Inovatif

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  • SC Unveils Three Initiatives to Spur Innovation

    SC Unveils Three Initiatives to Spur Innovation

    The Securities Commission Malaysia (SC) will introduce a regulatory sandbox and enhance its regulatory framework to encourage securities tokenisation to help spur  innovations in the capital market.  

    The SC will also be collaborating with Khazanah Nasional to explore the issuance of  tokenised bond. 

    The three initiatives, unveiled at the SCxSC Fintech Summit 2024 starting today, are  aimed at promoting a responsible innovation in the country’s capital market. About  1,000 people are attending the two-day summit. 

    In his opening address, the SC Chairman Dato’ Mohammad Faiz Azmi said the SC is  committed to foster a thriving fintech ecosystem in the capital market.  

    “To drive innovation in the capital market, the SC is taking a holistic approach. Through  initiatives like the regulatory sandbox and SCxSC, we enable industry experimentation and foster collaboration with the broader ecosystem,” he said. 

    Recognising rapid technological advancements, the SC has received several proposals that do not fully fit within existing regulatory frameworks.  

    To address this, the SC is introducing a regulatory sandbox framework (sandbox),  providing a controlled environment for testing innovative products and services while ensuring investor protection. 

    Corporations developing solutions in areas like financial inclusiveness, Islamic finance and retirement solutions are encouraged to apply.  

    The sandbox is a regulatory tool for enhancing policies to ensure they are fit for  purpose. For example, it may allow innovative tokenised offerings to be tested within  the sandbox, in line with the SC’s efforts to develop its technology-agnostic approach  for tokenised securities and identify best practices. 

    In this respect, the SC will develop a guidance early next year for intermediaries to  understand and manage associated risks in relation to securities tokenisation.

    Corporations have until April 2025 to apply for the first cohort of the Sandbox.  

    Interested parties are required to participate in pre-consultation sessions prior to  submission. These sessions are available immediately, and interested parties can begin engagements by emailing afinity@seccom.com.my.  

    Accepted applications will have up to 12 months to test their products or services. 

    Eligibility criteria include offering innovative capital market products or services that  are not currently available in Malaysia and do not fully fit under existing regulatory  framework that bring value to the market. 

    In addition, the SC is collaborating with Khazanah Nasional, as a potential issuer, to  explore how blockchain technology can enhance the efficiency of bond issuance and  operations. This initiative explores the use of smart contracts and custodial  arrangements. 

    This year’s edition of the SCxSC Fintech Summit focuses on the use cases and  opportunities of emerging technologies like artificial intelligence and blockchain in the  capital market. 

    For the past 10 years, the Summit has served as a platform for fintech communities  to engage, network and explore fintech-driven opportunities. 

    Insights are delivered through an immersive experience of blending cutting-edge  demos, roundtables, exhibitions, keynotes and panel discussions.  

    The SCxSC Fintech Summit 2024 also featured the Demo Day of the SC FIKRA ACE  Accelerator1 programme, where 10 startups pitched for the chance to be selected as  2024 cohort’s winners.  

    SCxSC aligns with the SC’s broader innovation agenda to harness technology, supporting the Capital Market Masterplan 3 (CMP3) objectives of catalysing economic  growth, empowering investors and promoting a sustainable, inclusive stakeholder.

  • Driving Fair Wages: Finance Professionals Urged to Address Inequality for a Sustainable Future

    Driving Fair Wages: Finance Professionals Urged to Address Inequality for a Sustainable Future

    KUALA LUMPUR, 1 October 2024: A new report highlights the need for finance professionals to champion  living wages as a key factor in reducing inequality, advancing human rights, and promoting sustainability.  Produced by ACCA, Shift, and Forvis Mazars, the report also reinforces findings that paying a living wage  not only boosts productivity and reduces staff turnover but also enhances economic stability. 

    The report, ‘A living wage – Crucial for sustainability’, urges finance and accountancy professionals to  address wage inequality and play a pivotal role in driving sustainable business practices. It stresses that  without prompt intervention, wage disparities will continue to undermine economic and social systems  globally, including in the Asia-Pacific (APAC) region. 

    Using the insights from over 1,000 survey respondents across 93 countries and discussions with more  than 50 finance and business professionals, the report provides compelling evidence for the socio economic multiplier effect of living wages. It finds that paying a living wage benefits not only workers but  also employers, economies, and governments.  

    Paying workers below a living wage is inconsistent with preserving and enhancing the value of human  capital. Business and investor initiatives involving leaders from across all regions are increasingly  highlighting the importance of paying living wages to reduce inequalities and the related risks to societies,  economies and financial systems. Yet only 33% of Malaysia-based respondents felt that it was a  responsibility which extended to their first-tier suppliers and even less beyond this. 

