning participation from Penjana Kapital, The Hive Southeast Asia, 500 Global, SOSV’s Orbit Startup; new investors Goodwater Capital, Seedstars International Ventures and Permodalan Negeri Selangor Berhad (PNSB); as well as other institutional venture capitalists, iMotorbike said in a statement on Tuesday. The Series A funds will be used to strengthen the iMotorbike operations in Malaysia and Vietnam, including opening more inspection centers in both countries; as well as for technology and talent investments. IMotorbike Co-Founder and Chief Executive Officer Gil Carmo said the successful fundraise is a testament to the business of the motor trading platform. “This infusion of capital will be instrumental in fueling the next phase of growth for the company, as we spearhead the transition towards a circular economy in the two-wheeler market,” he said. According to him, the firm will expand its efforts to promote sustainability, create a robust ecosystem for the reusing of motorcycles, parts and accessories to reshape the future of mobility. “We are customer-obsessed. We drive our strategy by improving customer experience in every aspect of our business, hence this is why we are opening more inspection centers,“The value of what we are building is showing from the good customer feedback we get on a daily basis,” he added. IMotorbike, which enables users to buy and sell preowned motorcycles on a secure marketplace, was founded by entrepreneurs Gil Carmo and Sharmeen Looi to address the gap in the two wheeler market. The platform has generated over 2,500 transactions with total revenue of more than MYR 16 million ($3.5 million). With connections of 5,000 dealers across Malaysia and Vietnam, it also provides financing option, insurance and road tax for users’ convenience. Gobi Partners co-founder and chairperson, Thomas Tsao, has a positive outlook on the potential for substantial growth in iMotorbike given the size of the Southeast Asian market. He opined that iMotorbike serves as an excellent example of a circular economy startup, with the potential to become a major player in the two-wheeler industry. “In Malaysia alone, there are 1:1 motorcycles for every car, and this ratio increases to 6.5 times in Indonesia and a staggering 14.2 times in Vietnam,“This represents a combined market size of 216 million motorcycles which iMotorbike is poised to tap into,” he said. Meanwhile, Ondine Capital founding partner Randolph Hsu said its latest investment into iMotorbike aligns perfectly with its focus to fund Southeast Asian startups with consumer technology. “We are always on the lookout for promising startups with a unique value proposition, “iMotorbike has stood out with its market traction, stemming from its mission to improve the preloved motorbike market,” he said. To date, iMotorbike has secured a total of MYR 19.3 million ($4.2 million) since its pre-seed funding round. With rising inflation, higher cost of living amid surging fuel prices, iMotorbike expects to see more people turning to motorcycle as a mode of transportation and as a means of generating income. As two-wheelers remain a viable, low-maintenance option for many commuters and e-commerce riders, iMotorbike opined that the firm is well-positioned to capitalize on this immense potential. Entering the next exciting phase of growth, iMotorbike said it is poised to continue revolutionizing the preowned motorcycle landscape. The startup said it remains committed to its vision of tackling four pain points of buying and selling preowned motorcycle reliability, transparency, market fragmentation and time consumption. Southeast Asia’s used motorcycle platform iMotorbike targets $20M revenue in 2023

https://technode.global/2023/06/26/ant-group-expands-alipay-coverage-to-all-7-eleven-stores-in-malaysia/

Ant Group expands Alipay+ coverage to all 7-Eleven stores in Malaysia

Ant GroupUsers of four leading Asian mobile wallets including AlipayHK (Hong Kong SAR), GCash (Philippines), Kakao Pay (South Korea) and TrueMoney (Thailand) can now seamlessly pay in 7-Eleven using their home mobile wallets, the firms said in a statement. Alipay, also an Alipay+ partner mobile wallet, has been accepted by Malaysian merchants since 2016. With the latest development and acceptance in 7-Eleven, Alipay+ is now integrated in more than 80,000 merchant touchpoints in Malaysia, including in popular travel destinations such as Klang Valley, Johor Bahru and Penang. These merchants comprise a wide range of industries such as retail, food and beverage (F&B) and hospitality, including well-known local and international brands like Tealive, MyNEWS, Sephora, Watsons, Sports Direct and Duty-Free stores. “7-Eleven Malaysia is thrilled to enhance the traveller experience as tourists return to our beautiful country, “By expanding Alipay+ coverage to all our stores, we are providing a seamless and convenient digital payment solution for visitors from around the world,” said Chan Chee Weng, Assistant General Manager In-Store Services, 7-Eleven Malaysia. “As a key use case for tourism, our stores serve as a one-stop destination for travellers, offering a wide range of products, snacks, and essentials,“We understand the importance of a seamless, digital in-store experience, and through this expansion, we aim to make every visit to 7-Eleven Malaysia a delightful and hassle-free experience for both local customers and international tourists,” he added. Currently, 7-Eleven Malaysia operates in numerous cities nationwide, offering a wide coverage and presence in urban areas, tourist hotspots, transportation hubs, and residential neighborhoods. Beyond the typical convenience store offerings of snacks, beverages, and daily necessities, they also provide travel essentials such as travel-sized toiletries, phone chargers, travel adapters, and ready-to-eat meals. Razer Merchant Services (RMS), the business-to-business solution of Razer Fintech is the acquiring partner to facilitate the integration of Alipay+ in over 2,400 7-Eleven stores in Malaysia. “Razer Merchant Services strives to facilitate the digital transformation of Malaysian businesses through our partnership with Alipay+, “Our collaboration deepens the close relationship with 7-Eleven and empowers 7-Eleven to tap into the vast opportunities of the digital economy by offering convenient payment for locals and tourists, enhancing the overall experience and driving growth,” said Lee Li Meng, Chief Executive Officer of Razer Fintech. According to the statement, the acceptance of Alipay+ will offer Asian travellers a more convenient digital travel experience, and comes as Malaysia looks to welcome more tourists. In the 2023 Budget, MYR 250 million ($53.41 million) was allocated to promote the tourism sector, with expectations for a surge in tourist arrivals in the second half of 2023. Malaysia is also targeting 16.1 million tourists in 2023, 60 percent more than the previous year. “With growing coverage of Alipay+ in Malaysia, we’re connecting more Asian travellers to local merchants, helping to position Malaysia as a travel destination of choice and unlocking new opportunities for local businesses, “As the leading convenience store, 7-Eleven is the ideal travel partner for tourists as they travel like a local around Malaysia and they can now enjoy a more digitally enhanced experience at these stores,” said Dr. Cherry Huang, General Manager of Alipay+ Offline Merchant Services at Ant Group. She said the firm will continue to enable more local merchants to integrate Alipay+ and promote a positive digital ecosystem between our partners, businesses and travellers. Introduced by Ant Group in 2020, Alipay+ aims to enable local businesses, especially small and medium-sized businesses, to process a wide range of mobile payment methods and reach over 1 billion regional and global consumers, through one-time integration and simple technical adaption. In addition to Malaysia, Alipay+ is also widely accepted in destinations including the Chinese mainland, Macao SAR, Singapore, Thailand, Japan, South Korea among others.7-Eleven Malaysia Holdings Berhad through its subsidiary 7-Eleven Malaysia Sdn. Bhd. is the owner and operator of 7-Eleven stores in Malaysia.7-Eleven Malaysia is the pioneer and largest 24-hour standalone convenience store operator in Malaysia with over 2,400 outlets nationwide and serves more than 1 million customers daily. Malaysia’s GHL expands Alipay+ integration to 2,600 Thai merchants

https://technode.global/2023/06/26/ocbc-bank-ties-up-with-five-electric-vehicle-related-companies/

OCBC Bank ties up with five electric vehicle-related companies to provide affordable payment options in Malaysia

In a move to strengthen its environmental, social and governance (ESG)-related offerings to retail customers, OCBC Bank said in a statement that the collaboration with EV Connection, CarputZap, GoCar, Renault and PowerBee (a wholly owned subsidiary of Solarvest Holdings Berhad) will, among others, avail to OCBC cardmembers 0 percent instalment payment plan (IPP) options of up to 24 months on EV chargers. They will also get to enjoy discounts on EV chargers, on car sharing rides, and daily to yearly subscription of electric vehicles. According to OCBC Bank Managing Director and Head of Consumer Financial Services Anne Leh, the rollout of the offerings comes on the back of increasing demand from customers for support in their electric vehicle-ownership journey. She said that the introduction of the electric vehicle-related offerings is part of the bank’s overall strategy to focus on encouraging its customers to stay with their EV journey. “EVs are a key component of a low carbon economy. By providing attractive credit card offers and instalment payment plans, we hope to help our customers in their acquisition of peripherals like EV chargers and usage of rental electric vehicles,” she said. She noted that the endgame is of course to encourage those who wish to switch to EV to do so knowing full well that they have the necessary support. According to her, one of the bank’s partners is offering a solution for its customers who are having difficulty convincing their condominium and commercial property management to install EV chargers, whereby the partner provides complimentary installation of a public pay-per-use EV charger at the property. She noted that OCBC cardholders utilizing the EV chargers at these condominiums and commercial properties will get to enjoy a 10 percent rebate on the EV charging charges. She said the bank’s tie ups also extend offers for non-EV drivers to try out EVs at a discounted price with daily, weekly, 30-day, and yearly subscriptions, thus easing the decision to purchase an EV. Apart from 0 percent IPP for OCBC credit cardholders, she said debit cardholders are also eligible for all the other deals. She added that OCBC Bank is also working towards collaborating with other EV partners to offer its customers 0 percent IPP on their EV down payments. Last year, OCBC Bank became part of a relatively rare group of building owners in the city center to offer EV charging services, aligned with its quest to promote sustainability and climate-friendly practices. The chargers were installed at Menara OCBC by Petaling Jaya-based EV Connection Sdn Bhd (EVC) in Malaysia, a pioneer in the electric vehicle charging infrastructure and solution provider established in 2016. EVC is a registered electrical contractor with Energy Commission (Suruhanjaya Tenaga) Malaysia and a certified EV charger installer by TUV Rheinland. OCBC an established Singapore bank, formed in 1932 fromIt is now the second largest financial services group in Southeast Asia by assets. OCBC and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services. The bank’s key markets are Singapore, Malaysia, Indonesia and China. It has more than 420 branches and representative offices in 19 countries and regions. OCBC partners ADDX to launch tokenized equity-linked structured note

https://technode.global/2023/06/23/yinson-greentech-inks-partnership-with-pos-malaysia-to-launch-ev-charging-stations/

Yinson GreenTech inks partnership with Pos Malaysia to launch EV charging stations

Pos Malaysia BerhadPos Malaysia said in a statement that the EV charging stations are now available daily from 7am to 11pm at six Pos Malaysia post offices throughout the country including Shah Alam, Ipoh, Melaka, Seremban, Alor Setar and Johor Bahru. It said that the firm’s commitment to advancing sustainable mobility solutions and expanding access to sustainable energy sources is demonstrated through the installation of EV chargers. According to the statement, these chargers will be installed in phases, with plans to expand to additional post offices, ensuring greater accessibility for EV owners and supporting the growing number of electric vehicles in the country. Each outlet features 1 DC charger with two CCS2-type nozzles (fast charging) with 40kW power. It is noted that charging an EV up to 80 percent will require anywhere between 60 and 90 minutes, depending on the model of the EV. The chargEV chargers are designed to provide Pos Malaysia EV users with an optimal charging experience, delivering efficient and reliable charging performance. In parallel with this development and recent net-zero goals, Pos Malaysia recently deployed over 40 e-Bikes to deliver mail and parcels across the Klang Valley carbon-free. By the end of 2023, Pos Malaysia aims to have a combination of more than 200 e-Bikes and 140 e-Vans, across Peninsular Malaysia. “This partnership marks a big step in our ongoing commitment to environmental stewardship,” Pos Malaysia Berhad’s Group Chief Executive Officer Charles Brewer said. As Malaysia’s postal and courier provider, he said the firm embraces the responsibility to forge a path towards a more sustainable future. “We recognize the significance of integrating sustainability into every facet of our operations, ensuring that our legacy endures for generations to come,” he said. He also said by collaborating with an esteemed partner like Yinson, the firm can drive positive change in the realm of sustainable transportation and reduce range anxiety for EV users as it makes EV charging stations available at its post offices. “This demonstrates our unwavering commitment to lowering carbon emissions and advancing a greener future for Malaysia, and it perfectly complements our larger sustainability initiatives and net-zero goals,” he added. YGT Chief Executive Officer Eirik Barclay said that this partnership not only grows the firm’s comprehensive charging networks offering EV users with a convenient and seamless experience as they go about their daily lives but also benefit Pos Malaysia by lowering carbon footprint thereby taking the first step in playing a part in accelerating the net zero future. “Building on our aspirations to help businesses transition towards sustainability, we are pleased to have partnered with Pos Malaysia in rolling out our chargEV stations across these selected locations,” he said. According to him, this initiative also aims to encourage EV users to explore Pos Malaysia’s diverse range of offerings while charging their vehicles at pos office outlets. “Leveraging on our extensive network of over 600 locations and millions of square feet of retail and outdoor space, we have partnered with esteemed brands like Cafe Mesra, ZUS Coffee, Photobook and chargEV to introduce innovative solutions that enhance customer experience through special promotions tailored for EV drivers while charging their EV vehicles at selected outlets,” he added. It is noted that Pos Malaysia remains dedicated to delivering on its sustainability goals on multiple fronts, including its commitment to achieve net-zero carbon emissions by 2050. The firm is also a participating company of UN Global Compact (UNGC) and a member of the International Post Corporation (IPC) Sustainability Measurement and Management System (SMMS) program, and it actively contributes to managing sustainability and reducing the carbon footprint of the post and parcel industry. Yinson Greentech partners Plus Malaysia to jointly develop chargEV hyperpower DC fast charging hub

https://technode.global/2023/06/23/malaysia-to-take-action-against-facebooks-parent-meta-over-harmful-contents/

