MDCC is 3 years old today, and we had just finished our 3rd Council Meeting for tonight for year of 2018! Malaysia Digital Chamber of Commerce had grown older and new members come, old member go - I would like to thank all the council members that work hard and putting their precious time to work together on the growth of MDCC throughout the years! Digital Economy had been very exciting industry and however it also brings a lot of joy! lots of tears and strength for a lot of people. After the old ministry regime, the new ministry new regime had given a lot of changes to the country. DFTZ and Digital Economy Roadmap now require to be adopt by the new government to continue to bring more continuous growth of the country's GDP and also enhancing the country's Digital transformation for the nation! Let's watch and let's look forward for the better future and brighter digital economy of Malaysia! There had been a new player in town as it had been the talk of the town - "Alibaba"

13 October 2018 Chris Daniel Wong President of Malaysia Digital Chamber of Commerce www.mdcc.org.my Increasing Productivity through Digital Disruption  On a recent trip attending an executive education programme at University of California Berkeley, it strikes me how much the retail world has changed owing to technology disruption. Many of my peers in the classroom had started embracing such disruption a few years back and to my surprised many of them are SMEs. As there are more mobile devices than people in the world today, we are staring at more than 50 billion connected Internet of Things devices by 2020. Smart cities, smart homes, autonomous vehicles, and cognitive computing are quickly becoming a reality. New business models built around smart devices, high-speed networks, cloud computing, and data analytics are rapidly emerging. One very good example is the evidence I experienced at the street of San Francisco whe

5 November 2018   Chris Daniel Wong President of Malaysia Digital Chamber of Commerce www.mdcc.org.my   Reducing Environmental “Exhaust” Through New Digitally-Sustainable Business Models & Processes   Every business is now a digital business in one form or another. In the spirit of "making IT good for society" in the words of the British Computer Society, there's a tremendous opportunity for the technology community to make a difference. Such opportunity now extends well beyond IT to focus on using digital transformation to help all industries to meet their sustainability goals and reduce their carbon footprints.   While the concepts of IT and sustainable IT were originally focused on IT operations and the technology product lifecycle, the new call to action as companies undergo digital reinvention is for them to give environmental factors early consideration in their pl

Coronavirus (COVID-19) has hit a great number of countries and turned out to be even worse than the critical economic, strategic and political clashes happening around the world. The coronavirus outbreak has and still is impacting all industries, including the information and communication technologies sector. Tech giants have halted operations, cancelled their participation in important events and conferences and announced financial objectives below expectations. As of March 8th, China has reported 80859 cases to the World Health Organization, including 3100 deaths. Outside China, there are now 24727 cases in 101 countries and 484 deaths. International events bear the consequences Even though China has been mostly affected by the disease, its spread to the whole world is compromising economies. The most chocking consequence of COVID-19 in the ICT industry was the cancellation of the Mobile World Congress which was supposed to be held in Barcelona on February

Editor’s note: This article was originally published in In focus/Meituan, TechNode’s biweekly newsletter on the O2O services company. TechNode members get access to the most detailed coverage of the new tech giant available anywhere in English—sign up here to join. This article was co-authored by Nicole Jao. In recent weeks, our WeChat Moment newsfeeds have been heavy with posts about home-cooked meals. With much of China under lockdown, people have started devoting their free time to whipping up meals—prompted by boredom as much as necessity. Cookies, steamed buns, and pancakes have replaced restaurant takeout on Chinese tables. As a recent meme goes: After the quarantine began, everybody has suddenly become a great cook. Meituan, the country’s food-delivery giant, has been front and center for this development. The company’s data

Covid-19 might have caused tourism to plunge, but it has paved the way for e-commerce to flourish as consumers switch to online channels to buy products and services and refrain from going to crowded spaces to avoid the virus risk. Thanawat Malabuppha, president of Thailand e-Commerce Association and CEO and co-founder of Priceza, a popular e-commerce hub in Thailand, said that sales of online products because of the outbreak had almost doubled especially in product groups related to protection against the virus. “The search for the keyword ‘sanitary face masks’ increased by 3,500 per cent in February 2020 compared to the same period in 2019,” he said. “Other products are also seeing improved sales as people tend to avoid going out to shopping centres and retail shops. Daily consumer products and healthcare-related products are among the groups that are having the highest sales through the e-commerce channel.” Meanwhile, Pinya Nittayakasetwat, CEO of GET application, has said tha

World Bank says sectors affected are tourism, FDI, supply chains and commodities, which include palm oil and O&G

by NUR HANANI AZMAN / pic by BLOOMBERG

THE Covid-19 outbreak could cost the country’s economy RM5.9 billion this year and the figure could rise further if authorities around the world fail to contain the spread of the deadly virus.

The coronavirus, which originated from Wuhan, China, had already slowed manufacturing activities, grounded factory lines, disrupted supply chain and dented consumer spending in China and elsewhere.

The tourism sector had been hit the hardest. Fear of the virus had forced travellers, especially from China, to postpone their trips. Major airlines had cancelled or reduced flights to China.

The government is providing mask inventory data of pharmacies as an open API to help developers launch apps that notify civilians about the inventory statuses of pharmacy goods amid shortages from the COVID-19 outbreak. The South Korean government has released its mask sales data to the public by providing it as an open API to encourage developers to create apps that notify people about the inventory statuses of pharmacies nationwide. The government hopes that the opening up of data will help address the long queues at pharmacies and complaints that have arisen due to the shortage of masks caused by the COVID-19 outbreak. Vice Minister Jang Seokyoung of the Ministry of Scien

We had seen over the last few weeks that the Malaysia Government took quite fair a bit of time to introduce the SME stimulus package. Well kudos that it has now been done after so much lobbying from the associations that represents the SME business community. One of last hurdle that many SMEs want to see is the enactment of Covid-19 Act, which is very similar to the one introduced by countries such as UK, Hungary and Singapore. Why do we need such an act? Simply it is to ensure that SME will not collapsed when they resume operation. By May or June when MCO is lifted, SME will need to make 2 choices, pay salary or pay rent? As matter of logic of course pay rent and reduce man power because logically there aren’t much business to do as consumer market is soft. With a high unemployment what does it tells you? Well we all know the academic answer.

30-second summary:

• Organizations must consider how the current crisis will also change long-term social interactions, events, personal contacts and what products and services will better serve them in the new post COVID-19 world.
• Many customer behavior changes will require new or modified products and services. New market leaders will emerge while some past leaders falter. Many companies will struggle post COVID-19.
• Smart companies will adopt a proactive approach to understand what changes will occur and be ready to adjust their products, services and strategies quickly to meet current and future customer needs.
• Despite this favorable impact for the likes of medical product manufacturers, gaining customer insights on need changes is critical to make this short-term success permanent.
• For lot of the others the question going forward is, when will their customers come back? But even more important and more under their control i

The government will begin rolling out 5G technology infrastructure and services from the end of 2021, Prime Minister Muhyiddin Yassin said today. Speaking at the virtual launch of MyDigital and the Malaysia Digital Economy Blueprint, Muhyiddin announced that some RM15 billion will be invested in 5G implementation projects nationwide for the next 10 years. “With this, Malaysia will be one of the first few countries in the region to build a 5G ecosystem using the internet and cloud services in real-time, to enable immediate sharing of information,” he said. MORE TO COME

1.    First of all, let us express our gratitude to Allah Subhanahu Wata’ala because with His permission, we are here, virtually, together at this launching ceremony of MyDIGITAL and the Malaysia Digital Economy Blueprint this fine morning. Ladies and Gentlemen, 2.    The digital wave continues to affect the global community, reaching a scale that has never been achieved before and has completely changed the lifestyles of most communities all over the world. If we were to look back just five years ago, there were endless changes we can see in various and long-ranging aspects. Whether in terms of the way we interact with each other, the way we learn, doing business, and even the way we monitor our personal health, everything is very different and has changed with the touch of technology. Advanced technologies such as artificial intelligence (AI), internet of things (IOT) or big data analytics and blockchain; all of them have changed the patterns of the world’s economy and the way

Guaranteed compensation and good customer service are in very rare supply these days, especially in sea freight. However, Cainiao, Alibaba’s logistics arm, has pledged cheaper, more reliable shipping services to its customers – and promised to compensate them for delays. Cainiao today launched a shipment booking service, for air and sea, covering 200 ports in 50 countries and said the service encompassed container bookings and end-to-end logistics management. It claimed its cross-border port-to-port shipping fee would be 30-40% lower than the average market rate, although it was unable to tell The Loadstar before publication how this would be achieved. Container bookings will be confirmed within two working days after an order by an Alibaba merchant, which, claimed Cainiao, was far better than the industry average of a week to a month. If the booking confirmation is delayed, merchants will receive compensation of up to Rmb100 ($15) per order. If cargo misses its

The Malaysia Digital Economy Corporation (MDEC) expects investor confidence to get a boost as Malaysia accelerates its digital economy agenda with the recent announcement of the national digital economy blueprint MyDigital. Based on the Department of Statistics Malaysia report, the digital economy’s contribution to gross domestic product (GDP) for 2019 stood at 19.1% or RM289.2bil. It is projected to hit 20% in 2020. “Amid the Covid-19 pandemic which disrupted foreign direct investment (FDI) globally, we continue to build strong investment momentum in our digital tech industry, ” said MDEC investment and brand senior vice president Raymond Siva. “We are seeing good investment momentum in the MSC Malaysia. To date, MDEC has recorded RM345bil in digital investments, creating close to 185,000 jobs. This includes significant investments from multinationals that have established their global business services and regional operations here in Malaysia, ” he said.

For several years now, eCommerce has seen slow and steady growth across Southeast Asia. But what the pandemic did last year was to catapult the growth so that eCommerce went from being an experiment for some brands to a necessity for most. Today’s eCommerce platforms such as Shopee are fast becoming the platforms of choice when it comes to product search, whereas traditionally the crown would be worn by the likes of Google, said panellists at the recent Shopee Brands Summit held on 25 January 2021 at Andaz Hotel.  Hence brands need to rethink their omnichannel strategies to be where the consumers are. This article is written by MARKETING-INTERACTIVE in collaboration with Shopee. eCommerce is not just another sales channel Adding on to the conversation around eCommerce platforms now becoming a vital part of the marketing ecosystem was Alexandra Vogler, senior director, e-business, Asia, Middle East and Africa, Procter and Gamble, who said that today

Executives from some of the country’s biggest start-ups have welcomed Putrajaya’s recently-launched digital economy blueprint but with reservations about its goals and the timeline set to achieve them. While the 10-year MyDigital plan will put the government on track to spur the high potential sector, they said the initiative appeared convoluted and lacked vigour in terms of what it sets out to achieve. One of the underpinning criticisms was the programme’s timeline. Jes Min Lua, founder of Recommend.my, the popular smartphone platform that provides property services like cleaning and moving, described it as “crawling towards the moon”, citing among others the lengthy period set just to review policies and laws. “The first two years of Phase 1 (2021 and 2022) are mostly ‘reviewing policies and laws’ and ‘appointment of CDOs’ and ‘creating circulars’ and laying the foundation, where really it shouldn’t take two to three years to define these things,” she told Malay Mail<

The unveiling of the Strategic Programme to Empower the People and Economy (Pemerkasa) by Prime Minister Tan Sri Muhyiddin Yassin recently demonstrates the government’s continuous commitment to strengthening the economic recovery efforts and subsequently, turbo-charging the economic growth.

Some of the initiatives in the sixth stimulus package will propel Malaysia’s preparedness to adapt to the post-pandemic economy that will see automation and digital economy taking centre stage and potentially, resulting in a broader recovery led by enhanced productivity and technological innovation.

The focus on automation and digitisation initiatives under IR4.0 would certainly encourage local companies to immediately step up their investment in automation in order to remain cost-competitive and innovative, a strategic imperative for businesses to survive and thrive in this new post-

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Press Conference Co-Hosted by MDCC in response to the economic suicidal statement by DG of Health ‘70% vaccination coverage before Interstate and Interdisctrict is Lifted’

262 Business Associations/Chambers of Commerce representing 950,000 businesses

—Date : 1st March 2021

—Time : 3.30 PM

—Venue : Foodtree/Jungle GYM 4th Floor,

—Bangsar Shopping Centre, Kuala Lumpur

Dato Abdul Malik Abdullah gave the opening

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Press Conference Co-Hosted by MDCC #BankerWithBigHeart CAMPAIGN LAUNCH BY MALAYSIA DIGITAL CHAMBER OF COMMERCE (MDCC) and BUSINESS SURVIVAL GROUP (BSG)

Myth: Banks LOST RM 6.4 BILLION in 2020 because of moratorium Fact: Banks made a PROFIT of RM 31.15 BILLION in 2020

—Date : 8th  March 2021

—Time : 3.00 PM

—Venue : Foodtree/Jungle GYM 4th Floor,

—Bangsar Shopping Centre, Kuala Lumpur

  [caption id="attachment_36224" align="aligncenter" width="856"]

Co-Hosted By MDCC Town Hall Meeting

President; Chairman and Representatives of all the Business and Trade Associations and business interest groups to join us at the Town Hall session between the business community as we formulate a united forum for all businesses in Malaysia to engage the government in the post-pandemic economic recovery efforts.

—Date : 18th March  2021

—Time : 2.00 PM

—Venue : Foodtree/Jungle GYM 4th Floor,

—Bangsar Shopping Centre, Kuala Lumpur

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Press Conference Co-Hosted by MDCC Vaccine Equity and Equality : TIME TO GET ALL OF MALAYSIA INVOLVED

—Date : 1st April 2021

—Time : 12 PM

—Venue : Foodtree/Jungle GYM 4th Floor,

—Bangsar Shopping Centre, Kuala Lumpur

  [caption id="attachment_36238" align="aligncenter" width="448"] Vaccine Equity and Equality :TIME TO GET ALL OF MALAYSIA INVOLVED[/caption]

Benefits
Grant amounting up to 50% or a maximum of RM 5,000 from total invoice amount
Great deals on digital solutions from a wide list of panels listed by MDEC
Wide range of digitalisation areas:
1. Electronic Point of Sale System (e-POS)
2. Human Resource Payroll System (HR) / Customer Relationship Management (CRM)
3. Digital Marketing / Sales
4. Procurement
5. Enterprise Resource Planning (ERP) / Accounting & Taxation
6. Remote Working
7. e-Commerce

Now’s your chance to get your business digitalized! In conjunction with Budget 2020, The Ministry of Finance (MOF) is now giving grants to Small & Medium Enterprises (SME) to adopt digitalisation in daily operations.

SME ELIGIBILITY
1. The SME is at least 60% owned by Malaysian invidually;
2

With data being “the new gold”, Malaysia is set to enjoy economic ripple effects from the RM4bil “Bersama Malaysia” initiative with tech giant Microsoft Corp that will also strengthen the country’s potential as a regional data hub.

The initiative will see Microsoft set up its first data centre region in the country to deliver trusted cloud services locally and to upskill one million Malaysians by the end of 2023.

Prime Minister Tan Sri Muhyiddin Yassin said this significant investment from Microsoft further fortified Malaysia’s position as a potential data hub.

“I am delighted to welcome Microsoft’s long-term commitment to Malaysia in empowering our inclusive digital economy and look forward to our long and prosperous digital partnership, ” said Muhyiddin in his keynote address when launching the Microsof

The Ministry of Entrepreneur Development and Cooperatives (Medac) launched the Aladdin1 Malaysia halal-focused e-commerce platform today.

Deputy Minister Datuk Mas Ermieyati Samsudin hopes that the hub will seek to emulate China’s Alibaba e-commerce platform.

“I urge not only halal industry players, but also manufacturers to leverage on the platform which plans to move forward in a scalable manner.

“We hope Aladdin will follow Alibaba and eventually place us among the leading digital markets solutions in the world,” she said at the launch today.

Aladdin group co-founder Datuk Seri Desmond To said the platform aimed to address the difficulties of small-medium enterprises (SME) to break into global markets.

UNLIKE the much-hyped visit to Kuala Lumpur in 1998 when he was named an official adviser to Malaysia’s Multimedia Super Corridor (MSC) project, Bill Gates didn’t make a virtual appearance to launch Microsoft Corp’s “Bersama Malaysia” (Together with Malaysia) initiative on April 19 that marked a significant milestone of its 28 years in the country. Yet, the commitment by the technology behemoth Gates co-founded (but is no longer chairman of) to help upskill one million Malaysians by 2023, create at least 19,000 new jobs and invest US$1 billion (RM4 billion) here over five years would prove to have more lasting benefits for Malaysians seeking greater economic opportunities in an increasingly digitised world.

Microsoft’s US$1 billion investment in Malaysia — which IDC’s research says would help generate up to US$4.6 billion in new revenues for the country’s ecosystem of local partners and cloud-consuming custom

In 2016, Klaus Schwab, Chairman of the World Economic Forum, predicted the Fourth Industrial Revolution as a profound shift, marked by incredible technological advancements that would fundamentally change how we live and work, blurring the lines between physical and digital spheres.

Half a decade later, the pandemic has fast-tracked this revolution, propelling us into a virtual world. Fortunately, this has coincided with another powerful shift – the arrival of 5G, foundational tech that will allow us to rethink the use of technologies like the Internet of Things (IoT), Augmented Reality (AR), Virtual Reality (VR) and Artificial Intelligence (AI).

This, in a post-Covid world, where businesses will increasingly need to reach, connect and engage consumers virtually.

Initial conversations surrounding this nex

Our working culture has changed significantly in the form of diversified innovations using the digital technology platform. It is estimated that one million Malaysians have joined the gig economy for income.

According to one recent study, 35 per cent of youths aged between 18 and 35 are working in the gig economy, with 60 per cent making it their primary source of income.

This is a gig economic innovation that has exploded and is increasingly trending in the country. Ironically, it is an indirect positive consequence of the Covid-19 pandemic and the Movement Control Order.

In general, apart from being called freelance workers or part-timers, the workforce in the gig economy is also known as project-based workers.

College students, in particular, can now

The evolution of economic activity and technology offers enormous challenges and an opportunity for data centres

THE establishment of data centre hubs and cloud service providers will continue to be the driving force behind the rise of the country’s digital economy, according to AIMS Data Centre CEO Chiew Kok Hin.

He said businesses that have gone digital or invested more heavily to digitalise their businesses and processes, are unlikely to go back to the “brick and mortar” way of doing things.

Therefore, he added, demand for data centres will continue to grow, directly or indirectly, as South-East Asia has been the focus for its emerging data centre market for the past few years.

“With the slowly maturing business environment,

Malaysia’s digital economy is making large strides in its maturity, according to a new study by strategy consulting firm YCP Solidiance. However, with the future in mind, there is no room for complacency, and organisations of all sizes and shapes are advised to accelerate their digitalisation plans.

The country’s digital economy is estimated by YCP Solidiance to be worth over RM 270 billion, which equates to roughly 18% of Malaysia’s gross domestic product (GDP). This makes Malaysia more digitally mature than many other countries in the Asia Pacific region, and also a digital step ahead of several Western economies.

Accelerated by the current Covid-19 crisis and resulting lockdown, which has abruptly lifted the need for digital shopping, working and connection, the share of GDP coming from the digital segment is forecaste

The pandemic has brought about a massive, permanent digital adoption spurt in Southeast Asia, according to Google Cloud
New sectors within the digital economy are emerging, especially in education and health technology
Key verticals such as the finance, healthcare and manufacturing sectors witness a surge in demand for cloud-based solutions

If there is one thing virtually certain since the occurrence of the pandemic is that it has speeded up the adoption of digital technologies by several years – and that most of the changes could be here for the long haul. In just a matter of months, the Covid-19 crisis has brought about accelerated change to the digital economy, the way companies in a great many sectors do business around Southeast Asia (SEA).

The e-Conomy SEA 2020 report jointly compiled by Google, Singapore’s Temasek, and

Digital Economy Blueprint (MyDIGITAL) specifically sets out to map the importance of cybersecurity, listing it under one of the six main thrusts of the blueprint; to build trusted, secure and ethical digital environment. Cybersecurity sets the foundation from which businesses and enterprises can operate and grow in a safe and secure digital environment.

New working arrangement in the new norm, i.e. working from home, has also contributed to the surge in cyberattacks. Most SMEs utilise a “Bring Your Own Device” (BYOD) approach, which significantly exposes valuable data and information to cyberattacks and various malicious forms of intrusion. SMEs bear a brunt of these attacks.

In 2020, Malaysia recorded 6,512 cybersecurity incidents. In the period between January to May 2021, the number of incidents recorded stood at 4,615, representing an almost one-fold in

Trade ministers from Singapore and China have agreed to further explore opportunities in digital trade and the green economy after a virtual meeting on Friday (Aug 20), said the Ministry of Trade and Industry (MTI).

Enhancing bilateral economic relations was a key focus at the 6th Investment Promotion Committee (IPC) Meeting, co-chaired by Singapore Minister for Trade and Industry Gan Kim Yong and Chinese Minister of Commerce Wang Wentao, MTI said in a press release.

The meeting, last held in December 2017, is a platform for Singapore and China to discuss updates on key economic policies and developments, with the goal of deepening investment linkages and collaboration between the countries.

"The IPC meeting is a valuable platform for Singapore and China to explore new opportunities for collaboration as b

China passed a sweeping privacy law aimed at preventing businesses from collecting sensitive personal data Friday, as the country faces an uptick in internet scams, leaks and concerns about tech giants abusing clients’ personal information.

Under the new rules passed by China’s top legislative body, state-run and private companies handling personal information will be required to reduce data collection and obtain user consent.

The Chinese state security apparatus will maintain access to swathes of personal data, however, and Beijing has long been accused of harnessing big tech to accelerate repression in the northwestern Xinjiang province and elsewhere.

The new rules are also expected to further rattle China’s tech sector, with companies like ride hailing giant Didi and gaming behemoth Tencent in regulato

Self-driving cars, AI robots, and BeiDou Navigation Satellite System caught the attention of exhibitors of the Digital Economy Exhibition of the fifth China-Arab States Expo, which just concluded on Sunday in China's Ningxia.

The theme of the Digital Economy Exhibition of the fifth China-Arab States Expo is "Digital Economy leads the Future with Intelligence."

The Digital Economy exhibition is divided into several sections,including the New Generation of Information Technology Exhibition, Intelligent Manufacturing, and the "Internet plus" Exhibition, Digital Infrastructure Exhibition.

The exhibition hall is built with recyclable environmental materials, using high-tech and green exhibition methods.

The expo, which was downsized this year for COVID-19 pr

Sticker shock has even invaded the land of falling prices: online shopping.

Through economic booms and busts, e-commerce has long been virtually immune to inflationary pressures. Average online prices dropped every year between 2015 and 2019.

But Covid ended that once-reliable trend.

Online prices jumped 3.1% year-over-year in July, according to a report released Thursday by Adobe. Out of 18 categories captured by the Adobe Digital Economy Index, all but six saw price jumps last month. The price gains were most dramatic in July for online clothing, over-the-counter drugs and sporting goods.

"Pre-Covid, I don't think there was any inflation. It was exclusively deflationary," Austan Goolsbee, the former Obama adviser who helped Adobe develop the index, to

As a high schooler growing up in a small town in eastern China, Li Xiaoming dreamed of moving to a big city where he could have a better life.

Now 24, Li just wants to take a rest.

Across the country, young people like Li who requested to be referred to by that pseudonym because he fears career and political repercussions for his views are getting tired of the fierce competition for college and jobs, and the relentless rat race once they get hired.

They're now embracing a new philosophy they've called "tang ping," or "lying flat."

The phrase apparently traces its origins to a post earlier this year in an online forum run by the Chinese search giant Baidu. The author of that now-deleted post suggested that instead of working one's entire life chasing aft

Prime Minister Ismail Sabri Yaakob must renounce the transport ministry’s cabotage policy for the sake of the country’s digital future, says DAP secretary-general Lim Guan Eng.

The Bagan MP said Ismail should show that he is different from his predecessor Muhyiddin Yassin by prioritising national interests over personal and political matters.

In a statement, he called for Ismail to reinstate the cabotage exemption policy to secure the nation’s digital future, and encourage high-tech digital companies like Facebook and Google not to entirely bypass but to return to Malaysia.

He claimed that transport minister Wee Ka Siong’s policy had “jeopardised digital investments of between RM12 billion to RM15 billion” and led the country to miss out on key undersea cable infrastructure projects undertaken by overseas

• Malaysian startups have shown highest investment to return ratio in the region
• Founders must discard mild personalities, communicate beyond-horizon growth plans

So much has been said and written about the vast potential of the Malaysian tech ecosystem and for all the right reasons.

Within ASEAN, Malaysia was one of the first countries to invest in the Digital Economy with the establishment of multiple government agencies, seeding policies, industry blueprints and development acceleration programs. Coupled with its multicultural society, ease of adoption in digital economy services and a well-exposed middle class, the nation has always been a prime destination for Asian and MNC organisations to expand their business footprints. Microsoft, Intel, NTT, Dell and Sony for example have all established L

The Communications and Multimedia Ministry ( KKMM ) will work together with the Kelantan government and come up with fresh initiatives to develop the digital economy sector in the state.

The initiative would be a joint effort between the state government, the Malaysian Communications and Multimedia Commission (MCMC) and Telekom Malaysia Bhd (TM), he said, adding that further talks would commence soon.

“This effort requires an orderly blueprint to enable entrepreneurship development in Kelantan as it is known as a state that has many talented traders and enterprises, such as craft or other domestic industries that by right should be penetrating world markets.

“This will be done by fully utilising the digital economy which has now taken hold globally. As such, Kelantan must also seize these opportunities av

• New report analyses and ranks 140 countries by their digital competitiveness over the last three years.
• Countries which top the ‘Digital Riser’ list are implementing bold public-private partnerships to foster innovation and entrepreneurship.
• The results show that advances in digital transformation don’t always come from the most obvious places.

---

The COVID-19 pandemic has shown that digital technologies determine not only whether or not countries thrive, but also how well they are able to navigate trying times. Applied effectively, digital technologies not only enable education and work to move from schools and offices to the home, but they also provide increasingly efficient ways to organize processes in companies and governments.

Andrew Korybko is a Moscow-based American political analyst. The article reflects the author’s views and not necessarily those of CGTN.

The 2021 China International Fair for Trade in Services (CIFTIS) opened in Beijing on September 2nd and will run until September 7th. Over 10,000 enterprises from over 150 countries and regions are participating in a mix of online and offline formats.

CIFTIS is one of the largest economic events since the start of last year’s COVID-19 pandemic and the only fair that comprehensively covers the 12 sectors of trade and services as defined by the World Trade Organization. This year’s CIFTIS aims to revitalize globalization by promoting the digital economy as its primary engine.

Chinese President Xi Jinping proved how important this fair is by taking time out of his busy sched

INTRODUCTION

1. I would like to thank the World Bank Group for organizing this dialogue session on the digital economy as the new driver of growth. I am pleased to share Malaysia’s achievements on this front as well as our future initiatives here today

DIGITAL INFRASTRUCTURE IN MALAYSIA

2. As of 2018, Malaysia has a internet penetration rate of 85.7%. This fares very well in a region where the penetration rate hovers at approximately 60%.