    The report highlights the undeniable link between living wages and sustainability, with 87% of Malaysia based survey respondents recognising this connection. Living wages reduce inequality, boost economic  stability, enhance business resilience, support human rights, strengthen supply chains, and meet growing  regulatory and investor demands for socially responsible practices. 

    Helen Brand OBE, Chief Executive of ACCA, stated: “Accountancy and finance professionals are held  to the highest ethical standards. The right of all employees and contractors to a living wage is an ethical  responsibility and as a result finance professionals have a unique role and opportunity to drive it as a core  part of their sustainability activities.” 

    Caroline Rees, President and Co-founder of Shift, emphasised: “A living wage is a fundamental human  right. Organisations’ responsibility under international standards to respect human rights means paying  workers in their own organisation adequately, and using their purchasing practices and business  relationships to advance living wages also for workers in their value chains. Change doesn’t happen  overnight, but chief financial officers can and should drive demonstrable progress on this crucial issue.” 

    Richard Karmel, Managing Partner – London, Forvis Mazars, added: “Organisations face significant  transitions as their business models seek to become more sustainable. The inability to pay a living wage  throughout a value chain, including in one’s own organisation, can only bring into question whether that  business model is sustainable. Now is the time to critically appraise the viability of these business models  and to make tough choices with a human capital focus.”

    A Malaysian Perspective 

    In Malaysia, addressing wage disparities is particularly critical, given the country’s commitment to reducing  inequality as envisioned in the Ekonomi Madani framework, which aims to elevate the dignity and status of  the nation with two main focuses: restructuring the economy to make Malaysia a leader in Asian economies  to ensure that the enlarged wealth is benefitted equitably by the Rakyat. By advocating for living wages,  finance professionals in Malaysia can help align business practices with national development goals. 

    The report urges finance professionals across to elevate living wages to board-level discussions, integrate  them into sustainability strategies, and lead by example in their value chains, starting with Tier 1 suppliers. Regulatory frameworks like the European Sustainability Reporting Standards (ESRS) and the Corporate  Sustainability Due Diligence Directive (CSDDD) are increasingly emphasising living wages. Finance  professionals in the APAC region, including Malaysia, must prepare to meet these growing demands for  socially responsible practices, ensuring their organisations are well-positioned for future regulatory  requirements. 

    Full report can be read online here: https://stories.accaglobal.com/living-wage/index.html

  • Zurich Malaysia reaffirms commitment to caring for the planet through Climate Month 2024

    Zurich Malaysia reaffirms commitment to caring for the planet through Climate Month 2024


    KUALA LUMPUR, 2 October 2024     – Zurich Malaysia recently concluded its fourth annual Climate
    Month, reaffirming the brand’s sustainability commitments in care for the planet. Held every
    September since 2021, Zurich’s group-wide Climate Month reflects the brand’s ongoing mission to
    create awareness on the importance of climate change impacts, as well as actionable steps taken to
    create a brighter and greener future for everyone.

    Speaking on the range of Zurich Malaysia’s sustainability touchpoints, Erin Hwang, Zurich Malaysia’s
    Head of Brand Marketing and Communications, said “As we conclude this year’s Climate Month, we
    reflect on the progress we have made in striving towards a more sustainable future. From
    empowering communities through sustainable home-building initiatives to environmental restoration
    projects, we remain focused on taking meaningful, impactful, and lasting actions. Through consistent
    efforts, we can and will witness a positive progress in the quality of life of our communities and the
    health of our planet, in our mission to care for what matters most to Malaysians.”

    Charting towards net-zero by 2050 through Zurich’s Climate Transition Plan
    The effects of climate change are expected to become even more frequent and severe in the next
    years. As a global insurer, tackling the causes of climate change and building resilience to its effects
    are a core pillar of Zurich’s mission in building a better future for next generations. As such, Zurich
    Insurance Group has launched its Climate Transition Plan, reaffirming the brand’s commitment
    towards achieving net-zero emissions by 2050 across its protection plans, investments, and
    operations.

    The plan outlines how Zurich will support an economy-wide transition to a net-zero future,
    strengthening societal resilience against climate risks, advocating for policies on the economy’s
    transition, and by evolving Zurich’s operations through decarbonisation efforts as well as people and
    culture investments.

    Building resilient communities with EPIC Homes
    Continuing collaborations with EPIC Homes since 2019, Zurich has expanded its journey in building
    sustainable homes for underserved communities. This year’s Climate Month features two house
    builds for local communities in Kampung Orang Asli Bukit Manchung, Bukit Beruntung.