Malaysia to take action against Facebook’s parent Meta over harmful contents

The Malaysian Communications and Multimedia Commission (MCMC) announced on Friday it will take legal action against Meta, the parent company of Facebook as the company has failed to remove “undesirable contents” on the Facebook social media platform. In a statement, the MCMC said the Facebook platform has recently been plagued by a significant volume of undesirable contents relating to the aspects of Race, Royalty, Religion (3R), defamation, impersonation, online gambling as well as scam advertisements. “In response, the MCMC has reached out to Meta, parent company of Facebook to have such harmful contents removed from its platform,” the agency wrote. “Despite repeated requests from MCMC, Meta has failed to take sufficient action to address the issue of undesirable contents on its platform and has not fully cooperated with efforts to remove such contents. Meta’s response, which has been sluggish and unsatisfactory, has not met the urgency of the matter and has led to increasing public concern and scrutiny. ”As there is no sufficient cooperation from Meta, MCMC said it has no option but to take definitive steps or legal action against Meta as a measure to ensure that people are secure and protected in the digital sphere. The agency said such action is necessary in promoting accountability for cybersecurity and enhancing consumer protection against online harms, including fraudulent activities and scams. “MCMC is utterly intolerant towards any continuous and escalating abuse of online platforms and telecommunications, network or online facilities for malicious cyber activities, phishing, or any contents that threatens racial stability, social harmony and defies respect for the Rulers,” the agency added. The announcement also comes just ahead of elections in six states in the country. Facebook is Malaysia’s largest social media platform with an estimated 60 percent of its population of 33 million having a registered account, Stock exchange supports MCMC’s actionMeanwhile, in a separate statement on Friday, local stock exchange Bursa Malaysia has supported MCMC’s action to take action against Meta for failing to remove undesirable contents relating to amongst others, scam advertisements, on its platform. “The exchange has been the target of scams with ill-intentioned impersonation of Bursa Malaysia and its management on social media platforms – in particular Muhamad Umar Swift, its Chief Executive Officer,” the company said. The exchange said it has found an alarming number of these impersonations over Facebook, in fact over 60 pages this year, with a spike in recent months. As alerted through past media statements and social media postings, the exchange reiterate that these fake pages and sponsored advertisements have no relation to Muhamad Umar Swift nor the Exchange. “Any form of communication, other than via the exchange’s own verified and official website and social media channels, is not authorised or lawful, and is designed to mislead or cheat the public. This includes any form of communication purportedly from the exchange’s Chief Executive Officer or any of its Board members or personnel,” it said. While the exchange takes prompt action to raise attention to detected scams and report the cases, the exchange said it is very concerned that the time taken for removal of such pages by the relevant bodies, greatly increases the risk of innocent and unknowing members of the public revealing personal information and/or being duped, if they were to fall for such unauthorised solicitations or invitations. Even with the actions taken by the exchange, fake pages impersonating Muhamad Umar Swift with corresponding sponsored advertisements continue to emerge on Facebook and other social media sites. The alarming incidence and rise of these scams via fake pages are of serious concern and the Exchange calls on Meta and all other social media entities to take swifter action to minimise or prevent malicious, misleading and/or illegal activities. “Despite submitting recurring take down reports that establish a very simple and clear pattern of impersonation, we are very concerned that incidents of the same nature continue to occur. We need the relevant entities, including Meta, to put in place algorithms or checks to prevent, or quickly detect and put a stop to these blatant scams, which thrive on identity theft and fraud,” said Muhamad Umar Swift. Similar scam tactics have been found on other notable Malaysian figures and companies. “Meta as an organisation should take further steps to prevent confusion and fraud among its users, and reputational damage and negative brand association to the affected individuals or entities” he added. According to the MCMC, a total of 744 reports on online scams involving Facebook from January to May 25, 2023 were reported. Globally, there has also been calls by other jurisdictions for Meta to be more responsible or held accountable for abetting scams, Bursa Malaysia noted. “The public are advised to continue being vigilant and not fall prey to scams. They can also play a role in preventing online scams by reporting any scams that use Bursa Malaysia’s name, logo, or representative. The exchange would like to reiterate to the public that Muhamad Umar Swift and other Bursa Malaysia representatives do not and will not run sponsored advertisements nor issue invitations to ‘exclusive stock tips’ groups,” it added. Facebook-parent Meta to cut 10,000 jobs in second round of layoffs

https://technode.global/2023/06/23/bridge-data-centres-expands-data-center-at-malaysias-mranti-park/

Bridge Data Centres expands data center at Malaysia’s MRANTI Park

Bridge Data Centres (BDC)This expansion provides an additional 48 MW of information technology (IT) power to hyperscalers and enterprises in Malaysia and Asia Pacific, BDC said in a statement. According to the statement, BDC has signed an agreement with Malaysian Research Accelerator for Technology & Innovation (MRANTI), Malaysia’s central research and innovation commercialisation agency, to develop three buildings and a 132kV substation in MRANTI Park. With the expansion, MY03 will offer a total IT power capacity of 64 MW. The expansion project comprises two phases. Phase One is planned to be ready for service with 16MW by the third quarter of 2025. Phase Two is scheduled to begin operations by the fourth quarter of 2027. This development further reinforces MRANTI Park as a thriving technology hub for the global community, accelerating business growth and success. It is noted that the establishment of the data center campus in MRANTI Park entrenches Malaysia as a desired destination for data center investment in the Asia Pacific region. Located strategically in the vicinity of central Kuala Lumpur, MRANTI Park spans across a vast area of 686 acres and strategically supports the entire innovation process with a focus on driving the commercialization of “impact technologies” in key industry sectors to foster sustainable development. “Last year, we introduced a comprehensive and integrated approach to transform MRANTI Park from a property-focused sector into a leading 4IR hub in Malaysia, “This Master Plan aims to achieve a gross development value of RM20 billion, land leases worth MYR 2.8 billion ($600 million), and the creation of 8,000 jobs by 2027,” said Dzuleira Abu Bakar, Chief Executive Officer of MRANTI. According to her, the agency recently launched the country’s national testbed for 5G through the government-led MRANTI 5G Experience Centre to fast-track new innovations in a more enriching data-driven future. “Today, we are excited to announce the expansion of Bridge Data Centres within MRANTI Park, aligning perfectly with MRANTI Park’s expansion strategy,” she added. Meanwhile, the Malaysian Investment Development Authority (MIDA) Chief Executive Officer Wira Arham Abdul Rahman said the project serves as a testament to investors’ trust and confidence in Malaysia as a strategic, conducive and sustainable data centre investment destination in the region. He said MIDA will continue to facilitate BDC’s strategic initiative in creating market ready talent and providing cutting-edge technologies to local businesses, especially small and medium-sized enterprises (SMEs), thereby expediting Malaysia’s growth into a high-income nation. Malaysia Digital Economy Corporation (MDEC) Chief Executive Officer Mahadhir Aziz said that the BDC’s expansion in Malaysia not only addresses the surging demand for digital transformation but also underscores the country’s unwavering commitment to advancing Malaysia’s position as the digital hub of ASEAN. “By catalyzing growth in the digital economy through our Malaysia Digital (MD) national strategic initiative and PEMANGKIN programs, we are fostering an ecosystem that propels Malaysia to the forefront of high-value investments,“Together with BDC, we are poised to serve evolving digital infrastructure needs and forge a path towards a future defined by innovation and success,” he added. BDC President Dz Shing Lim said the firm’s expansion in Kuala Lumpur further strengthens its position as Asia Pacific’s data centre solutions leader. He said that this strategic investment allows the firm to better serve its clients’ evolving needs with best-in-class data center solutions and contribute to Malaysia’s digital transformation journey. Tho Lye Yit, Vice President, Design at BDC, said that the state-of-the-art facility will feature sustainable features, energy-efficient power and cooling technology and multiple network connectivity to ensure uninterrupted operations and optimal performance. BDC is a provider of data center solutions in Asia Pacific, with presence in Malaysia, India and Thailand. The firm has data center operations in Malaysia, India and Thailand. The firm delivers built-to-suit data center services ranging from planning, design, construction to operations. It is committed to achieve carbon neutrality in all hyperscale data centers by 2040. Princeton Digital acquires land from JLand to develop 150MW data center campus in Malaysia

https://technode.global/2023/06/23/yinson-greentech-partners-plus-malaysia-to-jointly-develop-chargev-hyperpower-dc-fast-charging-hub/

Yinson GreenTech partners Plus Malaysia to jointly develop chargEV hyperpower DC fast charging hub

Malaysian green technologies solutions provider Both parties said in a statement that YGT has through its joint venture company Green EV Charge Sdn Bhd (GEV) signed a memorandum of understanding (MoU) with PLUS. According to the statement, the fast charging hub will also incorporate mobility retail including food and beverage outlets and other amenities along with multiple fast electric vehicle (EV) chargers as an introduction to a brand-new concept of EV charging to Malaysians. To date, YGT has upgraded one alternate current (AC) EV charging point to a direct current fast charger (DCFC) at Ayer Keroh Overhead Bridge Restaurant (Southbound). Through the MoU, YGT will will upgrade and provide a further five DCFC chargers at the rest and service areas (RSA) at Tapah (Southbound), Dengkil (Southbound), Gunung Semanggol (Northbound), Pagoh (Southbound) and Seremban (Northbound). Malaysia’s first fast charging hub will be located at PLUS Seremban RSA (Southbound) featuring eight charging bays and each, with a power output of up to 350kW, is able to fully charge an EV within 20 minutes. The collaboration will leverage on the expertise of both parties and will maximize mutual benefits, expanding and enhancing products and services, as well as the strategic innovation. The MoU will establish a strong working relationship between YGT & PLUS and sets up effective mechanisms for effective project implementation together. The combined effort supports the nation in providing EV infrastructure aligned to the low carbon mobility blueprint (LCMB). Both parties will also collectively work to develop new ideas that will cater to the growth of the EV market, such as Malaysia’s first fast charging hub with dynamic load balancing technology or the level 3 DC charging solutions which allow optimal and efficient charging power among charging stations. This ensures a faster and more reliable charging experience for EV users. “Our National Automotive Policy (NAP) is focused on developing the whole ecosystem for Next Generation Vehicles (NxGV), which includes energy efficient vehicles (EEV) and the necessary nationwide charging network, “To that end, YGT and PLUS’s collaboration on Malaysia’s first chargEV hyperpower DC fast charging hub supports the NAP’s strategy to enhance the EV industry’s value chain,” said Zafrul Aziz, the Minister of Investment, Trade and Industry in Malaysia. Apart from helping to fulfil our national target to have 10,000 charging points by 2025, he said the partnership also supports Malaysia’s goal to be carbon-neutral by 2050. “MITI expects this collaboration to also benefit small and medium-sized enterprises (SMEs) in the domestic supply chain, as well as Malaysians working in industries such as electrical and electronic products (E&E) and automotive,” he added. Meanwhile, Yinson Holdings Berhad Group Executive Chairman Lim Han Weng said that this partnership encapsulates both parties’ joint commitment to work together to expand their complementing solutions. “It marks another exciting step towards our shared goal of ultimately accelerating the electrification of the marine, mobility, and infrastructure ecosystem in Malaysia in line with the country’s aim to become a carbon neutral nation by 2050,” he said. Yinson GreenTech Chief Executive Officer Eirik Barclay also said that as the leading EV charging infrastructure provider in Malaysia, chargEV is excited to work alongside PLUS, to introduce innovative products and solutions to support the ever-growing EV needs of PLUS’ customers. He said the firm’s aim is to make EV charging readily available and easily accessible. “As we are completely confident that the market share for EVs will continue to accelerate very rapidly in the coming years, we want to ensure that Malaysian EV users will have access to the fastest and most reliable charging experience possible,” he added. PLUS Managing Director Nik Airina Nik Jaffar noted that PLUS operates a highway network that spans over 1,130km. Being the backbone of Malaysia’s highway infrastructure, she said PLUS plays a significant role in shaping and contributing to the sustainable development of the nation. She also said PLUS collaborated with Ministry of Works (MoW) and Malaysian Highway Authority (MHA) to develop an EV charging station roadmap, aimed to achieve 100 DCFC charge points by 2025. “As at 2022, twenty chargers have been energized. This year alone, there will be another twenty charge points available along the PLUS highways,“This collaborative initiative will promote low carbon mobility practices among Malaysians, accelerate the country’s EV adoption and be a catalyst towards achieving the government’s 2050 carbon neutral aspirations,” she added. GEV is a joint venture between YGT and GreenTech Malaysia Alliances Sdn Bhd, a wholly owned subsidiary under the Malaysian Green Technology and Climate Change Corporation, a government agency under the purview of the Ministry of Natural Resources, Environment & Climate Change. The joint venture is tasked to roll out the commercialization, operation, and maintenance of charging infrastructure in Malaysia through chargEV. Yinson partners AEON to develop Malaysia’s largest retail EV charging network

https://technode.global/2023/06/23/malaysias-iskandar-investment-provides-access-opens-doors-for-tech-startups-through-matchmedini-pitching-program/

Malaysia’s Iskandar Investment provides funding access, opens doors for tech startups through Match@Medini pitching program

Editor’s note: Iskandar Investment BhdThe collaboration aims to revolutionize the start-up ecosystem, promote sustainable innovation and unlock investment opportunities. It reinforces Iskandar Investment’s position as a digital innovation hub and align with Malaysia sovereign fund “We are proud to host the Match@Medini platform which provides a comprehensive ecosystem where start-ups can interact with venture capitalists, investors, and other key stakeholders. Joining forces with DHL and Thought for Food in this strategic collaboration marks a significant milestone in our efforts to drive digital innovation and foster entrepreneurial growth. This platform also sets to give the start-ups access to funding including from the Khazanah Dana Impak,” Iskandar Investment President & Chief Executive Officer Idzham Mohd Hashim said. “The start-ups must establish their presence in Medini and availing themselves to the supportive resources provided by Iskandar Investment. They can position themselves for accelerated growth and seize the numerous opportunities available within Medini Iskandar Malaysia. Through the Match@Medini platform, Iskandar Investment would be able to further establish the Net Zero Carbon Central Business District (CBD) in Medini, to further demonstrate our commitment to sustainability and innovation,” he added. At Match@Medini, a pilot program under the TechMedini initiative, 20 tech startups from Malaysia and overseas have the opportunity to pitch their groundbreaking ideas to local and regional investors. The event on Tuesday also witnessed the presence of 22 venture capital firms, funding partners, corporations, and government agencies including Malaysia Digital Economy Malaysia (MDEC), Malaysia Research Accelerator for Technology and Innovation (MRANTI), Cradle Fund, Gobi Partners, Genesis Ventures, Vynn Capital, The Hive Southeast Asia, RHL Ventures, Johor Corporation, among others. Iskandar Investment said it will be the bridge between Malaysian start-ups and local and regional investors to facilitate access to fundings. Among them is Khazanah Nasional. Through its Future Malaysia Program, the sovereign wealth fund has committed MYR6 billion ($1.29 billion) over five years as part of its ‘Dana Impak’ mandate, a key pillar of the Advancing Malaysia strategy. According to a statement on Thursday, an initial amount of approximately MYR180 million has been deployed by Khazanah through its Future Malaysia Program to support the local start-up ecosystem by working with established local and international venture capital managers as well as corporate venture programs based in Malaysia. Themed “Food Logistics Innovation”, the pitching event on Tuesday also saw the attendance of Penjana Kapital, an MYR600 million ($129 million) VC fund-of-funds under the Ministry of Finance of Malaysia. Penjana Kapital has commended the effort by Iskandar Investment to showcase investment opportunities outside of Klang Valley, particularly in Johor. Other investors also expressed their enthusiasm for the showcased ideas, underscoring the significant interest in the entrepreneurial landscape. The collaboration between Iskandar Investment, DHL and Thought for Food is a testament to their shared vision of driving digital transformation, fostering sustainable innovation, and contributing to the economic growth of the start-up ecosystem. Together, these organizations are poised to empower start-ups, stimulate economic progress, and realize Malaysia’s digital potential. By bringing together all key stakeholders in the tech sectors, Iskandar Investment aims to foster strategic partnerships and build a strong funding ecosystem. “We are grateful and excited to announce that our startup has managed to gain access to funding for our business, via the Match@Medini initiative. This will serve as a catalyst for our growth and propel us towards new horizons. Together with our dedicated team, passionate stakeholders, and the backing of our investors, we are confident that this will take us to greater heights,” Greenbugs spokesperson Ang Ker Soon said. Greenbugs is a health food business that set up in Medini. Besides Greenbugs, startups that attended the pitching session include robotics firm Sai Robotics Enterprise, agritech firm Ripe, biotech firm GreenCop, Medtech company “We did enjoy the event and we think more of such pitching sessions should be held. It’s always good to know how other startups are doing and the event helps us to expand [our] network. The startup ecosystem will become stronger as well,” GreenCop Co-Founder and Project Director Sng Yee Ching told Iskandar Investment, a majority-owned investee company of Khazanah, is committed to building an inclusive and sustainable metropolis of the future in Iskandar Puteri, Johor, Malaysia. The company also plays a crucial role in transforming Iskandar Malaysia into a renowned regional metropolis. Established in November 2006, Iskandar Investment focuses on catalytic projects to enhance Iskandar Malaysia’s appeal as an investment destination. It concentrates on developing Iskandar Puteri in sectors such as education, creative industries, tourism, leisure, and health and wellness. Notable achievements of Iskandar Investment include successful partnerships in projects like EduCity, LEGOLAND® Malaysia Resort, Iskandar Puteri, Medini, and other infrastructure developments under the 9th Malaysia Plan. Iskandar Investment is committed to promoting sustainable growth and inclusive development in Iskandar Malaysia, creating employment and income opportunities for the local community. Iskandar Malaysia is a special economic zone located in the southern part of Johor, Malaysia. The Iskandar Malaysia zone, three times bigger than Singapore, is expected to be Malaysia’s largest economic zone upon completion in 2025. The government expects it to create 800,000 jobs and attract around $100 billion in investment over 25 years, according to earlier reports. MYStartup partners Maxis, Petronas, Cyberview and airasia academy to support Malaysian startups

https://technode.global/2023/06/21/mystartup-partners-maxis-petronas-cyberview-and-airasia-academy-to-support-malaysian-startups/