3. We expect the national penetration rate to rise further as Malaysia improves its digital infrastructure to provide reliable and ultrafast broadband internet service, which is essential to unlocking the potentials of our digital economy. We have also launched the Na

A new central bank system to control the flow and exchange of money dovetails into Beijing’s big tech crackdown.

China’s financial system is changing. The country’s new Digital Currency Electronic Payment (DCEP) a digital payment and processing network run by the Central Bank of China and its digital currency, the digital yuan (e-CNY), is expected to completely replace physical cash. Unveiled in 2019, the DCEP began its trial in April 2020 and has been slowly rolled out in major cities including Shanghai, Chengdu and Beijing. Its cautious implementation illustrates how seriously the Chinese government is taking the DCEP project.

A digital currency is money that only exists as electronic data. While it can be used just like regular money, it has no physical form and transactions can be sent from any place and received in any location in the world. The key di

Data and technology will be among the key elements in charting Malaysia’s economic recovery post-Covid-19 pandemic, said Finance Minister and National Recovery Plan (NRP) Coordinating Minister, Datuk Seri Tengku Zafrul Abdul Aziz.

He said the government will harness the power of data to help the country become more agile and responsive, underscored by the spirit of inclusivity towards better resilience and shared prosperity.

Tengku Zafrul noted that the Digital Economy Blueprint, or MyDIGITAL, is critical in driving the business sector to compete in the global arena, as it addresses both digital infrastructure and the digital ecosystem.

“The former includes investments through the National Digital Network (Jendela) project, investments to strengthen connectivity to the international submarine cable networ

More than two decades ago, India began its transformation into a global IT powerhouse, ushering in an era of wealth and job creation never before seen in the country.

Now, Asia's third largest economy is ready for the next big frontier in tech: Coming up with a new generation of software companies like Zoom or Slack.

The Covid-19 pandemic has forced business around the world to make huge investments in digital infrastructure, furthering the influence of companies providing software as a service, or SaaS. Businesses spent an extra $15 billion per week last year on tech as they scrambled to create safe remote working environments, according to a KPMG survey.

SaaS companies provide web-based applications that take care of everything from how secure the software is to how well it performs. Some of the world's

Amazon is offering to cover four-year college tuition for most of its approximately 750,000 hourly workers in the United States, the latest major employer to offer the perk to attract and retain hourly employees in a tight job market.

Starting in January, Amazon for the first time will pay for tuition, fees and books for warehouse, transportation and other hourly employees who want to pursue bachelor's degrees. It will also begin covering high school diploma programs, GED's and English as a Second Language (ESL) certifications for employees.

Amazon (AMZN) has not finalized a list of colleges workers will be eligible to attend using the benefit.

Amazon employees who have been with the company for at least 90 days are able to use the benefit, and employees must continue working part-time or full-time at Ama

As Asean continues to grapple with Covid-19 cases and an uncertain recovery, its economic ministers have committed to conducting a study on a region-wide digital economy pact by 2023.

They also agreed to start negotiations on the Asean Digital Economy Framework Agreement by 2025.

A focus on digital transformation to enable the smooth flow of goods and services and data will help ensure the region continues to draw global trade and investments, and better position itself for future growth, Singapore's Minister for Trade and Industry Gan Kim Yong said at meetings with his counterparts last week.

"Asean remains fully committed to free and open trade and deepening regional economic integration, especially amidst the challenging backdrop posed by Covid-19," he said.

Malaysia’s top investment destination aims to build a robust digital ecosystem by 2025 that will empower businesses, nurture local talent and attract technology leaders from the world over.

Selangor has been Malaysia’s top investment destination for three years running, having received RM18.4 billion (S$5.9 billion) in foreign and domestic investment in the manufacturing sector in 2020 alone.

While its strong manufacturing sector has contributed greatly to this achievement, Selangor is looking to bolster its digital economy in its vision for the future. This is in line with the Smart Selangor Vision 2025, which names four domains – smart government, smart economy, smart community and smart digital infrastructure – as being key to the creation of a thriving digital ecosystem, set to be complete in four years’ time.

CAMBODIA has introduced new rules and procedures governing value-added tax (VAT) on goods and services provided via e-commerce for non-residents.

Its Ministry of Economy and Finance issued the new rules earlier this month and they primarily target e-commerce transactions between Cambodian taxpaying consumers and non-resident sellers active in Cambodian territory but do not have permanent presence in the country.

According to a Phnom Penh Post report, the new rules say that the taxable value is the transaction value, and any form of compensation arrangement other than cash shall also be included in the value, based on market rates.

Tax authorities can also determine the taxable amount if they are not satisfied with the declared amount by the companies.

T

The Communications and Multimedia Ministry (KKMM) will carry out a transformation on the role of community Internet centres by making them to focus more on digital economy to help the people generate income.

Its minister Tan Sri Annuar Musa said the ministry would work with telecommunication companies for the purpose, while the Malaysian Digital Economy Corporation (MDEC) would provide the training platform.

“Actually, a lot have been done by the community Internet centres, in collaboration with telecommunication companies, in guiding and assisting local residents which have enabled them to participate in digital economic programmes.

The Asean Economic Ministers (AEMs) and their dialogue partners have renewed regional economic diplomacy, committing to intensify global efforts to ensure vibrant growth and resilient recovery against the Covid-19 pandemic.

Senior Minister Datuk Seri Mohamed Azmin Ali, who is also Minister of International Trade and Industry (Miti), said the commitment was made at the Asean annual consultations with dialogue partners, East Asia Summit member countries as well as various business councils held between September 13 and 15, 2021.

The dialogue partners are China, South Korea, Switzerland, the United States, Hong Kong, China, India, the European Union (EU), Russia, Australia, New Zealand, Japan and the United Kingdom.

“The overarching theme of the discussion was on efforts to expedite the rejuvenation of the e

Chinese companies are accelerating their digital transformation and deploying cloud computing, big data and innovative technologies, in order to achieve sustainable growth and stay competitive, according to a new report released by global consultancy Accenture.

The report said 16 percent of interviewed companies can be designated as "Digital Transformation Champions", which have generated more than half of their revenues from new areas of business in the past three years, up from 11 percent of companies in that category in the previous year.

It found the revenue growth of Chinese companies with digital advantages is 3.7 times than that of other peers in 2020.

Moreover, about 27 percent of companies in traditional retail industry and 25 percent of companies in the logistics sector said they will obviously

Digital trade can accelerate economic recoveries by lowering transaction costs and accelerating time-to-market. For small and mid-sized enterprises in particular (SMEs), it can mean the difference between expanding into global markets or remaining a purely domestic business.

South East Asian countries are in an excellent position to realise the benefits of embracing digital trade. They can jump-start the process by focusing on a few key priority areas.

Digital trade documents really help SMEs
First, governments can remove legal barriers to accepting digital trade documents. Digitising paperwork helps all businesses, but especially the SMEs that research shows have a large and positive impact on job creation. Many SMEs lack the resources needed to maintain voluminous hard copy records of every transaction processed and every permit and ce

The United States has asked European countries to delay a proposed digital services tax, according to documents reportedly seen by the AFP news agency.

Anonymous diplomatic sources told AFP that Washington put its case to selected European capitals, arguing the proposed digital tax could derail work on a planned global minimum tax rate.

The new EU tax, to be announced by the European Commission on July 14, "threatens the work undertaken through the OECD/G20 process," the US document said.

"We urge you to work with the European Council and the European Commission" to delay the announcement of the new tax, the document added, referring to the EU authorities tasked with pushing through the EU taxation plan.

The publication of the EU draft "would risk compl

Spain is "lagging behind" when it comes to the general population's digital skills, especially women, the country’s Secretary of State for Digitalisation and Artificial Intelligence told Euronews Next.

Speaking on Tuesday at the Mobile World Congress 2021 in Barcelona, Carme Artigas said the Spanish government was tackling the country’s skills shortage head on.

"Women are still underrepresented in the population that has technological abilities," the minister said.

"The jobs of the future will require not only basic skills, but also specialised skills, advanced skills".

Artigas said digitisation was also lacking for small and medium-sized businesses but that Spain is "absolutely focused" on transforming its economic model, something she said, "needs to

The Ministry of Electronics and IT (MeitY) has chalked out a 1,000-day agenda, aiming to make India a $1 trillion digital economy over the next few years.

This comes amid a change of guard, with Ashwini Vaishnaw taking over as Union minister for electronics and IT, along with Rajeev Chandrasekhar as minister of state.

Key to the initiative will be making India the largest connected nation in the world, bringing coherence into digital governance, simplifying rules and legislations for technology and social media companies, and focusing on building India’s high-tech prowess.

“Our priority is connectivity - we want to make India the largest connected country in the world; the second issue is of digital government, everyone (all government departments and ministries) has apps and websites, but making them coh

The Philippines is continuing to bank on e-commerce and digital economy to speed up its economic recovery in the post COVID-19 pandemic period.

With the brick and mortar businesses hit by the global pandemic and lockdown measures, Commercial Attache at the Philippine Trade and Investment Centre in Kuala Lumpur (PTIC), Katrina Banzon said e-commerce sector in the Philippines has seen a surge in the midst of the pandemic.

"The Philippines recognises the importance of e-commerce and the digital economy as a key engine of growth and economic recovery,” she said in an interview with Bernama.

Data from Philippine Department of Trade and Industry (DTI) showed that e-commerce had contributed 3.4% or US$12bil (RM50.2bil) to the country’s gross domestic product (GDP) in 2020.

The Philippines is continuing to rely on e-commerce and the digital economy to manage its economic recovery in the aftermath of the Covid-19 pandemic. With brick-and-mortar businesses being hit by lockdown measures, the Philippines’ e-commerce sector has seen a surge in the midst of the pandemic. As a result, the Philippines acknowledges the significance of e-commerce and the digital economy as key engines of growth and economic recovery.

According to data from the Philippine Department of Trade and Industry (DTI), e-commerce contributed 3.4%, or US$12 billion (PHP599 billion), to the country’s GDP in 2020. The Philippines’ current goal is to increase e-commerce revenue to US$17 billion (PHP850 billion), or 4.3% of GDP, by 2021, and to US$24 billion (PHP1.2 trillion), or 5.5% of GDP, by 2022.

The DTI also intends to increase the number of e-commerce busines

China’s digital economy grew to 39.2 trillion yuan (about 6.07 trillion U.S. dollars) in 2020, accounting for 38.6 percent of the country’s total GDP and up 9.7 percent year-on-year, according to a report.

The report on the development of the internet in China was released by the Chinese Academy of Cyberspace Studies at the World Internet Conference Wuzhen Summit, which opened Sunday in Wuzhen, in east China’s Zhejiang Province.

In 2020, the volume of e-commerce transactions recorded in China reached 37.21 trillion yuan, up 4.5 percent from 2019, while the operating income of the e-commerce service sector reached 5.45 trillion yuan, an increase of 21.9 percent year on year, according to the report.

The digital economy has become a key option for countries around the world seeking to hedge against the impa

The 12th Malaysia Plan 2021-2025 (12MP) is expected to take the existing digital inclusivity agenda further to accelerate inclusive development in the country as Malaysia aims to be a regional leader in the digital economy by 2030.

But more can be done to ensure digital advancement which parallels societal and technological developments, particularly in the post-COVID-19 era, said think-tank Social & Economic Research Initiative (SERI) chief operations officer Rashaad Ali.

For starters, he said the government should use the "new oil” - data - as an economic driver as it provides the necessary fuel for emerging technologies such as Artificial Intelligence (AI) and Quantum Computing.

"With data widely accepted as the lifeblood of the digital economy, unlocking the benefits of the digital era will depend

The National Assembly’s Foreign Affairs Committee recently held a seminar that explored how the digital economy, including digital finance and banking, will be an effective tool to recover the global economy, including Vietnam’s.

Participants at the event shared their views on Vietnam’s digital economy, as well as the advantages, difficulties, and solutions to boost the digital economy, particularly digital finance and banking, to deal with the impacts of COVID-19 and prepare for post-pandemic recovery.

The seminar looked into international experience in this regard and proposed policies to serve the country’s socio-economic development effectively and sustainably. A senior public administration expert from the World Bank noted that Vietnam has good infrastructure. However, there remain limitations in bandwidth, transmission quality, mechanisms, and polici

MDEC welcomes government’s focus on digitalisation

Will focus on reducing the digital divide, attracting high quality digital investments

Malaysia Digital Economy Corporation (MDEC) welcomes the emphasis on digital and technology for the nation's development in the Twelfth Malaysia Plan (12MP) announced by YAB Prime Minister Datuk Seri Ismail Sabri Yaakob.

The five-year (2021–2025) plan themed “A prosperous, inclusive, sustainable Malaysia” aims to steer Malaysia out of the Covid-19 pandemic effect and put the economy back on track. Efforts to achieve this will focus on digitalising micro, small and medium enterprises (MSMEs) to broaden market access and facilitating strategic and quality digital investment.

Now that summer is over, most online businesses are preparing for the holiday season. Up to 73 percent of online retailers have started preparing already. However, most online business feel that they aren’t prepared for the season yet.

Yearly, the holiday season is the busiest moment for online sellers, as orders soar while consumers stock up on gifts. The Ecommerce Trend Report published by Packhelp surveyed over 400 ecommerce businesses in Europe. The gathered data can advise ecommerce companies on how to prepare best for the holiday season, so that they reach a prosperous year’s end.

Brands in UK prepare early
The research states that the least amount of preparation for the season occurred in Q2 and the beginning of Q3 (11 percent). Instead, most online businesses prepare for the holidays around August and September(62 percent). Aroun

Malaysia based US fund, Indelible Ventures & EduSpaze in Singapore participate as well

Funds to go into scaling operations in Malaysia & train an additional 8k IR4.0 mentors

FutureLab, an online mentorship platform, and edtech social enterprise announced that it has secured US$478,000 (RM2 million) in Pre-Series A funding in a round led by Sarawak Digital Economy Corporation (SDEC). Malaysian based US investment group, Indelible Ventures and EduSpaze, Singapore’s first edtech accelerator also participated in this round.

In a statement, FutureLab said that the recent injection will be directed towards scaling up its operations in Malaysia as the company onboards more learning institutions and corporations into its mentoring ecosystem.

Some 48% of companies adopted digital tech platforms; 19% in 2020

About 85% of companies surveyed say need to reskill their employees

Companies are accelerating the adoption of digital technologies and are accordingly focused on re-skilling and up-skilling their employees in digital technologies and applications, according to a new survey conducted by the Malaysia Digital Economy Corporation (MDEC).

In a statement, MDEC said that its MDEC Digital Talent Survey 2021 revealed that more companies have adopted digital platforms due to the pandemic.

The survey findings noted that 48% of companies in the country adopted digital tech platforms for day-to-day operations this year compared to 19% in 2020.

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Large power imbalances stalk the growing digital economy as major platforms reinforce their positions in the global data value chain.
The data-driven digital economy is surging. Recent estimates show that global internet protocol (IP) traffic a proxy for data flows will more than triple between 2017 and 2022, according to UNCTAD’s Digital Economy Report 2021 released on 29 September.

The COVID-19 pandemic has markedly increased internet traffic, as many activities have moved online. Global internet bandwidth rose by 35% in 2020, compared with 26% the previous year, the report says.

A growing part of data flows is related to mobile networks. With the increasing number of mobile devices and internet-connected devices, data traffic by mobile broadband is expected to account for almost one third of the total data volume in 2026, the report

National digitalisation, the recovery of the creative industry and sustainable government communications are the focus of the Ministry of Communications and Multimedia Ministry (KKMM) in Budget 2022 to ensure that no one is left behind in the digitalisation wave.

Communications and Multimedia Minister Tan Sri Annuar Musa said the government is responsible for providing infrastructure, encouraging innovation and creating an ecosystem for the people to contribute towards a higher standard of living, which can be enjoyed by everyone in Keluarga Malaysia (Malaysian Family).

He said the KKMM is confident that the RM2.625 billion allocation it is receiving under Budget 2022 can help the Malaysian Family move out of the difficulties faced throughout the Covid-19 pandemic period.

“The time has come for the govern

A total of 600 Keluarga Malaysia (Malaysian Family) Digital Economy Centres (PEDi), which are being transformed from existing community internet centres, will focus on generating income and helping the people’s economy, said Communications and Multimedia Minister Tan Sri Annuar Musa.

He said the function of community or rural internet centres, which previously only provided internet access facilities to the rural community, needed to be changed to produce digital entrepreneurs.

“Hence, the emphasis now is not only on connectivity but also the digital economy, so that people in rural areas can focus on economic activities and increase income by using internet facilities.

“In the past, the internet was mainly for communication, now it is a must for economic activities. We will improve the quality of the app

Many parts of our daily lives, as well as the way our economy and society are organised and function, are being transformed by digitalisation.

The scope and speed with which the digital transition is bringing about change is astounding, and it raises a host of public policy challenges. It's also altering the nature of policymaking itself, thanks to the advent of a new set of instruments to aid policy formation and implementation.

Whether by enabling remote working, automating processes, or facilitating contactless transactions, digital technology have played a critical part in keeping civilization operating during the Covid-19 pandemic.

As a result of the rising use of digital technologies has pushed society closer to the creation of a smart economy, which promises new methods for firms to grow and become

China’s unexpected move today to apply to join a fledging global digital trade pact even as the country tightens up cross-border data flows has raised questions about its intentions.

Today’s move followed Chinese President Xi Jinping’s announcement of Beijing’s intention to join the Digital Economy Partnership Agreement (DEPA) as part of his video address a day earlier to the Group of 20 leaders’ summit in Rome.

The application comes a few weeks after Beijing submitted its application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and as the US seeks to drum up interest in a regional digital trade agreement that would exclude China.

Singapore, New Zealand and Chile together launched both DEPA and the CPTPP. DEPA, signed last year, has since attracted interest fro

Micro, Small and Medium Enterprises (MSME) entrepreneurs should seize the opportunities created through the government’s initiatives to transition from conventional to online business, said Datuk Seri Ismail Sabri Yaakob.

The prime minister said various initiatives had been implemented by the government to help entrepreneurs promote their business, including through Budget 2022 which focuses expenditure on incentives to drive the adaptation of MSME digital technology.

“They include a RM25 million allocation to Halal Development Corporation (HDC) for the MSME Halal Product Digital Branding and MSME Halal Product Marketability Enhancement programmes.

“Apart from the Keluarga Malaysia (Malaysian Family) Digital Economy Centre (PEDi) which was launched this morning, RM200 million has also been allocated for t

Malaysia Digital Economy Corporation (MDEC) is set to revamp and rebrand the MSC Malaysia initiative as it marks its 25th anniversary this year.

Chief executive officer Mahadhir Aziz said the new and improved MSC will seek to accelerate participation in the digital economy and address the concerns on the widening digital divide by providing equitable access to digital tools, knowledge and income opportunities enhancing Malaysia’s value proposition to attract more digital investments.

“MSC Malaysia has been the foundation and catalyst of Malaysia’s digital economy, contributing 22.6 per cent to the country’s Gross Domestic Product (GDP) in 2020 in just 25 years.

“The fast-evolving landscape of today’s digital economy requires a reboot of the MSC to remain relevant and ready to boost the economic recovery o

The national biometrics-based digital ID scheme being implemented in Ethiopia will go a long way in expanding access to a wide range of services for Ethiopian citizens, and will hasten the country’s trade relations with other nations of the continent, according to a report by the Ethiopian Herald.

The article quotes the country’s Minister of State for Innovation and Technology (MInT) Huriya Ali as saying recently that consultations on the nature of implementation of the digital ID card project were done with relevant stakeholders.

Highlighting some of the advantages of the national digital ID, Project Manager Yodahe Arayaselassie said it will among other things, allow citizens access to many services expediently and confidentially, enable them to share permanent address information, as well as help boost the country’s economy in the domain of banking, healt

Pemudah, or The Special Taskforce to Facilitate Business, has reinforced its role as the public-private sector's collaborative platform to improve ease of doing business in Malaysia.

Pemudah saw a change recently with the appointment of new members from the government and the industry.

They include three secretaries-general, namely Datuk Seri Mohammad Mentek from the Communications and Multimedia Ministry, Datuk Dr Noor Zari Hamat from the Tourism, Arts and Culture Ministry and Datuk Haslina Abdul Hamid from the Agriculture and Food Industry Ministry.

From the private sector, six new members have been appointed, namely Malaysian Employers Federation (MEF) president Datuk Dr Syed Hussain Syed Husman, Master Builders Association Malaysia (MBAM) president Tan Sri Sufri Mohd Zin, National Council of Women's O

The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement amongst 15 countries in the Asia Pacific and by far, the world’s largest free-trade bloc to have ever been formed.

Kicked in on 1 January this year for 10 countries in the Asia Pacific, it was initiated in 2012 by the Association of Southeast Asian Nations (ASEAN) in order to strengthen ties with China and other APAC nations.

Asia and cross-border trade
The Asia Pacific, especially ASEAN, has long had a history of close and successful cross-border trading, primarily due to proximity and similarity of cultures, which facilitates logistics and market demand for goods.

However, unlike the European Union (EU), the APAC region had been a little on the slower side to rectify existing bottlenecks in processes, la

The year 2022 will see Malaysia back on track in setting a long-term national economic plan with the mobilisation of several important themes, according to Prime Minister Datuk Seri Ismail Sabri Yaakob.

These include empowering the digital economy as demanded by the current reality, he said in his special New Year’s message on Friday (Dec 31, 2021).

“Based on the same awareness on the need to adapt to current and future requirements, Malaysia has also given its commitment towards achieving a carbon-neutral nation status by 2050.

“The year 2022 will see Malaysia back on the economic track for the long term, taking into consideration several important themes,” the premier said in his address.

Among them is strengthening the digital economy in line with th

Singapore’s government has for decades curated the nation’s economic future through a group of state-owned champions, shifting direction as needed to stay relevant in the global economy.

The triple shock of the pandemic, disruptive tech and climate change is pushing Singapore to rewrite one of the world’s most successful economic models.

Over the past two years, at least eight state-linked companies have announced major mergers, acquisitions, asset disposals or privatizations in the island’s biggest industrial overhaul in two decades. Oil-rig builder Keppel Corp. has been pivoting toward clean energy, while Sembcorp Industries Ltd. shed its rig business altogether. Singapore Telecommunications Ltd. is entering the world of digital banking.

“I compare this to the restructuring phase of Singapore conglomera

If banks fail to take advantage of the potential that innovative technology provides, financial ecosystems risk remaining fragmented, heterogeneous and gaps could form in the infrastructure for criminals to infiltrate. However, today, post-financial crisis and amid the Covid-19 pandemic, financial institutions are utilising a variety of applications to formulate a holistic strategy. Which digital accessibility measures ushered in during the pandemic will remain, and which ones will go? How has the pandemic spawned a wave of innovation, and how will it develop?

As banks aim to differentiate themselves in this scaled digital economy, Finextra spoke to

Andy Renshaw, SVP of product management, Feedzai;
Andrew McKibben, international head of technology and operations, and global markets operations technology executive, Bank of America;
Tammy Mc

E-commerce and food delivery services have grown by US$7 billion (RM29.28 billion) in gross merchandise value (GMV) in 2021, said Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed.

He said Covid-19 has changed the business landscape and led to rapid digitisation growth, with many entrepreneurs moving onto e-commerce platforms.

“It is clear that the gig economy is becoming increasingly important in our country, whereby most of them are micro, small and medium enterprises (MSMEs),” he said in his speech while officiating the Reboot Now! 2022 conference today.

The Department of Statistics Malaysia (DoSM) reported that e-commerce transactions jumped by RM71.7 billion to RM268 billion in the second quarter of 2021 (Q2 2021) from RM196 billion in Q1 2020.

President Xi Jinping has called for improved regulation and governance of China's digital economy to guard against its "unhealthy" development as Beijing aims to boost the sector's contribution to the country's growth.

In an essay in the ruling Communist Party's publication Qiushi on Saturday, Xi called for focusing on key areas including integrated circuits, displays, communications equipment and intelligent hardware.

China should "cultivate a number of enterprises with international competitiveness, and leading ecological firms with control over industrial chains, to create world-class digital industry clusters," he said.

"We must see that compared with large and powerful countries in the global digital economy, China's digital economy is big but not strong, and fast but not superior."

Global IT company 3i Infotech has announced that they will be building an Edge-as-a-Service (EaaS) digital platform for the ASEAN region in Malaysia.

The centralised virtual hub with offerings in areas such as digital trust and security is aimed to help clients leverage cloud at a great scale. The hub forms part of 3i Infotech’s expansion strategy in Malaysia and the APAC region.

3i Infotech will be collaborating with Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead digital economy agency, for the development of the NextGen NuRe Cloud/Digital Edge platform for the ASEAN region, focusing on initiatives that include building multi-edge platform, cloud migration, HCI as a Service, multi-cloud operations, secure app infrastructure, cloud networking and more.

Construction of the NextGen NuRe Cloud/

The MyDIGITAL initiative, which comes under the National Digital Economy Blueprint, is set to further grow Malaysia’s digital economy into a strategic economic engine of growth, said SAP Malaysia managing director Hong Kok Cheong in a statement.

Hong commended the Malaysian government for this “breakthrough yet realistic digital vision which would enhance the economy while improving the quality of living amongst Malaysians”.

MyDIGITAL is anticipated to contribute 22.6% of Malaysia’s gross domestic product (GDP), while creating 500,000 new jobs.

“Fourth Industrial Revolution (4IR) readiness is an important priority for businesses to embrace cutting-edge digital cloud technologies to realise productivity and efficiency gains,” said Hong.

“It will further

A digital economic plan at the state level will be coordinated through the National Council of Digital Economy and Fourth Industrial Revolution (MED4IR) to ensure the implementation mechanism of initiatives is closer to the targeted recipients, in line with the Keluarga Malaysia concept.

Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said MED41R, which met for the first time yesterday, also aims to coordinate state initiatives to avoid wastage of resources due to duplication of initiatives.

According to him, the state MED4IR will also be a platform to plan and implement digital economy initiatives at the state and federal levels to be coordinated more systematically and aligned with the Malaysia Digital Economy Blueprint (MyDIGITAL) and the National 4IR Policy.

“Besides t

E-commerce was a driving force in the world economy long before the pandemic struck. Consumers even began avoiding retail stores in favour of mobile delivery apps. However, COVID-19 only expedited the shift to e-commerce that was already happening.

In other words, we shouldn’t expect to see a curtailing of online shopping; it will likely only become more prevalent.

As major retailers and e-commerce giants like Amazon double down on the technologies that have sustained their revenue streams throughout the pandemic, the cost and convenience of the digital economy is likely to draw more consumers not fewer. This means traditional brick and mortar businesses will have to keep up, technologically speaking, if they hope to remain viable in the COVID-contextualized economy.