    Over 50 Zurich Malaysia employees participated in the project, working to build safer and more
    secure homes for those in-need. This effort showcases Zurich Malaysia’s commitment to making a
    positive impact and fostering a strong sense of community. As of September 2024, Zurich Malaysia
    has completed a total of six houses, demonstrating dedication not only to its products and services,
    but also to community well-being, and emphasising on the importance of coming together to care for
    what truly matters. A second house is planned to be built in October 2024.

    Protecting and securing the nation’s coastlines
    As part of Climate Month, Zurich Malaysia also organised a beach cleanup at Pantai Cunang, where
    the volunteers worked tirelessly to restore the natural beauty of the Malaysian coastline. By focusing
    on waste collection and recycling, this initiative went beyond a surface-level cleanup, aiming to revive
    the area’s natural environment. This activity not only showcased Zurich Malaysia’s commitment to
    environmental conservation, but also highlighted the importance of community involvement in
    sustainable practices.

    Changing the world, one tree at a time
    In nurturing a deeper consideration for sustainability amongst future generations, Zurich Malaysia also
    furthered its environmental initiatives through collaboration with the Tunku Abdul Rahman University
    of Management and Technology (TARUMT). Aligned in their environmental advocacy, Zurich Malaysia
    employees and student volunteers gathered for a tree-planting event, emphasising on the importance
    of proactive steps in charting towards a greener future.

    Through the university initiative, Zurich Malaysia strengthens its commitment in highlighting and
    addressing climate risks, by exposing future leaders to the importance of taking climate action. As an
    expansion of the collaboration on the social front, Zurich Malaysia also entered a strategic
    arrangement on career placement opportunities for TARUMT students, providing them with a
    professional pathway in the insurance and takaful sector.

    For further insights into Zurich Malaysia’s holistic approach to building a brighter tomorrow, please
    visit www.zurich.com.my/CareForWhatMatters.

    About Zurich Malaysia  
    Zurich Malaysia is a collective reference term for the Zurich Insurance Group (Zurich) business
    subsidiaries operating in Malaysia: Zurich General Insurance Malaysia Berhad, Zurich Life Insurance
    Malaysia Berhad, Zurich General Takaful Malaysia Berhad and Zurich Takaful Malaysia Berhad.
    Zurich Malaysia offers a broad range of comprehensive insurance and takaful solutions; helping
    individuals as well as business owners understand and protect themselves, their businesses and their
    assets from risk. Zurich Malaysia has an integrated branch network in major cities nationwide as well
    as dedicated agency and distribution channels nationwide to serve the needs of its customers. For
    further information on Zurich Malaysia

  • OIB and Selangor Government Further Affordable Housing Efforts with Putra Idaman

    OIB and Selangor Government Further Affordable Housing Efforts with Putra Idaman

    Cyberjaya, September 28 – Oriental Interest Berhad (OIB) Group, in collaboration with
    Permodalan Negeri Selangor Berhad (PNSB), through its subsidiary, PNSB Construction
    Sdn Bhd (PCSB) today unveiled Putra Idaman, a new affordable housing project that aims to
    support urban growth in Selangor.

    The project under the Rumah Idaman programme, was officially launched by Selangor Chief
    Minister, YAB Dato’ Seri Amirudin Shari, in concurrence with a symbolic groundbreaking
    ceremony for Saujana Idaman, another Rumah Idaman project by OIB, which will be
    launched in the near future.

    Rumah Idaman is a successful Selangor-government initiative to address the rising demand
    for quality, affordable homes in strategically located urban centers. The initiative offers units
    tailored for B40 and M40 Malaysians, particularly first-time homebuyers and small families
    seeking a foothold in the property market.

    Located in Desa Pinggiran Putra, Putra Idaman spans 6.7 acres and has a gross
    development value (GDV) of RM125.5 million. Targeted for completion in 2028, Putra
    Idaman will feature two apartment blocks, offering a total of 502 semi-furnished units. Each
    unit is priced at RM250,000 and is designed specifically for low to middle-income families.

    During the launch, Dato’Seri Amirudin expressed his appreciation for OIB and PNSB’s
    dedication to delivering comfortable, quality homes with essential amenities, aimed at
    enhancing the well-being of Selangor’s residents.

    He further remarked, “I am confident that the success of projects like Putra Idaman, Saujana
    Idaman, and other Rumah Idaman MBI developments, which offer affordable prices and
    location with good accessibilities, will greatly improve the quality of life for Selangor’s
    residents. These initiatives also present an appealing opportunity for our youth to become
    first-time homeowners”

    Executive Director and CEO of OIB, Low Kok Shen emphasised that the project is testament
    to OIB’s commitment to elevate homeownership opportunities for individuals and families
    from all walks of life.

    “OIB currently has over RM1 billion of affordable housing properties in the pipeline under
    schemes such as Rumah Idaman and Rumah Selangorku with Putra Idaman being the first
    of many projects under the Rumah Idaman initiative.