MYStartup partners Maxis, Petronas, Cyberview and airasia academy to support Malaysian startups

MYStartupMYStartup said in a statement on Wednesday that it has inked strategic partnerships with the companies. It said the collaborations with these companies mark a significant milestone in developing the local startup ecosystem, paving the way for exponential growth as it nurtures a culture of innovation in Malaysia. As part of MYStartup’s efforts in building up and strengthening the Malaysian startup ecosystem, major corporations have been identified as strategic partners to ensure the ecosystem’s holistic growth. The series of Memoranda of Understanding (MoUs) were signed since early 2022 as MYStartup reaffirms its commitment to providing a platform for entrepreneurs and startups to grow and scale. MYStartup said that these dynamic and impactful partnerships will not only enrich the funding landscape in the country but will also open doors for the ecosystem to thrive regionally and globally. Ahmad Kashfi Alwi, Senior Vice President, Ecosystem Development, Cradle, said the collaborations with the companies signify a collective commitment to fostering the growth and success of startups in Malaysia. “By leveraging each partner’s expertise, resources and networks, we can create an enabling environment where startups can thrive, innovate, and make a lasting impact,” he added. According to the statement, collaborating with Maxis provides startups with opportunities to engage in Maxis-organized programs and engagements, fostering potential commercial partnerships and project developments. Moreover, startups participating in the MYStartup Accelerator Program will have the chance to connect with Maxis for future business and potential funding opportunities. Startups in the emerging fields such as artificial intelligence, machine learning, smart city and education“We are excited about the partnership with MYStartup, which aligns with our commitment to supporting innovation and driving digital transformation in business across Malaysia,“Through this collaboration, we aim to foster a vibrant startup ecosystem, nurturing the next generation of entrepreneurs and contributing to the nation’s digital economy,” said Loh Keh Jiat, Chief Marketing Officer, Maxis. Meanwhile, the partnership with Petronas opens up opportunities for startups in Malaysia to access their go-to-market platform via the Petronas FutureTech Accelerator Program, allowing them to achieve improved funding and investment opportunities and any technology acquired. Furthermore, the MoU signed also raises potential for startups in the MYStartup ecosystem to collaborate with corporate partners under the Petronas FutureTech 3.0 program, such as Tenaga Nasional Berhad (TNB), DRB-HICOM, Gentari, Khazanah Nasional, Sembcorp, Hyundai Motor Company and Vitol, in addition to benefitting from potential investments of the local and regional venture capital firms. “As a catalyst for progress, we at Petronas are constantly finding ways to support the growth of startups in Malaysia,” said Arni Laily Anwarrudin, Head of Petronas Ventures. According to her, the firm’s partnership with MYStartup is the perfect example of this. “We believe that by working together, we can create a conducive environment for startups to thrive while driving technology adoption and business transformation,” she added. Cyberview, the force behind Cyberjaya’s rapid development, also offers various perks and benefits to the startups under the new partnership. These include special rental rates within Cyberjaya premises, and as access to various opportunities for business growth and expansion. On top of MYStartup’s platform facilitating networks and connections with potential investors and business partners, through Cradle and Cyberview, startups will also be able to connect with angel investors from the Malaysian Business Angel Network (MBAN), opening doors for potential funding opportunities. Started in December 2022, MYStartup’s partnership with airasia academy will also make knowledge and education fundamentals more accessible to its startup community, helping entrepreneurs and startups accelerate their upskilling efforts through accessible guided learning content. Through airasia academy’s on-demand learning programs, startups will gain access to learning content that were designed to accelerate their growth. The instructor-led training courses also offer certification modules covering crucial areas such as Digital Marketing, Cybersecurity and Software Engineering. This partnership empowers startups with the knowledge and skills necessary to thrive in today’s competitive landscape. MYStartup Strategy consists of several programs which aim to strengthen the startup ecosystem and community in Malaysia. Among them are the MYStartup Roadshow, MYHackathon, MYStartup Pre-Accelerator, MYStartup Accelerator, MYStartup Internship and MYStartup Mentorship. The programs aim to ensure startups are thoroughly guided starting from the ideation stage, trained, supported and have the opportunity to highlight their company profile to attract foreign investors. The MYStartup Program is part of the Malaysian Startup Ecosystem Roadmap (SUPER), while Cradle as the focal point agency for the startup ecosystem which has been mandated to ensure that this strategy benefits the startup ecosystem as a whole. This effort is also in tandem with MOSTI’s target of creating 5,000 start-ups and producing five unicorn-status companies by 2025. Malaysian government launches MYStartup NXT to create sustainable startup ecosystem

https://technode.global/2023/06/21/funding-societies-introduces-shariah-compliant-guaranteed-islamic-investment-note-in-malaysia/

Funding Societies introduces Shariah-compliant Guaranteed Islamic Investment Note in Malaysia

Following the launch of its comprehensive Islamic financing solutions recently, This new offering provides investors with an opportunity to diversify their portfolios through short-term, Shariah-compliant investment notes, Funding Societies said in a statement on Wednesday. Cited the Securities Commission’s 2022 Annual Report, it said that MYR 368.13 million ($79.19 million) out of MYR 1.7 billion ($370 million) was raised via Shariah-compliant investments on peer-to-peer (P2P) or SME digital financing and equity crowdfunding (ECF) platforms. With the growth potential in this sector, it said fintech players have been identified as key enablers for innovative solutions in the halal economy and Islamic social finance. By introducing Shariah-compliant options for both SMEs and investors, Funding Societies said it aims to contribute to the development of the Islamic capital market ecosystem as envisioned by the Securities Commission. “We are proud to introduce our first-ever Shariah-compliant guaranteed investment product on the heels of our comprehensive SME Islamic financing solutions launch in May,“Investors now have the opportunity to diversify their portfolios with Shariah-compliant guaranteed investments which, in turn, helps close the MYR 90 billion ($19.36 billion) SME financing gap by supporting Malaysian SMEs to grow and expand their business,” said Chai Kien Poon, Country Head, Funding Societies Malaysia. As an SME digital finance platform, Funding Societies provides financing to micro, small, and medium enterprises (MSMEs) through investment notes funded by retail, high-net-worth, and institutional investors. Payments from MSMEs, including both principal and returns, are collected by the platform and distributed to investors according to the agreed schedule, which can extend up to 24 months. Funding Societies has disbursed over MYR 2 billion ($430 million) in financing in Malaysia since its inception in 2017, offering MSMEs a hassle-free capital solution. With no collateral requirement and quick disbursement turnaround time, MSMEs, including aspiring young entrepreneurs and those from disadvantaged backgrounds, can obtain the necessary funding to expand their businesses and increase their income. “In addition to providing accessible financing to creditworthy underserved SMEs, we have set a low minimum investment amount for our investors, “Starting from just MYR 100 ($21.51) per note, investors can enjoy guaranteed gross returns of up to 8 percent per annum,” said Chai. The GN-i follows commodity murabahah principles through a Tawarruq arrangement, combined with a kafalah (guarantee) contract. In the event of SME default, the guaranteeing entity assumes the payment obligations and compensates the investors accordingly. Funding Societies | Modalku is the largest unified SME digital finance platform in Southeast Asia. It is registered with the Securities Commission Malaysia (SC), as well as licensed in Singapore, Indonesia, and Thailand, and operates in Vietnam. The firm is backed by SoftBank Vision Fund 2, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others. The FinTech company provides business financing to SMEs, which are funded by individual and institutional investors. In eight years, Funding Societies has helped finance over 5.1 million business deals close to MYR 14 billion ($3.01 billion) in funding. Funding Societies partners CGC to launch SME Portfolio Guarantee to improve Malaysian SMEs digital financing access

https://technode.global/2023/06/19/carro-invests-in-malaysian-content-provider-driven-communications/

Carro invests in Malaysian automobile content provider Driven Communications

CarroCarro said in a statement that Driven Communications comprises a portfolio of websites including paultan. org (automotive review and news vertical content), carbase. my (buyer’s guide) and oto. my (used car classifieds). According to the statement, paultan. org is amongst the first and the largest independent automotive review website in Malaysia, drawing monthly active visits of up to 6 million traffic organically and regularly ranks as the top most visited automotive website nationwide. With an emphasis on independent reviews and editorials, it said paultan. org has grown to be a household brand with a huge loyal following. As part of the investment, Driven Communications co-Chief Executive Officers (CEOs) Paul Tan and Harvinder Singh will continue to helm the business. The board of directors will remain unchanged and employees will be assured continued employment. Driven Communications will also continue to have complete autonomy over its editorial direction and decisions. The investment is expected to be completed within two months. “We welcome Carro’s strategic investment and our shared vision of a better, digitalized, transparent automotive used car ecosystem,” said Paul Tan, Founder and co-CEO of Driven Communications. Like many businesses, he said Driven Communications suffered financially during COVID-19. “We are thankful for Carro’s future support that will protect our sites that loyal fans have come to love, save jobs and ensure continued independent reviews,” he added. Harvinder Singh, co-CEO of Driven Communications, said the firm is thrilled to know that Carro respects its editorial independence, its work with its customers and encourages them to charge arm’s-length commercial charges to Carro group of companies. “With this investment, we are looking forward to achieving profitability and growth beyond Malaysia,” he added. Aaron Tan, Co-Founder and Chief Executive Officer of Carro, said the firm has been working with Driven Communications for nearly two years. “They helped us launch our first myTukar Autofair in Malaysia and their digital online reach was incredible. Feedback from other automotive participants has been amazing; original equipment manufacturer (OEMS) and end-customers alike rely on them, “It would be a shame that it does not have the right resources and tools to scale higher,” he added. Strategically, this investment is also a proactive move to promote openness and independence. Recent acquisitions of automotive classifieds and sites by fellow industry players have resulted in multiple dealers/platforms being blocked. This stifles healthy competition and customer access across the region, and Carro hopes to change. “We are believer that classifieds and other services under Driven Communications should continue to be made available to their existing clientele, as well as our customers, dealers and competitors – a move we hope all classifieds emulate, given the Malaysian government initiative to break down monopolies and anti-competitive behavior,” Aaron Tan said. He said the firm also strongly supports its role to freely shape industry awareness and disseminate relevant information that will benefit end-customers and the industry, underpinned by facts and professional journalism. “We aim to maintain a non-controlling stake and welcome other industry participants to jointly invest and support Driven Communications continued growth,” he added. Ernest Chew, Chief Financial Officer of Carro, said the firm’s investment and support gives Driven Communications room to achieve immediate positive net income, putting them on a stable financial standalone footing with strong earnings growth potential. “We believe it has the makings of a financially attractive investment for new investors,” he added. Founded in 2015, Carro is Southeast Asia’s largest used car marketplace. By offering a trustworthy and transparent experience, Carro transforms the traditional way of buying and selling cars through proprietary pricing algorithms, artificial intelligence (AI)-enabled capabilities, and innovative technological solutions. Carro holds a strong presence in key markets across Asia Pacific, including Malaysia, Indonesia, and Thailand, and has recently expanded its reach to Japan and Taiwan. The unicorn startup is supported by more than 4,500 employees across Asia-Pacific and has raised over $1 billion in debt and equity from Temasek, Softbank Vision Fund and several other sovereign funds. Incorporated in 2008, Driven Communications is an integrated digital content and marketing services agency with a focus on the automotive industry. Driven Communications also offers specialized marketing services for automotive brands including event management, digital solutions, photography and videography services. Carro and Jardine Cycle & Carriage ink $60M automotive strategic partnership

https://technode.global/2023/06/19/malaysia-announces-measures-to-boost-capital-market-vibrancy-and-competitiveness/

Malaysia announces measures to boost capital market vibrancy and competitiveness

Malaysia has on Monday announced several measures to boost capital market vibrancy and competitiveness. The capital market regulators said in a statement that they commit to explore ways to reduce market friction and shorten time-to-market for initial public offerings. To widen the pool of investors, the Ministry of Finance (MOF) and Securities Commission Malaysia (SC) will also look at policies to facilitate and attract the setting up of family offices in Malaysia; to promote corporate venturing to drive greater domestic direct investment through more facilitative tax and incentive policies; and to widen the definition of sophisticated investors to include angel investors. The measures announced including a reduction of the stamp duty rate for the trading of listed shares on Bursa Malaysia from 0.15 percent to 0.10 percent, while the stamp duty cap is maintained at MYR 1,000 ($216) for each contract. This change, which take effect in July, will directly lower the cost of transactions, especially for retail investors, who are particularly sensitive to costs. According to the statement, the short-term and medium-term measures address three key pillars essential to the growth and development of the capital market in Malaysia: creating market vibrancy with greater participation opportunities for the Malaysians; attracting larger pool of investors to support financing for small, medium enterprises and new economy companies; and enhancing Malaysia’s competitiveness to strengthen market confidence. “The SC’s commitment to maintain the capital market’s resilience and competitiveness is of the utmost priority,” said SC Chairman Awang Adek Hussin. According to him, the capital market initiatives announced will boost greater trading participation and access to financing in the market, encouraging the growth of innovative companies and fostering greater diversity and inclusivity in the industry. “We aim to empower issuers and investors by creating a business-friendly environment through relevant support and incentives,“The SC is optimistic that these efforts will create a more vibrant capital market to drive economic growth in the country,” he added. Bursa Malaysia Chief Executive Officer Muhamad Umar Swift also said the stock exchange is confident that the proposed measures, along with the existing development initiatives, will stimulate market activity and create a more dynamic and liquid market environment. “A liquid and strong performing capital market has tremendous benefits to numerous stakeholders, and the economy as a whole,More importantly, the measures will widen affordable investment choices for the Malaysians, and deepen investor interest in our market, leading to Bursa Malaysia being a destination of choice for fundraising,” he said. According to him, the multi-pronged measures by the Malaysian government and market regulators reflect the intent to create a conducive environment for a thriving capital market, recognizing the pivotal role played by a well-functioning capital market in fostering robust economic growth. “The capital market regulators reinforced their commitment to ensure that the capital market is competitive and vibrant, while supporting the economic needs of Malaysia,” he added. The SC and Bursa Malaysia said they will continue to work closely with the the MOF, industry partners and other relevant bodies to explore further holistic measures towards ensuring an inclusive and sustainable capital market. Securities Commission Malaysia revises venture capital and private equity framework

https://technode.global/2023/06/19/worq-on-track-to-double-total-space-under-management-to-200000-sqf-by-year-end/