But what technologies are most likely

The Malaysia Digital Economy Corporation (MDEC) is collaborating with ASEAN Fintech Group (AFG) to form a strategic partnership to enhance initiatives aimed at scaling up Malaysian fintech companies.

In a statement Wednesday (Jan 26), MDEC said the collaborative efforts will focus on three key areas, namely deal flows, fintech ecosystem support and joint amplification.

MDEC said it will curate deal flows and funnel potential Malaysian fintech companies to AFG.

AFG, through its regional network, will explore funding facilitation opportunities for Malaysian technology companies, especially fintech start-ups, for potential investment and acquisition.

MDEC chief executive officer Mahadhir Aziz said by working closely with fintech ecosystem partners, it is o

The President of Malaysia Digital Chamber of Commerce (MDCC), Mr. Chris Daniel Wong, brought a delegation from PEMUDAH and VC/PE industry players in Malaysia to have a dialogue with MIDA.
Much had been discussed together on how we can improve policy that will contribute to a better financing eco-system for Start-Ups and Mid Start-Ups as well as the capacity building for these companies.
Exciting days ahead as we will definitely improve the Domestic Direct Investment (DDI) policies to spur the local industry growth.

Malaysia is assessing the potential benefits of adopting a digital currency, as part of measures targeted at helping the country’s financial services sector capitalise on the new technologies.

“We are going one step further by experimenting with central bank digital currencies (CBDCs) over the next few years,” Bank Negara Malaysia governor Nor Shamsiah Mohd Yunus said in an email interview. “There’s no better way to keep pace with something new than to try it ourselves.”

While the central bank aims to speed up the growth of financial technology, it will ensure that new systems face similar scrutiny and safeguards to manage risks, she said.

This is an abridged transcript of the interview:

What are BNM’s aspirations for the domestic fintech sector

The Malaysia Productivity Corporation (MPC) has asked digital economy industry players to take full advantage of the #MyMudah Unit set up at the Malaysia Digital Chamber of Commerce (MDCC) to increase their productivity and business performance.

Director-general Datuk Abdul Latif Abu Seman said the national and global economic landscapes have continued to shift in view of current developments where digital technology is one of the important factors affecting the change.At the same time, he said digital technology has also affected productivity growth and business competitiveness.

“The Department of Statistics Malaysia data show that digital economy revenue totalled RM801.2 billion during the period of January-September 2021, an increase of 23.4 per cent compared to the same period the previous year.“In light of this upward trend, business regulations relate

Revenue for the services sector in the fourth quarter (Q4) of 2021 grew by 5.3 per cent year-on-year (y-o-y) to RM460 billion with an annual value amounting to RM1.7 trillion, according to the Department of Statistics Malaysia (DoSM).

In a statement today, chief statistician Datuk Seri Mohd Uzir Mahidin said the increase in the services sector was driven by wholesale and retail trade, food and beverages, and accommodation segment, which increased 5.1 per cent to RM370.1 billion.

“Transportation and storage segment went up by 8.2 per cent to RM67 billion, while private health, private education and arts, entertainment and recreation segment went up by 6.5 per cent to RM14.3 billion,” he said.

For quarterly comparison, total revenue in the Q4 of 2021 surged 17.7 per cent or RM69 billion, propelled by wholes

India’s payments and banking platform for businesses Razorpay has acquired a majority stake in a leading Malaysian fintech firm Curlec for an undisclosed amount.

The move marks its first international expansion into South-east Asia and fourth acquisition overall, they said in a joint statement today.

Razorpay chief executive officer and co-founder Harshil Mathur said its expansion into the South-east Asia payments market is timed exactly to coincide with the company’s growing dominance in all things payments.

Today, South-east Asia is a digital payment powerhouse, having witnessed significant financial transformation over the last few years, driven by changing consumer and retail trends and more inclusive payment options.

E-commerce is already booming i

Worldline the European leader in the payments and transactional services industry, announced the integration of Alipay+ into its global portfolio. Through the collaboration, Worldline enhances its payment offering for in-store and e-Commerce merchants across Europe, helping them better serve customers through expanded mobile payments and other digital payment methods. Worldline is the first acquirer to enter into a full-scale multi-country integration with Alipay+.

Alipay+ is global cross-border digital payments and marketing solution operated by Ant Group. It supports a wide range of digital payments methods, including e-wallets and bank apps, such as Touch’ n Go eWallet in Malaysia, TrueMoney in Thailand, GCash in the Philippines, Kakao Pay in South Korea, as well as Alipay and AlipayHK in China.

With a rollout expected to start in 2022, the enhanced paym

Communications and Multimedia Minister Tan Sri Annuar Musa is determined to renew cooperation between Malaysia and Indonesia in the field of telecommunications and information to make it more dynamic in line with rapid changes in the technological landscape.

He said the scope of cooperation that could be expanded includes 5G technology, satellite services, undersea cables, cyber security, digital economy and content development.

“This meeting is very important because it marks a new beginning which we hope will make it (cooperation) more dynamic and current,” he told Bernama after making a courtesy call to his Indonesian counterpart Johnny Gerrard Plate today.

According to Annuar, the two countries had forged close ties in various areas of telecommunications via a Memorandum of Understanding (MoU) which w

The burgeoning digital economy led the pandemic recovery in South and Southeast Asia.
Heavy smartphone penetration is facilitating digitalization in these regions.
Greater government support is needed to advance the digitalization process.

Digital transformation worldwide was already increasingly changing how companies make and offer their propositions and interact with their customers. But the COVID-19 pandemic has intensified this, with technology emerging as a critical means of resolving public health challenges and continuing to facilitate the new online consumer landscape. This accelerated digitalization is disrupting the world’s economy, making it one of the most significant growth engines for many developing nations.

We are already seeing how digitalization is reshaping Asia. The

Singapore and Cambodia will expand cooperation especially in new areas of mutual interest such as connectivity, infrastructure development, agri-trade, fintech and digital economy.

Foreign Minister Vivian Balakrishnan is in Phnom Penh, capital of Cambodia, on an official visit on Tuesday and Wednesday (Feb 15-16), at the invitation of Cambodian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Prak Sokhonn.

Dr Balakrishnan will also attend the two-day Asean Foreign Ministers' Retreat starting from Wednesday. The Retreat is the first in a series of meetings that Cambodia will be hosting as Chair of Asean this year, under the theme “ASEAN A.C.T.: Addressing Challenges Together”.

During Dr Balakrishnan's meeting with Mr Prak Sokhonn yesterday (Tue), both men reaffirmed the e

In 2022 Australia will reckon with several of the biggest obstacles it faces. An upcoming federal election, a shift in the standard daily operations in the wake of the pandemic, and an economy that hopes to reinvent itself over the next decade. While these changes could prove challenging for some of the public sector’s grant-awarding agencies, there is a silver lining.

At least according to one leading consultancy Brooke, the digital transformation agenda will be brought forward, pushing organisations to accomplish something they might not have been able to otherwise.

The push for transformation will go hand-in-hand with the federal government’s plan to make Australia the leading digital economy by 2030.

With these opportunities in mind, Brooke is working in partnership with its public sector clients to p

The "Digital Freight Forwarding Market by Mode of Transport, Function, Vertical and Deployment Mode: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

Digital freight forwarder matches the legacy freight forwarder model on a large scale, not just in terms of favorable pricing but also in terms of end-to-end logistics across highly complex transportation chains throughout the world.

By using digital freight forwarding services, the work efficiency is improved as the quotations and prices are uploaded onto the application and customers can know all details in a single click.

Modern digital freight forwarders are equipped with powerful analytics capabilities that enable smart routing and network optimization across the complete value c

CULTIVATE BIG-PICTURE THINKING.

1. We are Lifelong Learners.
   It brings wholeness and maturity to a person’s thinking. It brings perspective. Big picture thinkers are lifelong learners. They are always visiting new places, reading new books, meeting new people, learning new skills. During my period of self reflection, I started to learn insightfully the “World of Metaverse” and how it will impact us in a much bigger picture. It is scary if we are ignorant of it. I was scared!
2. We listen with intent.
   When we meet good people, it’s good to have an agenda so that we can learn. Partnering with people who can do things we can’t is a great way. We need to recognise that we don’t know lot of things. The ability to frequently ask penetrating questions, that are not offensive or demaning, enlarge our understanding and thinking. To be a better big-picture thinker, starts with becoming a good l

India has been gearing up to become the ultimate digital partner, providing end-to-end, innovative and transformative solutions and services to enterprises across the globe. It faces a historic opportunity to transform into one of the world’s major technology hubs, a report by Asia-based Heinrich Foundation said recently.

Today, India is transforming itself into one of the major IT hubs of the world. With a renewed focus on building the local manufacturing capabilities, India has also adequately emphasized developing smartphones and other digital hardware. Alongside these, the government has also looked at encouraging more and more national unicorns to take roots in India, which has proven to be a smart and visionary decision.

It becomes interesting that the Indian Prime Minister Narendra Modi presented India’s thinking on the significance of the IT sector

IN April 2020, Microsoft chairman and chief executive officer Satya Nadella said, “We’ve seen two years’ worth of digital transformation in two months.

From remote teamwork and learning to sales and customer service, to critical cloud infrastructure and security – we are working alongside customers every day to help them adapt and stay open for business in a world of remote everything.”

Fast forward to today, after almost two years, this statement still stands and is reaffirmed among businesses and communities worldwide, and this does not only stop at Microsoft.

While the growth of technology had been progressive even before the pandemic, a survey by McKinsey & Company found that responses to the pandemic have accelerated the adoption of digital technologies by several years – consumers have moved dra

Sarawak is going towards a future that no longer depends on gender or race but the ability of a person, said Premier Tan Sri Abang Johari Openg.

“When you talk about empowerment you have to see what the future is. When we launched our digital economy, it does not look at gender. Digital economy looks at who can command digitalisation, who can command the technology. Therefore, the question of gender does not arise, as it depends on the person who has that command of technology.

“If you are able to command knowledge and technology, the gender equality is there because technology doesn’t distinguish between a lady and a man,” he said at the opening ceremony of the National Conference on Dayak Women 2022 themed ‘Dayak Women Making a Difference’ today.

Abang Johari noted that a right environment has to be cre

The future of digital economy is taking shape in the present. As metaverse and AR take centre stage, brands, content creators, innovators and builders of the new world are looking for solutions that help them to create personalization at scale and with precision.

At Summit 2022, Adobe launched an array of new innovations for the Metaverse, in the space of Artificial Intelligence (AI) and real-time data. At the three-day virtual event, participants also got a chance to catch a glimpse of some cutting-edge immersive technologies including the AR shopping capabilities that enable brands to embed AR markers into digital images on websites. Adobe also announced the release of its Substance 3D Modeler (scheduled to release later this year). Using the Substance 3D Modeler, creators will be able to sculpt 3D objects with precision.

All of this and more is available

The pandemic shifted how we shop and in a big way. New data from the Adobe Digital Economy Index, which was released during this week’s Adobe Summit, provided one of the most comprehensive reports of its kind. This data filled report provided a number of key metrics including a headline data point showing that U.S. online retail spend has generated over $1.7 trillion dollars in revenue over the last two years. From this, Adobe predicts that the growth, partially driven by inflation, will continue in 2022 with a record year coming.

The report is based on Adobe Analytics data from March 2020 through February 2022 from one trillion visits to retail sites and over 100 million SKUs. In addition, I had the chance to speak one on one with Adobe Vice President, Patrick Brown, who is part of the leadership team driving the index. Here are a few key takeaways that caught my attention.

The global digital economy is developing rapidly, and over 50% of global GDP will be digitalized in 2022. Many countries and regions, like China, South Korea, and the EU, have already announced huge investment plans for the digital economy. As ICT infrastructure providers, operators will play an increasingly important role in leading the development of the future digital economy.

Three levers to shape the future of the digital economy

During his keynote, Ding explained that the vitality of digital economy can be evaluated by three factors: connection density, computing diversity, and carbon reduction intensity, and that these factors give operators the levers they need to shape the future of the digital economy.

By increasing connection density, operators

SINGAPORE is charging ahead with green and digital economy agreements and is keen to work with Asean members to leverage new opportunities that will emerge from these fields in the coming years.

On the digitalisation front, strengthening digitalisation among Asean members is key.

Digital trade documentation, for instance, is an important facility that will allow for trade without physical paper documentation. This will speed up the process and save costs for traders and exporters, said Minister for Trade and Industry Gan Kim Yong.

He was speaking at the Asean Conference, part of the Singapore APEX Business Summit, with Lam Yi Young, chief executive officer of the Singapore Business Federation.

"It doesn't make sense for Singapore alone to be digitalised

A recent industry report has highlighted China's impressive advances in computing power, ranking the country as one of the best among major economies in the field.

The report, jointly released by the Tsinghua University, the International Data Corporation and Chinese IT firm Inspur Information, comprehensively assesses the computing power, efficiency, application and infrastructure of 15 major economies.

Noting that computing power has become the driving force in promoting the digital economy, the report said increasing investment in this sector will have an amplified and long-term effect on economic growth.

In the context of the booming cloud computing, artificial intelligence, 5G, among other emerging technologies, analysts believe that computing power has become an important infrastructure that will sh

"At the same time, the digital economy in India is being pegged at USD 85-90 billion in the calendar year of 2020 and that will see an exponential rise to USD 800 billion by 2030. They should be reaching USD 800 billion in the backdrop of increased internet penetration, rising incomes and also the young Indian population," she said.

India's digital economy is expected to witness exponential growth to $800 billion by 2030 on the back of rising internet penetration and increasing income, Finance Minister Nirmala Sitharaman said on Friday. Addressing the IIT Bombay Alumni Association virtually, she said India has over 6,300 fintechs, of which 28 per cent are into investment technology, 27 per cent into payments, 16 per cent into lending and 9 per cent into banking infrastructure, while over 20 per cent are into other fields.

So they a

KSI STRATEGIC Institute for Asia Pacific has called on the ICT industry to invest more resources in creating comprehensive security and quality systems for communications networks and reliable standards against which to assess them.

The research institute believes the ICT industry should develop globally accepted, industry-led, security standards along with best practices, security assurance solutions and compliance assessment systems.

“This will help establish a fair and consistent environment where all parties can respond to the challenges of cyber security together,” KSI president Tan Sri Michael Yeoh said in a webinar yesterday.

Yeoh added that it is crucial to enhance cybersecurity and trust in the digital economy.

“The digital economy is rapidly g

Malaysia’s Ambassador to the United Arab Emirates (UAE) and the Consul-General of Malaysia in Dubai have been recalled by the Foreign Ministry (Wisma Putra) for failing to coordinate administrative and logistical matters during Prime Minister Datuk Seri Ismail Sabri Yaakob’s visit to the UAE late last month.

According to a statement from Wisma Putra on Monday, the failure had forced the prime minister to wait long at the arrival hall for passport and Immigration clearance by the Dubai Immigration.

Apart from that, there was no security coverage and motorcade that should have been provided for the prime minister as per usual standard operating procedures.

“The two officials had also failed to inform the Foreign Ministry about the World Government Summit (WGS), which was held during the Dubai Expo. Wisma Pu

Malaysia Digital Economy Corporation (MDEC) and Malaysian Technology Development Corporation (MTDC) have partnered to further catalyse the growth of Malaysian tech companies. Both parties plan to co-develop technology-based entrepreneur development programmes as well as in the promotion of digital technologies and their adoption among startups and MSMEs and SMEs.

They also seek to open up more funding facilitation and opportunities for tech companies. According to MDEC and MTDC, the alliance will bridge and strengthen business networks to ensure maximum reach and impact. MDEC CEO Mahadhir Aziz said that leveraging on each organisations’ platforms and expertise in support of meeting their objectives will be the key thrust of the collaboration.

According to him, the partnership will ensure further reach, efficiency, and impact to MDEC's tech ecosystem and inc

The digital economy is influencing the global economy. According to IDC, the output value of the digital economy will account for 62% of the global GDP by 2023, when the world will enter a new era of digital economy in an accelerated way.

China's 14th Five-Year Plan (2021-2025) clearly proposes to "strengthen overall planning for the Digital China initiative and encourage development of the digital economy". As a leading city in the development of the digital economy, Beijing is actively implementing China's overall strategic plan, circling around the accelerated release of the new vitality of the digital economy.

As a platform to gather global digital resources, the Global Digital Economy Innovation Competition (GDEIC for short) 2022 will be grandly launched in Beijing on April 7 to promote the deep integration of digital technology and real economy, stimu

The Digital Penang Fintech Hackathon, a collaborative initiative of Digital Penang with its partners Finexus and Touch ‘n Go Digital, was a success.

In a statement, the Penang-based government agency said the hackathon was held virtually for two months from November to December 2021 with 35 teams across Malaysia creating a fintech digital product on the Finexus’ MyXaaS Innovation Platform.

It was the first hackathon event for Digital Penang which aims to accelerate efforts to spur the digital economy and open up more opportunities by connecting tech talents to industry leaders, it said.

A total of US$12,800 (RM54,000) in API credits and cash was awarded to the top three teams of the hackathon who were judged based on innovation, business viability and integration completeness of their fintech products.

The AsiaForward Startup Day: Exchanging Asia’s brightest ideas organised by Alibaba partner, Handsprofit Sdn Bhd, aims to accelerate digital transformation for local small and medium enterprises (SMEs) and startups in growing their businesses via cloud infrastructure on March 24.

According to Tham Lih Chung, executive director of Handsprofit Sdn Bhd, the pandemic has accelerated digital transformation for many businesses with a survey by Alibaba Cloud in 2021 stating that 84% of Malaysian businesses believe that cloud-based tools and digitalisation efforts has been the most important factor for business continuity and disaster recovery during Covid-19.

“As the local partner for Alibaba’s first international innovation center outside of China, we are committed to supporting Malaysian businesses in their cloud transformation journey with solutions that are ea

Anyone seeking to manage China’s regional economic integration must proceed with caution, but not without hope. Influencing Asia’s largest economy and political player is not going to be easy, especially given the growth and nature of China–US tensions.

Past thinking assumed Asian economic integration could be neatly ordered, as described by the metaphor of ‘flying geese’, with Japan leading newly industrialised economies of Hong Kong, Singapore, South Korea and Taiwan, and then others. But the Asian Financial Crisis shifted new waves of foreign direct investment into China, and some countries in Asia lost a generational opportunity to join global value chains. Present shifts in the global economy and supply chains are much more turbulent.

A second caution is how much influence anyone can have on China. Investors, like the newly industrialised countries on

The emphasis of the new Dubai is on creating a knowledge-based economy. To this end, it has ushered in many reforms, including issuing long-term visas to attract global talent. In fact, the Golden Visa program has become a hit with many young tech-savvy people aspiring to become entrepreneurs. So what attracts them to Dubai? “Digital infrastructure” is the simple answer.

The tech-savvy young people, no doubt, are closely watching Dubai’s evolution as a knowledge-based economy and the emirate’s efforts to create infrastructure to augment the process. The recent intervention by the Dubai Chamber of the Digital Economy to improve the digital business infrastructure is one such initiative that ignites their enthusiasm.

“We have recently formed four new committees as part of this strategy. The new strategy for the next 2 years will consolidate our position as a

Web 3.0 is the next generation of internet architecture. Make sure your business is ready for the changes this era might bring.

Web 3.0 is the third generation of the World Wide Web. It is a network that provides a decentralized, distributed and global control of information. Web 3.0 is the next generation of internet architecture, which will be built on decentralized technologies like blockchain, peer-to-peer networks and other technologies that enable access to information without going through centralized servers.

Web 3.0 and the Metaverse
The Metaverse is an immersive, 3D virtual world where users can interact with others in real-time. The word “metaverse” is a combination of the words “meta” and “universe.” It is a term coined by Neal Stephenson from his 1992

10 start-up companies was invited to pitch to more than 20 listed company and VCs.

The objective of the programmer is to showcase Malaysia exciting start-ups to venture capitalist and corporate investors.

The programmer is also aim to support the growth of start-up ecosystem in the country.

Google on Thursday signed a Memorandum of Understanding with the Telangana government to bring benefits of digital economy to youth and women entrepreneurs, and also kicked off the ground-up development of its three million square foot building in the city.

The MoU was exchanged in the presence of Telangana IT and Industries Minister K T Rama Rao.

Under the new initiative, Google will collaborate with the government through its various arms to extend scholarships for Google Career Certificates to Telangana's youth, support women entrepreneurs through digital, business and financial skills training, and strengthen the government's school modernisation efforts with digital teaching and learning tools and solutions, a Google release said.

As part of the joint effort, Google will also support the Telangana go

Surging cross-border data flows require a balanced global governance approach that maximizes development gains, spreads the benefits equitably and minimizes the risks and harms.

“Governance is what will determine the outcome of digital transformation,” UNCTAD Secretary-General Rebeca Grynspan said on 25 April at a high-level session of the organization’s eCommerce Week 2022.

The event that runs from 25 to 29 April has brought together UN experts, government officials, business leaders, civil society representatives and academics to find innovative solutions to ensure digitalization leads to more inclusive and sustainable development.

Ms. Grynspan said governance should help ensure data can be harnessed to deal with climate change, pandemics, productivity and urban planning, while protecting the privacy of

In recent years, many nations have pursued partnerships with the purpose of advancing alliances on emerging and critical technologies.

For instance, the Quadrilateral Security Dialogue between the United States, Japan, India and Australia has a working group on critical and emerging technology, which looks into technical standards, 5G diversification and deployment, horizon scanning and technology supply chains.

Another example is the Russia-China year of scientific, technical and innovation cooperation (2020-2021), which promises engagements in military-technical fields and space technologies where the latter would include explorations in system interoperability.

The list of emerging technologies and critical technologies may not be standardised.

Emerg

30 June 2022 – The Malaysia Digital Economy Forum 2022 is a national event and is one of the most comprehensive and happening digital based event in Malaysia’s Calendar annually. Theme - The Next Big Things, Beyond Endemic!, the event showcase and provide a platform of meetings for digital industrialist from adoption to implementation on verticals such as Digital Healthcare, Human Talent, Cybersecurity and Economic Recovery Post COVID-19 Pandemic. In this event, participants will experience a new dimension of their understanding in digital economy and it will dep

Experts and insiders called for international cooperation to promote high-quality digital economy development at the 2022 Global Digital Economy Conference, which wrapped up in Beijing on Saturday.

Themed "Embrace a Digital Future -- New Factors, New Rules, New Patterns," the three-day conference showcased cutting-edge digital technologies in the metaverse, virtual reality, and holographic projection and offered a glimpse into the latest achievements in the digital economy.

It also held a slew of online and offline activities such as forums, summits, and exhibitions to strengthen global exchanges and cooperation in the digital economy.

Experts and insiders said the world is transforming into a digital era, and the COVID-19 pandemic is accelerating the transformation pace; digital technology is affecting e

The government has developed Malaysia Digital (MD), an initiative to accelerate the growth of the nation’s digital economy, driven by three key principles — flexibility, agility and relevance.

Prime Minister Datuk Seri Ismail Sabri Yaakob said the initiative, via MD Catalytic Programmes (PEMANGKIN), will function holistically in transforming Malaysia’s digital economy ecosystem through three strategic priorities.

“It will, firstly, help drive digital adoption among aspiring young entrepreneurs, companies and people. Secondly, support local tech companies to become ‘Malaysian Champions’ and successful international players. Thirdly, attract high-value digital investments,” he said when launching MD and the Malaysia Digital Economy Corporation silver jubilee celebration here on Monday (July 4).

Also present

The Malaysian Investment Development Authority (MIDA) has praised Jabil Penang’s efforts in accelerating automation and digitalisation initiatives through its partnerships with local vendors in Malaysia.

MIDA Chief Executive Officer Datuk Arham Abdul Rahman said following Jabil’s lead, he hopes to see more collaborations, within and across industries, so that the potential of technology can be fully harnessed in their operations.

The digital economy is expected to comprise 22.6% of Malaysia's gross domestic product (GDP) and create over 500,000 jobs by 2025.

"Through innovations and contributions in the areas of IR4.0 (Fourth Industrial Revolution) technologies like artificial intelligence, robotics, virtual reality, the Internet of Things, and big data analytics, the manufacturing sector plays an empower

H.E. Omar Sultan Al Olama: The digital economy is the economy of the future on which the pillars of the development process will be based

H.E. Omar Sultan Al Olama: The new business group will accelerate digital transformation efforts to achieve the vision of His Highness Sheikh Mohammed bin Rashid by consolidating Dubai's position as a global capital of the digital economy

Dubai Chamber of Digital Economy, one of three chambers operating under the umbrella of Dubai Chambers, has announced the formation of the Dubai Digital Assets Business Group (D2A2), which aims to strengthen the digital asset industry’s role in the economic development of the UAE and the wider Middle East region, enhance digital business infrastructure and support the growth of digital companies in Dubai.

Among the key objecti

Malaysia Digital Economy Corporation (MDEC) has introduced the IdeaKita initiative to create and foster 200 new tech companies by the end of the year.

MDEC chief executive officer Mahadhir Aziz said the programme is designed to facilitate the journey of budding entrepreneurs in establishing their own tech companies.

He said the programme is also part of MDEC's new Malaysia digital initiative.

"This aims to catalyse and transform the capabilities and capacities of our digital ecosystem and to accelerate the growth of Malaysia's digital economy," he said in a statement.

Mahadhir also said that when entrepreneurs embark on their innovation journey, market experts typically only get involved towards the end of the innovation process, leading to a mismatch b

Ericsson and DNB 5G rollout to expedite digitalisation and foster inclusive development

ERICSSON has reiterated its commitment to support Digital Nasional Berhad (DNB) in delivering a world-class network that will become a 5G showcase in the region, while expressing satisfaction with the pace of rollout in Malaysia.

The 5G rollout in the country is already one of the fastest in the world – with the network available within six months of the contract being awarded to Ericsson.

During his recent visit to Malaysia, Ericsson chief executive officer Borje Ekholm said: “The government’s efforts to drive 5G forward and the supportive developments from the mobile network operators (MNOs) augur well for the nation’s digital aspirations and improving connectivity for end-users,” adding that Ericsson is on track to

Malaysia and Qatar aim to bring their bilateral relationship a notch higher through cooperation in new areas like Islamic financing and digital economy.

Foreign Minister Datuk Seri Saifuddin Abdullah said as international trade is becoming more complex by the day, both sides need to think of new ways in doing things besides the normal bilateral relationship.

Saifuddin said this during a joint press conference with Qatar’s Deputy Prime Minister who is also the Foreign Affairs Minister Sheikh Mohammed bin Abdulrahman Al-Thani, who is on a two-day official visit to Malaysia starting yesterday at Wisma Putra (Malaysian Foreign Ministry) here.

