Inovatif

Category: Enterprise

  • Going Beyond Training: Change-Driven Programs

    Going Beyond Training: Change-Driven Programs

    One of the benefits of being in the learning and development field is the opportunity to have the pulse of the key challenges facing organizations.  As I speak to the very top, I have the privilege of getting the views right from the CEOs themselves. 

    Often in a heart-to-heart talk to CEOs and after all the niceties and pretences, they are all willing to be open in their views with regards to training. Here are some of the common misgivings they have about training:

    • Most training at best is just knowledge enhancement and skill-building.
    • Many participants who are trained do not put into practice what they have learned.
    • Whatever they call them be it training or learning and development, many of these programs do not bring about the desired organizational change.
    • Most learning and development programs do not provide a structure and a process to bring about change
    • Many trainers do not understand the issues facing the clients and the industries they are in.

    However, the good news is that training service providers who provide Change-Driven Programs (CDP) are more effective in bringing about positive and productive change in organizations. What is a CDP? 

    It is a fully customized change-driven program for the company in the specific industry it operates. Unlike the limited role of a training program, a CDP includes an industry analysis, organization diagnosis, change action plan development, and the measurement and monitoring of the progress of change implementation after the session.  

    Our company, KL Strategic Change Consulting (KLSCC) Change-Driven Approach in training comprise 4 components. 

    Organization Diagnosis

    Prior to the conduct of the training, the consultant or subject matter expert will meet up with the company to understand the challenges it faces.  He or she will request an organization diagnostic survey to a representative group of the company to ascertain the root causes of the issues and the barriers to change.    

    The survey is conducted in an anonymous manner to allow frank input with regard to the real issues facing the organization and its specific needs.    While the conduct of the organization diagnosis may take time, it is certainly worth the effort, as this will enable the CDP to be conducted in a more effective manner.  

    Industry Analysis

    An analysis is also done on the industry the client operates in. This involves studying the trends, challenges, and growth potential of the industry.  Likewise, an analysis is also conducted on the client’s competitors.

    This includes understanding the degree of intensifying competition in the markets, the regulations, technology, and globalization’s impact on the client’s company.  There is an agreement with the client to choose which competitor it wants to benchmark against. 

    This is very useful is it provides a clear focus on the changes the company needs to drive towards and the standard it needs to raise to be at par with.  

    Change Action Plans

    The problem with most training programs is that everything ends at the conclusion of the training. The missing link is action plans to address the issues and challenges facing the organization. 

    In a CDP, during the session, the consultant will facilitate a discussion, and assessment and come to a joint agreement with the participants on the specific action plans.  Often in a session say of 25 participants, they will be divided into 5 groups.  Each group will come up with an action plan to address specific issues.

    For example, one group may address communication issues, another may address staff morale issues and yet another may address the processes in the organization. Each group will discuss and come up with solutions to address these issues and convert them into action plans with specific activities, deadlines, and assigned responsibilities to individuals or teams.

    Measure and Monitor Progress

    The management guru, Peter Drucker said it well, “You cannot manage what you do not measure”.  To go beyond training, a CDP does not just stop at the end of the session. 

    The consultant ensures that all the action plans are forwarded to the head of human resources and the former will also monitor and follow up with the respective teams regarding the progress of these action plans. It has been proven that people are more committed to putting to practice what they have learned if they know that someone shows an interest and is measuring and monitoring the progress of what they are doing.   

    Hence it is no surprise that in many of our CDPs conducted, our clients have given testimonies sharing their experiences of positive and productive change in their workplace.  Our work has been recognized by The Brand Laureate International with an award for our company, KL Strategic Change Consulting Group as the consulting and training company that provided the greatest impact on positive and profitable change for organizations in Malaysia.

    Receiving the award on behalf of KL Strategic Change Consulting Group. The Company that made the most positive and profitable impact for corporations.

    For learning and development to be effective, it must go beyond training. It must address the actual business needs of the organization in the specific industry in which it operates.