WORQ on track to double total space under management to 200,000 sqf by year end

WORQIts Co-Founder and Chief Executive Officer Stephanie Ping said in a statement that building on the strength of the firm’s proven business model, WORQ is steadily progressing with its expansion strategy. With its current asset-light strategy, WORQ said it has established successful partnerships with real estate firms to repurpose underutilized office spaces into their distinctive coworking solutions equipped with state-of-the-art amenities and a comprehensive platform offering a range of supplementary services for enterprise, small and medium-size enterprise (SME) and startup clients. It is noted that since its inception in 2017, WORQ has successfully launched six new outlets and maintained profitability even during the challenging pandemic period. Meanwhile, the firm has on Monday launched WORQ Express on Pulau Perhentian, Malaysia, a revolutionary mobility solution that enables professionals and digital nomads to work flexibly from anywhere, by reducing commuting time and boosting productivity. According to WORQ, this collaboration with Alunan Perhentian Sdn Bhd (Alunan Resort) signifies its dedication to transforming the coworking landscape by offering self service workspaces and meeting rooms to cater to the evolving needs of remote workers. The collaboration also demonstrates WORQ’s unique strength in partnering with property developers to transform and unlock the potential of underutilized spaces across various property types, including hotels, office buildings, shopping malls and residences. WORQ said the firm has ambitious plans to extend the convenience and flexibility of WORQ Express to multiple locations across Malaysia. With a strategic focus on untapped markets, WORQ aims to establish WORQ Express in high-traffic areas such as shopping malls, train stations and airports, providing professionals with accessible and flexible workspace options. WORQ said the firm is committed to creating an extensive network of workspaces that redefine the concept of work, empowering individuals to be productive wherever they may be. Being the brand’s first outlet outside of central Malaysia, this coworking space in partnership with Alunan Resort, occupies two rooms, with a meeting room and a hot desk area that operates 24/7. Guests can easily utilize the space on-demand, with a unique access code generated upon booking through WORQ’s system. Ping said the launch of WORQ Express at Alunan Resort signifying the firm’s foray into reutilizing and unlocking the potential value of spaces across various property types. With WORQ Express, she said the firm is introducing mobility solutions that not only reduce commute time but also enhance productivity. Cited a study by Cisco (2022), she said the majority of employees in Malaysia (68.1 percent) reported saving over four hours of commute time per week by embracing hybrid work“This is just the beginning, as we have ambitious plans to roll out WORQ Express across Malaysia, empowering individuals to work flexibly and efficiently from anywhere,” she added. According to the statement, WORQ Express offers workers the ultimate freedom to be productive on the go. It provides a range of creative and collaborative spaces with high speed internet and meeting room amenities, designed to meet the diverse needs of professionals and digital nomads. The spaces offer ideal environments for small group meetings or discussions, featuring vibrant and collaborative spaces. Additionally, quiet zones are available for private work or important virtual meetings, ensuring professionals have a peaceful and productive space to focus on their tasks. Enhancing work-life balance and overall well-being WORQ Express plays a significant role in fostering work-life balance and enhancing overall well-being for individuals. With its flexible workspaces accessible from anywhere, WORQ Express enables professionals to prioritize personal activities, resulting in a seamless integration of work and personal life. Cited Cisco study, WORQ highlighted the positive impact of hybrid working, with 79.3 percent of Malaysian employees experiencing an improvement in their overall well-being and 86.2 percent reporting increased happiness. “We firmly believe in the concept of a ‘work + meaningful holiday’ experience and our collaboration with WORQ takes it to the next level. ” said Sany Ismail, Co-Founder of Alunan Resort. Malaysian PropTech firm LiveIn acquires property management firm KT Management

https://technode.global/2023/06/19/mranti-ceo-dzuleira-abu-bakar-resigns-after-4-5-years-services/

MRANTI CEO Dzuleira Abu Bakar resigns after 4.5 years of service

The Board of Directors (Board) of the MRANTI said in a statement that Dzuleira has decided to pursue other career opportunities although her contract was renewed early this year. It noted that Dzuleira will continue to serve at MRANTI until early September. Dzuleira was first appointed the CEO of Malaysian Global Innovation and Creativity Center (MaGIC) and subsequently appointed the CEO of Technology Park Malaysia (TPM) to lead the merger of MaGIC and TPM, which resulted in the incorporation of MRANTI. This was part of the government’s larger efforts to restructure and consolidate its agencies to ensure that they are well positioned to execute the National Science, Technology and Innovation Policy (DSTIN) and the Malaysian Science Technology Innovation and Economic Development Framework (MySTIE 10-10). The MRANTI Board of Directors said they recognizes Dzuleira’s dedication, outstanding leadership and invaluable contribution over the years. They said that during this time, she has effectively raised the visibility and value of Malaysian technology and innovation by addressing societal and sectoral issues locally and globally. They said that within several months of taking office, Dzuleira spearheaded the launch of the MRANTI Park Master Plan – an integrated and comprehensive approach to develop a Fourth Industrial Revolution (4IR) hub from prime real-estate. The MasterPlan aims to achieve a gross development value of MYR 20 billion ($4.32 billion), MYR 2.8 billion ($610 million) in land lease, as well as create 8,000 jobs by 2027. To date MRANTI Park has secured MYR 1.12 billion ($240 million) in land lease value and a total of 132.56 acres for new land sub-lease, an increase of 250 percent and 112 percent respectively since her entry. Under her leadership, Dzuleira also founded several facilities within the Park to support innovators at various stages of the life cycle. This includes a 5,000 square feet MakersLab for prototyping, a 5-acre drone centre of excellence, an Autonomous Vehicle Living Lab for live environment testing, 10-acre integrated healthcare cluster and 5G Experience Centre which serves as a national testbed for 5G innovation and enterprise-grade proof of concepts. It is also noted that Dzuleira is a strong advocate in Malaysia’s drone tech ecosystem. MRANTI through MOSTI is the lead coordinating agency for the Malaysian Drone Technology Action Plan 2022-2030 (MDTAP30), a national initiative to support the drone ecosystem. Malaysia’s drone industry is ranked 21st in the global Drone Readiness Index, up from the 30th spot and ranking higherThis puts the drone industry in Malaysia on a clear growth trajectory with the potential to contribute MYR 50.71 billion ($10.97 billion) to the country’s gross domestic product (GDP) and create 100,000 job opportunities by 2030. This an early outcome of the MDTAP30 and other initiatives which involve strong collaboration by multiple agencies and stakeholders. During her tenure, MRANTI was appointed as lead secretariat for the National Technology and Innovation Sandbox (NTIS), leading to 24 commercializations, generating MYR 51.8 million ($11.2 million) in sales revenue. MRANTI was also tasked to run key national programs such as Program Penggunaan Barangan dan Perkhidmatan Hasil R&D Tempatan Melalui Perolehan Kerajaan (MySTI), Malaysia Commercialisation Year Summit 2023 and Malaysia Techlympics 2022. “Having established the core pillars of talent, infrastructure, operational systems and processes as well as our strategic plan, I believe MRANTI can now advance in creating new socio-economic value through the commercialisation of research and development (R&D), which will strengthen the country’s trajectory to become a high-income, high technology nation,“I am committed to ensuring a seamless transition before my departure and to ensure the track is well-laid for MRANTI’s continued contribution and growth,” said Dzuleira. In the meantime, a management committee will be activated as part of the transition plan to oversee the agency’s operations during the process of appointing a new CEO. Programs and projects in MRANTI’s pipeline will progress as planned, with the respective management team heads ensuring their successful implementation. MRANTI invites high growth Malaysian startups for global expansion

https://technode.global/2023/06/19/carsome-completes-latest-financing-round-bringing-liquidity-position-to-200m/

Carsome completes latest financing round, bringing liquidity position to $200M

Malaysia-based integrated car e-commerce platform Cementing confidence in Carsome’s profitability targets and new ecosystem initiatives, this funding round saw broad-based participation from Carsome’s existing investors, including 65 Equity Partners, Seatown Private Capital Master Fund, Qatar Investment Authority, Gobi Partners, and Asia Partners, Carsome said in a statement. According to the statement, the funding also attracted a long-term debt facility from a new investor, EvolutionX Debt Capital (EvolutionX), a growth-stage debt financing platform that provides an alternative source of financing to technology companies in Asia. It is noted that in 2022, the group’s revenue grew 250 percent to $1.5 billion, with the newly established regional retail line Carsome Certified contributing 35 percent of total revenue. In the first quarter this year, Carsome hits an operational profitability milestone for the first time on the back of significant growth in trade margin, which doubled compared to the same period last year. Notably, more than 80 percent of the trade margin came from transaction margins, leaving a huge potential upside for ancillary revenue, especially given its increasing focus on ecosystem offerings, including financing, insurance, and aftersales. Carsome Service Centers (CSC), as an example of after-sales offerings, have seen more than 100 percent month-over-month growth since its launch at the end of last year and are expected to reach nationwide coverage in Malaysia by the end of the third quarter of 2023. The group today owns the largest auto digital audience footprint of more than 15 million monthly active users through its content and media ecosystem, including theIn addition to achieving over 30 percent growth in revenue and reaching profitability as independent business units of the group, Carsome’s ecosystem companies have also contributed to a 60 percent reduction in the group’s customer acquisition cost. The ability to unify data across the entire ecosystem enables Carsome to offer personalized experiences and focus on customer centricity, as validated by its customer satisfaction metrics. As of the first quarter of 2023, its retail line, Carsome Certified, holds a high net promoter score (NPS) of 77 points within the used car industry. In parallel, the group’s wholesale business garnered an NPS of 75 points, further affirming customer trust and satisfaction. Built upon the wealth of data and understanding of customers, the launch of MyGarage as an anchor feature of the Carsome App sets the foundation for the next level of personalization that further elevates the car ownership experience for customers. MyGarage acts as a comprehensive hub today, offering real-time car valuations, service bookings, and sales inspections, and it will continue to integrate ancillary services, including financing, insurance, and aftersales. MyGarage marks a major step in pursuing the group’s mission: to provide its customers with peace of mind throughout the entire lifecycle of their ownership experience. “We have spent the last eight years building a more trusted way for customers to transact within Southeast Asia’s used car industry, “Our comfortable liquidity position and strong backing from both existing and new investors place us on solid footing to deliver the world’s first integrated car ownership ecosystem, going beyond just buying and selling cars to include ancillary services across the whole ownership lifecycle,” said Carsome’s Co-Founder and Group Chief Executive Officer Eric Cheng. Meanwhile, Carsome’s Group President and Chief Financial Officer Juliet Zhu said that Profitability is just one of the milestones in the group’s long-term capital planning. “We will continue to invite the right partners who can add strategic value at different stages of our growth,” he said. It is noted that EvolutionX’s investment in Carsome marks its first in Southeast Asia. “We remain focused in supporting category-leading technology companies in our core markets in Asia which are backed by reputed long-term investors, “We are excited by Carsome’s continued focus towards achieving profitability during this year and believe that this collective capital raise will optimize its capital structure and improve the financial strength of the company to support its continued journey towards sustainable profitable growth,” said Rahul Shah, Partner of EvolutionX. Carsome is Southeast Asia’s largest integrated car e-commerce platform. With operations across Malaysia, Indonesia, Thailand and Singapore, the firm aims to digitize the region’s used car industry by reshaping and elevating the car transaction and ownership experience. Together with subsidiary brands iCar Asia, WapCar and CarTimes, Carsome provides end-to-end solutions to consumers and used car dealers across the decision funnel, from carCarsome currently has more than 4,000 employees across all its offices in Asia. It is noted that the firm has been actively reshaping Southeast Asia’s used car industry through its innovative data and tech-driven approaches, offering trust, transparency, and choice to elevate the automotive ownership experience. Carsome said the firm stands firmly poised for an exciting next chapter in its growth journey, having sold over 150,000 cars annually and serving more than 15 million unique customers monthly across its diverse online and offline channels in the region. Carsome refutes funding bid from government; says its liquidity position remains robust at over $150M

https://technode.global/2023/06/19/malaysia-has-potential-to-make-information-technology-part-of-mainstream-economy-says-comms-minister/

Malaysia has potential to make Information Technology part of mainstream economy, says Comms Minister

Malaysia has the potential to turn information technology into part of its mainstream economy, according to Communications and Digital Minister Fahmi Fadzil. This is based on current developments that have seendata technology industry players being attracted to invest in the country, he said during a radio interview. “In the past six, seven months, Malaysia has become an investment destination for data processing centers and this enables us to have a superhighway for data. “The issue is when we have a superhighway for this data processing, what can we generate in terms of economy, what can companies in Malaysia do to spur economic growth?” he said when interviewed byRadio Emashost Zaharah Othman during the recentLondon Tech Week. Last weekEquinix said that spurred by strong cloud growth and e-commerce adoption, as well as its continued investment in 5G, Malaysia is one of the fastest growing data center markets in the ASEAN region, with much of the development attributed to Johor and Kuala Lumpur. It was reported last month that US-based hyperscale data centre provider Vantage Data Centers will double down its commitment in Cyberjaya with an additional $3 billion investment to build a second data center campus. In a report published in AprilThe analyst said that the unity government under Prime Minister Anwar Ibrahim is committed to further accelerating digital adoption in the country, which augurs well for the domestic data center industry. According to the research house, the positive outlook of the data center sector is also supported by the New Investment Policy unveiled by the Ministry of International Trade and Industry (MITI) in Oct 2022, where the government is looking to boost economic complexity to spur high-value job opportunities. Aside from Amazon Web Services (AWS) and Microsoft, which have committed to setting up cloud regions in the country, it said the likes of global data center names such as GDS, Equinix, and Yondr Group are also pouring in significant capital to construct their maiden facilities in the country. Minister: country needs to be AI-readyOn a separate matter, Fahmi also said that Malaysia needs to be ready in terms of legal provisions and regulatory framework to ensure that artificial intelligence (AI) is safely used, as its use is growing more widespread. “We must prepare ourselves, especially in the field of AI, (such as) what are the regulatory frameworks, what laws dowe need to ensure AI is safe to use and beneficial (to us), so that it can help boost our productivity and economy,” he added. Photo by: Yimie YongAnalyst sees Malaysia emerging as data center in Asia

https://technode.global/2023/06/15/malaysia-secures-1-79b-investment-commitments-at-londontech-week-report/

Malaysia secures $1.79B investment commitments at London Tech Week – report

Malaysia has secured MYR8.3 billion ($1.79 billion) worth of investment commitments in various digital technology sectors during the investment mission to London Tech Week 2023 led by Communications and Digital Minister Fahmi Fadzil. These investments are expected to create no fewer than 1,800 high-value jobs, the minister said at the signing of a memorandum of understanding (MoU) between Malaysia Digital Economy Corporation (MDEC) and the International Data Centre Authority (IDCA), national news agency MDEC will also be collaborating with the UK-ASEAN Business Council (UKABC) and the Commonwealth Enterprise and Investment Council. Sunway Group also signed an MoU with Wippd and other investment announcements were made by nine UK companies, including Access Group, Dataswyft, TPP, Activpayroll, Ekco, Yondr Group, GBG, Hamilton Barnes, and MMOB. Fahmi said this signifies the unwavering confidence of foreign investors in the robust framework of Malaysia Digital (MD), a national strategic initiative driving the digital economy, thus affirming that MD is on the right path towards achieving its objectives. As part of the mission, Fahmi has also conducted a roundtable session with esteemed business figures and executives to discuss the MD initiative. He is also scheduled to give a keynote speech titled “Opportunities in Asean” at London Tech Week 2023 on Tuesday evening and participate as panellist in the “Global Tech Stage” session, according to the report. Malaysia woos Microsoft, Google to bolster data hub ambitions – report

https://technode.global/2023/06/14/malaysias-agmo-inks-mou-with-alibaba-cloud-for-ev-superapp/