Saifuddin said the existing trade relation between Malaysia and Qatar is very good and both parties remain committed in enhancing trade relations with new investments an

MALAYSIA’S digital economy is set to be worth US$35 billion (RM156.1 billion) by 2025, says Google Cloud South-East Asia (SEA) MD Ruma Balasubramaniam (picture).

Balasubramaniam said the country sits within a very robust SEA ecosystem which is expected to hit US$363 billion and reach a value of US$1 trillion by the end of 2030.

“Digital transformation, if fully-leveraged, could create up to US$61.3 billion in annual economic value in Malaysia by 2030 and that’s the equivalent of 17% of the local GDP in 2020.

“So, these are really important figures, because it really talks about what an amazing digital ecosystem that sits here, and it will be in Malaysia today,” she said during the announcement of Malaysia’s first cloud region today.

This initiative is a

Malaysia’s digital landscape is entering a new era of accelerated growth, driven by Malaysia Digital (MD), the government’s national strategic initiative that aims to put the country at the forefront of the digital economy.

Launched on July 4, 2022 by Prime Minister Datuk Seri Ismail Sabri Yaakob, MD is an initiative to accelerate the growth of the nation’s digital economy, driven by three key principles; flexibility, agility and relevance.

In his speech during the launch of Malaysia Digital, Ismail Sabri said the initiative, via MD Catalytic Programmes (PEMANGKIN), will function holistically in transforming Malaysia’s digital economy ecosystem through three strategic priorities.

This initiative is expected to succeed the 25-year-old MSC Malaysia and it will be driven by the Ministry of Communications and

The government would be boosting the rural digital economy through Budget 2023 to be tabled this October, said Deputy Finance Minister I, Datuk Mohd Shahar Abdullah.

He said that based on the findings through e-dagang (e-commerce), the increase was 7.7 per cent in the first quarter of 2022 and valued at RM288.2 billion compared with RM267.2 million recorded during the same period last year.

“The Finance Ministry is therefore, also expecting the digital economy prospects in 2023 to further improve, thus fulfilling the government’s desire to ensure that digitalisation also occurs in the rural areas.

“We see that the e-dagang market is expanding rapidly since a few years ago, Therefore, we will see the need, through Budget 2023, to further boost rural digital technology.

The Keluarga Malaysia Digital Economic Centres (PEDi) are more than just internet centres but will lead to greater benefits to Malaysians and the country, Communications and Multimedia Minister Tan Sri Annuar Musa said.

He said the centres will be a national network that will boost the increase in application use and broadband availability in an area and train the public to become digital content creators.

“If we focused on connectivity previously, now we’re shifting towards use of facilities, to create content that will benefit Malaysians and our country,” he told reporters after presenting appointment letters to PEDi chairmen in the state.

During his speech, he expressed hope that the centres would be catalysts and get Malaysians involved in the digital economy, including those who have just begun and a

China has established a working team to push its accession to the Digital Economy Partnership Agreement, the Ministry of Commerce said in an online statement on Friday (Aug 19).

Signed by New Zealand, Singapore and Chile in June 2020, the DEPA coordinates policies on digital economy, and is the first of its kind in the world. The pact covers almost all key sectors of the digital economy, ranging from facilitation of commerce and trade to personal information safety.

Going forward, China will conduct in-depth accession negotiations with other members within the framework of its accession to the DEPA, and strive to formally join the digital pact as soon as possible, so as to strengthen cooperation with other members in the field of digital economy, promote innovation and sustainable development, said the statement.

Digitalisation is a significant catalyst in facilitating the recovery and sustained growth of the Asia-Pacific Economic Cooperation’s (APEC) micro, small, and medium enterprises (MSMEs), said Chief Secretary to the Malaysian Government Tan Sri Mohd Zuki Ali.

Mohd Zuki, who is at this year’s APEC Economic Leaders’ Meeting (AELM) in his capacity as the Special Representative of the Prime Minister, said digitalisation itself without noteworthy enablers, such as inclusivity, may not be adequate in providing the necessary traction for MSMEs to evolve, mature and move up the value chain.

“At the outset, we need to advance the digital literacy and capabilities of our MSMEs.

“In order to do so, governments need to work together with private sector representatives such as those from the APEC Business Advisory Coun

The UAE signed a joint statement with the US the world’s biggest economy on data transmission across borders and discussed the importance of data collection and transmission.

The Emirates is focused on collaborating with the US and launching effective international co-operation to accelerate sustainable growth in the digital economy, said Omar Al Olama, Minister of State for Digital Economy, AI and Remote Working System.

Mr Al Olama said the collaboration with the US reflects the UAE’s global message on the importance of promoting partnerships and joint initiatives between governments, solidifying international stability and economic co-operation.

Mr Al Olama held a meeting on Monday with Arun Venkataraman, assistant secretary of commerce for global markets and director general of the US and foreign com

The digital economy and green development have become major trends in global economic and social transformation.

Chinese President Xi Jinping urged on Friday for all APEC members to enhance economic and technical cooperation, speed up coordinated digital and green development.

With a combined population of 2.9 billion, the 21 APEC economies account for over 60 percent of the world’s total gross domestic product (GDP) and about half of its trade. The region’s status is globally significant, and achieving coordinated digital and green development is of vital importance.

Relationship between digital and green economy

Digitalization and green growth are interdependent and mutually reinforcing, Wang Song, an official at the Office of the Cyb

The International Data Center Authority (IDCA) today announced that Winston Ma will lead a new sustainable digital infrastructure project development financing unit aimed at enhancing the digital economies of emerging and developing nations as well as underserved communities anywhere in the world.

Our intent has always been to help the world build sustainable digital economies.” Mehdi Paryavi, IDCA Chairman & CEO said, “Effective investments into key sustainable and resilient digital infrastructure projects that will help communities and economies of all scales prosper is one of our vital initiatives for this industry on a global scale.

"No region on Earth and no economic or societal realm can be left behind in the transformative Metaverse economy.”— Winston Ma, Vice Chair, Chief Investment Officer, IDCA

A news report by haiwainet.cn: Themed "Connecting Digital Trade to the World", the first Global Digital Trade Expo was held in Hangzhou recently.

Hangzhou is a famous historical and cultural city, a city of innovation and vitality. It is also the "E-Commerce City of China" and the "first city of China's digital economy". The success of the first Global Digital Trade Expo fully demonstrates Hangzhou's advantages as a pioneering city of China's digital economy and provides Hangzhou with a golden opportunity for the development of digital trade.

There are many Hangzhou enterprises on the Top 100 list of China's digital economy unicorns released on the Global Digital Trade Expo. Panshi Group is one of the companies on the list. Chen Xiaomin, CEO of Panshi Group said: "As an enterprise in Hangzhou, we feel that the business environment in Hangzhou is getting bet

Malaysia will seek the best way to ensure the development of Indonesia’s new capital Nusantara in Kalimantan would benefit the regional economies of Sabah and Sarawak, said Prime Minister Datuk Seri Anwar Ibrahim.

Speaking at a joint press conference with Indonesian President Joko Widodo, who is better known as Jokowi, here today, Anwar said the Sabah and Sarawak administrations praised the major initiative by Jokowi to develop Nusantara.

Before the press conference, the two leaders had witnessed the handing over of 11 letters of intent (LoI) from 10 Malaysian companies to participate in the development of Nusantara.

On the issue of Indonesian manpower in Malaysia, Anwar said the use of the digitalisation system in the recruitment and placement of workers was important to cut down on bureaucratic red-tape

China’s more than two-year clampdown on its sprawling internet sector is coming to an end, according to a top central bank official.

The special campaign to rectify 14 internet platform companies’ financial businesses is basically complete with few remaining issues to resolve, said Guo Shuqing, Chinese Communist Party secretary of the People’s Bank of China (PBOC).

Further supervision of the sector will be normalised, and support will be given to help platform companies play a bigger role in job creation and global competition, said Guo, who is also chairman of the China Banking and Insurance Regulatory Commission (CBIRC).

The statement was the first signal from a top regulatory official that the government is winding down a massive clampdown that affected the country’s biggest internet companies includin

The Malaysia Global Business Forum (MGBF) will host a roundtable on “Designing the Future of the Digital Economy” on Feb 23, the culmination of the first three MGBF Exclusive Roundtable Series titled “The Evolving Threat Matrix in the Digital Economy” held during 2022.

According to Malaysia Digital Economy Corporation (MDEC), the digital economy is contributing 22.6% to the country’s gross domestic product (GDP), with a projected growth to 25.5% by 2025.

This level of contribution has made it imperative for the MGBF to bring together high-level speakers at the roundtable to explore ways to chart the way forward for Malaysia’s digital economy.

Among the objectives of the coming MGBF roundtable is to position Malaysia in Southeast Asia’s digital economy, which was estimated to be valued at US$200 billion (

Producers may use ECO’s funding as capex to produce green products, while users may apply for it to allow them to utilise green technology

SINCE the Finance Ministry announced the country’s aim to achieve net-zero greenhouse gas (GHG) emissions by 2050 under the 12th Malaysia Plan (12MP) 2021-2025, many big corporate players started to take on low-emission and renewable-energy initiatives to support this goal.

However, producing and using green technology many of which are still new could be costly. This hinders smaller businesses, as much as they want to support the government’s vision, from playing their part.

Taking note of this, Bank Islam Malaysia Bhd (Bank Islam) on Nov 17 last year rolledout a new SME Banking product, named SME Smart Eco (ECO) a financing programme to enab

Malaysia’s digital economy is set to contribute 25.5 per cent to the country’s GDP and create more than 500,000 jobs by 2025
The nation’s mature digital ecosystem and infrastructure offer a comprehensive platform for tech companies looking to invest and grow in Malaysia

Since its launch 26 years ago, Multimedia Super Corridor (MSC) companies have invested 430 billion Malaysian ringgit (US$95.5 billion) into the digital economy of Malaysia, generating more than 198,000 jobs. Malaysia Digital is a refresh of the MSC programme that looks to drive the digital economy through high-impact initiatives, strategic and sustainable investments, and inclusive policies.

According to Mahadhir Aziz, chief executive officer of the Malaysia Digital Economy Corporation (MDEC), the digital economy is set to surpass the target of contributing 25.5

Data protection, anti-scamming and cybersecurity are among issues given priority as senior officials from Asean countries convene in Boracay Island, laying the groundwork for reshaping the region’s post-Covid-19 digital landscape.

Undersecretary of International Division of the Ministry of Communications and Digital, Mano Verabathran said enhancing cybersecurity cooperation and anti-scamming measures are essential requirements to secure Asean’s economy and digitalisation initiatives, especially in view of more sophisticated attacks and threats.

“Thailand raised the issue of anti-scamming as something very important and pressing now, which has to be discussed and mentioned during ministers’ meeting.

“In the digital economy, we have all the data. We need to protect the data and get all the necessary securit

Malaysia is interested in exploring emerging technology such as the next generation technology in 5G and broadcasting technology from the United States, said Communications and Digital Ministry secretary-general Datuk Seri Mohammad Mentek.

During a courtesy call by the US delegation on the sidelines of the 3rd Asean Digital Senior Officials' Meeting (ADGSOM) here today, Mohammad spoke about Malaysia's plans on digital economy and encouraged more collaboration between the two countries.

He also spoke about cybersecurity, data protection and anti scamming programmes, emphasising that Malaysia was keen to explore these areas.

During the meeting, US deputy assistant secretary for International Information and Communications Policy, Steve Lang, who led the US delegation, invited Malaysia to participate in a se

LIKE many others, the nation’s education sector was severely disrupted at the dawn of the Covid-19 pandemic. Schools and lecture halls all over Malaysia were shuttered, as social distancing requirements and fear of infection meant it was no longer viable to enter physical learning venues.

Thankfully, the struggling academic landscape managed to find a lifeline in the form of educational technology, or edutech. Advances in communications software and the rise of web conferencing programs meant students could keep studying through the pandemic, albeit through a virtual platform. In some ways, this was an upgrade: a Brandon Hall analysis on workplace e-learning discovered individuals spent 40% to 60% less time studying through online learning than they would have in a traditional academic setting.

As Covid-19 progresses into the endemic stage, classrooms and l

Will provide free training and support for aspiring and emerging creators
Local peers will share best practices on how to use Facebook and Instagram

Meta brings together over 100 creators to mark the launch of its Creator Academy in Malaysia. The Meta Creator Academy in Malaysia is endorsed by The Malaysia Digital Economy Corporation (MDEC) and will provide free training and support for aspiring and emerging creators.

The program will allow creators to learn from established peers locally, and learn best practices on how to use Facebook and Instagram creator tools and products to grow an audience, build their brand, and turn their passion into professions.

Through this Meta Creator Academy in Malaysia, Meta welcomed Malaysian creators in the early stages of their creator journ

AS the policymakers continue to review the contentious DNB’s 5G rollout model, it is crucial to unpack DNB’s big promises and premises critically, truthfully, and structurally.

EMIR Research, in its’ own review, already questioned very seriously DNB’s ability to provide lower costs (refer to “Malaysian 5G Rollout: Camouflaged Costing Acrobatics”) and dispelled its ability (and even the intention in the first place) to solve digital divide (refer to “Malaysian 5G Rollout: Digital Divide Whitewash”). Among other things, EMIR Research highlighted big red flags in DNB’s governance structure (refer to “Malaysia’s 5G Rollout: Corporate Governance with Audacity of Impunity!”).

In this article, EMIR Research would like to focus on DNB’s “supply-driven” innovation (or we should say “negative innovation” of a kind) coupled with aggressive spectrum monetization that h

KPMG Malaysia has entered a collaboration with the Malaysia Digital Economy Corp (MDEC) to accelerate the growth of high-potential Malaysian technology companies to become national unicorns through the Founders Centre of Excellence (Fox) programme by 2025.

This collaboration shows KPMG’s support towards MDEC’S Fox programme, guided by the new strategic initiative of Malaysia Digital (MD), which seeks to grow the digital capacities and capabilities of the nation.

The Fox programme aims to raise the overall ecosystem value, and accelerate the growth of the digital economy and establish Malaysia as the digital hub of Asean.

The joint objective is to foster the growth of startups over the course of the next two years so that they can expand their business and produce lasting economic impact for Malaysia in th

AS we emerge from the pandemic period, many companies have started to implement full working hours in office.

According to LinkedIn, in its Global Talent Trends report, economic uncertainty is forcing business leaders to wind back progress made during the pandemic on important areas of working life such as flexibility, employee well-being, and skills development.

LinkedIn said this is at odds with what employees want.

The report shows that flexible working, work/life balance and the opportunity to develop skills are what workers value most. There is a widening disconnect between what employees want and what companies are now offering.

We talked to LinkedIn's country lead for Emerging Markets, Southeast Asia and Malaysia, Rohit Kalsy.

The state government has completed phase one of the Data Integration and Interchange Platform (DIIP) as well as three digital hubs, namely People Hub, Business Hub and Geo Hub.

Chief Minister Datuk Seri Hajiji Noor explained that People Hub enables smooth cross-agency data integration through a single, authentic source for a more holistic and people-centreed approach for government agency services.

As for Business Hub, he said the state government has introduced four online services to develop its potential use.

They are the BizSabah Portal for providing entrepren

How can we meet the world’s climate goals? We can start by putting more women in charge. That will give us a much better chance of not only controlling global warming but also achieving greater prosperity along the way.

Emerging research underscores the business and development case for applying a gender lens to climate-related investments. It also highlights the critical role women play in climate leadership. A recent report from the EuropeanInvestment Fund shows that women-led firms have higher environmental, social and governance (ESG) scores than other companies, and that businesses with greater representation of women in leadership positions have better track records of adopting environmentally friendly practices.

Similarly, women leaders are more likely to invest in renewable energy, leading to reduced greenhouse gas (GHG) emissions and improved envir

10 UK net zero start-ups pitched their technologies for up to $1 million investment and entry into an accelerator programme for green start-ups.

The UK-Malaysia Digital Innovation Programme Demo Day kicked off in Sunway City, Kuala Lumpur today where 10 UK net zero start-ups pitched their technologies in-person for up to US$1 million investment and entry into the Sunway iLabs’ Net Zero Lab, an accelerator programme for green start-ups. The initiative also saw UK tech companies connecting and exploring opportunities with the wider tech ecosystem including Malaysia government bodies and venture capital funds.

The event was attended by Minister of Economy YB Rafizi Ramli, His Majesty’s Trade Commissioner for Asia Pacific Natalie Black, Deputy British High Commissioner David Wallace as well as Sunway Group’s Group Chief Executive Officer of Digital and

"Unleash Digital with Everything as a Service", the second Huawei Cloud Summit Middle East & Africa brought government leaders, cloud native industry experts, and customer representatives together from the Middle East, Central Asia, and Africa with the aim of exploring how to optimise the cloud to boost the digital economy.

H.E. Zhang Yiming, the Chinese Ambassador to UAE, gave a keynote speech on the significance of cloud computing for the digital economy saying "China is poised to partner with the UAE and countries in the Middle East and Africa in their digital cloud journey. Together, we will revitalise the industry with innovation, expand pilot projects with partnerships, and promote technical advances with young minds. We will achieve technological and industry development centered on cloud computing, and pave the way for digital transformation and enablement."

Experts say reforms, political stability are essential for country to narrow gap

When Amazon Web Services (AWS) announced plans this month to invest $6 billion in Malaysia over the next 14 years, the government hailed it as a win for the country.

"AWS was invited by many ASEAN countries but chose Malaysia," national news agency Bernama quoted Prime Minister Anwar Ibrahim as saying in parliament, referring to the 10-member Association of Southeast Asian Nations. "This means it would increase the confidence [of other investors] and spur the entry of various investors from both the West and East."

But the move by the cloud services provider came as experts say overall foreign direct investment (FDI) in Malaysia has been static for years as the country increasingly loses out to neighboring Indonesia

The Securities Commission Malaysia (SC) has released its annual report for 2022 which highlights its efforts in promoting market integrity, investor protection, and the development of the Malaysian capital market.

Dato’ Seri Dr. Awang Adek Hussin

The SC Chairman, Dato’ Seri Dr. Awang Adek Hussin, said the Malaysian capital market remained orderly and continued to finance the economy, with total funds raised hitting a record high of RM179.4 billion. This exceeded the 5-year pre-pandemic average of RM121.4 billion.

This was achieved despite increased global market volatility and headwinds where Malaysia fared better than its global counterparts.

The global capital market had registered weaker performance in 2022 with the continued tightening of financial

iPhone, Google, Facebook, Netflix, YouTube, Bitcoin, Twitter, TikTok, LinkedIn, Uber, Rappi: how many of them have you used today? And if so many of the things that impact our day-to-day lives, creating common experiences across the globe, did not exist 25 years ago (see John Erlichman’s tweet), what can an increasingly connected world create over the next 25 years? The next 60?

The transformative impact of digitalisation affects not just our personal lives but also governments, public services and businesses. For instance, Artificial Intelligence (AI)

Prime Minister Datuk Seri Anwar Ibrahim’s government launched the region’s first centre “for the fourth industrial revolution” here today, betting it would shift entrenched mindsets and nudge industries slow adopt internet-based technology to scale up.

The centre, to be spearheaded by the Ministry of Economy in collaboration of the World Economic Forum, is the 19th of its kind.

The WEF has played a central role in setting up the centres worldwide, many in the poor Global South, with the hope they could give these nations access to some of the best talents from t

Global-scale digital infrastructure firm DigitalBridge Group is expected to start investing more than RM4 billion in Malaysia’s infrastructure sector by the end of 2023, said Prime Minister Datuk Seri Anwar Ibrahim.

He said DigitalBridge is a digital infrastructure company that invests in data centres, telecommunications towers and fibre-optic networks.

“According to a Knight Frank white paper, Malaysia’s digital infrastructure growth is the fastest [among five emerging markets in Southeast Asia] with 113 megawatts of take-up just in 2022, or four times that of Tha

IKEA Malaysia has revealed their inaugural electric vehicle (EV) for last-mile deliveries. This new addition to their fleet will serve the Petaling District, catering to IKEA Damansara's needs beginning in May 2023. 

As online shopping and speedy deliveries become increasingly popular, road transport has significantly contributed to transportation emissions in Malaysia. To address this issue, IKEA Malaysia plans to expand its electric vehicle fleet in the coming year and transition to more sustainable transport solutions. Malaysia's transportation sector is the third most significant contributor to greenhouse gas emissions, with r

Change in the Asset and Facility Management industry is now accelerating at an exponential rate forcing industrial leaders to become business revolutionaries, even disruptors to prosper.

Increasing innovative technologies and the demand for greater business intelligence due to underpinned staffing led many companies to seek out ways to become more efficient and meet management expectations with less resources. The industry also saw the need to use more third-party service providers to red

KUCHING, May 20 (Bernama) -- The 5G network coverage in Malaysia has reached 59.5 per cent as of the end of April, says Communications and Digital Minister Fahmi Fadzil.

He said in Sarawak, the coverage stood at 34 per cent.

"The access rate (in Sarawak) for me, is not enough, therefore I am asking the Sarawak state government to list some locations (to be given 5G access) and coordinate with the Malaysian Communications and Multimedia Commission (MCMC).

"This coordination is important

DFI Retail Group has appointed Scott Price (pictured) as group chief executive with effect from 1 August. He will succeed Ian McLeod who has been the group chief executive since 2017 and will be stepping down.

McLeod will remain with the group until the beginning of August to ensure a smooth transition of the business to Price over the next few months. Price will relocate with his wife and be based in Hong Kong.

According to the release, Price is an experienced senior business executive with 25 years of international experience, of which 19 years was spent in Asia, spanning the

• Writer and documentarian Douglas Rushkoff has changed his thinking on the digital boom, he told Wired.
• Rushkoff, who now teaches, said the digital economy made billionaires, but also "poor, unhappy people."
• He told his students he was "excited" in the 1990s about the possibilities of the digital economy.

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KUALA LUMPUR: Malaysia will invest heavily in the green and digital economy as these were the areas where there is huge growth potential, said Economy Minister Rafizi Ramli in his keynote address at the National Economic Forum 2023 today.

“It is becoming inc

The firm will make an additional investment of RM13.3b to meet the rising customer demand for hyperscale data centre services

VANTAGE Data Centers, a global leader in hyperscale data centre campuses, has announced plans to develop a second data centre campus in Cyberjaya, Malaysia. 

The company will make an addition

Lack of access to financial services, rise in unemployment and high inflation remain the main obstacles of growth for women-led micro and small enterprises. As a result, conventional business development methodologies, including microfinance, are not reaching to the poorest and vulnerable, especially women entrepreneurs in informal economic sector. Informal economic sector is also often seen as a burden due to the associated higher transaction costs.

In a recent survey, conducted with women informal entrepreneurs from the home-based sector, it is estimated that a number of women entrepreneurs have joined the home-based

KUALA LUMPUR: The economy ministry and World Economic Forum (WEF) have collaborated to establish the Centre for the Fourth Industrial Revolution in Malaysia (C4IR), making it the first of its kind in the Asia-Pacific region and the 19th globally for WEF.

The C4IR Malaysia was launched today by economy minister Rafizi Ramli and WEF presid

KUALA LUMPUR: The World Economic Forum (WEF) and the Malaysian government today established a centre for the Fourth Industrial Revolution (Malaysian Centre for 4IR) in Malaysia. The centre will focus on digital transformation and fast-growing sectors including green energy transition.

The centre was jointly launched by Economy Minister Rafizi Ramli and World Economic Forum president Borge Brende.

Prime Minister Datuk Seri Anwar

KUCHING, May 24 — Premier Tan Sri Abang Johari Openg today said Sarawak was on track to be a digitally developed and business-friendly state by 2030.

He said there will be a conducive and agile environment for businesses to invest and grow, high speed connectivity, equitable access to opportunities for the people to uplift their social-economic status, and cyber security in the state by then.

• Updated Silicon Malaysia and Silicon Stars – Pearl of the Orient map launched
• MSIA has 225 members, spanning 10 states in Malaysia with headquarters in 18 countries

It's all thanks to Malaysia Digital Economy Corporation (MDEC).

Are you a creative person with a passion for digital content? Do you have an innovative tech idea that could take the world by storm?

Well, I've got good news! The Malaysia Digital Economy Corporation (MDEC) has just opened applications for three grants that could help turn your dreams into reality.

Starting today up until June 1, 2023, you can apply for the Digital Content Grant (DCG), the Malay

KUALA LUMPUR: The opening of Mastercard’s Data and Services Hub in the capital further strengthens the country’s status as a preferred choice of digital economic landscape in the region said Minister of Communications and Digital, Fahmi Fadzil (pix).

Fahmi said Malaysia is able to attract leading global names to set up their data hub in the country, which is in line with the government’s commitment to turn Malaysia into a leader in digital economy.

“I launched the new Mastercard Data and S

CYBERJAYA: Malaysia is expected to receive more investments particularly in the data centre, innovation, and digital economy sectors within the next few months, said Communications and Digital Minister Fahmi Fadzil.

He said the digital economy sector was expected to contribute 25.5 per cent to the gross domestic product (GDP) by 2025.

Communications and digital minister Fahmi Fadzil says a basic prerequisite for a successful digital economy is providing affordable internet to the public.

PETALING JAYA: A clear broadband policy, centred around fast, stable and affordable internet for all is key to ensuring a competitive digital economy.

Recognising this, the communications and digital ministry has t

Analytics, automation, and manufacturing technology – better known collectively as Industry 4.0 – have emerged as industry disruptors and growth drivers in all countries, and Malaysia is no exception. Leveraging Industry 4.0 technologies is expected to increase productivity by 30% across all sectors in Malaysia by 2030, which will give rise to better services, more skilled talent and increased production of higher-value products.

Industry 4.0 and digital technologies are also key enablers of a sustainable future, which is one of the pillars of the 12th Malaysia Plan (2021-2025). Recognizing

Kuala Lumpur, 16 May 2023 (The Capital Post) – The Digital Industry grants initiated by the Malaysia Digital Economy Corporation (MDEC), under the Ministry of Communications and Digital (KKD), have garnered an impressive response since their launch on 2 May 2023. These grants include the Digital Content Grant (DCG), the Malaysia Digital X-Port Grant (MDXG), and the Malaysia Digital Catalyst Grant (MDCG).

Evidently, the recent virtual briefing session held on 9 May 2023 witnessed the active participation of nearly 1,000 digital industry players. During the session, over 300 queries and information related to the eligibility

KUALA LUMPUR: Malaysia has the potential to become a high-income status nation by 2028, says Economy Minister Mohd Rafizi Ramli (pic).

He said that Malaysia has had the key characteristics needed to achieve this ambitious goal.

"We are one of the most digitally connected countries in the region, an open trading economy at a strategic location, and we continue to be

IPOH: About 1,000 local media practitioners including journalists from several Asean countries, will gather here tomorrow to celebrate the National Journalists' Day (Hawana) 2023 aimed at appreciating the contributions and services of the group in the country's development.

Themed 'Media Bebas

Menteri Ekonomi Rafizi Ramli berkata sistem baharu itu memendekkan proses mohon permit kepada lima hari bekerja sahaja.