    “We believe affordable housing in Malaysia is not just an economic issue, it’s a societal
    imperative. Property developers have a vital role to play in shaping a future where
    homeownership is accessible to all.

    Low added that affordable housing projects like Putra Idaman and Saujana Idaman are vital
    to support the inclusivity and sustainability in the growing townships of Putrajaya, Cyberjaya,
    and Dengkil, which have shown population growth rates almost three times the national
    average according to Malaysia’s 2020 population census.

    Designed to meet the needs of modern lifestyles, each 1,002 sq. ft. unit features three
    bedrooms and two bathrooms; furnished with wardrobes, air-conditioners, water heaters,
    television with cabinet, kitchen cabinets, and a refrigerator. Each unit also comes with two
    parking spaces, adding another layer of convenience for homeowners.

    Putra Idaman is set in a gated and guarded community, making it an attractive choice for
    those seeking a safe and well-planned living environment within a rapidly growing
    neighbourhood. Putra Idaman is easily accessible via a network of highways such as the
    MEX Highway, ELITE Highway and the South Klang Valley Expressway (SKVE), and the
    MRT Putrajaya line.

    Low added: “Affordable housing is fundamental to building a thriving and equitable society. It
    offers individuals, families, and first-time homebuyers the stability and security needed to
    create a better future. We believe that Putra Idaman will provide more than just shelter – it
    will contribute to social advancement and strengthen the nation’s economic resilience.”

    Chief Executive Officer of PNSB, YM Raja Ahmad Shahrir Iskandar bin Raja Salim
    remarked, “The launch of Rumah Idaman Putra Idaman is the second project launch for
    2024 as scheduled by PNSB. The Rumah Idaman Putra Idaman and Saujana Idaman
    projects are two joint venture projects with OIB, with an estimated total of 1,360 units out of
    the 5,783 units planned for the Rumah Idaman development in the Sepang district. This
    development will undoubtedly add value to Mukim Dengkil.”

    “We are very honoured to collaborate with OIB on this affordable housing project. This
    partnership not only aligns with PNSB’s commitment to in increasing public housing access
    but also demonstrates our dedication to deliver quality housing and value to the community.
    Through this collaboration, it has made a significant impact in providing affordable and high-
    quality homes for everyone.”

  • RMFLS 2024: Malaysians’ Financial Well-being Improves, but Digital Financial Literacy Still Crucial

    On 26 September 2024, RinggitPlus released the results of the 2024 Malaysian Financial Literacy Survey (RMFLS), an annual study examining Malaysians’ financial habits, challenges and outlook.

    This year’s results found improvements across multiple key indicators, with signs of upward swings for financial security and well-being – but also underscored a continuous growing need for enhanced digital financial literacy nationwide.

    Fewer Scam Attempts, but Vigilance Remains a Priority

    In 2024, more than one-third of Malaysians (38%) reported encountering fewer financial fraud or scam attempts compared to last year, with the overall number of those who experienced such attempts dropping to 86% from the whopping 94% reported in 2023.

    This marks a significant improvement, proving that the anti-scam awareness efforts driven by Malaysia’s governing bodies are bearing fruit. Indeed, 56% of respondents credited the nationwide Jangan Kena Scam awareness campaign for helping them avoid falling victim to financial fraud.

    While this is a positive move in the right direction, more needs to be done to safeguard Malaysians. The RMFLS survey also found that up to 32% of Malaysians admitted to uncertainty or a lack of knowledge about what actions to take or whom to contact in the face of common financial scam scenarios, including impersonation scams or fraudulent transaction notifications.

    This highlights an ongoing vulnerability that must be addressed, particularly as digitalization grows and Malaysians are increasingly embracing digital tools in their personal finances: 95% of respondents use at least one e-wallet (up from 91% in 2023 and 89% in 2022). Meanwhile, 45% hold an account with at least one digital bank, and 26% plan to open one in the near future. Online insurance and takaful purchases are also on the rise, with 29% preferring this method.

    Notably, reliance on social media as a primary source of financial information is increasingly apparent, with trust scores for social platforms rising from 3.7 to 4.0 year-on-year. There is an urgent need to enhance digital financial literacy and ensure Malaysians have the resources they need to combat misinformation and fraud.

    A Turning Point for Malaysian Financial Well-being

    For the first time since COVID-19, three key metrics in RMFLS saw positive trends. The first is that Malaysians are starting to save more each month – with the number of respondents who save more than RM500 per month increasing to 33% (vs 29% in 2023). Additionally, 39% of respondents stated they could survive for four months or more in the event of income loss, up from 33% last year. Lastly, 47% of Malaysians reported better financial conditions than last year.