Malaysia’s Agmo inks MoU with Alibaba Cloud for EV superapp

Malaysian digital solutions and application development specialist Agmo said in a bourse filing on Tuesday that both parties are evaluating and exploring potential business collaboration for the project in Malaysia. According to the filing, both companies have reached a mutual understanding to formalize the collaboration for the inaugural project in Malaysia, the Alibaba Cloud EMAS SuperApp Solution and the Agmo EV superapp. The parties also agree to support each other in terms of business development and marketing activities to promote the abovementioned projects. Agmo says it chooses Alibaba Cloud as one of its preferred service providers for cloud resources and products. It also says Agmo will leverage Alibaba Cloud’s advanced technology and proven solutions such as the EMAS superapp solution to build its own EV app to provide a more intuitive and streamlined user experience by allowing users to use and remove a range of component tools (mini-apps) as needed. Under the MoU, both parties will explore the effective use and integration of each party’s technologies into the respective solutions being developed and marketed by both parties. They will also work together in exchanging industrial knowledge and expertise to ensure the success of the collaboration and push forward the digitalization of the nation. The MoU will commence on June 13 and will remain in force until the earlier of one year, or the date the parties have entered into definitive agreement(s) which supersede this MoU. Listed in Malaysia, Agmo solutions involve digitalizing its customers’ business operations through the development of mobile and web applications as well as provision of digital platform-based services. Alibaba Cloud was incorporated in Malaysia as a private company, and is in the business of providing cloud services including elastic computing, database, storage, network virtualization services, large-scale computing, security, management and application services, big data analytics, a machine learning platform and Internet of Things (IoT) services. Alibaba Cloud unveils plans to strengthen global partnership ecosystem

https://technode.global/2023/06/14/nanomalaysia-partners-retailetics-to-launch-smart-shopping-cart/

NanoMalaysia partners Retailetics to launch smart shopping cart

NanoMalaysia BerhadNanoMalaysia said in a statement on Tuesday that EzyCart is a technology developed by the firm in collaboration with Retailetics. According to the statement, EzyCart offers a personalized shopping experience and was developed based on feedback from shoppers and retailers. Following the successful launch of the prototype in 2022, the smart shopping cart EzyCart has now been equipped with software optimized for seamless data collection and analysis, and is entering the trial phase in several supermarkets, including Redtick Supermarket in Shaftsbury Putrajaya. It is noted that the development of AI technology in EzyCart utilizes advanced nano technology features, such as those found in the semiconductor sector, enabling faster processing. NanoMalaysia guarantees optimal cleanliness of the ezyCart trolleys by integrating nano-based antibacterial technology on the surrounding surfaces, ensuring they remain impeccably clean at all times. NanoMalaysia also highlighted that the rapidly growing smart cart market is experiencing exponential growth and attracting significant attention from investors and industry experts alike. Cited market researcher Research and Markets, it said the global market for smart shopping carts was estimated at $1.1 billion in 2021 and is anticipated to increase at a compound annual growth rate (CAGR) of 27 percent to reach $3 billion by 2025. “It is essential to contextualize the EzyCart project within the broader smart retail industry landscape,” said Minister of Science, Technology and Innovation Chang Lih Kang. According to him, the revenue generated by smart retail shopping in the Asia Pacific region amounted to $8.38 billion in 2020, and is expected to soar beyond $25 billion by 2025, capturing a significant 70 percent market share of the global retail market. “Furthermore, we anticipate a substantial growth trajectory within Malaysia’s smart retail market, with expectations exceeding MYR 1 billion ($220 million) by 2025, “These figures highlight the immense potential and the pivotal role that Malaysia can play in shaping the future of the smart retail industry,” he added. According to the statement, by incorporating Retailetic’s expertise in e-wallet-based market development and cloud computing solutions, the ezyCart presents many benefits to consumers and retailers. It said shoppers can now revel in a convenient shopping journey with features such as a cart-mounted screen displaying product information, in-store promotions, and the option to make payments directly on the cart, eliminating the need for traditional checkout queues. “The EzyCart smart shopping carts feature a remarkable 3-Point product validation system, including a barcode scanner, weight/load validation, and advanced deep learning and sensor fusion technologies leveraging on latest processing semiconductor-based solutions powered by nanotechnology,” NanoMalaysia Berhad Group Chief Executive Officer Dr Rezal Khairi Ahmad said. According to him, these cutting-edge features enable shoppers to effortlessly navigate stores, locate products, and enjoy a hassle-free checkout process, eliminating the need for long queues at cashier counters. He also said retailers can automatically identify and segment customers according to their demographics, providing profile-based rewards, messages, and notices per consumer. With profile, history, and list-based cross-selling and upselling, he said retailers can maximize revenue and enhance customer satisfaction. “Planned and instant promotions, aisle/shelf-based promotions, and advertising opportunities further amplify the advantages of integrating EzyCart into stores, “This disruptive innovation is our latest deployment stemming from REVOLUTIoNT which is the only 4th Industrial Revolution (4IR) technology development programme in Malaysia,” he added. Meanwhile, Retailetics Sdn Bhd Co-Founder Manirajah Kulanthavelu said that with the ezList mobile app, consumers can efficiently plan their household shopping while retailers can access accurate hyperlocal demand through the ezRetail real-time dashboard. “The innovative ezCart SmartCart empowers stores to sell more efficiently and effectively, delivering a seamless in-store shopping experience,” he said. It is noted that Redtick is the first supermarket chain in Malaysia to embrace intelligent shopping cart technology. “Collaborating with innovative companies and institutions like Retailetics and NanoMalaysia offers a tremendous opportunity to transform our in-store operations,” Redtick Supermarket co-founder Loh Kok Hin said. He noted that EzyCart enables the supermarket to provide its customers with an exceptional shopping experience, and this technology empowers the firm to sell more effectively, streamline its processes, and deliver a seamless in-store journey. “Being the first in Asia Pacific to deploy this technology gives us a significant advantage. We hope this technology will ultimately revolutionize the retail business in the region,” he added. NanoMalaysia is a firm acting as a business entity entrusted with nanotechnology commercialization and industrialization activities through a venture builder model. The firm aims to provide efficient and enhanced solutions to various applications in smart living, smart manufacturing, agriculture, electronic devices, energy and the environment. Shopee survey shows new generation of Malaysians shop value-based online

https://technode.global/2023/06/13/solarvest-announces-grant-recipient-winners-to-five-innovative-start-ups/

Solarvest announces grant recipient winners to five innovative start-ups

Malaysian clean energy expert Solarvest said in a statement on Monday that Irradisol, Flumen, DespaQ, Hydrozon, and Hexacycle emerged as the five chosen recipients under the Seed Grant Round for SIL 2023. These selections were made from a pool of over 30 participants who applied following the launch of the program on February 15, 2023. SIL was established with the objective to cultivate, implement and commercialize local innovative business ideas in green technology (greentech), financial technology (fintech) and renewable energy (RE). The start-up program consists of two funding rounds. In the Seed Grant Round, selected candidates are provided with MYR 10,000 ($2164) to validate their business concept within six months. Following this, candidates with viable business ideas have the opportunity to progress into the Accelerator Funding Round, where they can potentially receive a minimum of MYR 100,000 ($21,638) in capital to execute their ideas within twelve months. “Over the coming months, Solarvest, along with our program partners, Malaysia Digital Economy Corporation (MDEC), Telekom Malaysia Berhad, OCBC Bank (Malaysia) Berhad, Microsoft Malaysia Sdn Bhd, Pitch Platforms Sdn Bhd (pitchIN), Alta Group Malaysia and Common Ground Works Sdn Bhd (Common Ground) will provide extensive knowledge, expertise, and resources to support the development of these start-ups,” Solarvest Executive Director and Group Chief Executive Officer Davis Chong Chun Siong said. According to him, the firm’s collaboration with partners from diverse fields will enrich the growth strategies of these start-ups and facilitate their path to market. He also noted that the recipients of the grant were carefully selected by the panel of judges based on the quality of entrepreneurship, viability of their proposed business propositions and potential to make a positive and meaningful impact on the environment. “Each solution presented by the recipients stands out on its own, addressing unique challenges and offering distinct approaches,“These solutions tackle diverse environmental problems with innovative approaches, demonstrating high levels of creativity and problem-solving capabilities,” he added. According to the statement, Irradisol specializes in the production of environmentally friendly solar photovoltaic (PV) products by utilizing sustainable materials. Instead of using conventional materials, Irradisol employs an innovative material derived from natural sources such as sugarcane. As a result, these materials can easily biodegrade, posing no risk of land, air, or water pollution when disposed of. Meanwhile, Flumen transforms wastes such as plastic and other biodegradable refuse, into a range of sustainable products with applications in the construction, agriculture, and wastewater management industries. The firm provides pre-cast building materials, which utilize recycled or upcycled plastic waste, as a cost-effective, durable, and lightweight alternative. Additionally, Flumen produces fertilizers derived from biodegradable waste, providing farms with an eco-friendly solution that reduces the need for harmful pesticides. DespaQ, on the other hand, is an advanced intelligent document processing platform designed to assist companies to minimize time and effort required for document processing. Founded by a team of experts in e-invoicing, the smart platform optimizes purchase-to-pay processes which enables businesses to streamline their document management workflows, improve efficiency, enhance productivity and enable them to focus on core operations. Simultaneously, Hydrozon provides RE solutions to urban high-rise buildings through micro-hydropower electric (microhydro) technology, a small-scale harnessing of energy from flowing water sources. Its product, Dischargy is installed in a building’s rainwater downpipe, and utilizes the natural flow of water to generate electricity, which reduces greenhouse gas emissions. Hexacycle breeds and rears larvae of black soldier flies in state-of-the-art fly farms which efficiently upcycle organic waste like food scraps and agricultural residues. The larvae are supplied to local fish farms as an eco-friendly and highly nutritious feed, promoting a circular economy and preventing waste from ending up in landfills. Solarvest said the firm and its program partners are excited to support these start-ups as they embark on their entrepreneurial journey. It said the collective effort aims to drive innovation, promote sustainability, and foster positive change to make a lasting impact on the environment and pave the way for a more sustainable future. Solarvest which is listed in Malaysia, is a clean energy expert with a multi-national presence across Asia-Pacific. The firm started as a one-stop solar photovoltaic system solution provider for residential, commercial and industrial, and utility-scale solar farms. Today, the firm also owns renewable energy generation plants with a cumulative capacity of over 50MW (on-going and completed). The company is currently venturing into other clean energy solutions including, among others, energy efficiency, low-carbon mobility, and renewable energy certificates. Malaysia’s Solarvest launches start-up program to encourage innovations in greentech, FinTech and renewable energy

https://technode.global/2023/06/12/uss-equinix-plans-to-open-data-center-in-kuala-lumpur-in-fist-quarter-of-next-year/

NASDAQ-listed Equinix plans to open data center in KL in 1Q 2024

American digital infrastructure company Equinix said in a statement on Sunday that spurred by strong cloud growth and e-commerce adoption, as well as its continued investment in 5G, Malaysia is one of the fastest growing data center markets in the ASEAN region, with much of the development attributed to Johor and Kuala Lumpur. It said Equinix’s expansion is expected to provide greater digital infrastructure capacity in Malaysia to address rising demand from local and global companies expanding in the country. “Over the past several years, we have witnessed Malaysia emerge as an increasingly strategic location for global digital infrastructure, and we believe it to be an attractive destination for data center growth and investment,” said Jeremy Deutsch, President, Asia-Pacific, Equinix. He said that following the firm’s initial investment in Johor, the firm is excited to add another data center in Kuala Lumpur. “By expanding Platform Equinix in the two most strategic metros in Malaysia, we will enable Malaysian businesses, as well as multinationals with a presence in Malaysia, to leverage a trusted platform to bring together and interconnect the foundational infrastructure to power their success,” he said. He also believes the two data centers will fuel Equinix’s existing data center momentum and support Malaysia’s aspirations as a digitally driven connectivity hub. As Malaysia enters Phase 2 of its MyDIGITAL blueprint for a digital economy, Equinix expect demand for digital infrastructure to remain robust. Cited Synergy Research, it said Malaysia is already the third largest data center colocation market in the ASEAN region, and is forecast to have a compound annual growth rate (CAGR) of approximately 11 percent from 2022 to 2027. With extensive global experience in supporting 5G development, it said Equinix’s new facility aims to accelerate the digital vision laid out in the government’s MyDIGITAL blueprint to establish Malaysia as a hub for colocation in ASEAN and a regional digital economic powerhouse. The new facility in Kuala Lumpur, named KL1, together with the recently announced JH1 in Johor, will also provide digital infrastructure that businesses need to capitalize on the country’s digital economy, according to the statement. The KL1 IBX data center will be located in Cyberjaya within Kuala Lumpur. Cyberjaya is a key part of the Multimedia Super Corridor in Malaysia, a government-designated zone to promote and boost Malaysia’s digital economy. Scheduled to open in the first quarter of 2024, the first phase of KL1 will provide an initial capacity of 450 cabinets and colocation space of 1,300 square meters. When fully built, it will provide a total of 900 cabinets and colocation space of 2,630 square meters. According to the statement, KL1 will enable global networks, content providers and enterprises to exchange high volumes of internet traffic via Equinix Internet Exchange. Through one of the world’s largest global peering solutions at scale, internet service providers will have access to new digital corridors to exchange data directly with other internet service providers, participating in the flourishing digital economy and e-commerce landscape in ASEAN. Equinix said Malaysia has positioned itself as an attractive digital infrastructure and cloud services hub, providing additional capacity to meet neighboring Singapore’s demand for digital infrastructure. With a strong leadership position in multicloud connectivity, it said KL1 and Equinix Fabric will enable customers to deploy their infrastructure to connect with the world’s leading cloud service providers, including Alibaba Cloud, Amazon Web Services (AWS), Google Cloud and Microsoft Azure, safeguarding their business-critical data in a private and secure environment. In Asia-Pacific, Equinix currently operates 51 data centers in 13 metros across Australia, China, Hong Kong, India, Japan, Korea and Singapore, with expansions announced in Indonesia and Malaysia. “Equinix’s decision to expand its data center investment in Malaysia with locations in Johor and Kuala Lumpur demonstrates the company’s confidence in Malaysia’s potential as a top-tier data center destination,” said Wira Arham Abdul Rahman, Chief Executive Officer of the Malaysian Investment Development Authority (MIDA). According to him, the establishment of the two new data centers will play a pivotal role in accelerating the development of the nation’s digital economy. He said that these data centers will act as catalysts for digital innovation, enabling businesses to harness the power of advanced technologies such as cloud computing, artificial intelligence and big data analytics. As the principal national promotion agency, he said MIDA remains committed to supporting Equinix’s growth and success in Malaysia as we continue to propel Malaysia’s digital economy to greater heights. Malaysia Digital Economy Corporation (MDEC) Chief Executive Officer Mahadhir Aziz said that Equinix’s investment and expansion propels Malaysia closer to its vision of firmly establishing the country as the digital hub of ASEAN. He noted that the Malaysia Digital (MD) national strategic initiative serves as a catalyst to revolutionize our digital capabilities, bolstering our value proposition to attract digital investments and propel the digital economy forward. He said the agency is committed to supporting Equinix’s presence in Malaysia and to fostering the growth of the nation’s data center industry through various PEMANGKIN initiatives. “KL1 not only fortifies Malaysia’s digital infrastructure but also accelerates our ongoing digital transformation,“This move signifies unwavering confidence in Malaysia’s resilient and robust data center ecosystem, its digitally skilled talent pool, and world-class infrastructure,” he added. US digital infrastructure firm Equinix enters Malaysia with $40M data center investment

https://technode.global/2023/06/12/komarkcorp-partners-with-antchain-for-blockchain-services/