PETALING JAYA: Sistem baharu bagi proses pas penggajian ekspatriat, “Xpats Gateway”, akan memendekkan proses permohonan permit kerja daripada lebih 80 hari kepada lima hari bekerja sahaja, kata

IPOH: The role of media practitioners in providing authentic information cannot be denied, especially in the age of information technology, which has witnessed the spread of fake news on social media.

With curtains up for visitors to the National Journalists’ Day (HAWANA) 2023 Mini Carnival, which is going on in full swing at Mydin Mall in Meru Raya, here, the ongoing exhibition provides a lot of information on how the media works to provide authentic news to the public.

On average, members of the public bel

IPOH, May 27 — After three years of celebrating National Journalists’ Day (Hawana) in Peninsular Malaysia, media practitioners from Sarawak expressed hope to bring the momentum of excitement to the state next year.

Kuching Division Journalists’ Association (KDJA) president, Ronnie Teo Teck Wei, said that the Hawana celebration was a platform for the media to

KUALA LUMPUR: The Communications and Digital Ministry, through the Malaysia Digital Economy Corporation (MDEC) has implemented the eUsahawan programme aimed at building a more inclusive culture in the use of digital technology.

Deputy Communications and Digital Minister, Teo Nie Ching, said the programme was to drive the development of digital entrepreneurial skills, especially in digital marketing and e-commerce.

• Challenges include institutional coordination, citizen-centric service design, data reuse
• Must recognize the challenges of scaling up and the need for a collaborative approach

MyDIGITAL Corporation, in collaboration with the World Bank, discussed the challenges and opportunities in the pr

• Malaysia, leading Southeast Asia, saw 76% of organizations experience a cyberattack recently.
• ManageEngine sets a bold goal of 30% annual growth.

The digital transformation trend is taking off in Malaysia, fueled by substantial investment and enthusiastic government and private sector adoption. This shift is particularly noticeable among SMBs, enterprises, and within ManageEngine’s customer base.

Moreover, industry trends indicate a significant increase in internet use, with nearly 30 million online users. Digital adoption is growing at 30%, with the digital economy and startups contributing almost 90% to the GDP.

The journey of Malaysia in the digi

• Association of Southeast Asian Nations has what it needs to be a digital economy: a young, tech-savvy population of more than 400 million digital consumers and rising internet penetration.
• But there is a digital divide across nations and within nations.
• “The reason behind this uneven development is uneven distribution of digital economy benefits. It’s because the different countries are at different stages of developing their regulatory frameworks,” said Kenddrick Chan, a fellow at Portulans Institute.

KUALA LUMPUR: Angkasa-X says it will launch its A-SEANSAT-PG1 (PG1) satellite on June 27, spearheading a massive thrust to propel Malaysia's spacetech ecosystem.

Angkasa-X is a technological-social inclusion company with a mission to fulfil the country's unicorn aspiration of establishing the Asean space economy.

With the launch of PG1, Angkasa-X said it would leverage on its tec

Hacks, data leaks at businesses, government agencies raise alarm

KUALA LUMPUR -- Cybersecurity experts warn the rapid pace of Malaysia's 5G telecommunications rollout poses a threat to users and businesses in the country, with data breaches and ransomware attacks potentially increasing as the new technology takes hold and the country's sys

KUALA LUMPUR: The eighth edition of the Malaysia Top E-commerce Merchant (Top ECM) Awards achieved phenomenal sales of RM7.57 million, Selangor Information Technology and Digital Economy Corporation (Sidec) said. 

Sidec said this year, the Malaysia Top ECM Awards have recorded a total of 602 applications, which is an increase of 36.8 per cent from the previous year. 

KUALA LUMPUR, June 1 — Malaysian Communications and Multimedia Commission (MCMC) chief operating officer Datuk Mohd Ali Hanafiah Mohd Yunus today said that the National Digital Network Plan (Jendela) will start its Phase 2 in the third quarter of this year.

He said Phase 2 will consist of full deployment of the 5G network in populated areas after strong 4G coverage n

KUALA LUMPUR: The government plans to build another 186 digital economy centres (PEDi), complementing the current 911 centres nationwide, to boost digital literacy in Malaysia, said Communications and Digital Minister Fahmi Fadzil.

Fahmi said this was also to empower citizens in participating and benefiting from the digital economy while navigating it safely.

Malaysia Digital Econo

TELEKOM Malaysia Bhd (TM) and ZTE Corp have entered into a strategic partnership worth over RM50 million today.

Communications and Digital Minister Fahmi Fadzil said this investment aims to bolster Malaysia’s digital landscape, while simultaneously create employment opportunities for Malaysians.

“The collaboration is set to serve as a crucial training platform, benefitting over 3

ZTE Corporation (“ZTE”), a global leading provider of information and communication technology solutions, has successfully launched their highly anticipated event, “Shaping Digital Innovation 2023”, held today at the Hilton Kuala Lumpur.

Building upon the success of its "Shaping Digital Innovation" theme showcased at the recent Mobile World Congress (MWC) 2023 in Barcelona, ZTE has once again captivated the global tech stage. Demonstrating their commitment to innovation, ZTE delighted the Malaysian audience by bringing a glimpse of the MWC 2023 highlights to the event.

In his keynote address, Minister of Communications and Digital, Yang Berhormat Tuan Ahmad Fahmi Mohamed Fadzil, expressed his enthusiasm for Malaysia’s digital goals and highlighted the significant role that the event would play in this development. He said, “I am optimi

In an era of rapid digital transformation, businesses across various industries are embracing the digital economy to cater to evolving consumer needs. Red Box Karaoke, a renowned name in the entertainment industry, has made an exciting leap forward by entering the digital realm with the launch of their new e-wallet in Malaysia. This strategic move not only positions Red Box Karaoke as a trailblazer in the industry but also signifies their commitment to enhancing customer experiences and staying relevant in an increasingly digital world.

Embracing the Digital Economy

With the introduction of their e-wallet, Red Box Karaoke is seizing the opportunities presented by the digital economy. The e-wallet serves as a comprehensive digital platform that enables customers to seamlessly manage their transactions, enjoy exclusive

ASX-listed data centre operator, NEXTDC Limited, will build its first overseas facility in Kuala Lumpur.

To be known as “KL1”, it will be located on 10 hectares of land in the heart of the metropolitan region, Klang Valley – an important economic centre of Malaysia.

Upon completion in late 2025, and over the centre’s 5–10-year development, NEXTDC will invest over 3 billion Malaysian Ringgit (A$1 billion) and commit to digital skilling and educational initiatives in the country and region.

It will be Malaysia’s first Uptime Institute Tier IV certified data centre facility above 5MW, with the capacity to host up to 65MW of IT critical power and direct cloud interconnection capability.

A data centre is a nexus for cloud service providers. It manages the da

OpenAI’s new chatbot has garnered attention for its impressive answers, but how much of it is believable? Let’s explore the darker side of ChatGPT.

ChatGPT is a powerful AI chatbot that is quick to impress, yet plenty of people have pointed out that it has some serious pitfalls.

From security breaches to privacy concerns to the undisclosed data it was trained on, there are plenty of concerns about the AI-powered chatbot, yet the technology is already being incorporated into apps and used by millions of users, from students to company employees.

Umno president Ahmad Zahid Hamidi says it is necessary as the gig sector is booming and is expected to grow at a rate of 23% per year.

KUALA LUMPUR: Umno has called for the immediate setting up of a Gig Economy Commission Malaysia (SEGiM) to regulate the gig industry ecosystem and safeguard the welfare of service providers, suppliers, workers and consumers.

Umno president Ahmad Zahid Hamidi said the gig sector is booming in the country, with over 1.12 million gig workers registered with the Malaysia Digital Economy Corporation (MDEC).

• Entrepreneurial approach adopted by MDEC to building out global networks
• Provide founders a support system that understands challenges they face

Malaysia Digital Economy Corporation (MDEC), an agency operating under the Ministry of Communications and Digital, stands at the forefront of Malaysia's digital economy development. Its paramount mission is to empower businesses and propel digital transformation, ensuring Malaysia's unwavering competitiveness on the global dig

Imagine a day when Malaysians can simply stroll around without carrying cash in hand; every hawker aunty accepts e-wallet payments, and even grandparents are digitally savvy at transacting with their phones. 

The push for getting Malaysians to use digital payments daily is ramping up, and Payments Network Malaysia Sdn Bhd (PayNet) wants to expedite this. 

With the objective of accelerating Malaysia’s digital payments ecosystem and a grand prize of RM20,000 u

• 10 agreements between Malaysian and international companies are expected to be signed on Tuesday.

PETALING JAYA: Deals involving foreign investment amounting to billions of ringgit are expected to be signed at a technology expo in London this week, according to the Malaysia Digital Economy Corporation.

KUALA LUMPUR: The digital industry is gearing up for d Conference and d Awards 2023, which will be held on June 22 and 23 at Nexus, Bangsar South, where the community will decode emerging digital trends and shape the future of digital economy together.

The organiser, Malaysian Digital Association (MDA), has planned an action-packed programme for the one-and-a-half-day d Conference, in which industry experts have been enlisted to share their valuable insights on digital marketing, technology and data.

“The objective of the conf

LONDON: Malaysia's participation in London Tech Week (LTW) will further strengthen the country's position in digital technology, especially as a hub for data processing and services.

Communications and Digital Minister Fahmi Fadzil said LTW, a platform to showcase the latest digital initiatives, could help foster international partnerships in drivin

KUALA LUMPUR: The rollout of the 5G network in the country has reached 62.1% coverage of populated areas as at May 31 involving 5,058 5G sites. This represents an increase of 2.6% from the 59.5% coverage reported as of end-April.

Minister of Communications and Digital Fahmi Fadzil said the rollout suggested the country was on track to achieve its target of 80% 5G network coverage in populated areas by the en

Google Trends is a useful tool to observe how trends are changing for specific topics. This time, I entered the three phrases that represent paradigm shifts in AI technology: “Expert System,” “Deep Learning,” and “Generative AI” to observe the results.

Using 2004, the earliest available data point in Google Tren

KUALA LUMPUR, June 9 — Perak is set to host Malaysia’s inaugural non-fungible token (NFT) driven festival in August with an aim to revolutionise the digital economy.

Mumbai: Fintech startup Basic Home Loan, an online brokerage for mortgages, has secured a $4.7 million equity investment in a pre-Series B funding round. The round was led by equity investor Ashish Kacholia, with existing investors Gruhas and Venture Catalysts increasing their stake. New investors including Dexter Angels, IIM Indore Alumni Angel Fund, and CommsCredible Venture Fund also participated. The funds raised will be utilized to expand Basic's distribution network into new regions and develop a proof of concept for its lending arm.

Atul Monga, CEO and co-founder of Basic Home Loan, highlighted the company's significant progress in digitizing mortgages, with its tech-enabled distribution handling around Rs 3,000 crore in monthly applications nationwide, a statement issued by the company said. The company has a network of 7,500 agents and presence in 650 districts. Picus Capital, Gruhas, Venture Catalys

The AI-powered shopping cart ezyCart offers personalised promotions, rewards, and in-cart self-check-out payments

As weekly grocery shoppers, Manirajah Kulanthavelu and Shaji Rajappan were frustrated with the time they had to spend just locating products in the store and lining up in slow-moving checkout queues to pay. Despite these frustrations, they felt online grocery shopping could never match the in-store shopping experience.

With previous experience building companies, the duo sensed an opportuni

Growth in Malaysia's data centre and cloud ecosystems is influenced by factors such as internet behaviour, application ecosystems, and energy generation, as discussed by industry representatives at the 2nd Datacentre & Cloud Infrastructure Summit (DCCI) held in Kuala Lumpur last month.

According to Glen Duncan (pic above), JLL APAC Data centre Research Director, understanding these factors is crucial, and he referred to Malaysia as an emerging market in the data centre space within the APAC region.

Research by IDC noted that Malaysian public cloud services revenue reache

Telekom Malaysia Bhd's  (TM) has awarded Maxis Broadband Sdn Bhd with a job to provide 2G and 4G domestic roaming services and 4G multi operator core network (MOCN) services that will enable it to extend its coverage by riding on 6,800 4G and 10,000 2G Maxis sites. 

According to the terms, Maxis will provide the services to TM for a period of three years which will commence upon achievement of agreed milestones with an option for extension subject to mutually agreed terms. 

Bursa Malaysia Bhd expressed its support to the Malaysian Communications and Multimedia Commission (MCMC) to take action against Meta for failing to remove undesirable content relating to, amongst others, scam advertisements on its platform.

In a statement today, Bursa Malaysia Said it had identified over 60 pages on Meta's platform Facebook impersonating its chief executive officer (CEO), Datuk Muhamad Umar Swift, this year, with a spike in recent months.

"The exchange has been the target of scams with the ill-intentioned impersonation of Bursa Malaysia and its management on social medi

• New Zealand on Wednesday backed China’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
• It also supported China’s bid to join the Digital Economy Partnership Agreement (DEPA) during Prime Minister Chris Hipkins’ visit

New Zealand on W

The Malaysia Internet Exchange (MyIX) reported the Internet bandwidth demand in the country reached a record peak of 2.1 TeraBits per second (Tbps) last month (May 2023). This is an almost four-fold increase from the 588 GigaBits per second (Gbps) recorded in May 2020 during the first movement control order (MCO).

“Digitisation is undeniably gaining momentum in Malaysia, and the strong demand for Internet bandwidth serves as an encouraging sign,” said MyIX chairman Chiew Kok Hin.

Zhu Min, vice-chairman of China Center for International Economic Exchanges and former deputy managing director of the International Monetary Fund (IMF), said he expects the digital economy to permeate every aspect of our lives in the next decade.

At a subforum of the 14th Annual Meeting of the New Champions, a

Maxis is expected to ink the 5G access agreement to pave the way for commercial 5G rollout soon.

RHB Research stated in a note that the telco's group chief executive officer Goh Seon Eng has confirmed that the agreement is a foregone conclusion.

"Significantly, we gather discussions are focused on aligning the wholesale agreement to reflect the policy shift (towards a dual 5G network). "This portends lower access cost/outlay under modified terms, with the likelihood of a shorter tenure (vs a 10-year agreement) con

IT sellers are rolling out an avalanche of new generative AI features, leaving CIOs overwhelmed and workers confused

Businesses are facing an influx of new artificial-intelligence tools, many of which overlap and cause confusion for employees, as corporate-technology sellers race to capitalize on the generative AI trend.

“Since the ChatGPT excitement, I must have had at least 20 to 25 vendors in my portfolio reach out to me saying, ‘Hey, let us tel

Higher-than-expected US employment data indicates that the Federal Reserve will maintain its aggressive stance, says analyst.

The ringgit ended the week lower against the US dollar today amid growing concerns about a potential rate hike in the July US Federal Reserve (Fed) policy meeting, an economist said.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the latest ADP non-farm employment change data for June, wh

Maxis Bhd’s wholly owned subsidiary Maxis Broadband has intended to execute the Access Agreement for Maxis to gain access to the 5G products and services provided on a wholesale basis by Digital Nasional Bhd (DNB), including the national 5G wholesale network product.

In a filing with Bursa Malaysia, Maxis believes that it is in the best interest of the company to enter into the Access Agreement after the government announced that they had agreed that the implementation of the 5G network in Malaysia will continue through DNB until it reaches 80 per cent coverage in

There is a lot of rubbish in the world.

Approximately 2.24 billion tonnes of solid waste was produced in 2020, according to the World Bank. It says the figure is likely to rise by 73% to 3.88 billion tonnes by 2050.

Plastic is particularly problematic. From the start of large-scale production of the material in the 1950s until 2015, more than 8.3 billion tonnes of plastic waste was produced, research from the Universities of Georgia and California

Reuters

KUALA LUMPUR, July 14 (Reuters) - Malaysian Prime Minister Anwar Ibrahim said on Friday he held a call with billionaire Elon Musk to discuss automaker Tesla's investment in the country and SpaceX's satellite communications service.

"I welcome the company's interest and decision to invest in Malaysia, and Elon Musk's willingness to come to Malaysia," Anwa

Thai food delivery giant Line Man Wongnai announced today that it has acquired FoodStory, a startup specializing in restaurant point-of-sale (POS) systems, for an undisclosed amount.

The acquisition aims to strengthen Line Man Wongnai’s restaurant management operations, including its POS system and mobile merchant app.

Seven leading companies in artificial intelligence have committed to managing risks posed by the tech, the White House has said.

This will include testing the security of AI, and making the results of those tests public.

Representatives from Amazon, Anthropic, Google, Inflection, Meta, Microsoft, and OpenAI joined US President Joe Biden to make the announcement.

It follows a number of warnings about the capabilities of the technology.

The pace at which the companies have been develo

AI, or artificial intelligence, has emerged as a significant technological advancement, comparable to the invention of the internet, electricity, and the steam engine. We are currently witnessing a digital transformation, and the future trajectory of AI remains unpredictable. While it may still be years away, AI has the potential to revolutionize industries in a matter of weeks.

In the retail sector, AI is quickly gaining ground. According to SPD Group, the use of AI in the retail industry has surged in recent years. In 2016, only 4% of retail companies were utilizing AI, whereas now over 28% of retail companies have integrated AI systems.

E-commerce and warehouse construction activity are showing signs of recovery, which could lead to increased demand for automation tools, according to Interact Analysis.

Brief:

• The warehouse automation industry’s growth rate could return to double digits by 2025 after a recent slowdown that is expected to worsen before it eventually subsides, according

AI is becoming a bigger priority in Shopify’s product roadmap.

On Wednesday, Shopify held Editions, a twice-annual event where the e-commerce giant unveils a flurry of new product announcements. This time, much of the focus was on releasing artificial intelligence tools to help merchants cut down on the time it takes to complete administrative tasks.

At Editions, the company unveiled Shopify Magic, a collection of free-to-use AI features. Shopify Magic can do things like generate a customized blog post on the merchant’s behalf, draft answers to most commonly asked customer question

Alibaba said these technology trends will rise in the next two to five years.

With the current technological progress, Alibaba identified the top 10 technology trends in the next two to five years that can make impacts in various sectors of the economy and society.

“The boundary of technologies is extended from the physical world to mixed reality, while more and more cutting-edge technologies find their way to industrial applications,” said Jeff Zhang, head of Alibaba DAMO Academy (DAMO). 

“Digital technology plays an impo

Offline retailers in the UP and Bihar market are effectively targeting Gen Z to Millennials by strategically offering affordability and fashion to enhance customer engagement. In Bihar, men constitute the largest customer segment, comprising more than 50% of market, followed by kids at around 25% and rest ladies.

The offline retail landscape has evolved significantly over the last few years. A major contributory factor is the rapid integration of technology into the field. These modifications aim to make customers' shopping experience easier and more efficient. Another implication is that Gen Z and Millennials are drawn towards these offline retail stores. This is encouraging as this segment of the population has enormous purchasing po

Contactless checkout systems are proliferating as computer vision and AI power new technologies.

This summer has seen a few milestones in the checkout space, including Instacart’s latest version of the Caper Cart and Amazon One adding its palm-recognition payment technology to more than 500 Whole Foods stores. It points to more retailers testing out new and emerging technologies to upgrade their checkout experiences to offer more contact-free options.

One common thread behind the new wave of checkout technolog

This article delves into the transformative role of artificial intelligence in streamlining retail supply chains. The article explores how AI can enhance efficiency, reduce costs, and improve customer satisfaction by enabling accurate demand forecasting, real-time inventory management, and efficient logistics and delivery systems.

In the fast-paced world of retail, supply chain is the backbone that keeps everything running smoothly.. The intricate networks connect the dots from a product being conceived at a production facility all the way to the customer receiving and unpacking it.. However, these systems have their complexities and challenges. The ta

Digital transformation within retail used to mean simply creating an online store to attract customers that, for whatever reason, couldn’t get to the physical location.

Today, digital transformation encapsulates so much more and includes the complete retail experience. Companies that are laying the groundwork now are being rewarded with more efficient and secure operations while futureproofing against the unpredictable nature of the sector.

So, why has digital transformation become so important for retailers? Covid-19 acted as a lightning rod for accelerating digital transformation, for retail and many other sectors, so it isn’t a surprise that online sales grew, and businesses adapted to new ways of operating. Simply being able to purchase online isn’t enough though, customers expect mobile applications, live chat features, and secure paym

Ever since the industrial revolution, people have feared that technology would take away their jobs. While some jobs and tasks have indeed been replaced by machines, others have emerged. The success of ChatGPT and other generative artificial intelligence (AI) now has many people wondering about the future of work – and whether their jobs are safe.

A recent poll found that more than half of people aged 18-24 are worried about AI and their careers. The fear that jobs might disappear or be replaced through automation is understandable. Recent research found that a quarter of tasks that humans currently do in the US and Europe could be automated in the coming y

Wi-Fi might be on the way out even though Wi-Fi 7 is on the way in. The IEEE standards body that oversees Wi-Fi has released the IEEE 802.11bb light communications standard that will cover the emerging Li-Fi technology. Instead of using wireless network signals, Li-Fi uses invisible (to the human eye, anyway) infrared light to deliver light-based wireless optical connectivity at speeds up to 100 times faster than Wi-Fi.

Light can deliver signals free of radio interference and Li-Fi already has a competing standard, the International Telecommunication Union’s G.9991. The Verge notes that this standard is used with data-beaming bulbs from Signify. Another compa

Malaysia's economy is expected to maintain its growth trajectory in the second quarter of the year (2Q 2023) albeit at a moderate rate of between 2.9 per cent and 4.2 per cent as high base effect kicks in, according to banks and research houses

The full-year Gross Domestic Product (GDP) projection between 4.0 and 5.0 per cent remains intact.

The 2Q 2023 projection number is seen as moderate compared with the 8.9 per cent GDP growth recorded in the second quarter 2022, lifted by labour market improvements, borders reopening and policy assistance.

T

BEIJING: China put into force this week its newest regulations on artificial intelligence-generated content, a watered-downed version of stricter draft rules that seek to keep the country in the AI race while maintaining firm censorship on online content.

A British startup spun out from University College London and the University of Bristol raised £13mil (RM76.7

CelcomDigi Bhd has delivered steady performance in the first six months of 2023 (1H 2023) after its merger in late 2022 driven by focused execution of plans and strategies.

It recorded a 0.3 per cent service revenue growth of RM5.41 billion in 1H FY2023 with strong subscriber additions of over 391,000 to 20.48 million, fueled by its value propositions, chief executive officer Datuk Idham Nawawi said at a results briefing here today.

In line with the company’s 2023 guidance, it is on track to keep growing, he said.

T

Industry leaders want broader adoption of emerging technologies, but concerns over budget and finding business value stand in their way.

Brief:

• Budget restrictions represent the top barrier to emerging tech adoption for 1 in 4 retail industry leaders, according to a recent Honeywell survey. The poll, conducted by ma

KUALA LUMPUR: Malaysia can be the "Digital Tiger" of Asia once it achieves key components to boost its digital strength and economy.

Communications and Digital Minister Fahmi Fadzil said the government has to focus on making sure the last three per cent of urban and rural areas have connectivity accessible.

"By tackling this challenge head-on, Malaysia can establish a solid foundation for its digital transforma

BALI (Indonesia), Aug 24 -- Businesses are strongly encouraged to adopt artificial intelligence (AI) for their operations as it would enhance cybersecurity measures to protect their organisation, said Kaspersky APAC managing director Adrian Hia. 

Citing a report from the International Market Analysis Research and Consulting Group, Hia said the Asia Pacific (Apac) AI market size is expected to grow four-fold to US$87.6 billion (US$1=RM4.64) by 2028.

The APAC AI market size currently stands at US$22.1 billion as the region is at the forefront of the AI revolution.

In the years since the pandemic first rocked global supply chains, retailers have rushed to reduce their reliance on certain countries for manufacturing.

In early 2020, that country was China, a major hub behind most of the world’s goods. Two years before the pandemic, China accounted for 28% of the global manufacturing output, and

KUALA LUMPUR: Bursa Malaysia ended higher today in sync with regional bourses’ upbeat performance as market sentiment turned positive and fuelled investors' risk appetite.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 11.49 points to end at the intraday high of 1,463.43 from 1,451.94 at Wednesday's close.

The barometer index opened 9.97 points firmer at 1,461.91 and fell as low as 1,454.67 during the day.

On the broader market, gainers outpaced decliners 567 to 424, while 398 counters unchanged, 937 untraded and 33 others suspended.

Global sweetness and flavour innovator, Sweegen has announced its Bestevia Rebaudiosides M (Reb M), D, and E have received full authorisation from the Taiwan Food and Drug Administration (FDA) for use in food and beverages.

According to a statement, this recent regulatory approval marks another milestone in Sweegen successfully opening new markets in countries where brands seek new generation stevia ingredients to expand their sugar reduction solutions.

“At Sweegen, our focus revolves around safety, quality and adherence to regulatory standards. We ar

This is due to the cross-border interoperability within countries in the region. 

The volume of QR code payments in Southeast Asia is expected to skyrocket by 590% in 2028 to reach 90 billion from 13 billion in 2023, a report by Juniper Research found.

The significant increase in the region and other developing markets is due to the “financial inclusivity” QR payments offer that allows unbanked users to transact digitally. This is compared to the very limited adoption in Western markets which emphasises the “global divide in QR payment markets.”

Retail Group Malaysia cuts the industry’s annual growth rate projection to 2.7% from 4.8% previously.

PETALING JAYA: Retail Group Malaysia (RGM) has lowered its projection for the annual growth rate of the local retail industry to 2.7%, based on a disappointing sales performance in the second quarter of 2023 (Q2 2023).

It had previously estimated in June that the industry will grow by 4.8% in 2023.

In a report released today, RGM noted that the local retail industry contracted by 4% in Q2 2023.

Generative artificial intelligence (AI) is positioned on the Peak of Inflated Expectations on the Gartner, Inc. Hype Cycle for Emerging Technologies, 2023 and is projected to reach transformational benefit within two to five years. 

In a statement, the research firm said generative AI is encompassed within the broader theme of emergent AI, a key trend on this Hype Cycle that is creating new opportunities for innovation.

According to Arun Chandrasekaran, distinguished VP analyst at Gartner, the popularity of many new AI techniques will have a profound impact on business and society. 

LAZADA, South-East Asia’s ecommerce pioneer, hosted the fourth edition of the LazMall Brands Future Forum (BFF) on Aug 31 at Marina Bay Sands Expo & Convention Centre, Singapore.

The annual conference brought together industry leaders, as well as LazMall major brand partners and successful homegrown brands from across South-East Asia to exchange ideas and innovations aimed at enabling international brands and homegrown top sellers to t

Tech firm HubSpot produced new AI tools for proactive consumer services.

Transforming consumer demands has transformed the way businesses offer their services. This is why new Generative AI tools have started to step in to improve businesses' approach with customers.