    Another highlight is how Malaysian women have become less vulnerable financially, showing improvements year-on-year in important metrics: a 3% increase in women saving more than RM500 a month, an 8% increase in those who can survive without a job for four months or more, a 3% decrease in women living paycheck to paycheck, and a 6% increase in women who have started financially planning for retirement.

    While gradual, these are promising indicators of change, though more effort is needed to sustain this trend and achieve greater financial parity between Malaysian women and men.

    The survey also found that many are adopting responsible financial habits, cutting back on expenses and initiating retirement planning. Withdrawals from EPF Akaun Fleksibel are for essential needs, such as repaying debts and managing cost of living expenses.

    Despite these improvements, 55% of respondents remain anxious or frustrated about their finances, highlighting the need for continued financial discipline. Nonetheless, these findings mark a potential turning point in financial well-being for many Malaysians, which will hopefully maintain an upward trajectory in the future.

    “RMFLS 2024 reflects encouraging progress in Malaysians’ financial well-being and literacy levels, especially among women. However, as we advance toward becoming a high-income nation, it is essential that we equip the rakyat with the right knowledge and tools they need not just to survive, but thrive in this increasingly digital world,” said Yuen Tuck Siew, CEO of RinggitPlus.

    “At RinggitPlus, we are committed to helping Malaysians tackle their unique financial challenges. Through collaborations with our RMFLS partners, we aim to create focused, relevant and timely content shaped by the survey insights, expanding our reach to educate more Malaysians. We are also enhancing our product and services to drive greater financial inclusivity and empowerment across the nation,” he concluded.

    For more information on the 2024 RinggitPlus Malaysian Financial Literacy Survey, visit RinggitPlus or RinggitPlus’ social media channels (Instagram, Facebook and TikTok).

  • Forest City Special Financial Zone to Catalyse Johor’s Economic Transformation and Boost Development in Iskandar Puteri

    Forest City Special Financial Zone to Catalyse Johor’s Economic Transformation and Boost Development in Iskandar Puteri

    Iskandar Puteri, 23 September 2024 – Iskandar Investment Berhad (IIB) views the establishment of the Forest City Special Financial Zone (SFZ) as a landmark development that will significantly boost Johor’s economy. The SFZ’s introduction comes at a crucial time, when the state is poised to capitalise on its strategic location and growing infrastructure, cementing its role as a vital financial and economic hub in Southeast Asia.

    Dato’ Idzham Mohd Hashim, President/Chief Executive Officer of IIB, expressed his enthusiasm about the upcoming Johor’s SFZ and its potential to propel the region’s growth and strengthen its connection with Singapore, “We are incredibly excited about the launch of the Forest City SFZ, which is set to attract high-value investments through enticing incentives like a concessionary corporate tax rate of 0% to 5%, a flat 15% income tax rate for knowledge workers, and fast-tracked immigration processes. We anticipate that these benefits will make Johor a highly appealing destination for multinational corporations and global financial institutions, driving job creation and growth in sectors such as financial services, technology, and logistics. The Forest City SFZ will be a game changer, fuelling sustainable economic development, fostering innovation, and enhancing cross-border collaboration in the region.”

    The long-awaited revival of Forest City through the SFZ is also poised to further catalyse Johor’s development trajectory. Its proximity to Singapore, one of the world’s foremost financial centres, strengthens its appeal to global investors and positions Johor as a key player in the regional economy. The SFZ will be a game-changer that unlocks opportunities for local businesses while enhancing Johor’s regional and international competitiveness.

    IIB sees this as an exciting opportunity for Iskandar Puteri, where we play a strategic role as the master developer. Iskandar Puteri’s proximity to Forest City places it in an ideal position to benefit directly from the economic spillover of this initiative. With our existing projects, such as Tech Medini and GBS Iskandar @ Medini, Iskandar Puteri is already thriving as a hub for technology and innovation. The Forest City SFZ will complement these efforts by attracting a new wave of businesses, increasing demand for high-quality commercial space, and driving further investments in infrastructure. This will accelerate Iskandar Puteri’s transformation into a world-class business district and a centre for high-skilled jobs.

    Additionally, Johor’s upcoming transport infrastructure projects – including the Rapid Transit System (RTS), the Autonomous Rapid Transit (ART), and the potential revival of the High-Speed Rail (HSR) – will enhance connectivity between the SFZ, Iskandar Puteri, and Singapore. These transport links will further boost the attractiveness of Iskandar Puteri to global investors and businesses, making it an even more accessible and competitive destination.