Komarkcorp partners with AntChain for digital blockchain services

Malaysian self-adhesive label solutions provider Komarkcorp said in a statement on last Friday that its wholly-owned subsidiary Komark International (M) Sdn Bhd has signed a memorandum of understanding (MoU) with Ant Group Digital Technologies’ unit AntChain for the services. According to the statement, this collaboration, combining Komark International’s printing and labeling expertise with AntChain’s blockchain powered traceability technology, will open new markets to address the growing consumer demand for traceability especially in safety sensitive industries such as food and beverage, and medical. The companies are exploring a business collaboration and integrating traceability technologies provided by AntChain to secure labels, packaging, hologram stickers. The scope of the MoU includes key industries such as food and beverage products, automotive products, medical devices, among others. Both companies also agreed to join hands to explore opportunities in the digital segments related to labeling and packaging services. Blockchain technology is a decentralized and distributed ledger that allows for secure, transparent, and tamper-proof record keeping, making it an ideal tool for tracking the movement of products throughout the supply chain. The traceability would make it easier to identify and track any issues or irregularities in the supply chain. According to Komarkcorp, the rationale for the MoU is to improve the business viability of Komark International’s printing business by including AntChain’s block chain traceability technology to ensure its product offerings remain relevant and attractive in current market conditions and requirements. Komark International was incorporated in Malaysia in January 1983. The firm is principally involved in manufacturing of self-adhesive labels. Komarkcorp which is listed on Malaysian boruse has three business divisions, namely, manufacturing of self adhesive labels and stickers and trading of related products; manufacturing of automatic labelling machinery, and; production of face masks. Its packaging solutions and self-adhesive labels is used by the chemical and agrochemical, food and beverage, home and personal care, industrial and lubricant oil, and pharmaceutical industries. Incorporated in Singapore, AntChain is a service provider dedicated in innovative technologies, including but not limited to technologies in relation to blockchain, internet of things, data analytics and intelligent risk management. Ant Group Digital Technologies is a firm involved in blockchain, privacy computing, security technologies, and distributed database. Since 2015, Ant Group has been investing significantly in the research and development of blockchain technologies to strengthen transparency and build trust in industries that traditionally involve large numbers of participants and complex processes. Ant Group now has the largest productivity blockchain platform in China, with the ability to process and support one billion user accounts and one billion transactions every day. Malaysia, China explore blockchain technology for PCO to facilitate Malaysia’s exports to China

https://technode.global/2023/06/09/ni-hsin-inks-deal-with-koperasi-tenaga-dan-petroleum-to-promote-ev-motorcycles/

Ni Hsin inks deal with Koperasi Tenaga Dan Petroleum to promote EV motorcycles

Malaysian stainless steel cookware manufacturer Ni Hsin said in a statement on Friday that its wholly-owned subsidiary Ni Hsin EV Tech Sdn. Bhd. (NH EV Tech) has entered into a business partnership agreement (BPA) with KTP to work together and form a partnership to promote, market and distribute TAILG EBIXON EV motorcycles and related products. Under the agreement, KTP will act as the marketing agent for TAILG EBIXON EV motorcycles and related products to KTP’s members, and its business associates including conglomerates, cooperatives and government agencies. KTP will formulate the proposals and presentations, and shall, with approval from NH EV TECH, formulate promotional packages for the purpose of promoting and marketing TAILG EBIXON EV motorcycles and related products to its members. Meanwhile, NH EV Tech will give consent to KTP to use its logo in carrying out any promotional or marketing activities vide online social media platform and other related mediums for the purpose of marketing TAILG EBIXON EV motorcycles and related products. NH EV Tech will also responsible for all costs associated with the sales and delivery of TAILG EBIXON EV motorcycles to the customers including the after sales support and warranty of TAILG EBIXON EV motorcycles. The firm will also provide KTP with the standard operating procedure and process flow on the sales and delivery of TAILG EBIXON EV motorcycles to customers. In consideration of KTP’s effort in marketing TAILG EBIXON EV motorcycles, NH EV Tech will pay to KTP an incentive for the sales achieved on monthly basis based on the schedule of incentive as outlined in the BPA. For avoidance of doubt, the sales value for each transaction will be determined by the recommended retail price of each TAILG EBIXON EV motorcycle sold. The BPA will be valid for a term of three years from the date of the agreement. The BPA may be extended for a further term of one year upon the terms and conditions mutually agreed by the parties. Ni Hsin said the rationale of the BPA is for NH EV Tech to leverage on KTP’s established network of clientele in the energy and utility sectors, to promote and market TAILG EBIXON EV motorcycles. The TailG e-bikes are imported from Tailing Electric Vehicle, Dongguan, China by Ni Hsin EV Tech and manufactured in its facility in Seri Kembangan, Selangor, Malaysia. NH EV Tech is in the business of manufacturing, assembling, promoting and marketing of all kinds of EV and accessories and development of concepts, facilities and fittings using EV battery systems for the delivery industry. Ni Hsin partners VSD Automation for EV motorcycles distribution

https://technode.global/2023/06/09/carsome-refutes-funding-bid-from-government-says-its-liquidity-position-remains-robust-at-over-150m/

Carsome refutes funding bid from government; says its liquidity position remains robust at over $150M

Malaysia-based integrated car e-commerce platform “Carsome seeks to clarify a recent news report and affirm that it has not solicited nor petitioned the Ministry of Finance for funding,” Carsome said in a statement on Thursday. According to the firm, it submitted a letter on March 27 in response to an engagement session with the Ministry of Finance to encourage and welcome the participation of Malaysian institutional investors in the company’s growth journey. “The group frequently engages in discussions with various stakeholders on ecosystem building and in driving institutional engagements, “As part of these routine engagements, Carsome has always championed growth for the local start-up ecosystem which can positively contribute towards the nation’s economy and enhance the nation’s digital talent pool,” it said. Carsome also emphasized that the group’s liquidity position remains robust at over $150 million, offering the company sufficient runway beyond its break-even point, which the group expects to achieve well ahead of its targeted deadline. Carsome said it was among the first regional start-ups to commit to an accelerated profitability plan to prepare the Group for more disruptions and challenges in the funding markets. It also said this approach has borne fruit, delivering operational profitability as a group whilst enabling Carsome to beat internal targets for gross margin growth and productivity improvements as of the first quarter. It is noted that in 2022, the group grew 250 percent in revenue, with the newly established retail line Carsome Certified contributing 35 percent of total revenue. In the first quarter, the group also achieved its operational profitability milestone for the first time, primarily driven by a significant growth of trade margin, which doubled compared to the same period last year. Notably, more than 80 percent of the trade margin came from high-quality transaction margins, far ahead of most of its global peers. Among the highlights of its ecosystem strategy, its subsidiary iCar Asia Group has delivered an impressive 30 percent year-on-year revenue growth in the first quarter. In addition to achieving profitability on its own, the ecosystem strategy has also contributed significantly to the more than 60 percent reduction in customer acquisition cost of the group over the last twelve months. With the launch of the flagship Carsome Service Centres, the group said it has meaningfully integrated its products and services, from discovery to servicing, all within a single consumer app. This marks a major step in pursuing the group’s mission: to provide its customers with peace of mind through the entire lifecycle of their ownership experience. Carsome said it is confidently poised for new opportunities in its markets across Malaysia, Indonesia, Thailand, and Singapore. It said the group has a pipeline of growth initiatives across its ecosystem and welcomes broader institutional support. “As we navigate a rapidly changing industry, Carsome has embraced adaptability and remained resilient, “Through our commitment to operational excellence and our customer-centric approach, we are grateful to have exceeded our expectations, achieving notable growth whilst pursuingAccording to him, the group’s internal measures for operational excellence, driven by strong capabilities in data and technology, continue to yield gross margin improvements, team productivity, marketing efficiencies, and inventory management across its markets. “Coupled with this, Carsome will take full advantage of its ecosystem strategy to redefine customer satisfaction in automotive ownership to serve its growing customer base and communities across Southeast Asia,” he said. As the used car industry evolves rapidly, Carsome said its market share continues to be on an uptrend across its footprint. It said the firm remains to be one of the last few larger players in the used car e-commerce space in Southeast Asia. It said some of its competitors are reported to be exiting prime growth markets like Indonesia and Thailand, and other peers are pivoting into capital-intensive financing operations. It said Carsome’s focus remains on solving the pain points in high stake, high-complexity transactions and providing the ultimate customer experience in automotive ownership. CARSOME is Southeast Asia’s largest integrated car e commerce platform. With operations across Malaysia, Indonesia, Thailand and Singapore, the firm aims to digitize the region’s used car industry by reshaping and elevating the car transaction and ownership experience. Together with subsidiary brands iCar Asia, WapCar and CarTimes, Carsome provides end-to-end solutions to consumers and used car dealers across the decision funnel, from car content consumption, car inspection, ownership transfer to financing and other ancillary services. Carsome currently has more than 4,000 employees across all its offices in Asia. Breakeven is near for Malaysian unicorn Carsome, says CEO Eric Cheng

https://technode.global/2023/06/08/sunway-and-uob-malaysia-ink-partnership-to-advance-net-zero-goal/

Sunway and UOB Malaysia ink partnership to advance net zero goal

Sunway Group (Sunway)This collaboration will see Sunway and UOB Malaysia leveraging each other’s strengths and expertise to integrate sustainable financing solutions, infrastructure and technologies into various business divisions across Sunway’s ecosystem, including retail, hospitality, healthcare, property, construction and building materials, the duo said in a statement on Thursday. These include joint capacity-building programs and workshops to facilitate and to scale sustainability initiatives for tenants, lessees, and suppliers providing sustainability financing solutions to jumpstart investments into more sustainable infrastructure; as well as to address Scope 3 emissions. In addition, research on developments and most recent sustainability practices will also be shared between the two brands and applied, where relevant. “This MoU is a significant step forward for both Sunway and UOB Malaysia in our shared journey towards a low-carbon future, “Our two-decade long partnership is testament to the role private sector players can play to advance the sustainability agenda together,” said Sunway Group executive director Sarena Cheah. Since 2015, Sunway has fully embraced the 17 United Nations Sustainable Development Goals (UN-SDGs) and took its commitment to the sustainability agenda one step further last year with the introduction of an internal carbon pricing framework to drive progress towards net zero carbon emissions by 2050. Sunway is the first corporation in Malaysia, and among the first in Asia, to introduce such a robust carbon reduction strategy into its businesses. Similarly, as an early adopter of environmental, social and governance (ESG), UOB has developed comprehensive and market leading sustainable finance frameworks and solutions to help companies across ASEAN decarbonize and transition to net zero. “UOB is honored to partner Sunway, a like-minded organization to drive our net zero ambitions together. Today’s collaboration signifies the power of unity and the collaborative spirit that is required to make the change to a low-carbon economy, “We are proud to bring our sustainable financing solutions, frameworks and expertise into this partnership to support Sunway’s diversified businesses and its ecosystem partners in their decarbonization journey,” said Ng Wei Wei, Chief Executive Officer, UOB Malaysia. Deliverables under the MOU will be rolled out progressively in the next few years. To kick-start their sustainability journey, Sunway’s partners, tenants and suppliers will be able to leverage UOB Malaysia’s online sustainability tool in the coming monthsEstablished in 1974, Sunway Group is a conglomerate with 13 business divisions across more than 50 locations primarily in Asia. UOB Malaysia is a subsidiary of UOB, a Singapore-based bank in Asia with a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe, andSunway, Gentari and EV Connection ink MoU to develop Electric Vehicle charging infrastructure across Malaysia

https://technode.global/2023/06/08/malaysia-central-bank-asean-5-to-set-up-multilateral-platform-for-cross-border-payment-connectivity/

Malaysia central bank, ASEAN 5 to set up multilateral platform for cross-border payment connectivity

The central bank of Malaysia is working with ASEAN 5 (Indonesia, the Philippines, Singapore, Thailand, and Malaysia), together with the Bank for International Settlements Innovation Hub in Singapore, to put in place a multilateral platform for cross-border payment connectivity, news agencyBank Negara Malaysia Assistant Governor Suhaimi Ali said the project, known as Project Nexus, aims to make transactions across borders to be efficient, similar to the domestic payment system. He said the launch of bilateral cross-border payment linkages on Thursday is in the right direction, even though bilateral connectivity remains a challenge, as it is expensive and may not be scalable. “Bank Negara is trying to resolve this, because as an open economy, we have many trade partners, wherein there are two-way flows that need to be managed,” he was quoted as saying. “Besides, we will also need to address know-your-customers issues to ensure that people who are [making the] transactions are not related to crimes and illegal activities,” he said in a panel discussion titled “Digitalisation in Payments: Going Digital with Confidence in an Innovative Landscape”. The panel discussion was held in conjunction with Bank Negara Malaysia’s Sasana Symposium 2023, and the launch of bilateral cross-border payment linkages at Sasana Kijang, on Thursday. Suhaimi said the complexity of Project Nexus cannot be undermined, and among the factors that need to be considered before implementing the platform in the real world is the governance arrangement for the entity that would manage and operate the Nexus solutions. “This would require, among others, the right structure, who is going to be the vendor running it, and what kind of oversight that BNM needs to have and so on. “At this point, we do not know the final outcome of this, as it is an exploration together with ASEAN 5,” he added. The announcement to set up a multilateral platform for cross-border payment connectivity comes as ASEAN countries are pushing for better integration. According to Meanwhile, a key highlight at the symposium is the showcasing of Malaysia’s cross-border QR payment linkages with Indonesia, Singapore, and Thailand. It features an exhibition with food vendors from Malaysia, Indonesia, Singapore, and Thailand. Event participants can experience making live cross-border QR payments by purchasing local delectables from food vendors from the participating countries. Customers of participating financial institutions can now make retail payments by scanning QRIS, NETS, and PromptPay QR codes via mobile banking or e-wallet apps. It supports in-person payments at physical stores and onlineBank Negara hosted its first BNM Sasana Symposium 2023 on Thursday in Kuala Lumpur. In her opening remarks, the central bank Governor Nor Shamsiah Mohd Yunus emphasised the importance of structural reforms. “To secure our future, the country must stay the course in implementing vital reforms. We must fortify our defences against crises. We must critically examine our priorities to increase our growth potential and meet sustainable goals,” she said. “We must rebuild the buffers we have drawn down on to strengthen our resilience to future shocks. And we must enhance our capacity to adapt and change in order to manage risks and exploit opportunities that we may not yet see today. For many of the challenges Malaysia faces, the solutions require a whole-of-nation approach. Hence the theme of this Symposium – Structural Reforms for a Stronger Malaysia,” said the Governor. Over 700 guests attended the one-day discourse on pertinent topics through seven panel sessions. The sessions discussed macroeconomic topics and current pressing issues such as financial scams, digitalising motor insurance claims, and social protection, among others. Indonesia and Malaysia announce commercial launch of cross-border QR payment linkage

https://technode.global/2023/06/07/mhi-inks-mou-with-tnb-genco-on-clean-energy-technologies-to-drive-decarbonization-in-malaysia/