An example of this upgraded AI tool is HubSpot's own AI-powered product which has features such as AI Assistants, AI Agents, AI Insights, and ChatSpot. Under AI Assistants, it will help create images, draft content, and blog ideas.

AI Agents will assist SMEs with automation and cust

You may have never heard of FOBO, the fear of becoming obsolete. But younger workers and college graduates are increasingly feeling FOBO due to technology, recent Gallup data shows.

Overall, 22% of US workers say

KUALA LUMPUR: ITMAX System Bhd has secured a contract worth RM111.24mil from Iskandar Puteri City Council (MBIP) for the provision of video surveillance and smart traffic light system services.

In a filing with Bursa Malaysia, ITMAX said its 65% owned subsidiary, Southmax Sdn Bhd (SSB) accepted a letter of award from MBIP in relation to the provision of video surveillance and smart traffic light system services which includes a closed circuit camera system with artificial intelligence features and a smart traffic light system on a service subscription basis.

Under the terms of the contract, ITMAX is

KUALA LUMPUR: StorHub Malachite 1 Sdn Bhd (StorHub Self Storage Malaysia) is eyeing strategic property acquisitions across key regions like the Klang Valley, Penang, and Johor within the next two years.

The company's expansion strategy focuses on acquiring six to eight owner-occupied properties, with a strong emphasis on diversification through strata and en bloc properties.

In an era marked by increasing digitalization and rampant cyberthreats, the Asia-Pacific (APAC) region faces a critical challenge: a significant shortage in cybersecurity talent. Coupled with the rapid advancement of malicious techniques, there is an urgent need for innovative solutions to bolster cyber-defenses.

As of 2022, the Asia-Pacific (APAC) region had a shortfall of 2.1 million cybersecurity experts. A Kaspersky specialist has explored in depth how teams in the field of cybersecurity can leverage Artificial Intelligence (AI) to enhance their existing protective measures against the rapidly changing cyberth

MENLO PARK (California), Sept 29 — Meta Platforms used public Facebook and Instagram posts to train its new Meta AI virtual assistant, but excluded private posts shared only with family and friends in an effort to respect consumers’ privacy, the company’s top policy executive told Reuters in an interview.

Meta also did not use private chats on its messaging services as training data for the model and took steps to filter private details from public datasets used for training, said Meta President of Global Affairs Nick Clegg, speaking on the sidelines of the company’s annual Connect conference this week.

“We’ve trie

PETALING JAYA: TNG Digital Sdn Bhd (TNGD) aims to be strategic with its growth plans after having made significant strides in the financial technology industry since its launch in 2017 as a pioneering cashless payments platform and leading e-wallet in Malaysia.

Now a well-established household name and with over 50% of the e-money market share in the country, TNGD counts more than 21 million users of its e-wallet services for their daily transactions. TNGD

ByteDance-owned TikTok hopes to more than quadruple the size of its worldwide e-commerce operations to as much as $20 billion in merchandise sales this year, relying on growth in Southeast Asia, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The increase compares to last year’s $4.4 billion in gross merchandise value, representing the worth of total goods sold through its online marketplace TikTok Shop, the report said, adding that the company is betting on markets such as Indonesia.

Human capacities to get things done have co-evolved with the technologies we have invented. The wheel made us more mobile. Evolutionary Intelligence (alongside computers) will make us smarter.

Russ Neuman has studied the social impact of technology at the MIT Media Lab, taught at Harvard and Yale, and worked on technology policy at the White House Office of Science and Technology Policy. His recent books include The Digital Difference: Media Technology and the Theory of Communication Effects. He is currently professor of Media Technology at NYU.

Below, Neuman shares f

Partnership between Mida and Abu Dhabi Future Energy Company to jointly generate renewable energy capacity worth RM37.76 billion.

PETALING JAYA: The Malaysian Investment Development Authority (Mida) and the UAE International Investment Council have signed a memorandum of understanding (MoU) to solidify economic cooperation between both countries, particularly in sustainable energy.

“God willing, Malaysia and the UAE will continue to explore closer forms of cooperation and relations to strengthen the economies of both countries,” Prime Minister Anwar Ibrahim said in a Facebook post.<

SINGAPORE/STOCKHOLM, Oct 11 (Reuters) - Southeast Asian countries are taking a business-friendly approach to artificial intelligence regulation in a setback to the European Union's push for globally harmonised rules that align with its own stringent framework.

Reuters reviewed a confidential draft of the 10-member Association of Southeast Asian Nations' (ASEAN) "guide to AI ethics and governance," whose content has not previously been reported.

Three sources told Reuters the draft is being circulated to technology companies for feedback and is expected to be finalised at the end of January 2024 du

SMALL and Medium Enterprises (SMEs) are surprised and disappointed with the introduction of the capital gain tax (CGT) without any consultation with SME stakeholders.

Although the CGT will be able to increase our tax revenue, it must not be at the expense of entrepreneurship and the SMEs.

We should be introducing an inheritance tax or windfall tax instead of a blanket CGT which would hurt SMEs disproportionately.

As the details of the capital

THE Malaysian economy is expected to strengthen in 2024, growing in the range of 4% to 5% amid expansion in all sectors and better prospects in global trade.

In its Economic Outlook 2024 report, the Finance Ministry said that world trade is likely to improve next year in tandem with stronger trade activities.

This in turn would benefit Malaysia, whose economy is heavily dependent on trade.

• Cambodia signed an eWTP agreement with Alibaba on Wednesday to enhance collaboration in e-commerce, cloud computing, digital talent and travel
• International commerce has become one of the fastest growing business sectors of Alibaba, where it competes with ByteDance, Shein and Temu

Hangzhou-based Alibaba Group Holding inked a deal with the Cambodian government on Wednesday to support the country’s digital economy and small business sector, using a trade framework initiated by company founder Jack Ma and showcasing the e-

The extent of productivity gains will depend on the development of complementary innovations to harness the power of AI, as well as effective regulation and policymaking. And once the technolog

• (With) enough GPUs & electricity, you have the ability to make unlimited amounts of talent
• Organisations failing to address AI anxiety could face up to 20% higher rates of turnover

Research and advisory firm, Gartner, has released new predictions spotlighting the role of Artificial Intelligence (AI) and how it will change the workplace and society over the next half decade. In particular, Gartner projects AI will become a primary gauge of national power, providing an opportunity for forward

Narrower contraction in leading index (LI) signals improved growth momentum in coming months.

PETALING JAYA: MIDF Amanah Investment Bank Bhd (MIDF Research) has reaffirmed its forecast that Malaysia’s gross domestic product (GDP) will achieve a 4.2% growth in 2023 following the narrower contraction in the leading index (LI) recorded in August 2023.

The research firm also projected that Malaysia’s GDP will rise to 4.7% next year.

Yesterday, data released by the statistics department showed the LI, a tool utilised for predicting economic trends

Indonesia has banned e-commerce transactions on social media platforms, in an attempt to protect small businesses from unbridled e-commerce competition.

The Indonesian government said the move, is aimed at protecting offline merchants and marketplaces. They argue that predatory pricing on social media platforms is threatening small and medium-sized enterprises.

Indonesian Trade Minister, pointed

THERE are many ambiguities surrounding the luxury goods tax or high value goods tax, at a rate of 5% to 10%, that was proposed during the tabling of Budget 2024.

There has been no mention of the implementation date or types of luxury items that will fall under the tax, save for jewellery and watches that were mentioned in the budget announcement. More importantly, particularly for retailers, the prime minister’s speech did not specify the threshold for high value goods that would be subject to the tax.

Like the other new tax proposed during the budg

KUALA LUMPUR, Nov 2 - A memorandum of understanding (MoU) was signed between SME Corporation Malaysia (SME Corp Malaysia) and Enterprise Singapore on Oct 30 in Singapore to pave the way towards strengthening bilateral relations and encouraging the growth of micro, small and medium enterprises (MSME) in both countries. 

The signing of the MoU was witnessed by Prime Minister Datuk Seri Anwar Ibrahim and Singapore Prime Minister Lee Hsien Loong in conjunction with Anwar’s working visit to the 10th Singapore-Malaysia Leaders’ Retreat.

The MoU was signed by SME Corp Malays

KUALA LUMPUR: Malaysia's DuitNow and Singapore's PayNow have now been connected with real-time payment systems linkage, owing to the collaborative efforts of Bank Negara and the Monetary Authority of Singapore (MAS), as well as the countries' payment system operators and participating institutions.

The DuitNow-PayNow linkage enables instant, secure and cost-effective P2P fund transfers and remittances between the two countries, said Bank Negara in a statement.

This real-time payment systems linkage is also the first to include the participation of non-bank financial institutions from both countries, providi

KUALA LUMPUR (Nov 16): The initial public offering (IPO) market in Malaysia is expected to remain robust in 2024, supported by a strong pipeline of offerings and healthy institutional and retail investors' appetites for companies with good growth propositions, particularly those in the consumer and tech or tech-related industries, according to Deloitte Malaysia.

Deloitte Malaysia disruptive events advisory leader Wong Kar Choon said the capital market initiatives that have been announced by regulators have also boosted market vibrancy and enhanced investors’ access into the market.

Wong highlighted some o

SONGKHLA: Business operators in Sadao district have urged the government to consider opening the old Sadao immigration checkpoint in tandem with the new one, ina bid boost trade and tourism with Malaysia

At least 300 operators from Baan Dan Nok in tambon Samnakkam discussed the matter on Thursady after rumours of the government's attempt to close the Sadao checkpoint in favour of the new borderline checkpoint surfaced.

Baan Dan Nok, located next to Bukit Kayu Hitam in Malaysia's Kedah state, is considered one of the biggest trading places o the border, said Hat Yai Songkhla Hotels Association president Sitthiphong Sitthiphatprapha.

However, on May 12, Thailand and Malaysia agreed to build a new checkpoint as well as a new road connecting the Sadao border checkpoint with Bukit Kayu Hitam to boost ties betw

KUALA LUMPUR: Malaysia's inflation will continue to remain modest for the rest of 2023 and in the early part of 2024 due to slower pressure from the demand-pull inflation and the impact from the interest rates normalisation, said AmBank Research.

"We expect inflation to range between 2.5 per cent and 3.0 per cent in 2023," it said in a research note.

Malaysia’s headline inflation declined to 1.9 per cent year-on-year (y-o-y) in September 2023, bringing the year-to-date (YTD) inflation to 2.8 per cent (2022: 3.4 per cent).

Core inflation, which excludes

KUALA LUMPUR: Malaysia's robust economic fundamentals are well-positioned to weather global turbulence, including the ongoing US-China rivalry, concerns over US inflation rates, and geopolitical tensions.

iCapital Biz's managing director Tan Teng Boo said Malaysia's current account surplus, currently at 2.0–3.0 per cent of the gross domestic product (GDP), serves as a substantial buffer, capable of mitigating any significant impac

SEPANG (Nov 22): Malaysia Airports Holdings Bhd (MAHB) aims to reopen all its retail space at Kuala Lumpur International Airport (KLIA) by the first quarter of next year, and 90% of the space by end of this year, according to acting chief executive officer Mohamed Rastam Shahrom.

“As you can see, the vibrancy is coming back to our airport. [There are] more to come, the stores are g

KUALA LUMPUR (Nov 29): Malaysia’s e-commerce income grew by 5.4% year-on-year (y-o-y) in the third quarter of 2023 (3Q2023) to RM289.5 billion from RM274.6 million in the same quarter last year, said the Department of Statistics Malaysia (DOSM).

This growth was primarily driven by the manufacturing and services sectors, said the department in its Malaysia Digital Economy 2023 report released on Wednesday.

Chief statistician Datuk Seri Mohd Uzir Mahidin said for a quarter-on-quarter (q-o-q) comparison, the 3Q e-commerce income saw a positive trend with a 3.2% increase, versus RM2

KUALA LUMPUR/SINGAPORE, Nov 30 (Reuters) - Sime Darby (SIME.KL), Malaysia's industrial and automotive conglomerate, is looking to set up a luxury car retail business in India and expand in Indonesia to tap into the growth potential of both economies, its top executive told Reuters.

"We cannot ignore India," Group Chief Executive Officer Jeffri Salim Davidson told Reuters.

"It's just something too big, you cannot ignore. So we're looking for opportunities in India to see whether we can do something with a lo

PETALING JAYA: The opening of The Exchange TRX this month is expected to generate more retail space competition in the local real estate investment trust (REIT) sector.

CGS-CIMB Research said The Exchange TRX which is slated to be open to the public tomorrow, is likely to be a direct competitor to Pavilion KL and Suria KLCC, given its location and target market of mid-to-high-end customers.

“The mall will house more than 400 stores; its 1.3 million sq ft of net lettable area (NLA) is largely comparable to Pavilion KL but slightly smaller than Suria KLCC.</

It’s been a little more than a year since OpenAI’s ChatGPT hit the web, setting off an explosion in interest in generative AI. In the months since, tech giants including Microsoft (MSFT), Google (GOOG, GOOGL), Amazon (AMZN), Meta (META), and others have debuted or announced they’re working on their own generative AI chatbots and products.

But that’s so 2023.

Socio-Economic Research Centre economist and executive director Lee Heng Guie says inflation is expected to rise higher to 2.8-3.5% in 2024 from an estimated 2.5% in 2023.

PETALING JAYA: The government’s intention to review price controls and subsidies in 2024 will affect the outlook for inflation and demand conditions in Malaysia as the country moves from transition and policy setting to implement promised reforms and policies.

Socio-Economic Research Centre economist and executive director Lee Heng Guie said inflation is expected to rise higher to 2.8-3.5% in 2024 from an estimated 2.5% in 2023.

“Risks come from fluctuation in exchange rates and supply-related factors, such as global commodity prices, geopolitical uncertainties and climatic conditions,” he said at the CEO Series 2023: Economy and Busine

KUALA LUMPUR (Dec 4): Retail Group Malaysia (RGM) has raised its growth forecast for the retail industry in 2023 to 2.8% from the previously projected 2.7% in September. This adjustment is attributed to a better-than-expected growth rate of 2.7% in retail sales during the third quarter (3Q2023).

In the Malaysia Retail Industry Report released on Monday, RGM said that the latest quarterly result surpassed the expectations of the Malaysia Retailers Association (MRA) and Malaysia Retail Chain Association (MRCA), which projected a 1.4% growth rate in September.

RGM said the retail industry experienced a signi

KUALA LUMPUR (Dec 14): A total of US$17 billion (RM79.43 billion) of retail investor capital could be mobilised towards climate investments in Malaysia by 2030, according to Standard Chartered (StanChart)’s Sustainable Banking Report 2023.

Of this, US$9 billion might go towards mitigation themes, particularly renewables, energy efficiency and storage. The remaining US$8 billion could be directed to adaptation, covering resilient infrastructure, biodiversity and food systems, according to the report released on Thursday.

Based on a survey across 10 growth markets in Asia, Africa, and the Middle East, the r

The 10.1% increase fell short of the 12.5% expected, even compared with the low base during Covid shutdowns.

Retail sales rebounded recently from a second-quarter dip, but accelerating deflation signals ongoing economic recovery challenges. (AP pic)

SHANGHAI: Chinese retail sales rose less than expected last month, official data showed Friday, showing demand in the world’s No 2 economy remains sluggish a year after strict Covid containment measures were lifted.

The 10.1% on-year increase w

The use of generative AI technology has moved beyond the curiosity phase for retailers and become the foundation for software business applications that enable enterprises to conduct business better and more quickly, according to a report released Monday by Coresight Research and Digital Wave Technology.

The 19-page report outlined how generative AI technology is being used to enhance product design, automate the creation of products, improve the definition of products, accelerate

The past few years have been full of ongoing, unprecedented challenges for retailers. Rather than a smooth return to the pre-pandemic world, the receding of global lockdowns has brought new challenges across the spectrum – from higher costs to the persistent threat of recession – all weighed down by multiple global conflicts showing just how connected our world is. 

However, retailers have proven they’re resilient, creative and know their consumers arguably better than ever, generating a sense of momentum leading into 2024. And with many financial institutions predicting a less challenging macroeconomic environment ahead, it’s all leading to some cautious optimi

KUALA LUMPUR: The implementation of a 10 per cent sales tax on low-value goods (LVG) costing RM500 and below sold online would allow local businesses to market their products of the same quality at an even selling price, thus boosting consumer demand.

Putra Business School economic analyst Assoc Prof Dr Ahmed Razman Abdul Latiff said the tax, which would start on Jan 1 next year, would allow for the stabilisation of price between imported and local goods as imported LVG are currently not subjected to any tax whilst a six per cent sales and service tax (SST) is imposed on locally produced items, resulting to it being sidelined by consumers.

• This is Alibaba’s first region-specific large language model AI, with the Southeast Asia market seen as an important growth market
• Damo’s new LLM signals that Chinese companies are still doubling down on the generative AI wave ushered in by OpenAI’s ChatGPT

Alibaba Group Holding's research unit Damo Academy has launched an artificial intelligence (AI) large language model (LLM) tailored for southeast Asian languages, highlighting the company's ambition to grow markets in the wider region.

The Southeast As

A new survey reveals many small- and mid-sized retailers face more of a challenge from shrink than their larger peers.

According to the Software Advice 2023 Retail Shrink Survey of 416 small- and medium-sized retailers, 68% of respondents have shrink rates that are currently above the industry standard rate of 1.5%. Shrink as a percentage of sales has increased for more than one-third of respondents.

In addition, close to half (46%

Alibaba’s Southeast Asian e-commerce unit Lazada has cut some of its staff in Singapore and is reported to continue the layoffs in other markets.

The layoffs in Singapore affected both junior and senior employees from multiple departments, but the exact number was not disclosed, according to The Edge Singapore.

A Lazada spokesperson told The Straits Times that the company is making “proactive adjustments” to transform its workforce and to meet future needs.

“This transformation necessitates that we reassess our workforce requiremen

Which technology trends should retailers be considering in the new year and why is it worth investing time and money in them? We asked a panel of industry experts to talk us through the frontrunners

1. Gen-AI projects gathering pace

Artificial intelligence – or, more specifically, AI – was the Collins Dictionary word of the year in 2023, but the coming 12 months look set to be when retail begins to find real user cases for it, in particular the generative AI (Gen-AI) strand of the technology. 

KUALA LUMPUR (Jan 11): MIDF Research expects Malaysia’s retail trade to expand by 7.5% in 2024, on the back of resilient consumer demand, amid a healthy labour market and softening inflation pressure.

The research house said that in the first 11 months of 2023, Malaysia’s distributive trade sales increased by 7.9% year-on-year (y-o-y), with retail trade rising 9.4%.

Other components of distributive trade also improved, including sales of motor vehicles (up 13% y-o-y) and wholesale trade (5.3%).

Consumer demand remained firm and resil

However, high household debt still poses a risk, says data provider BMI.

PETALING JAYA: Low inflation and a higher rate of employment are expected to boost consumer spending this year.

However BMI, a research unit of Fitch Solutions, said that while household spending will top the 2023 figure, household debt levels could impede increase in spending.

KUALA LUMPUR (Jan 11): Malaysia’s wholesale and retail trade recorded a sales value of RM142.6 billion, up 6.2% year-on-year (y-o-y), in November 2023, said the Department of Statistics Malaysia (DOSM).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said in a statement on Thursday that the increase was driven by the wholesale trade sub-sector, which rose 6.2% or RM3.7 billion to RM63.2 billion.

“Retail trade also expanded 4.4% or RM2.6 billion to RM61.3 billion, followed by motor vehicles, with a double-digit growth of 12.7% or RM2 billion to settle at RM18.1 billion,” he said

Bondsupermart Malaysia has received the approval-in-principle from Securities Commission Malaysia to operate a bond marketplace.

The subsidiary of SGX-listed iFast Corp aims to launch its bond trading services in Malaysia in the second half of 2024.

In an announcement on Jan 20, iFast says Bondsupermart Malaysia wants to be a "centralised and easily accessible marketplace to buy and sell bonds."

It will tap on this accessibility to transcend geographical boundaries and connect individual investors, creating a global marketplace for all to participate in both the M

On 20th January 2024, MDCC held a momentous Chinese New Year Celebration at Hee Lai Ton Restaurant, with the presence of the esteemed Guest of Honor, Yang Berhormat Dato' Nizar Najib. Highlights of the event include the certificate presentation to the new members of MDCC which are Simplr Solutions Sdn Bhd, Tintech Group Sdn Bhd, Jomstay Digital & Technology, Gintell, and Kinohimitsu. The event continued with captivating entertainment, featuring a dynamic live band performance, a symbolic Lou Sang session, and an exciting lucky draw session.

LONDON: British retailers suffered the biggest drop in sales for almost three years during December, raising the risk that the economy entered recession in the fourth quarter, official data showed on Friday.

The Office for National Statistics said retail sales volumes shrank 3.2% between December and November - the biggest drop since January 2021 and worse than all forecasts in a Reuters poll of economists that had pointed to a 0.5% drop.

Retail sales are likely to subtract 0.04 percentage points from British economic output in the fourth quarter, the ONS said, which could be the difference between a nega

KUALA LUMPUR (Jan 16): Malaysia saw some RM448 million of net foreign inflow into the local stock market in the first 15 days of 2024, signalling extended buying momentum by foreign investors from the second half of last year, according to Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar.

“That helped to push the KLCI to cross 1,500 level yesterday [Jan 15], and that means we

The size of the population determines the market ceiling—this has been the captivating code of China’s economic story for the past thirty years and a crucial factor driving Chinese companies to “strike gold” in Southeast Asia.

In the last five years, Southeast Asia has been one of the fastest-growing regions in the global economy, with a highly youthful population. Data from the World Economic Forum shows that Southeast Asia has a population of nearly 700 million, with over

KUALA LUMPUR, Jan 24 — The adoption and usage of e-commerce and mobile wallet industries among Malaysians have seen a notable increase in 2023 compared to the years before, according to the latest survey findings released by Ipsos Malaysia.

This shows growing confidence in the digital economic industry, the local chapter of global market researcher Ipsos said of the findings in its “Ipsos Trust Track 2023” released today,

• Dialogue slated for first quarter of 2024 to bring government and private sector together in working group focused on trade and investment disputes
• Hope is to relieve American companies’ concerns over intellectual property theft and other issues, says commerce official leading US delegation

High-ranking commerce officials from China and the 

A key ratings service has warned of a 'high default risk' and has warned customers to mitigate their exposure.

The post-pandemic era has been brutal for retailers that sell furniture. 

People spent a lot of money on their homes during covid lockdowns because they had nowhere else to spend it.

This created unprecedented demand for furniture and home goods. So even struggling companies like Wayfair, a digital retailer with significant financial questions about its survival, had a boom period.

All t

（大山腳3日訊）檳州体育委員會主席魏子森說，檳州放眼今年在砂州舉行的2024年大馬運動會中拿下40枚金牌，尤其寄望在非強項的体育項目取得突破。

他說，檳州在2023年馬運會中奪下32枚金牌，今年將目標增多8枚。他鼓勵各体育團体努力提高運動員水准，寄望今年能達到40枚金牌的目標。

“有一些体育項目，是在我們預料之中的，比較有信心拿下金牌，但也不排除一些預料不到的項目，能夠突破摘金，比如去年的馬運會，我們沒有想到足球隊在事隔20多年后能進入決賽并奪下銀牌。”

魏子森今日出席Masverse Edutech有限公司與檳州体育理事會簽署全面杜絕州內運動領域偽造資歷證書的諒解備忘錄儀式後，接受媒體採訪時，這麼說。

隨著上述諒解備忘錄的簽署，在為期1年的合作基礎之下，檳州体育理事會認可Masverse Edutech有限公司作為技術与區塊鏈證書驗證的合作伙伴，并支持對方的區塊鏈認證系統，推廣旗下49個運動協會采納 MyEduID區塊鏈證書。

出席者包括檳州体育理事會總監蔡興華、Masverse Edute

Amazon.com shares surged 7% on Friday after the e-commerce heavyweight reported higher-than-expected holiday quarter sales and its lucrative cloud business signaled early gains from AI-powered features.

The company joined Microsoft and other tech firms in starting to see results benefiting from their heavy AI investments, while also outlining more spending in 2024 to develop the much-hyped tech.

"AWS (Amazon Web Services) is also seeing a strong ramp in early Gen AI revenue, though still a small contribution on a about $100 billion run-rate business. We believe AWS will gain meaningful traction in Gen AI over the co

Retailers are using edge computing for a variety of use cases, collecting data from sensors, cameras and other devices and crunching the numbers with advanced analytics and artificial intelligence (AI) to improve the customer experience and drive efficiencies. But as stores become more intelligent, the risks — and impacts — of IT failures increase. Retailers need proven ways to reduce downtime and maintain business continuity while protecting corporate and customer data

Successful brick-and-mortar retailers are masters of both delivering excellent customer experiences and driving operational efficiencies. Today, that means retailers are taking lessons from the e-comme

United Parcel Service Inc’s largest layoffs in its 116-year history were made possible, in part, by new technologies including artificial intelligence, CEO Carol Tomé said last week. Citing one example, she said that machine learning allows salespeople to put together proposals without having to ask pricing experts for guidance.

UPS is among a growing number of companies facing an AI two-step of sorts: Showing investors how AI helps do more with less while simultaneously avoiding the fear-mongering that comes with directly linking technology with job cuts. A UPS spokesperson later said AI is not replacing workers, and that executives did not make an explici

Back in the bad old days of mainframes, “Time-sharing” was how computing power and database storage were provided to the large corporations that could afford it. Computing was less the purchase of goods than a service.