    Global examples of similar economic zones, such as Dubai’s free trade zones  and the UAE’s financial districts which demonstrate the immense potential of strategically located financial hubs. The Dubai Multi Commodities Centre (DMCC), in particular, has become a benchmark for success, attracting a broad range of industries from the diamond trade to emerging sectors like Electric Vehicles (EV). With more Chinese companies registered in DMCC by the end of 2023 and Dubai’s ability to offer specialised services, high-quality commercial spaces, and government-backed incentives has made it a key player in global business. This growth indicates how well-structured zones can support international business expansion, especially by offering tailored ecosystems for specific industries.

    Johor’s SFZ can similarly position itself as a financial and business gateway in Southeast Asia by adopting elements from Dubai’s model. With enhanced connectivity and integration into larger regional initiatives, Johor can attract global players by offering strategic incentives and creating customised business environments, Johor’s SFZ can accelerate its own economic transformation, fostering innovation and driving sustainable growth for the region.

    IIB is committed to building an inclusive and sustainable metropolis of the future in Johor, and the Forest City SFZ will play a critical role in helping to realise this vision. As Johor develops as a model for sustainable urban growth, IIB will continue to play a crucial role in amplifying Johor as the preferred investment destination for growth in ASEAN.

  • MIHAS AWARDS 2024 RECOGNISES DIVERSE HALAL SECTOR CONTRIBUTIONS

    MIHAS AWARDS 2024 RECOGNISES DIVERSE HALAL SECTOR CONTRIBUTIONS

    KUALA LUMPUR, 20 SEPTEMBER 2024 – The Malaysia External Trade  Development Corporation (MATRADE) celebrates another significant milestone with  the 11th edition of the Malaysia International Halal Showcase (MIHAS) Awards, which  recognise outstanding contributions to the global halal industry. These awards  continue to set the benchmark for excellence, reflecting the growing importance of  sustainability and innovation in today’s dynamic halal market. 

    This year’s MIHAS Awards introduce a new category focusing on sustainability,  manifesting MATRADE’s dedication to supporting environmentally responsible and  socially conscientious company practices. The Sustainability Award recognises industry players who have successfully integrated sustainable practices into their  operations. It underscores MATRADE’s commitment to addressing climate change  and fostering sustainable development, particularly within the Halal sector. 

    The MIHAS Awards recognise industry leaders who excel in sustainability and  innovation across multiple sectors. Winners were selected by a distinguished panel of  judges, comprising experts from various industries and academia. The evaluation  process was rigorous, with candidates assessed on their commitment to sustainability,  market impact and strict adherence to Halal standards, the criteria that ensure the  awards highlight true trailblazers within the industry. 

    A notable increase in the 11th MIHAS Awards participation highlights the expanding  and diversifying landscape of the halal economy. The awards attracted a broad  spectrum of entries, with a strong representation from lifestyle halal and services  sectors. 

    MATRADE’s Chairman, Yang Berhormat Dato’ Seri Reezal Merican Naina  Merican, in his remarks said, “The impressive representation from Halal lifestyle  products and services sectors in this year’s awards clearly indicates the dynamism  and innovation that drive the Halal industry. Sectors such as cosmetics, personal care,  pharmaceuticals and biotechnology are embracing halal principles and setting new  benchmarks in the global market.” 

    Fourteen awards from three different categories such as the Product and Services  Excellence Award, Products and Services Innovative Awards, and the Sustainability  Awards were presented at the event. 

    Adabi Consumer Industries Sdn Bhd won the Product Excellence Award for its Halal  pet food, PowerCat, while HYT Cross Border Sdn Bhd brought home the Services  Excellence Award for its e-Commerce solutions. 

    Meanwhile, Callabio Manufacturing Sdn Bhd was recognised for its Halal certified  syrups. Its brand, Baristar, launched in 2023, offers uniquely flavoured syrups that  enhance drinks, foods and desserts with a Malaysian touch.  

    The Products Innovative Award was given to World Prominence Sdn Bhd for its Sudee  brand dry pastes, while the Services Innovative Award went to AFM Fulfillment (M)  Sdn Bhd for its advanced one-stop solution for e-commerce fulfilment. 

    The Sustainability Award was given to B-Crobes Marketing Sdn Bhd for its focus on  research driven innovation and sustainability to improve gut health and manage non communicable diseases effectively.  

    MATRADE’s strategic focus on sustainability and sectoral diversity aligns with the  National Halal Industry Master Plan, which seeks to position the country as a global  leader in innovation. The diversity of Halal clusters at MIHAS represents the versatility  and global appeal of Malaysia’s Halal industry, enhancing the nation’s standing as a  pivotal hub in the international Halal ecosystem. 

    “We are immensely proud of the diversity and quality of entries in this year’s MIHAS  Awards,” said Dato’ Seri Reezal Merican. “The broad range of products and services,  combined with strong commitment to sustainability practices, will drive the growth of  the global halal market, solidifying Malaysia’s role as a leader in global Halal industry.” 