MHI inks MoU with TNB Genco on clean energy technologies to drive decarbonization in Malaysia

Japanese industrial group The MoU will help drive the energy transition in Malaysia and support its goal of achieving carbon neutrality by 2050, MHI said in a statement on Wednesday. Under the MoU, MHI with support from its power solutions brand, Mitsubishi Power, and TNB Genco will conduct studies that examine three key areas related to clean power generation. These include the hydrogen and ammonia value chain in relation to hydrogen production and supply, logistics, storage and related infrastructure; low carbon fuel co-combustion technology in thermal plants; and CO2 capture. The partners will also mutually share experiences and information on the specified areas within the MoU. This could also include sharing experiences and technical know-how on advancing cleaner power generation in Malaysia. “Mitsubishi Power has been actively involved in Malaysia’s power generation projects since the 1960s, “We look forward to extending our support and strengthening partnership with TNB Genco to jointly explore capabilities around innovative energy technologies that help accelerate the country’s net zero emission goals,” said Akihiro Ondo, Managing Director and Chief Executive Officer of Mitsubishi Power Asia Pacific. According to him, this MoU reaffirms the firm’s continued commitment to develop technologies that help its partners in Malaysia and across asia pacific (APAC) deliver a sustainable future. The agreement extends the longstanding partnership between MHI, Mitsubishi Power and TNB Genco, stepping up efforts to achieve net zero emissions by 2050. This aspiration is underpinned by a commitment to reduce 35 percent of its emissions intensity as well as 50 percent of its coal generation capacity by 2035. This MoU follows the Mitsubishi Power Malaysia Technical Seminar 2023 held in January 2023, which involved knowledge-sharing of strategic plans and innovative industry-leading power generation technologies and services to support Malaysia’s energy needs. MHI is an industrial group spanning energy, smart infrastructure, industrial machinery, aerospace and defense. The firm combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. TNB Genco was incorporated as a wholly owned subsidiary of Malaysian electricity utility Tenaga Nasional Bhd （TNB) in August 2019 and operationalized on in October 2020 to spearhead TNB’s power generation role to provide secure, stable, reliable and sustainable power in contributing to the long-term energy needs of the country with end-to-end (E2E) capabilities ranging from plant development, operation and maintenance (O&M) to end-of-life management. The firm aims to become a top power generation solutions provider that sustainably delivers value to all stakeholders by focusing on key strategic initiatives: turnaround excellence, productivity uplift and asset ans service expansion whilst sustaining business as usual (BAU) performance within power purchase agreement (PPA) levels. Moving forward, TNB Genco said it will accelerate plant turnaround program for new fleets and sustain the impact of value uplifts, develop pipeline of new assets plant-ups and service businesses and unlock productivity savings. Malaysia’s TNB inks partnerships with energy players in Vietnam and Laos for renewable energy

https://technode.global/2023/06/07/malaysian-preventive-healthcare-provider-drprevents-aims-to-secure-870000-via-ecf/

Malaysian preventive healthcare provider DrPrevents aims to secure $870,000 via ECF

DrPreventsOpen from June 20 to July 21, 2023, the campaign aims to secure MYR 4 million ($870,000), with a strategic focus on expanding the implementation of preventive medicine to complement the national public healthcare system, DrPrevents said in a statement. In line with its collective vision to make community healthcare more readily available, the funds raised via this ECF campaign will primarily be allocated towards opening new clinics. The clinics will be in operation 24-hours, and will help increase round-the-clock touchpoints for preventive healthcare services in densely populated urban areas. “The demand for preventive medicine and affordable community clinics are on an incline — especially with more people per square foot in our busiest cities, of which more than 300,000 are outpatients yearly,” said Dr. Vikneswaran Ragupathiraja, Chief Executive Officer of DrPrevents. According to him, DrPrevents’ goal through this ECF is to support its healthcare system in these strategic locations. “We aim to establish a strong network of 20 branches by 2028, starting with four this year in key locations like Damansara Jaya, SS17, TTDI, and Sungai Buloh,” he added. Besides establishing new clinics, DrPrevents will also be using the funds to develop a comprehensive early cancer detection plan, using advanced screening technologies and medical expertise to identify potential risks at an early stage. Furthermore, the company is looking to introduce general wellness and preventive health training into its portfolio. This will include a specialized weight loss program tailored for individuals of different ages, integrating personalized coaching with clinically-tested fitness strategies. Through the campaign, investors can acquire redeemable non-convertible preference shares at MYR 20 ($4.34) per share, with a minimum investment amount of MYR 2,500 ($543). Investors can look forward to a guaranteed 6 percent return in annual dividends, along with a hefty 20 percent bonus upon completion of the fifth year. For contributions of MYR 10,000 ($2171) or more, DrPrevents is also providing exclusive bonus perks in the form of an industry-line wellness package, free consultations and treatments, as well as total access to its full range of preventive healthcare services. DrPrevents said the firm places a strong emphasis on personalized care and trained specialists bringing medical advancements and solutions to more communities. The DrPrevents network of clinics is currently helmed by 13 doctors across four strategic locations in Klang valley. “DrPrevents is guided by the firm belief that prevention is always better than a cure, “If we can nip health problems in the bud in the early stages, this can help alleviate any potential strain on our primary healthcare facilities and promote a healthier future for all,” said Dr. Arravindh Vivekananthan, Chief Operating Officer of DrPrevents. According to him, the firm’s main goal has always been to empower individuals to take proactive steps towards their own health and well-being. “We look to deliver on this commitment to more people through our upcoming expansion plans,” he added. DrPrevents was established in Klang Valley in 2020 by a team of doctors who previously served in government hospitals, where overcrowding and long wait times were persistent issues. With 24-hour operating medical clinics and a dedicated team of doctors and clinic assistants, DrPrevents offers comprehensive healthcare solutions backed by the latest technologies. Guided by the belief that prevention is better than cure, the firm specializes in personalized and innovative medical services to empower individuals in their proactive pursuit of wellness. Malaysia’s DOC2US launches new home-based healthcare services DOC2HOME

https://technode.global/2023/06/06/five-malaysian-firms-selected-to-pilot-projects-with-mranti-and-united-nations-childrens-fund-unicef/

Five Malaysian firms selected to pilot projects with MRANTI and UNICEF

Five Malaysian firms have been selected to pilot projects with the MRANTI said in a statement on Tuesday that these five Malaysian firms are SustaiNation Malaysia, EXPLORIA, Mobiva, FixApa by Kemaih and Beebag. Each of these social innovators receives MRY150,000 ($32,573) to pilot and scale their transformative solutions over the next six months with an aim to reshape the future of Malaysian children with coaching from PROFICEO. “PROFICEO has coached more than 1000 Startups in Malaysia since its inception in 2008 and we are honoured to partner with MOSTI, MRANTI and UNICEF as the Accelerator Partner for MICA to support Startups that are creating social and environmental impact to grow their businesses, “We are humbled by the passion and dedication of all the Startups that participated in the Accelerator to support children and look forward to working with the 5 winners to successfully execute their pilot projects with UNICEF,” said Renuka Sena, Chief Executive Officer of PROFICEO. It is noted that the MRANTI Impact Challenge Accelerator (MICA) connected key stakeholders and advanced the development of Malaysian solutions from prototypes into pilot projects, in collaboration with the UNICEF. MICA espouses the core values of Malaysia Madani to create positive transformation, linking sustainability, innovation, and compassion. By directing resources and expertise toward child-centric solutions, it offers a platform for more Malaysian innovations to be showcased, and how these can create positive social and environmental impact. “MICA aims to align technological progress with the welfare of individuals and the environment, ensuring sustainable growth, “At MRANTI, we prioritize adherence to the United Nations 17 Sustainable Development Goals (SDGs) in all our endeavors. Our goal is to foster a stronger culture of research and innovation among Malaysians, leading to the discovery of solutions which address critical challenges in our country,” said Dzuleira Abu Bakar, Chief Executive Officer of MRANTI. UNICEF Malaysia Deputy Representative Sanja Saranovic said UNICEF recognizes the value of crowdsourcing local innovative solutions and empowering local social enterprises so that more children can learn about climate change, be prepared for disasters, and have the nutrition they need to navigate this changing world. Through this 12-month program comprising funding, support, guidance and services amounting to MYR 1.2 million ($260,000), more than a dozen Malaysian social innovators were given the opportunity to prototype solutions specifically tailored to benefit children, with a focus on critical areas such as climate change, disaster management, and malnutrition. These social innovations focussing on effectively making a tangible difference in the lives of children, will have a chance to develop proof-of-concepts with the support of global civil society. The five Malaysian social innovators have been selected to accelerate their solutions with UNICEF: ● SustaiNation Malaysia: a green school concept offers innovative book series, learning toolkits and locally-made upcycling machineries, to help rural communities especially children, to improve their recycling/upcycling facilities at source. ● EXPLORIA: a comprehensive and systematic approach to educate children on the importance of mangrove protection in mitigating climate change, using a combination of a Hands-on kit, E-learning portal and field trips. ● Mobiva: enables faster emergency response by sharing crowd-sourced data with first responders and rescue agencies, mapping hazards and vulnerabilities. This enables decision-makers with critical information and helps ensure aid is quickly delivered to those who need it most, including children. ● FixApa by Kemaih: a comprehensive digital platform designed to provide a centralized hub for all childcare-related services. ● Beebag: a social enterprise working on addressing plastic pollution by encouraging shoppers to reuse their plastics more often through the use of gamification and modern technology. MRANTI invites high growth Malaysian startups for global expansion

https://technode.global/2023/06/06/gobi-partners-releases-2022-sustainability-report-as-part-of-its-commitment-to-ungcs-corporate-sustainability-principles/

Gobi Partners releases 2022 Sustainability Report as part of its commitment to UNGC’s Corporate Sustainability Principles

Editor’s note:Pan-Asian venture capital firm The annual report highlights the performance and management of Gobi’s Environmental, Social and Governance (ESG) practices as natural outgrowths of its long-standing company mission to invest in underserved communities, Gobi said in a statement. Following the launch of its inaugural Sustainability Report report last year, Gobi continues to enhance its environmental, social and governance (ESG) framework to address the rapidly evolving, technology-enabled startup ecosystem in Asia. Typically in its early lifecycle, this entails undertaking materially different risks and needs based on the investment stage, sector and geography. In line with its mission to connect entrepreneurial ecosystems across emerging markets in Asia, Gobi’s commitments and efforts are concentrated on three specific impact areas: diversity, equity, and inclusion (DEI), TaqwaTech, and circular economy. “As the world recovers from the pandemic, we see current market conditions experience a new wave of challenges,“Our commitment to responsible investing starts with helping our companies navigate the present, while foreseeing a future of opportunities we can scale sustainably,” said Gobi’s Head of ESG and Circular Economy Carlo Chen-Delantar. Its latest report, spanning April 1, 2022 to March 31, 2023, reinforces Gobi’s commitment to fostering ESG practices among its portfolio companies and driving positive impact in the investment space. With a marked 41 percent increase in portfolio respondents, the report illustrates higher engagement and collaboration levels within the portfolio, showcasing the startups’ significant strides in their ESG journeys as well as increased awareness and dedication to sustainability. More firms have also aligned their missions with the United Nations’ Sustainable Development Goals (SDGs), demonstrating a commitment to creating a positive impact in response to global challenges. The report delves into Gobi’s ongoing efforts in embedding ESG considerations within the investment lifecycle to identify and assess material ESG risks associated with potential investments, as well as regional best practices to strengthen policies addressing biases, harassment, inequality, data privacy and security risks, and legal and regulatory risks. With 92.8 percent of startups declaring positive work-life balance and 89.9 percent of companies recording gender-equal pay, Gobi’s commitment to fostering gender equality remains at the forefront. Startups that still require guidance in this area will be provided with the necessary resources to push for improvement in ESG policies. “We are pleased to see the tangible results from our ESG frameworks to generate positive social and environmental impact,“We hope to continue navigating the intersection between financial viability and positive impact, holding ourselves as well as our portfolio companies accountable for propelling the momentum to a better, more sustainable world,” said Carlo. While progress has been positive, Gobi acknowledges areas for improvement as outlined in its 2023 ESG goals, including further developing DEI policies and training programs; establishing a resource repository for tools and templates; integrating the Sustainability Accounting Standards Board (SASB) and the ESG Data Convergence Initiative; and establishing a circular economy investment thesis for related opportunities. The report also highlights 22 of Gobi’s portfolio companies, including Aerodyne Group, which focuses on precision agriculture solutions to reduce resource usage and minimize environmental impact through artificial intelligence (AI)-driven, drone-based solutions; Deliveree, a company focused on reducing emissions, boosting driver and small trucking business income, and empowering vendors through their app-powered gig economy, and Clearbot, an organizational partner leading the charge in AI-powered marine services through the construction of advanced robotic technology to revolutionize ocean cleanups. Gobi Partners claimed itself as the most interconnected Pan-Asian venture capital firm with $1.6 billion in assets under management (AUM). Headquartered in Kuala Lumpur and Hong Kong, the firm supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets. Founded in 2002, Gobi has raised 16 funds to date, invested in over 380 startups and nurtured 10 unicorns. Gobi has grown to 15 locations across key markets in Bangkok, Cairo, Dhaka, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Shanghai, Shenzhen, Singapore and Surabaya. As a Participant of the United Nations Global Compact, Gobi Partners is committed to aligning strategies and operations with universal principles on human rights, labor, environment and anti-corruption to ensure long-term value creation and sustainability across our portfolio. The firm launched its inaugural Sustainability Report in June 2022. Gobi Partners onboards Care Concierge to the Khazanah-backed Gobi Dana Impak Ventures fund

https://technode.global/2023/06/06/khazanah-leads-policystreets-15-3-million-series-b-fundraising-round/