The modern cloud-based era has seen the rise of “Software as a service” (SaaS).¹ This approach was based on the idea that it was more cost-effective for the consumer and more efficient (and profitable) for the provider to offer computing operations as services instead of physically distributed goods.

~~~

Since the pandemic ended, it

Sales growth slowed last month amid cost of living crisis, poor weather and rail strikes

The traditional January sales on the high street failed to inspire a revival in consumer spending last month, as households continued to cut back amid the cost of living crisis.

Britain’s largest retailers said sales growth slowed last month as higher living costs weighed heavily on consumers, while weather conditions and strikes on the transport network also hit spending.

Total sales rose by 1.2% in January compared with a year earlier, below the annual avera

Prime Minister Anwar Ibrahim says a more inclusive approach in addressing the Bumiputera economy means resolving issues affecting other communities too.

KUALA LUMPUR: The upcoming Bumiputera economic congress will be inclusive in discussing ways to tackle economic issues faced by the community, says Prime Minister Anwar Ibrahim.

Anwar said such an inclusive approach, compared to previous

KUCHING: Operators of e-commerce or online sales platforms have a responsibility to combat the sale of unregistered medical devices, said Deputy Health Minister Datuk Lukanisman Awang Sauni.

He said every medical device must be registered with the Medical Device Authority (MDA) to ensure the quality and safety of the device.

“Any medical device that is not registered with the MDA cannot be advertised.

“E-commerce platform operators need to have a mechanism in place to remove all postings related to unregistered medical devices from their sales pl

CEO and Founder of BlueTuskr, a full-service digital marketing company for e-commerce sellers, and host of The E-Comm Show podcast.

Before founding my agency, I worked at a brand that hired agencies and contractors for each particular media or marketing channel. From agencies handling Google Ads and SEO to independent contractors writing blog posts and managing social media, we had different crews executing various parts of our strategy.

The problem was that I spent so much time getting each group of people to work together so they could understand our brand’s broader strategy. For example, if one agency needed to pivot at any point (such as by adjusting ad spend for Google Ads), even the slightest failure to communicate the “why” behind this change

KUALA LUMPUR (Feb 22): The British Malaysian Chamber of Commerce (BMCC) and Malaysia Digital Economy Corporation (MDEC) signed a Memorandum of Understanding (MoU) to boost digital trade and economic cooperation between the United Kingdom and Malaysia.

HONG KONG, Feb. 23, 2024 /CNW/ -- J&T Express, a global logistics service operator, announced the company has achieved significant enhancements in parcel volume and delivery efficiency across several key markets in China and Southeast Asia during the recent Lunar New Year, attributing to the company's continuous operational capacity improvements and early preparations for the holiday season.

Data of J&T Express reveals that over the Lunar New Year period, its average daily parcel delivery time in China improved by approximately 5% compared to the previous year, while the average daily delivery rate increased by approximately 17% year-on-year. In&nbs

WPP’s VML has published the 2024 edition of ‘Tomorrow’s Commerce’. It's a long-term, unfiltered view of the leading trends set to reshape commerce in the years to come

Based on an amalgamation of research, conversations with clients, general future-gazing, and inputs from across the new VML organisation, ‘Tomorrow’s Commerce’ points out that we are approaching an exciting and broad-ranging omni-channel future for commerce. It spans the physical and the digital, and accommodates an increasingly demanding set of consumers and customers who dictate the rules of engagement for brands, retailers and marketplaces alike.

KUALA LUMPUR: Malaysia’s second largest banking group CIMB Group Holdings Bhd is maintaining its vigilant stance for 2024, while attributing to the familiar factors of China’s sluggish recovery and global geopolitical tensions, coupled with continued industry competition for deposits.

According to estimates by various sources, the global e-commerce market was valued at between $2.5 and $3 trillion in 2023, more than the projected 2024 nominal gross domestic product in current prices of countries like Brazil, Italy, Canada or Russia. It is no surprise that many companies are looking to score a piece of the ever-increasing pie, which is set to expand to roughly $5 trillion per year by 2027. With an annual net income of $30 billion from revenues of $575 billion in 2023, Amazon can be considered the most important player in the market by a considerable margin. But just ho

Daraz Group - the leading e-commerce company in South Asia, excluding India, owned by Alibaba Group Holding - is set to conduct a new round of lay-offs amid "unprecedented challenges in the market", a year after slashing 11 per cent of its workforce.

"Reluctantly, we will bid farewell to many valued members of the Daraz family," acting chief executive 

• Malaysia has announced a goal to create five domestic US$1 billion ‘unicorns’ by 2025 as part of its plan to become a global start-up hub
• The goal comes years after Malaysia did a U-turn on its tech ambition when it sidelined the Multimedia Super Corridor scheme

Kuala Lumpur is on the verge of making it onto the global 

KUALA LUMPUR: Permodalan Negeri Selangor Bhd (PNSB), IJM Corp Bhd and Lim Seong Hai Capital Bhd (LSH) have announced a strategic collaboration targeted at transforming the road transportation infrastructure in the southern districts of Selangor.

ALOR SETAR (March 7): The Kedah government is open to any private entities, from within or outside the country, who are interested in opening a private hospital in Langkawi, said state Housing, Local Government and Health Committee chairman Major (Rtd) Mansor Zakaria.

He said this in response to a suggestion from Amar Pared Mahamud (PN-Kuah), during the state legislative

KUALA LUMPUR: Malaysia has been ranked as the country with the best overall investment condition among Asia’s emerging and developing (E&D) nations in US economic think tank Milken Institute’s Global Opportunity Index (GOI) 2024.

Globally, Malaysia has an overall ranking of 27, ahead of Thailand (37) and China (39).

Commenting on the achievement, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said it is a testament to Malaysia’s efforts in enhancing the ease of doing business and addressing key pain points along the investor’s journey.

Following last week’s by-all-accounts successful Australia-ASEAN summit in Melbourne, I offered some unsolicited advice for an ASEAN audience, on the differences between non-alignment and neutrality. In the same presumptuous vein, my recommendation to Australian readers is always to keep in mind the distinction between ASEAN and Southeast Asia.

KUALA LUMPUR: Malaysian workers with skills and expertise in artificial intelligence (AI), information technology (IT) and research and development (R&D) could have considerable growth in salary.

Those in AI can enjoy salary increases of over 40 per cent, with those in the field of IT having the opportunity for a 53 per cent increase, while R&D workers may see a 49 per cent increase.

Amazon Web Services (AWS), a subsidiary of Amazon.com, said in a release that besides significant salary increases, 97 per cent of Malaysian workers expect AI skills to have a positive impact on their careers, including higher

PETALING JAYA: Analysts and fund managers are maintaining their outlook that the domestic banking sector will remain sturdy, following the release of the Financial Stability Review – Second Half 2023 (FSR2H23) on Wednesday.

The report, published by Bank Negara, revealed that the country’s banks had remained buoyant and will continue to be financially firm, underpinned by an economic environment that is driven primarily by domestic expenditure and external trade recovery.

 Bank Negara Malaysia (BNM) is expected to maintain the overnight policy rate (OPR) at 3.00 per cent throughout 2024.

UOB Global Economics and Market Research expects OPR to stay unchanged at 3.00 per cent through this year, given the balance of risks to growth and inflation.

The firm added that this is also pending the outcome and details of the subsidy measures.

"BNM highlighted in its Economic & Monetary Review (EMR) 2023 that when relative price adjustments are transitory and likely to norm

Chinese companies should consider manufacturing electrical appliances in Malaysia and take advantage of its strategic position in Southeast Asia to penetrate the larger regional market.

This would be a win-win proposition as both countries are strong trading partners, said Tan Kok Wai, Malaysia’s former Special Envoy to China.

His call came as 10 major producers of electric rice cookers, electric kettles and other household appliances from Lianjiang City in GuangDong Province, China are currently on a four-day fact-finding mission to Malaysia to explore potential collaboration with local entrepreneurs and industrialists.

Today, the delegation, led by Chen EnCai, Secretary of Lianjiang City Hall, visited Senheng, one of Malaysian largest retailers of household appliances, to better understand Mal

PETALING JAYA: Malayan Banking Bhd (Maybank) remains positive about its outlook for 2024, guided by its M25+ corporate strategy.

The M25+ strategy involves adopting Agile@Scale, different methods to enhance collaborations while looking at ways to differentiate its solutions and propositions for customers.

In its annual report, president and group chief executive officer Datuk Khairussale

Malaysian consul-general in Hong Kong Muzambli Markam says Malaysian companies are similarly keen to do business in Hong Kong.

Hong Kong companies are looking at Malaysia as “a go-to place” for artificial intelligence (AI) and e-commerce development with apparently few concerns about the former British territory’s new domestic national security law, says Malaysian consul-general Muzambli Markam.

Many of us have seen photos of and read stories about robots working on the production floor in factories, speeding up old-school assembly lines to build products more quickly. And while the robotics trend in manufacturing is continuing to grow, that’s not the only way technology (including artificial intelligence) and automation are impacting the industry.

From enhancing worker safety to more efficiently moving goods and materials from point A to point B, automation is making its mark on the manufacturing industry, and tech experts expect even more changes and improvements in the near future. Below, 17 members of 

Bank Negara Malaysia (BNM) has organised several engagement sessions with various stakeholders since March 20 in conjunction with the release of its key reports recently. 

They were the Annual Report 2023,  Economic and Monetary Review 2023 and Financial Stability Review for the Second Half of 2023.

The central bank said among the important issues discussed were growth and inflation, the ringgit and structural reforms.

The engagements sought to share Bank Negara's assessment of Malaysia's economy and financial sector, as well as gain feedback from our st

The upcoming targeted subsidy scheme is likely to have a positive impact on the downstream oil and gas sector in Malaysia, while the logistics and power utility sectors will likely see limited or a neutral impact on their operations.

Expected to be on the losing end is the consumer sector, which will likely be negatively affected to a varying degree due to the impact from the government’s reform initiative on consumer sentiment and spending.

Bank Rakyat Group today announced a dividend distribution of 15 per cent, amounting to RM424.62 million for the financial year ended Dec 31, 2023 FY23).

The group  posted a profit before tax and zakat (PBTZ) of RM1.76 billion for FY23 as compared to RM1.70 billion in the preceding year, an increase of 3.80 per cent.

The bank said the higher PBTZ was achieved through the group's strong fundamentals and focus on

Analysts say the ringgit is in for another bout of weakness with a depreciation in the Chinese yuan possibly pushing the ringgit to surpass 4.8 to the US dollar levels, amid a delay in US rate-cuts.

The ringgit traded at 4.7650 against the US dollar at noon today, down from 4.7490 against the dollar at noon on April 9, 2024.

SPI Asset Management managing di

The Ministry of Science, Technology and Innovation (MOSTI) will be launching the Single Window Initiative to strengthen Malaysia’s startup ecosystem by streamlining processes and consolidating resources under one platform.

Its Minister Chang Lih Kang said the initiative will dismantle bureaucratic hurdles, expedite approvals and empower entrepreneurs to navigate the startup journey with greater ease.

“This is crucial in boosting our innovation scene towards achieving KL20 Summit’s goals,” he said in a statement today.

He said the government have developed the Mala

With some Japanese multinational corporations (MNCs) looking beyond Singapore to base their regional headquarters due to the rising cost there, Malaysia has what it takes to position itself as a viable destination, say economists.

Sunway University economics professor Dr Yeah Kim Leng said Malaysia’s investment promotion efforts and its rising competitiveness in attracting multinationals to relocate from Singapore and elsewhere are gradually bearing fruit.

“Its well-developed physical, financial and logistics infrastructure, harmonious industrial relations, multilingual workforce and embedded global value chains are gaining increasing attention among foreign investors looking at opportunities in the dynamic Asean and Asian region as a whole,” he said.

By further enhancing government administrative efficie

The collaboration is expected to equip local SMEs with the knowledge and resources to expand their presence on Amazon’s e-stores and grow their brands internationally.

PETALING JAYA: The Malaysia External Trade Development Corporation (Matrade) will enhance cross-border e-commerce among small and medium enterprises by partnering with Amazon in a programme that allows products to be sold internationally via Amazon’s e-stores.

• Alibaba and Shein are praised for helping advance China’s cross-border e-commerce sector at the Digital Silk Road Development Forum in Xian
• China is increasingly looking to exports to boost its economy, as post-Covid growth remains shaky

China’s tech champions, including online shopping behemoth Alibaba Group Holding and fast-fashion shopping platform Shein, play an important role in facilitating cross-border e-commerce, according to mainland government officials at a major forum promoting Beijing’s Belt and Road Initiative (BRI).

 DHGATE Group has won the “Best B2B Cross-Border E-Commerce Marketplace Company China 2024” award at the Global Business & Finance Magazine Awards. The award recognizes leading enterprises with innovation and leadership from various industries, and the core objective is to equip the audience with the essential knowledge and insights required to navigate the complex and rapidly evolving landscape of global business and finance.

Founded in 2004, DHgate has become the leading B2B cross-border e-commerce marketplace in China, boasting over 34 million live listings annually. DHGATE Group’s 2024 strategy focuses on improving product and service quality, enhancing the buyer experience, and global expansion of its logistics and payment services. In 2025, DHgate marketplace will focus on developing and integrating AI technology as well as implementing a thorough quality upgrade of supply chain services. The p

Economists say the government’s effort to boost the ringgit has yielded positive results in other areas.

Recent efforts by the government to support the ringgit have yielded positive results in other areas, according to economists.

For instance, they noted, Malaysia’s international reserves have expanded while the rate of inflation has remained steady.

Howeve

Alternative payment methods accounted for 35.7% of e-commerce transactions in 2023.

The Malaysia e-commerce market is expected to grow by 12.8% in 2024, driven by increasing consumer preference for online shopping, according to GlobalData.

In 2023, the market grew by 15%, reaching $9.8b (MYR44.6b). It is projected to reach $11b (MYR50.3b) in 2024.

Poornima Chinta, senior banking and payments analyst at GlobalData, said that Malaysia's e-commerce growth is supported by rising internet and smartphone usage, secure online payment systems, and events l

Vietnam has emerged as one of the most promising shoppertainment markets and is expected to become an e-commerce powerhouse in Southeast Asia.

Vietnam has emerged as one of the most promising shoppertainment markets and is expected to become an e-commerce powerhouse in Southeast Asia.

TikTok Vietnam said the number of merchants and average sales on its app t

E-commerce is crucial for businesses of all sizes, from local stores to global corporations, especially in Southeast Asia—a region ripe with opportunities due to its young demographic and supportive digital policies. Understanding current trends is vital for companies aiming to enter this market and, in order to succeed, businesses must align their strategies with the region's evolving online shopping behaviors.

Innovations in Technology

Southeast Asia's digital payment scene is rapidly evolving, driven by socio-economic factors and a tech-savvy younger population. The widespread use of s

• The IC Design Park will shift Malaysia towards front-end IC design
• Establishing the park will position Malaysia as a global IC design powerhouse

The Selango

“Many countries in the region, like Thailand, Singapore, Indonesia and Malaysia, are introducing national AI strategies and action plans for a digital and intelligent future,” president of Enterprise Sales for Huawei said.

Chen Lei (Leo Chen), president of Enterprise Sales for the Chinese technology giant Huawei, said on Monday that this leadership is thanks to Asia-Pacific’s readiness to adopt AI. The value of the AI market has the potential to reach US$87.6 billion (3.24 trillion baht) by 2028 compared to $22.1 billion in 2022. Chen was speaking at a seminar at Bangkok’s Centara Grand Hotel.

“Many countries in the

The National Chamber of Commerce and Industry of Malaysia (NCCIM) today said the reintroduction of the Goods and Services Tax (GST) at a four per cent rate, is the best way to boost government revenue.

NCCIM president, Tan Sri Soh Thian Lai, said that the GST is a comprehensive tax that covers all groups compared with the various new taxes introduced now which is focused on taxing only a few groups.

Malaysia – Microsoft has announced that it will invest US$2.2 billion over the next four years to promote Malaysia’s digital transformation. The investment demonstrates Microsoft’s commitment to developing Malaysia as a hub for cloud computing and related technologies like generative AI. This project seeks to increase the nation’s productivity, competitiveness, resilience, and economic growth. 

The investment in digital infrastructure continues Microsoft’s April 2021 initiative, Bersama Malaysia (Together with Malaysia), which aims to promote inclusive economic growth. This project included preparations to set up the company’s first datacent

The government needs to review the minimum limit in the foreign exchange policy for exporters as one of the measures to strengthen the value of the ringgit, which is currently low against the US dollar.

Senior fellow of the Malay Chamber of Commerce Malaysia, Azlan Awang, said that looking at the value of the country's exports which exceed RM100 billion every month, this is a large amount that should give an advantage to the demand for ringgit.

He explained that with the country's annual exports exceeding RM1.5 trillion, returns or receipts from exports including services, if used, can affect the value of the ringgi

The US plans to raise tariffs on a wide range of Chinese imports, including semiconductors, batteries, solar cells and critical minerals will benefit Malaysia further as multinational companies look to alternative investment destinations.

In particular, the tariff rate on semiconductor imports from China will double from 25% to 50% by 2025, targeting strategic sectors such as electric vehicles (EVs), batteries, semiconductors, solar cells, medical

The Malaysian government is skillfully attracting plenty of foreign tech investments and this bodes well for our budding tech scene.

Malaysia’s recent efforts to steer ahead in technology and tech investments appears to show great promise. Or am I being prematurely optimistic?

After all, many ills still ail us. For one, Malaysia’s abysmal standing in the latest press freedom index – dropping from 73rd place last year to 107th place this year – is disheartening. There’s an argument to be made for the fact that a nation without freedom of speech isn’t a true democracy.

But the tide does seem to be turning for the better on one front – technology. Specifically, big tech investment and involvement in Malaysia. The newest high-profile entrant is Microsoft, which has vowed to invest a whopping RM10.5 billion in

Malaysia’s economy remains fundamentally strong despite concerns over rising living costs and the weakening ringgit, largely driven by consumer spending, the tech upcycle, and increased revenue from the travel and tourism industry.

These positive indicators have raised optimism that the economy can expand by a commendable 5.0 per cent in 2024 and grow more rapidly in the coming years.

Optimism surged after Malaysia recorded a satisfactory 4.2 per cent growth in the first quarter of 2024 (1Q 2024), indicating robust economic performance despite widespread concerns over rising costs and a weaker currency.</

The UK is set to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership by the end of 2024, creating opportunities for both nations.

Malaysia values its strategic collaboration with the UK, particularly in digital initiatives, as they pave the way for potential advancements in the digital economy for both nations.

Digital minister Gobind Singh Deo said as the world stands on the brink of unprecedented technological advancement, Malaysia must capitalise on the opportunities presented through the collaboration to transform into a high-value, digital-based economy.

“The Exchange actively listens to the evolving needs of our customers. This initiative is key in delivering on our commitment towards greater customer-centricity. We will continue to work closely with our POs and introduce service innovations to attract more investors, bolstering the competitiveness of our market.”

Bursa Malaysia has announced the launch of an API Gateway to increase the efficiency of the onboarding of retail investors by brokers.

To date, five brokers have signed up for the service – namely AmInvestment Bank Berhad, FSMOne – Online Retai

Malaysia External Trade Development Corporation (Matrade) and the Chamber of Commerce and Industry of Uzbekistan (CCIU) are collaborating to raise the profile of Malaysian products and services in the country and its Central Asian neighbours.

Both parties signed a memorandum of understanding (MoU) on the collaboration.

Matrade

Bank Negara Malaysia has appointed Mohamad Ali Iqbal Abdul Khalid as its new assistant governor effective from June 1.

Bank Negara Malaysia has appointed Mohamad Ali Iqbal Abdul Khalid as its new assistant governor effective from June 1.

Iqbal, who joined the central bank in 2002, will oversee the investment operations and financial market, and foreign exchange policy departments.

"He has served in various departments in Bank Negara, including the investment operations and financial market department, the governor's office, the international department and as chief

Taiwan-based semiconductor companies are optimistic about business prospects in Malaysia's semiconductor industry, given its solid foundation and thriving semiconductor ecosystem that offers potential long-term growth.

Semiconductor integrated circuit (IC) design solutions provider, FusionSIP Technology Pte Ltd's general manager, Eigen Fu said the company is planning to open its first design service centre in Malaysia this year.

He said the company is in the midst of surveying potential locations that would house its centre in the country.

"We want to set up the b

A confluence of tailwinds is helping Malaysian equities outperform the region and the return of foreign funds points to further gains.

Overseas investors have bought US$502.9 million (RM2.37 billion) of local shares on a net basis in May, putting the market on track for its biggest monthly inflow since March 2022, according to Bloomberg-compiled data. Malaysia is the only country in Southeast Asia to see inflows this month as a budding artificial intelligence (AI) sector and political stability lure global money.

Malaysia is emerging as a key bet on AI in the region, given its position as a

Cross-border payments innovations are turning global growth frictions into modern fictions.

Or, at least, they are working on it.

Ripple and Clear Junction announced Wednesday (June 5) that they partnered to bring

The company’s existing data centre in Johor will be expanded with an additional investment of RM1.5 billion.

TikTok owner ByteDance has plans to invest about RM10 billion on artificial intelligence and turn Malaysia into a regional AI hub, according to investment, trade and industry minister Tengku Zafrul Aziz.

The company already has a data centre in Kulai, Johor, for it

As any Singaporean crossing the Causeway recently may have noticed, Malaysia’s currency has jumped quite a bit against the Singapore dollar lately.

The ringgit hit an all-time low of 3.57 against the Singapore dollar on February 21. On Thursday (June 6), it was trading at about 3.49.

That’s a gain of about 2.2 per cent in under four months, reflecting the fact that the ringgit has been one of Asia’s strongest performing currencies.

Kuala Lumpur, the capital of Malaysia, saw its tech startup ecosystem generates more than MYR 220 billion ($47 billion) in value over the past three years.

Cradle Fund Sdn Bhd (Cradle), as the focal point agency for Malaysia’s startup ecosystem, said in a statement on Thursday that from July 1, 2021 to December 31, 2023, Kuala Lumpur generated more than MYR 220 billion ($47 billion) in ecosystem value, which measured the city’s economic impact from the value of exits and startup valuations.

It is noted that Kuala Lumpur’s startup ecosystem has received significant recognition in

KUALA LUMPUR: Malaysia's venture capital (VC) industry needs more involvement from the private sector, Wahed Ventures board member and advisory panel member Noor Amy Ismail said.

Compared to Singapore's VC whose value stood at US$9.5 billion as of 2022, she said the domestic VC only amounted US$758 million.

"Of the US$758 million, only 175 deals have been been deployed to the small and medium enterprises

Malaysia and Singapore, together with the rest of Asean, must collaborate to harness the region’s potential, especially in the Asia-Pacific (Apac) which is expected to contribute 90 per cent to global e-commerce growth between 2021 and 2026.

Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Abdul Aziz said while Malaysia strives to position i

The government is confident that Malaysia’s position in the IMD’s World Competitiveness Ranking 2025 will improve compared to this year, driven by the increase in high-technology product exports.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the reduction in the country’s high-technology exports had influenced Malaysia’s lower positioning in the IMD list last year, and this was a short-term situation that is expected to improve this year.

The minister said this is following the many new investments from electrical and electronics companies in Malaysia as well as those from multina

Experts cite the lack of exams and motivation as well as a problematic curriculum.

Experts have warned that Malaysia's ambition of becoming a high-income and technologically advanced nation could be hampered by the high failure rate in maths, shown in the Sijil Pelajaran Malaysia (SPM) 2023 results released last month.

The results showed that 85,000 or about 23% of students failed maths, a number similar to that of the previous year's SPM results where about 90,000 had failed.

The education ministry said mathematics remained the subject which the most

Malaysia is expected to benefit from the electronics recovery in the second half of the year (2H24), given its position further down the electronics value chain, said Oxford Economics.

In a research commissioned by the Institute of Chartered Accountants in England and Wales (ICAEW), it said  the electronics sector is a bright spot for Southeast Asia's economy, with the region projected to grow by 4.0 per cent in

The retail industry grew by 2.7 per cent in the July-September period from the previous year to beat expectations amid concerns over inflation and declining purchasing power as the ringgit continued to slide against the greenback.

“This latest quarterly result was above market expectation,” Retail Group Malaysia (RGM) said in its November industry report released today.

It added that members of Malaysian Retail Association and the Malaysian Retail Chain Association projected the third quarter growth rate at 1.4 per cent in September 2023.

RGM said continuous recover

Tripoli: Boosting Malaysia-Lebanon Trade Ties

On 25 June 2024, Ambassador Azri attended a pivotal Hybrid Engagement Session on Malaysia-Lebanon Trade and Investment Opportunities at the Chamber of Commerce in Tripoli, Lebanon.

The event aimed to enhance bilateral economic ties & featured remarks from key officials, including Mr. Toufic Dabbousi, President of the North Lebanon Chamber of Commerce & Industry, H.E. Elie Khoury, Member of the Lebanese Parliament, and Mr. Assaad Al Hariri, President of the North Lebanon Merchant Association.

Ambassad

The adoption and usage of e-commerce and mobile wallet industries among Malaysians have seen a notable increase in 2023 compared to the years before, according to the latest survey findings released by Ipsos Malaysia.

This shows growing confidence in the digital economic industry, the local chapter of global market researcher Ipsos said of the findings in its “Ipsos Trust Track 2023” released today,

E-commerce adoption increased from 23 per cent in 2022 to 51 per cent last year while mobile wallet usage went up from 30 per cent to 46 per cent in 2023 from a sample of 13 e-wallet companies.

Alibaba.com, a prominent global business-to-business (B2B) e-commerce platform under the Alibaba International Digital Commerce Group, is reinforcing its commitment to supporting micro, small, and medium-sized enterprises (MSMEs) worldwide by scaling its artificial intelligence (AI) tools. 

Announced in conjunction with MSME D

Combined with Tokopedia, ByteDance group takes second spot in $114bn market

TikTok, the viral short video app owned by China's ByteDance, is becoming one of the largest e-commerce platforms in Southeast Asia, a market long dominated by local players like Shopee and Alibaba's Lazada, an annual study released Tuesday showed.

The app's e-commerce platform TikTok Shop increased its gross merchandise volume (

Shopee, for example, enables them to reach a broader customer base, achieve sustainable growth

WITHIN the Malaysian economy, a network of micro, small and medium-sized enterprises (MSMEs) plays a crucial role – they form the nation's backbone, accounting for a remarkable 97.4% of all enterprises and contributing a significant 38% to the country's GDP.

MSMEs drive innovation, preserve cultural heritage and foster local prosperity through job creation and community engagement. However, their path to sustainable growth faces challenges such as rising competition and resource constraints, even more

The Malaysian Chamber of Commerce and Industry in China–Xi’an Office had successfully organised the first “Malaysia-Northwest China Business Forum” in Shaanxi Province which ran from 3 to 5 July 2024. The three-day event garnered robust participation from government and corporate bodies representing both nations – enriching dialogues on trade, investment and industrial collaboration.  

The Malaysian Chamber of Commerce and Industry in China–Xi'an Office was the pioneering force behind this historic forum, aimed at promoting business relations between Malaysia and Northwest China. “It has established a new benchmark for bilateral trade, driven significant economic coop