  • National Sustainability Reporting Framework to Enhance Sustainability Disclosures

    National Sustainability Reporting Framework to Enhance Sustainability Disclosures

    The National Sustainability Reporting Framework (NSRF), developed by the Advisory
    Committee on Sustainability Reporting (ACSR)1, is set to enhance the state of

    sustainability disclosures in Malaysia.
    The NSRF addresses the use of the IFRS® Sustainability Disclosure Standards issued
    by the International Sustainability Standards Board (ISSB) as the baseline for
    companies in Malaysia.

    The aim is to enhance transparency and accountability of how businesses manage
    sustainability risks and opportunities, improve business resilience and contribute to
    the nation’s broader sustainability agenda.

    The NSRF also addresses the needs of stakeholders especially investors for consistent,
    comparable and reliable disclosures.

    Following the launch of the NSRF by Finance Minister II YB Senator Datuk Seri Amir
    Hamzah Azizan at the Securities Commission Malaysia (SC) today, Malaysia joins more
    than 20 jurisdictions2, which have decided or are taking steps to use the standards.

    Developed through extensive public consultations with various stakeholders, including
    local and foreign investors, various industry and professional associations, the NSRF
    meets the growing demand for sustainability information.
    The SC Chairman Dato’ Mohammad Faiz Azmi emphasised that the NSRF aligns with
    both investor expectations and the need to act on the climate crisis.
    “As a major trading country and an open economy that has an important role in the
    global supply chain, it is important we adopt these requirements in an open way to
    reap the benefit of being an adopter”.

    Listed issuers on Bursa Malaysia’s Main and ACE Markets, as well as large non-listed
    companies (NLCos) with annual revenue of RM2 billion and above will have to comply
    with the new reporting requirements in a phased approach:

    • Large-listed issuers on the Main Market with market capitalisation of RM2 billion
    and above will begin using the ISSB Standards in 2025 (Group 1);
    • This will extend to other Main Market listed issuers in 2026 (Group 2), followed
    by;
    • Listed issuers on the ACE Market as well as large NLCos in 2027 (Group 3).

    In relation to climate disclosures, the recommendations of the Taskforce on Climate-
    related Financial Disclosures (TCFD) which are incorporated in the Bursa Malaysia
    Listing Requirements are fully embedded in the ISSB’s standards for climate-
    disclosures.

    The ISSB standards builds on the same pillars of the TCFD i.e. governance, strategy,
    risk management, as well as metrics and targets. Thus, listed issuers have a degree
    of familiarity with the disclosure requirements under the standards.

    Subject to further consultations and engagements, the ACSR aims to mandate
    reasonable assurance of sustainability information commencing in 2027.

    To support implementation of the NSRF, the ACSR’s PACE (Policy, Assumptions,
    Calculators and Education) initiative will offer capacity building programmes, resources
    and toolkits to help preparers, including those which are focused on addressing the
    needs of medium and smaller companies.

    Following the launch of the NSRF, Bursa Malaysia has also issued a public consultation
    on the proposed amendments to align its Listing Requirements. Further information
    on the NSRF is available at www.sc.com.my/nsrf

  • TikTok Shop Summit Set to Unleash New Growth Opportunities for Malaysian MSMEs Through Strengthened #JomLokal Initiatives

    TikTok Shop Summit Set to Unleash New Growth Opportunities for Malaysian MSMEs Through Strengthened #JomLokal Initiatives

    KUALA LUMPUR, 24 SEPTEMBER 2024 — TikTok Shop Summit, an annual e-commerce
    seller empowerment event by the e-commerce platform, will return this year to redefine the
    future of online shopping in Malaysia. Local micro, small, and medium enterprises (MSMEs)

    are expected to be the the biggest beneficiary from the summit as TikTok Shop will heighten
    its #JomLokal support and share key insights ahead of the upcoming year-end sale season.

    At TikTok Shop Summit this year, homegrown brands will discover new growth opportunities
    to realise their full business potential via unique matchmaking sessions with top creators,
    such as Khairul Aming, Pinn Yang, Dear Carynn, Almiyaz, TulipPetals, and more. Local
    entrepreneurs will also learn from experts and top sellers during the knowledge-sharing
    sessions on Shoppertainment strategies

    to tap into evolving consumer behaviour, including best practices for content, community
    engagement, livestreaming, ads solutions, and store performance optimisation. New support
    will also be introduced to help local MSMEs scale and build an active customer base, in
    addition to generating revenue.