Khazanah leads PolicyStreet’s $15.3 million Series B fundraising round

Malaysia’s sovereign fund Khazanah Nasional Berhad (Khazanah), under its Dana Impak mandate, recently led a Series B fundraising round of a Malaysian homegrown insurance technology (InsurTech) company, PolicyStreet said in a statement on Tuesday that its recent fundraising round also garnered strong support from other local and international investors, including Altara Ventures, Gobi Partners and Spiral Ventures. It said PolicyStreet intends to use the funds to strengthen its technology and underwriting capabilities. Specializing in customized insurance solutions for businesses and consumers, PolicyStreet aims to increase its on-demand underwriting policies to make protection more accessible and better tap into underserved and underinsured audience segments in Malaysia and the region. “PolicyStreet is committed to empowering underinsured businesses and consumers by providing accessible insurance solutions, “With over half a million B40 gig workers and 50,000 small-medium enterprises (SMEs) already benefiting from our services, we aim to serve 2.5 million gig workers and 300,000 SMEs within the next five years, creating a more financially inclusive future for communities in Malaysia and the region,” said PolicyStreet Chief Executive Officer and Co-Founder Yen Ming Lee. PolicyStreet is a full-stack InsurTech company that offers digital and customized insurance solutions to consumers and businesses. In offering simple, affordable and purposeful insurance solutions, PolicyStreet said it stands to narrow the protection gap in Malaysia and improve the country’s insurance penetration rate, which at 5.3 percent, currently lags global peers like Singapore (9.3 percent) and the Organization for Economic Cooperation and Development (OECD) (9.4 percent). “Dana Impak is our commitment for strategic investments to increase Malaysia’s economic competitiveness and build national resilience, while delivering socioeconomic benefits and impact to Malaysians,” said Khazanah’s Managing Director Amirul Feisal Wan Zahir. According to him, the fund’s investment in PolicyStreet aims to improve insurance penetration within the unserved and underserved segments which advocates inclusivity, providing better financial protection, increasing household resilience and financial well-being. “We will continue to invest in innovative and impactful solution providers that leverage technology and product innovation to serve the nation,“This is aligned with our commitment to spur the local start-up ecosystem as part of our strategic imperatives via the Future Malaysia Program,” he said. Dana Impak is a MYR 6 billion ($1.3 billion) allocation over five years and is a key pillar under Khazanah’s Advancing Malaysia strategy, with the aim to increase Malaysia’s economic competitiveness, build national resilience, as well as deliver socioeconomic impact to Malaysians. Khazanah’s investment in PolicyStreet complements its Future Malaysia Program which aims to support the local start-up ecosystem of entrepreneurs, start-ups, venture capital and corporate venture programs through collaboration with domestic and international partners. The Future Malaysia Program supports investments into companies with sustainable business models that deliver socioeconomic impact to Malaysia, such as PolicyStreet, which requires the injection of risk capital. Khazanah’s impact thesis is premised on how innovative insurance solutions provided by InsurTechs like PolicyStreet, offer accessible and meaningful coverage to the unserved and underserved which, in turn, enhance financial protection, household resilience and promote financial well-being for Malaysians. The investment in PolicyStreet also complements the social protection pillar of the Malaysia MADANI Budget 2023 by improving the safety net for gig riders who are exposed to road accidents. “PolicyStreet has defied market expectations and achieved impressive milestones, demonstrating their commitment to driving meaningful social impact in Malaysia, “Their outstanding achievements in licensing and growth, as well as industry recognition, prove their exceptional value proposition,” said Gobi Partners Cofounder and Chairperson, Thomas Tsao. Through its ongoing collaboration with digital partners such as CARSOME, foodpanda Malaysia and Shopee Malaysia, PolicyStreet said it is well positioned to drive meaningful social impact in Malaysia and the region, particularly for untapped segments such as gig and digital economy workers. With PolicyStreet’s in-house tech and underwriting capabilities, the InsurTech company said it is poised to make protection accessible and tailored to better serve marginalized groups. “As their Series A lead investor, we are proud of PolicyStreet’s achievements to date. They grew their business five times in 2022 and achieved a sum insured of over $6 billion, serving over 5 million customers, “In this fundraising round, we doubled down on our support for this amazing team. We are excited and look towards assisting the company’s efforts in regional,” said Dave Ng, General Partner of Altara Ventures. Since its founding in 2017 by former banking and insurance professionals Yen Ming Lee, Wilson Beh and Winnie Chua, PolicyStreet has achieved numerous milestones, including becoming the first homegrown InsurTech to be awarded Financial Adviser and Islamic Financial Adviser licenses by Bank Negara Malaysia (BNM) in 2019 enabling it to work with over 40 insurance and takaful providers to provide financial advice, education and claims support to its customers. PolicyStreet has also obtained the Reinsurer and General Insurer licenses from the Labuan Financial Services Authority (LFSA) in 2021, enabling it to customize and underwrite insurance policy for the unserved and underserved segments. PolicyStreet partners foodpanda Malaysia to digitise delivery partners’ insurance

https://technode.global/2023/06/05/origin-conference-planning-for-southeast-asia-expansion-markets-and-opportunities/

ORIGIN Conference: Planning for Southeast Asia Expansion: Markets and Opportunities

Editor’s note:“Planning for Southeast Asia Expansion: Markets and Opportunities”The panelists first shared about the background of their companies which are operating across several markets in Southeast Asia. The panelists also shared how their companies are able to expand their businesses regionally, serving their customers with better solutions enabled by the Internet and higher smartphone penetration rate. They also shared their companies’ plans and strategies. They also discussed about the opportunities, latest trends in their respective industries, how to navigate in the diverse Southeast Asia region, among other issues. The text below has been edited for clarity and brevity:Lee Koon Tan, Group President of Wellous Group LtdThe company was founded in 2016 in Malaysia. We manufacture, design and we create our own formulation for health food products, distributing via social commerce platforms to most of the countries in Southeast Asia. Malaysia, Singapore Hong Kong and the rest. We are also glad that the company is growing fast over the last couple of years and we are filing for listing. Hopefully, that happens in the next couple of months, in the second half. For a long period of time, there are people who don’t really understand how to have an efficient, effective, preventive way to keep themselves healthy. It’s just because that sector has been underserved. People usually go to hospitals when they fall sick. But if I don’t fall sick, I don’t go to hospitals. Before the era of Internet, I only get some advices from parents or relatives or friends who have some knowledge about [how to stay healthy] which is not ideal. And it’s not comprehensive. Because social commerce platforms are available now, they enable us to really hear what the customers really want, what people want. That is not just confined to rich people. In actual fact, it’s the reverse. Rich people always have resources they can always go and reach out to whatever resources they need. It’s the people who in the mass sectors that don’t have that opportunity. So for the first time, we are able to hear what they really want and we are able to explain to them individually. What your body can be benefiting from these things and how it works and why it works. So I think that transformed the industry and created a new industry that we are currently in. We are also benefiting from Covid-19. The purchasing behavior of consumers changed immediately and drastically during Covid. It pushes everybody to buy online. People are also getting a lot more health conscious. They are finding ways about how they can protect themselves, how they can protect their family. I think that two years was really crucial for that. And from what we see, even post-Covid, that behavior doesn’t go back. People are just so used to online purchases and they’ll continue to do so and people are used to protecting their health. They’re not going to say that okay because Covid is over, I don’t need that. Julian Tan, Founder & CEO of FastCoI’ve actually been in the tech industry for the last 15 years. I used to run 701 search which is an online classifieds marketplace in the region. We had marketplaces in Malaysia, Vietnam, Indonesia, the Philippines as well as Thailand. So when I was running that business, I traveled around the region. I realized that there are a lot of job portals that were focused on the white-collar [workers]. There was nothing really for the blue-collar, the non-executive sector and that’s why later on when I exited the 701 Search, I decided to start the non-executive blue-collar job portal. First in Singapore and then today we are in the region, in Malaysia and the Philippines. We offer two lines of business. One is FastJobs which is a job marketplace that companies use it to hire permanent or contract staff. we recently launched FastGig which is a “workforce on-demand” service where we are able to supply workers on short notice or on short shifts for our clients. We also have FastLearn which we have launched in Singapore but we have yet launched in the region. We’ve tested it out in Singapore where we actually work with training providers to curate relevant courses to help our job seekers to upskill themselves. We want to help our job seekers to plan their career development. Today you may be a waiter but if you have additional skills like you know how to use [Microsoft] Excel or PowerPoint you can become a restaurant manager one day. ORIGIN Conference: Next Generation: Different Breeds of Unicorns

https://technode.global/2023/06/02/malaysian-fintech-firm-bayo-pay-raises-2-2m-funding-from-venturetech-sbi-and-venturetech/

Malaysian FinTech firm Bayo Pay raises $2.2M in funding led by VentureTECH SBI

Malaysian FinTech firm Bayo Pay said in a statement that VentureTECH SBI and VentureTECH Sdn Bhd have invested MYR 7 million ($1.52 million) and MYR 3 million ($650,000) respectively in Bayo Pay. “The investments will be utilised to fund Bayo Pay’s expansion by onboarding new clients and promote its ancillary digital services,” said Aznul Abdullah, Chief Executive Officer of Bayo Pay. According to him, the investments will also go a long way in the operations of the company and support the capital expenditure requirements as part of its forward strategies to expand client base, increase collaborative-based income and further deepen its focus in its niche verticals. “We are thrilled to have both VentureTECH SBI and VentureTECH as our cornerstone institutional investors and we believe this investment validates our business roadmap, as we execute our strategies to leverage on the global surge in use of digital payments,” he said. According to the statement, this is a maiden investment for VentureTECH SBI, a joint-venture fund management company between VentureTECH and SBI Ventures Malaysia Sdn Bhd (aMeanwhile, this marks VentureTECH’s first investment in the Fintech market segments since its inception, and with the addition of Bayo Pay, VentureTECH has invested and committed to invest in 25 technology industry leaders in its targeted high technology and emerging industries, with aggregate investee net worth surpassing the MYR 2 billion ($440 million) mark. “Our MYR 7 million ($1.52 million) investment will speed up Bayo Pay’s product development cycle through hiring additional talents and client acquisition,” said Mohd Jerry Tan, Principal of VentureTECH SBI. According to him, Bayo Pay’s various white label products and modular approach allow new solutions or financial products to be rapidly deployed on top of its core offerings, allowing Bayo Pay’s clients to focus on what truly matters, i. e. , their products and marketing. Meanwhile, VentureTECH Chief Executive Officer Ahmad Redzuan Sidek said the MYR 3 million ($650,000) investment is in line with VentureTECH’s mission to support local fintech talents and its impact investment philosophy that aims to generate positive socioeconomic benefits in line with the country’s vision of embracing IR4.0 towards creating a more equitable, inclusive, and sustainable growth. According to him, Bayo Pay’s dynamic and modular solutions grant fast deployment in terms of additional features such as security electronic ID module, customer engagement platform and corporate digital payment solutions. He noted the additional features are important because through rapid deployment and various available options, Bayo Pay’s clients are able to customize and offer various products that are central to its strategic positioning. VentureTECH is a government-backed impact investment company established to catalyse the growth of local industries particularly Bumiputera in the high value-added and high-technology industries through equity investment. The firm was incorporated as a wholly owned subsidiary of the Malaysian Industry-Government Group for High Technology (MIGHT). Bayo Pay is a licensed Mastercard non-bank E-money issuer to assist the company in growing its core business and further enhancing its B2B2X white label Digital Payment-as-a-Service solutions to support the growth of local fintech startups in Malaysia. Bayo Pay focuses on offering integrated end-to-end digital payment solutions to small and medium-sized enterprises (SMEs) and corporates with a growing and captive user base. Bayo Pay’s B2B2X business model allows its clients to access its proprietary technology to develop a scalable private label payment solution accessible via its white-label or embedded payment module. This enables any fintech startups or corporates to dive into digital financial services at a more efficient cost by accelerating their go-to-market strategy and alleviating regulatory, legal, and technical obstacles while providing flexibility, and ease of product customization and integration. Malaysia’s Soft Space raises $31.5M Series B1 funding led by Southern Capital Group

https://technode.global/2023/06/01/chatgpt-app-is-now-available-in-malaysia-ranks-first-on-app-stores-top-chart/

ChatGPT app is now available in Malaysia; ranks first on App Store’s Top Chart

The mobile application (App) version of iPhone users have been able to download it from App Store, but Android users still need to wait a while, according to news portal A check on App store’s top charts on Thursday showed that ChatGPT now ranked number one on the list, followed by other apps such as Gigi Coffee, MAE by Maybank2u and Touch ‘n Go eWallet. According to App Store, this official app is free, syncs users’ history across devices, and brings users the newest model improvements from OpenAI. “With ChatGPT in your pocket, you’ll find instant answers, tailored advice, creative inspiration, professional input and learning opportunities,” it added. According to its developer OpenAI, the Microsoft-backed company said it has trained a model called ChatGPT which interacts “in a conversational way”. “The dialogue format makes it possible for ChatGPT to answer followup questions, admit its mistakes, challenge incorrect premises, and reject inappropriate requests,” OpenAi said on its website. The company also pointed out there are some limitations as ChatGPT sometimes writes plausible-sounding but incorrect or nonsensical answers. “ChatGPT is sensitive to tweaks to the input phrasing or attempting the same prompt multiple times. For example, given one phrasing of a question, the model can claim to not know the answer, but given a slight rephrase, can answer correctly,” the company added. OpenAI’s breakthrough ChatGPT has hastened the release of large language model (LLMs) or ChatGPT-like services by companies around the world, from Internet players like Alibaba and Baidu Inc to hardware companies like Asustek Computer Inc, The newswire reported that Alibaba Group Holding Ltd is also integrating its most advanced artificial intelligence system into its Slack-like DingTalk messaging app and a meeting assistant named Tingwu. Microsoft-backed OpenAI announces ChatGPT successor GPT-4 that accepts image, text inputs

https://technode.global/2023/06/01/paywatch-partners-kb-bukopin-to-empower-indonesian-workers-with-bank-backed-ewa-service/

Paywatch partners KB Bukopin to empower Indonesian workers with bank-backed EWA service

PaywatchThe successful launch of this service follows the signing of a memorandum of understanding (MOU) between the two companies, establishing the partnership framework and terms for the development, Paywatch said in a statement. Through Paywatch, employees in Indonesia can withdraw a portion of their earned wages early, solving cash flow issues that low-income workers face due to limited access to formal financial services and high-interest rates charged by informal lenders. Paywatch said the firm aims to provide liquidity to the workforce, empower Indonesian workers to focus on financial security and create a financially empowered community that can allow them access more financial benefits. It said its EWA is a backed and regulator-approved EWA solution that provides employees on-demand access to their earned wages without incurring any interest or fees, unlike other credit platforms and EWA services. It also said its innovative solution is set to positively impact both employees and employers, creating a sustainable and fulfilled workforce that can achieve its full potential. Richard Kim, Founder and Chief Executive Officer of Paywatch, emphasized the significance of the bank-backed EWA service in Indonesia, saying their initial success in Malaysia and South Korea sets a good foundation for expansion into other markets, particularly in Southeast Asia. “With the backing of a reputable financial institution like KB Bukopin, Paywatch can help businesses in Indonesia fulfil their ESG commitments and support their people,” he said. Paywatch said its EWA is designed to be a seamless and hassle-free solution for employers. It is noted that signing up for the service requires no changes to existing HR management or payroll systems, and comes at no additional cost. With KB Bukopin’s reliable infrastructure and regulatory framework, Paywatch said it is able to offer a secure and trustworthy financial solution for employees, increasing credibility and trust in the service. Tom Lee, Chief Executive Officer of KB Bukopin, expressed pride in being the first bank in Indonesia to collaborate with Paywatch and launch a bank-backed Earned Wage Access service. “We are thrilled to lead the way in driving financial inclusion and improving overall financial well-being in Indonesia with Paywatch, “This partnership is a testament to our unwavering commitment to innovation and our customers’ financial success,” he said. Robby Mondong, Deputy President Director at KB Bukopin, said he believes that Paywatch’s EWA service has the potential to empower the lives and livelihoods of employees across Indonesian businesses. “This is a significant step towards building a sustainable digital banking and finance ecosystem that KB Bukopin is committed to achieving,” he said. To date, Paywatch’s EWA solution has already surpassed more than 200,000 employees globally, improving retention rates for businesses that leverage Paywatch up to 75 percent and saving over IDR 6 billion ($401,108) in annual rehiring fees for small and medium-sized enterprises (SMEs) and multinational corporations (MNCs). Paywatch said its commitment to transforming the landscape of a financially inclusive future is set to create a more sustainable and fulfilled workforce, taking care of the financial well-being of employees in Indonesia and beyond. Paywatch is a EWA solution provider backed by major banks. Working with top banks and employers in each of its markets, Paywatch serves as a bridge to help employees get banked and achieve financial security. Paywatch currently operates in South Korea and Malaysia, and is expanding its footprint in Southeast Asia. Bank KB Bukopin is an Indonesian banking company, offering a range of conventional and Sharia banking services, as well as financing solutions to meet diverse financial needs. Gobi Partners and MAVCAP works with Paywatch to address demand for earned wage access