Prime Minister Datuk Seri Anwar Ibrahim today announced a RM1 million donation to the National Chamber of Commerce and Industry of Malaysia (NCCIM) in recognition of its support for the government’s efforts to encourage domestic and international investment.

He also expressed his gratitude to the chamber for its support in coordinating and understanding government policies, empowering the people and assisting in every foreign visit to attract new investments.

Thailand is expected to be the second biggest e-commerce market in Southeast Asia in 2025

According to the e-conomy SEA study by Google and Temasek, it shows Thailand e-commerce market value was $0.9 Billion in 2015.

It projects that the market will grow with the compound annual growth rate of 29% which will reach the valuation of $11.1 Billion in 2025, expecting it to be the biggest among the three countries and become the second largest in Southeast Asia after

Malaysia, with Greater Kuala Lumpur at its heart, holds significant promise as a potential business hub or regional headquarters for the Global South, according to Deputy Minister of Investment, Trade, and Industry, Liew Chin Tong.

Speaking at the Annual General Meeting of the National Chamber of Commerce and Industry Malaysia (NCCIM), Liew highlighted Malaysia’s wealth of experienced business leaders and workers who have long collaborated with industries from the West, Japan, and Korea. He also pointed out Malaysia’s robust cultural ties with Arab, Chinese, Indian, and other international businesses.

“Admittedly,

Juwai IQI says GDP growth will be around 4%-5% in the next three to five years, supported by a stronger ringgit.

Malaysia’s target to achieve high-income status is realistic, given its solid growth trajectory, economic stability and strong investor confidence, said Juwai IQI global chief economist Shan Saeed.

He said the country’s economic growth will continue to be dri

The ringgit is set for its longest winning streak in 14 years on optimism surrounding Malaysia’s economy and foreign fund inflows.

The local currency rose 1.6% against the dollar on Friday, gaining for the 10th straight day, its best run since 2010.

After three years of losses, the ringgit is outperforming its Asian peers in 2024 as the government drove policies to boost foreign investments and began rolling back subsidies to narrow the budget deficit. That’s helped to lure back inte

EXPECTATIONS of modern shoppers are reshaping the online retail landscape.

Among Gen Z shoppers, factors that influence purchasing decisions include seamless return and refund processes, alongside next-day delivery services.

E-commerce platforms are responding to the growing demand for convenience and reliability by introducing features such as simplified return processes and real-time delivery tracking.

These ad

AFTER nine years of searching for his true calling and facing several failed ventures, business owner Mohd Zaid Othman finally discovered his passion for crafting scented candles.

In 2019, he launched Lampu Cherita, a homemade scented candle store. However, his excitement soon turned to frustration as he grappled with the complexities of e-commerce and the challenges of being a novice seller.

Determined to make his mark, Zaid turned to Shopee for the support and knowledge he needed. Through the e-commerce

KUALA LUMPUR: Synergy House Bhd, a cross-border e-commerce seller and furniture exporter of ready-to-assemble (RTA) home furniture, is cautiously optimistic about the potential of the global furniture e-commerce market.

“With its strategies to grow the B2C segment, including expanding customer reach through additional e-commerce platforms and new countries, explore new product categories and higher price range, enhancing revenue through advertisements and promotions, and leveraging technology and artificial intelligence (AI), Synergy House is well-positioned for continued growth.

“Despite global economic challenges, the group’s aff

 Legacy Corporate Advisory (LCA) Sdn Bhd, a financial services firm specialising in initial public offerings (IPO), has secured four companies for listing in the United States. 

The companies are Neutral Transmission Malaysia Sdn Bhd, I Bella Sdn Bhd, Autoplay Group Sdn Bhd, and AE Carbon Capital Ltd.

LCA's objective is to guide these companies through the US listing process, which is p

Leading Southeast Asian MarTech company, OpenMinds Group, today unveiled findings on the state of digitalisation among Malaysian businesses. The findings provide a detailed look at how Malaysian companies are navigating the complexities of digital transformation, with a strong emphasis on ease of use, data security, and the evolving role of AI in the workplace.

Jan Wong, founder of OpenMinds said, “We have provided data-driven, MarTech solutions to brands in over 20+ countries in the globa

INVESTORS are snapping up Malaysian bonds without resorting to hedging, supercharging a rally in the country’s currency that’s Asia’s top performer this year.

Global funds bought RM8.1 billion (S$2.4 billion) of Malaysian government bills and bonds in August, the largest inflows since July 2023, according to Bloomberg calculations based on data from Bank Negara Malaysia (BNM). This came as hedged investments turned less profitable, spurring a 6 per cent

A productive meeting was held between the Uzbekistan Chamber of Commerce, led by Mr. Rasulov Dilshod, Deputy Chairman, and the Malaysia-Uzbekistan Business Alliance, represented by its Secretary-General, Dato’ Sohaimi Shahadan, who is also the President of the ASEAN Chamber of Commerce.

The discussion focused on exploring business opportunities and strengthening ties between the two nations. Both parties explored potential partnerships in key sectors such as pharmaceuticals, software and IT services, agriculture, oil and gas, building materials, electrical equipment, the food industry, tourism, and more.

They highli

The Ministry of Domestic Trade and Cost of Living (KPDN) is reviewing several acts involving e-commerce to update existing laws in line with the rapid development of the industry.

Its minister, Datuk Armizan Mohd Ali said the review covers the Electronic Commerce Act 2006, Consumer Protection Act 1999 and Consumer Protection (Electronic Trade

Digital minister Gobind Singh Deo says Malaysia’s business-friendly policies and the strengthening of the ringgit against the US dollar has contributed to the positive outlook.

Digital minister Gobind Singh Deo is confident that the digital economy will meet, or even exceed, the projected 25.5% contribution to Malaysia’s gross domestic product (GDP) by the end of 2025.

<

ISLAMABAD, Oct 4 — There is a clear commitment from the leadership of Malaysia and Pakistan to resolve any issues that could impede the flourishing trade and commerce between the two countries, said Prime Minister Datuk Seri Anwar Ibrahim.

Speaking at a business dialogue eve

Solar firms claim that Chinese companies based in Cambodia, Malaysia, Thailand, and Vietnam have flooded the U.S. market and benefited from unfair government subsidies.

The U.S. Commerce Department yesterday announced the imposition of preliminary duties on the imports of solar cells and panels from four Southeast Asian nations, in a victory for domestic panel makers who claim that cheap imports are undermining their operations.

Back in May, the Commerce Department 

E-commerce growth in Southeast Asia: A diverse digital gold rush

Once a year, on November 11th, millions of fingers frantically tap screens across China and beyond, unleashing a tsunami of purchases that would make even the most seasoned logistics expert's head spin. At the epicentre of this retail whirlwind stands Alibaba, the ecommerce giant that turned a quirky anti-Valentine's Day celebration into a mind-boggling demonstration of supply chain mastery, handling more packages in 24 hours than some countries do in a year. In 2020, Alibaba set a record by generating $74.1 billion in sales over an extended 11-day Singles' Day period, dwarfing the

Malaysia's wholesale and retail trade sector registered a 4.7 per cent year-on-year (y-o-y) growth with total sales of RM149.2 billion in August 2024, said the Department of Statistics Malaysia (DOSM).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the growth was primarily driven by the retail trade sub-sector, which increased 5.9 per cent to RM64.1 billion.

The motor vehicles sub-sector expanded by 4.1 per cent to RM18.9 billion, while wholesale trade grew by 3.7 per cent to RM66.2 billion.

"On a month-on-month (m-o-m) basis, this sector recorded a 0.1 p

FIVE banks are said to be exploring a potential acquisition of Islamic lender Kuwait Finance House (M) Bhd’s (KFH Malaysia) retail banking portfolio in Malaysia, sources say.

“A request for proposal was sent [by KFH Malaysia] to banks and we gather that five seem to be interested — two foreign banks and three local ones,” an industry source tells The Edge.

It is not immediately known which five banks these are, but sources indicate that Affin Bank Bhd (KL:AFFIN), one of the country’s smallest lenders, has

The Malaysian e-commerce market is expected to grow at a compound annual growth rate (CAGR) of 8.5% between 2024 and 2028 to reach MYR67.1 billion ($14.7 billion) in 2028, according to data and analytics company 

Malaysia's economy grew 5.3 per cent in the third quarter from a year earlier, slowing from an 18-month high in the previous quarter, the government and central bank said on Friday.

Economists surveyed by Reuters had forecast annual gross domestic product growth of 5.3 per cent in the July-to-September period, down from 5.9 per cent in the previous quarter. The poll forecast matched the government's advance estimate released last month.

Third quarter growth was driven by strength in investment and exports, Bank Negara Malaysia (BNM) said."Growth of the Malaysian economy will be driven by robust expansion in investment

The Guangdong-Hong Kong-Macao Greater Bay Area is a dynamic economic zone that comprises 11 major cities.

Malaysian companies are highly encouraged to leverage Hong Kong’s strategic position as a gateway to establish and expand their presence in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

The GBA comprises 11 major cities, including the Special Administrative Regions (

The United States has added South Korea to its "monitoring list" of major trading partners whose currency practices call for closer attention, according to a Treasury Department report released Thursday.

The semi-annual report looks into countries with large trade surpluses with respect to the United States that also actively intervene in foreign exchange markets to gain a competitive advantage.

It concluded that no major US trading partner manipulated its exchange rate to prevent "effective balance of payments adjustments" or gain unfair competitive advantage in global trade in the four quarters through June 2024.<

MALAYSIA’S digital economy is projected to grow 16% to US$31 billion (approximately RM138.43 billion) in GMV by 2024, according to the e-Conomy SEA 2024 report by Google, Temasek, and Bain & Company.

Google Malaysia Country Director, Farhan Qureshi, said the country’s digital economy is advancing towards profitability, with e-commerce remaining its largest contributor.

“The sector has grown by 17% to US$16 billion (approximately RM71.44 billion) GMV in 2024, driven by reinvestments from major e-commerce platforms in GMV growth and an increase in video commerce,” he said at a media briefing

MALAYSIA’S digital economy is projected to grow 16% to US$31 billion (approximately RM138.43 billion) in GMV by 2024, according to the e-Conomy SEA 2024 report by Google, Temasek, and Bain & Company. Google Malaysia Country Director, Farhan Qureshi, said the country’s digital economy is advancing towards profitability, with e-commerce remaining its largest contributor. “The sector has grown by 17% to US$16 billion (approximately RM71.44 billion) GMV in 2024, driven by reinvestments from major e-commerce platforms in GMV growth and an increase in video commerce,” he said at a media briefing on Nov 26. Farhan further highlighted Malaysia’s strong position in the region, particularly in artificial intelligence (AI), where it ranks among the top 10 globally in adoption. “Malaysia now leads AI investment in Southeast Asia, with 50% of regional investments concentrated here. The travel sector has also recorded remarkable growth, at 90% annually,” he added. He credited government collaboration, including support from the Ministry of Digital, for driving growth in AI and other sectors. The travel sector also showed significant annual growth of 90%. Farhan added that Google is committed to supporting Malaysia’s digital economy by providing AI-based tools and training, including Google Career Certificate scholarships and implementing Google Workspace for civil servants. – TMR Source: themalaysianreserve.com

The Guangdong-Hong Kong-Macao Greater Bay Area is a dynamic economic zone that comprises 11 major cities. InvestHK said many Malaysian businesses in Hong Kong use the city as a base to access the Guangdong-Hong Kong-Macao Greater Bay Area and other regions of China. (AFP pic) Malaysian companies are highly encouraged to leverage Hong Kong’s strategic

Malaysia’s economy grew 5.3 per cent in the third quarter from a year earlier, slowing from an 18-month high in the previous quarter, the government and central bank said on Friday. Economists surveyed by Reuters had forecast annual gross domestic product growth of 5.3 per cent in the July-to-September period, down from 5.9 per cent in the previous quarter. The poll forecast matched the government’s advance estimate released last month. Third quarter growth was driven by strength in investment and exports, Bank Negara Malaysia (BNM) said.”Growth of the Malaysian economy will be driven by robust expansion in investment activity, continued improvement in exports, and resilient household spending” BNM Governor Abdul Rasheed Ghaffour said in a statement. Headline and core inflation have averaged 1.8 per cent year-to-date, and were expected to stay manageable going into 2025, BNM said. However, the inflation outlook remained subject to the impact of government policies, global commodity prices and financial market developments. The government plans to cut blanket subsidies for a widely used transport fuel in the middle of 2025, having done so for diesel, electricity, and chicken this year. Last month, the government raised its 2024 economic growth forecast to a range of 4.8 per cent to 5.3 per cent, from 4 per cent to 5 per cent previously. The central bank said the ringgit’s strength in the third quarter was partly due to the U.S. Federal Reserve’s shift to an easing cycle, and said Malaysia’s economic outlook and reforms would support the currency over the medium term. The ringgit has recovered from a 26 year-low in February to be about 2 per cent stronger against the dollar this year. Earlier this month, the central bank held its key interest rate unchanged at 3.00 per cent, reflecting its favourable outlook for growth and inflation. Source: channelnewsasia.com

Malaysia’s economy grew 5.3 per cent in the third quarter from a year earlier, slowing from an 18-month high in the previous quarter, the government and central bank said on Friday. Economists surveyed by Reuters had forecast annual gross domestic product growth of 5.3 per cent in the July-to-September period, down from 5.9 per cent in the previous quarter. The poll forecast matched the government’s advance estimate released last month. Third quarter growth was driven by strength in investment and exports, Bank Negara Malaysia (BNM) said.”Growth of the Malaysian economy will be driven by robust expansion in investment activity, continued improvement in exports, and resilient household spending” BNM Governor Abdul Rasheed Ghaffour said in a statement. Headline and core inflation have averaged 1.8 per cent year-to-date, and were expected to stay manageable going into 2025, BNM said. However, the inflation outlook remained subject to the impact of government policies, global commodity prices and financial market developments. The government plans to cut blanket subsidies for a widely used transport fuel in the middle of 2025, having done so for diesel, electricity, and chicken this year. Last month, the government raised its 2024 economic growth forecast to a range of 4.8 per cent to 5.3 per cent, from 4 per cent to 5 per cent previously. The central bank said the ringgit’s strength in the third quarter was partly due to the U.S. Federal Reserve’s shift to an easing cycle, and said Malaysia’s economic outlook and reforms would support the currency over the medium term. The ringgit has recovered from a 26 year-low in February to be about 2 per cent stronger against the dollar this year. Earlier this month, the central bank held its key interest rate unchanged at 3.00 per cent, reflecting its favourable outlook for growth and inflation. Source: channelnewsasia.com

The Malaysian e-commerce market is expected to grow at a compound annual growth rate (CAGR) of 8.5% between 2024 and 2028 to reach MYR67.1 billion ($14.7 billion) in 2028, according to data and analytics company GlobalData. According to GlobalData’s E-Comerce Analytics, the anticipated spike is driven by the ongoing shift in consumer preference from offline to online shopping. Further, the study reveals that Malaysia’s e-commerce market registered 12.2% growth in 2023 to reach MYR43.5 billion ($9.5 billion), as consumers increasingly preferred online purchases.

FIVE banks are said to be exploring a potential acquisition of Islamic lender Kuwait Finance House (M) Bhd’s (KFH Malaysia) retail banking portfolio in Malaysia, sources say. “A request for proposal was sent [by KFH Malaysia] to banks and we gather that five seem to be interested — two foreign banks and three local ones,” an industry source tells The Edge. It is not immediately known which five banks these are, but sources indicate that Affin Bank Bhd (KL:AFFIN), one of the country’s smallest lenders, has shown interest. Given that the retail portfolio for sale is small, at just RM2.5 billion, it is likely to attract the interest of some of the country’s smaller Islamic banks rather than the big ones like Maybank Islamic Bhd or CIMB Islamic Bank Bhd. There are currently 16 Islamic lenders in Malaysia (excluding KFH Malaysia), of which six are foreign. According to a separate source familiar with the retail portfolio sale, the banks that are interested are doing pre-due diligence. “There are quite a few suitors,” the source says, without saying how many suitors there were. The Edge understands that suitors were expected to submit a non-binding bid based on an information memorandum provided by KFH Malaysia. If the bid is deemed attractive enough, they would be invited to the next stage where they would have access to much more detailed data on the retail portfolio. “October is probably when a bank would know if it was invited to the next stage,” a source says. Meanwhile, Al Rajhi Banking & Investment Corp (M) Bhd has quashed market speculation that it may be one of the suitors. “Al Rajhi Bank Malaysia is not involved in any discussions or negotiations regarding the acquisition of KFH Malaysia’s retail business. We are committed to projects that will expand our current business through strategic Islamic finance innovation,” it tells The Edge. According to sources, neither MBSB Bank Bhd (KL:MBSB) nor Bank Muamalat Malaysia Bhd is pursuing KFH Malaysia’s assets. “It will really all boil down to pricing. If the pricing is attractive enough, even though the portfolio is small, some banks may be keen on it,” says one source. In early 2022, Singapore’s UOB banking group agreed to buy Citigroup’s consumer banking businesses in Malaysia, Indonesia, Thailand and Vietnam for about S$5 billion, or about 1.2 times its book value.

Malaysia’s wholesale and retail trade sector registered a 4.7 per cent year-on-year (y-o-y) growth with total sales of RM149.2 billion in August 2024, said the Department of Statistics Malaysia (DOSM). Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the growth was primarily driven by the retail trade sub-sector, which increased 5.9 per cent to RM64.1 billion. The motor vehicles sub-sector expanded by 4.1 per cent to RM18.9 billion, while wholesale trade grew by 3.7 per cent to RM66.2 billion. “On a month-on-month (m-o-m) basis, this sector recorded a 0.1 per cent increase, reflecting sustained consumer demand and stable market conditions,” he said in a statement today. Mohd Uzir noted that the retail sales in non-specialised stores led the retail trade sub-sector by contributing RM24.8 billion, with a strong 7.8 per cent y-o-y rise and a 1.4 per cent m-o-m growth. The retail sales of food, beverages, and tobacco also performed well, posting RM4.1 billion in sales, marking 6.8 per cent year-on-year and a 1.3 per cent month-on-month increase. Meanwhile, retail sales of automotive fuel sales saw steady progress, growing 5.3 per cent y-o-y and 0.6 per cent m-o-m to reach RM6.0 billion, he added. The chief statistician said the wholesale of agricultural raw materials and live animals contributed RM6.2 billion, with a strong y-o-y increase of 7.8 per cent despite a small m-o-m dip of -0.3 per cent. According to Mohd Uzir, the index of retail sales over the internet grew 6.5 per cent year-on-year in August 2024, as compared to 5.7 per cent in July 2024. For seasonally adjusted value, the index rose 4.7 per cent as against the previous month, he said. After netting out the effect of price changes, the volume index of wholesale and retail trade for August 2024 registered a y-o-y growth of 3.8 per cent. “The expansion was contributed by retail trade which stood at 4.0 per cent. This was followed by wholesale trade (3.8 per cent) and motor vehicles (2.8 per cent). “However, for the seasonally adjusted volume index, it went down -2.9 per cent m-o-m,” said Mohd Uzir. – Bernama Source: www.thestar.com.my

E-commerce growth in Southeast Asia: A diverse digital gold rush Once a year, on November 11th, millions of fingers frantically tap screens across China and beyond, unleashing a tsunami of purchases that would make even the most seasoned logistics expert’s head spin. At the epicentre of this retail whirlwind stands Alibaba, the ecommerce giant that turned a quirky anti-Valentine’s Day celebration into a mind-boggling demonstration of supply chain mastery, handling more packages in 24 hours than some countries do in a year. In 2020, Alibaba set a record by generating $74.1 billion in sales over an extended 11-day Singles’ Day period, dwarfing the combined sales of Black Friday and Cyber Monday in the United States. This astronomical figure underscores the phenomenal growth of e-commerce in Asia, driven by an increasingly digital-savvy population and innovative logistics solutions. However, parcel delivery systems are efficient and cost-effective. The economy of scale in delivering a parcel to the consumer’s doorstep is cheap in Asia and enhances both the speed and affordability of e-commerce logistics. The booming e-commerce in China has encouraged local and international players to expand their operations in Southeast Asia, betting on the region’s potential. Spanning over 600 million people across countries such as Indonesia, Thailand, Vietnam, Malaysia, and the Philippines, the market serves a kaleidoscope of consumer demands and preferences. This diversity is mirrored in the variety of platforms, from regional giants like TikTok, Shopee and Lazada to specialized marketplaces targeting niche segments. Similar to China’s Singles’ Day, Southeast Asia has seen the rise of its own major online shopping events, such as 11.11 and 12.12 sales, heavily marketed by local e-commerce platforms. These events are shaping consumer behaviour and driving significant sales volumes. According to a report by Google, Temasek, and Bain & Company, Southeast Asia’s e-commerce total sales (GMV) hit $139 billion in 2023 and are projected to reach $186 billion by 2025. Inspired by China’s use of AI, big data, and automation, Southeast Asian e-commerce companies are increasingly adopting similar technologies to improve logistics, personalise customer experiences, and streamline operations. With high mobile penetration, Southeast Asian consumers are shifting towards mobile-first shopping, a trend strongly supported by technological advancements from their northern neighbours. Social media has played a crucial role in accelerating the growth of the e-commerce sector across the region. Platforms have capitalised on this opportunity by integrating direct links to online retailers, enabling seamless advertising and sales. This trend, known as social commerce, allows some social media channels to function as online marketplaces themselves, so consumers can complete their purchases without ever leaving the site. E-commerce platforms are also leveraging live-streaming, gamification, and social commerce strategies, following the successful blueprint established by Chinese platforms like Pinduoduo.

Solar firms claim that Chinese companies based in Cambodia, Malaysia, Thailand, and Vietnam have flooded the U.S. market and benefited from unfair government subsidies.The U.S. Commerce Department yesterday announced the imposition of preliminary duties on the imports of solar cells and panels from four Southeast Asian nations, in a victory for domestic panel makers who claim that cheap imports are undermining their operations. Back in May, the Commerce Department announced that it was initiating antidumping and countervailing duty investigations of crystalline silicon photovoltaic (PV) cells from Cambodia, Malaysia, Thailand, and Vietnam. The probe came a month after the American Alliance filed a trade case for the Solar Manufacturing Trade Committee, which brings together seven leading solar producers, including South Korea’s Hanwha Qcells USA Inc., Switzerland’s Meyer Burger, Norway’s REC Silicon, and the U.S. firms First Solar Inc. and Mission Solar Energy LLC. The Committee argued that Chinese companies with factories in the four nations have benefitted from unfair Chinese government subsidies, and flooded the U.S. market with panels priced below the cost of production. This has caused prices to crash by more than 50 percent, threatening their hefty investments in U.S. solar manufacturing. It asked the Biden’s administration to impose tariffs on panels and cells from the four countries. In August, the Commerce Department determined that solar cells and modules produced in Cambodia, Malaysia, Thailand, or Vietnam using components from China, and then exported to the United States, were circumventing its existing antidumping and countervailing duty orders on solar cells from China. In yesterday’s ruling, the Commerce Department said that anti-subsidy countervailing duties will henceforth be applied to all solar imports from the four Southeast Asian nations, which collectively made up around 80 percent of U.S. imports in 2023 in dollar terms, according to Reuters. Commerce has set preliminary general rates at 8.25 percent for Cambodia; 9.13 percent for Malaysia; 23.06 percent for Thailand; and 2.85 percent for Vietnam. It has also determined different rates for specific companies. For many imports from Thailand and Vietnam, rates will apply retroactively, going back 90 days to early July. This is the product of a separate complaint from the Committee, which argued that PV cell exports from Vietnam and Thailand surged after reports about the trade investigation began circulating in the middle of the year. According to Reuters, the rates set by Commerce are lower than many anticipated, though they could rise when the Commerce Department issues its final order, which is expected in April. Tim Brightbill, an attorney with Wiley Rein in Washington, told reporters that “some of the margins definitely do not yet reflect the full extent of government subsidies that are occurring in the industry,” and said that Commerce could increase the duties in its final decision. Yesterday’s announcement is also the first of two preliminary decisions expected this year in the case. The second, involving the Committee’s claims that solar imports from the targeted countries are being dumped on the U.S. market at prices below the cost of production, will be announced next month. The Commerce Department’s decision reflects the manner in which Chinese firms have responded to U.S. tariffs and duties by shifting production to third countries where such measures are not in place. Given the extent to which Southeast Asian supply chains are tied up with those originating in China, this augurs the imposition of more duties on the region as Washington seeks to hamstring Chinese producers and protect its own markets. However, the current protectionist measures could have unintended consequences, especially on U.S. companies that rely on cheap solar imports. It also has the potential to constrain the U.S.’s ability to accelerate its green energy transition. According to Bloomberg, the case “has drawn opposition from some foreign manufacturers and domestic renewable power developers who argue tariffs could give an unfair advantage to larger incumbent U.S. manufacturers while raising the cost of solar power projects.” Source: thediplomat.com

Malaysia Prime Minister Datuk Seri Anwar Ibrahim (front, left) welcomed by Pakistan Prime Minister Shehbaz Sharif (front, right) during the visit to the latter’s official residence in Islamabad, Pakistan, on October 3, 2024. — Picture via FACEBOOK/ANWAR IBRAHIM ISLAMABAD, Oct 4 — There is a clear commitment from the leadership of Malaysia and Pakistan to resolve any issues that could impede the flourishing trade and commerce between the two countries, said Prime Minister Datuk Seri Anwar Ibrahim. Speaking at a business dialogue event attended by Pakistani Prime Minister Shehbaz Sharif, Anwar noted that the commitment to enhance trade ties between Kuala Lumpur and Islamabad is currently at the highest level within both governments. “What’s important is that, in any investment portfolio, the policies are clear, and there is commitment and leadership. Regarding the other problems, the commitment is to try to resolve them,” he said during a business dialogue here today, which was attended by representatives from both Malaysian and Pakistani companies. Among those present at the event were Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz and Pakistan’s Commerce Minister Jam Kamal Khan. Anwar acknowledged that Pakistan excels in certain areas, particularly in traditional sciences, and has a longer history of industrial and scientific development compared to Malaysia, which is still emerging in these fields. Conversely, he highlighted that Malaysia is regarded as a regional hub for the semiconductor industry. Anwar identified several areas for potential collaboration between Kuala Lumpur and Islamabad, specifically in the halal meat and halal industry, rice production and expanding flight routes to boost tourism between the two nations. He also announced that the Malaysia External Trade Development Corporation (Matrade) will open an office in Karachi, Pakistan, next month, underscoring Malaysia’s commitment to enhancing bilateral trade. In 2023, trade between Malaysia and Pakistan was valued at RM6.43 billion, with Malaysia exporting RM4.39 billion in goods to Pakistan and importing RM2.04 billion, resulting in a trade surplus of RM2.34 billion in Malaysia’s favour, according to the Malaysian High Commission in Pakistan. For the first seven months of this year, trade between the two countries totalled RM5.10 billion. Both countries signed the Malaysia-Pakistan Closer Economic Partnership Agreement in 2008, which covers trade in goods, investments and technical cooperation. Meanwhile, Anwar was conferred the Nishan-e-Pakistan, the highest civilian award of Pakistan by the country’s president Asif Ali Zardari in a ceremony held at Aiwan-e-Sadr, the Presidential Palace here yesterday. “(The award) is the highest recognition from the Pakistani government for Anwar’s leadership in fostering and enhancing bilateral relations between Malaysia and Pakistan,” Malaysian High Commissioner to Pakistan Datuk Mohammad Azhar Mazlan told Malaysian media. Among others who attended the award ceremony were Foreign Minister Datuk Seri Mohamad Hasan, Zafrul and other members of the Malaysian delegation. After the ceremony, President Zardari hosted the Malaysian prime minister to a state banquet at the Presidential Palace. The government of Pakistan had also conferred the award to then prime minister Tun Dr Mahathir Mohamad in 2019. Malaysia and Pakistan established diplomatic relations in 1957 when Malaysia gained its independence. In 2019, Malaysia and Pakistan signed a Strategic Partnership accord. Source: selangorjournal.my