    Yang Berhormat Datuk Armizan bin Mohd Ali, Minister of Domestic Trade and Cost of Living,
    emphasised: "As part of KPDN’s strategic pillars, we are committed to driving the
    contribution of domestic trade to the gross national income, fostering an innovation-based
    economy, and creating a conducive market environment that empowers the rakyat to
    manage cost of living effectively. E-commerce has proven to be a key catalyst to achieve
    these aspirations, considering Malaysia’s digital economy now contributes around a quarter
    of our national GDP. Leading platforms like TikTok Shop are pivotal partners for the
    government in supporting and upskilling local MSMEs to facilitate inclusive participation from
    all levels of society. I encourage local entrepreneurs nationwide to take full advantage of the
    resources and opportunities accessible during this upcoming TikTok Shop Summit to
    transform digitally and build alternative sources of income, thus realising the vision of the
    MADANI Economy to improve Malaysians' quality of life.

    TikTok Malaysias Head of Public Policy, Anuar Fariz Fadzil, echoed the sentiment:
    "We are fully committed to supporting the government’s efforts through continuous public-
    private partnerships aimed at accelerating the growth of Malaysia’s digital economy. TikTok
    Shop's comprehensive ecosystem provides MSMEs with a distinct opportunity to not only
    sell online, but also empower them to scale. By equipping them with the tools and training
    needed to build communities through content, affiliate creators, and full-funnel solutions,
    TikTok Malaysia is uniquely positioned to help homegrown brands grow nationwide and even
    penetrate international markets. Together, let's pave the way for Malaysia to transform into
    an inclusive, digitally-enabled, technology-driven, and high-income nation.

    TikTok Shop Malaysias Director of Strategic Partnerships, Nur Azre Abdul Aziz,
    underscores that: Our #JomLokal initiative is at the heart of TikTok Shop’s ambition to
    empower Malaysian entrepreneurs. This year alone, we have trained over 100,000 local
    MSMEs to date through government partnerships. But, we're only getting started. At the
    upcoming TikTok Shop Summit, we are thrilled to unveil enhancements to our #JomLokal
    support and help MSMEs unleash new growth opportunities. Our upcoming creator-
    matchmaking and knowledge-sharing sessions are designed to provide practical insights
    and meaningful connections that can inspire homegrown brands. We hope this summit will
    cultivate the rise of more local champions like Khairul Aming, Amir Mohsin, Shiffa Enterprise,
    Empat Beranak ，HYGR  and others.

    About TikTok Shop
    TikTok Shop is a one-stop e-commerce solution for driving brand growth and sales directly
    on TikTok. With TikTok Shop, sellers can tap into a full-commerce experience with the
    capability to upload products and manage everything from shipping to fulfillment and point of
    purchase. Products are recommended to TikTok audiences through shoppable content
    formats such as in-feed short videos (embedded with product links), live shopping events, as
    well as a marketplace through the new Shop Tab.

  • The Rise of SPACs as a Strategic Listing Option

    Entrepreneurs build companies to see their companies grow and prosper. Once commercially de-risked, with revenue traction and profitability, further funding may be required to take growth to the next level prompting some embark on listing exercises.

    There are several methods where a business can begin its journey towards listing. The traditional way to go public is through an Initial Public Offering (IPO), where a company collaborates with an investment bank to underwrite and prepare an IPO prospectus. This document, after thorough due diligence, is submitted to the securities regulator and stock exchange for approval.

    In most jurisdictions, the prospectus is a “liability document” to ensure proper disclosure rather than promote the company as a “sales document”. It is almost always “backward looking” in that information is historic, and forward-looking statements are not allowed. Once approved, investors can subscribe to the shares, which are then traded on the listing date. The IPO process, involving multiple stakeholders, typically takes six to 12 months with non-approval risks even if listing criteria are met.

    Another option in going public for a privately held company is through a Reverse Takeover (RTO) or a “backdoor listing.” In this process, the private company arranges with an investment bank to be “acquired” by an existing listed company, often one in a declining industry or a distressed state. The private company then injects itself into the listed company in exchange for shares, making its shareholders the largest or controlling block post-RTO. This allows the private company to utilise the listed company’s status to achieve a public listing.

    Due diligence is crucial in an RTO to uncover hidden liabilities or litigation in the listed company. Some stock exchanges require industry similarity between the companies or impose time restrictions on ownership changes. While RTOs can be less costly and faster than IPOs, they may face regulatory challenges and risk non-approval by securities regulators.

    Special Purpose Acquisition Company (“SPAC”) – An Alternative RTO

    The SPAC concept was invented in the U.S. in 1993 and is today allowed in some major stock exchanges such as the New York Stock Exchange (“NYSE”), the NASDAQ Stock Exchange, the London Stock Exchange (“LSE”), the Hong Kong Exchanges (“HKEx”), Bursa Malaysia, the Singapore Stock Exchange (“SGX”), the Korea Stock Exchange (“KSE”) and more.

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