    It must identify the real issues and the root causes that are preventing the organization and its people from changing. It must engage the participants in coming up with joint solutions and action plans to resolve these issues and bring about change. 

    Their action plans must have expected outcomes with specific measures of success with persistent follow-up actions until these goals are achieved.    

    About the Author

    Ms. Jane CM Bee is the Executive Director of KL Strategic Change Consulting Group. She has extensive experience in marketing consulting and training services to clients in Brunei, Indonesia, Thailand, Singapore, and Hong Kong. She is currently managing a CDP called, “Implementing Successful Change in Organizations”. For feedback on this article email her at janebee@klscc.com or contact her at 012-2685212.

  • Oyen Pet Insurance: Not Just Another Insurtech

    If you were to ask a random person on the street if they own a pet and a personal insurance policy, there is a decent chance of the answer being yes. However, if you were to ask if they have pet insurance, the chance of an affirmative response is very likely to be low.

    Although many Malaysians still do not have any form of insurance, the average family is still likely to be covered with a medical or life insurance policy. But when it comes to insurance for pets such as cats and dogs, that is a whole other matter.

    Kevin Hoong Michelle Chin Oyen
    Oyen co-founders (l-r): Kevin Hoong, Michelle Chin

    This is where Oyen  comes into the market, with the company aiming to carve up a niche for themselves in the insurance sector. While the pandemic may have wreaked havoc on the economy, if it was not for this black swan event, the insurtech firm may never even have come to life.

    Michelle Chin, the co-founder of Oyen, recalls seeing almost everyone in her social circle introducing a pet into their lives as a result of the pandemic.

    “One of our friends adopted a second cat, and the cat was found to be suffering from liver disease and she spent a lot of money on treatments,” recalls Chin.

    This resulted in the other co-founder of Oyen, Kevin Hoong, wondering why there was a lack of pet insurance as a product. With a family background in insurance spanning 40 years, he was certainly well-placed to gauge the feasibility of spearheading the growth of a niche vertical.

    “We found out that there was one insurance company offering it in Malaysia – MSIG,” she remembers.

    “We then indicated our interest to launch a unique product offering with a niche focus on pet health, and the rest was history!”

    As for their friend’s cat, Chin shares that she has made a full recovery and is now insured with Oyen!

    How it works

    Claiming to be the “best pet insurance in Malaysia”, Oyen certainly works to live up to that tagline. It pays up to RM8,000 towards the cost of pet veterinary bills, which includes consultation, diagnosis, and treatment at the clinic and hospital.

    The more premium coverage plans also covers third-party injury; that is when your pet causes damage to the property of others or even other pets! This will include any legal fees, compensation and related medical costs up to RM30,000 for cats and RM50,000 for dogs.

    In addition, even the funeral expenses for your pet are covered under the premium coverage, which includes the burial plot and columbarium.

    Oyen is also transparent about what its pet insurance plan does not cover, listing all of these restrictions on its landing page; this includes aids and prosthetics, congenital conditions and surgical implants to name just three.

    Like many other insurtechs, it also strives to use simple language to convey the extent of coverage that your pet will receive. Such simplicity is at the heart of Oyen, which like all insurtechs, ultimately aims to simplify the process of purchasing insurance coverage, even for a segment like pets.

    Market challenges

    Running an insurtech company is never a walk in the park, let alone in such a niche like pet insurance, and with it comes a specific set of challenges.

    According to Chin, the biggest obstacle that Oyen faces is the lack of insurance knowledge in Malaysia. This often results in the company having to deal with and educate customers that cannot make head or tail of the insurance or claims processes.

    “We were surprised that 80% – 90% of those who enquire with us, have very limited knowledge of how insurance works,” she shares.

    “For example, we have had a lot of people who ask if they can claim for a vet bill that happened yesterday. Or they may be at the vet right now and they would like us to reimburse the cost!”

    She adds that customers also often ask about covering preventive and routine treatments, the responsibility of which lies with pet owners themselves.

    “Once people understand how the industry works, it is rather straightforward for them to consider getting their pets insured,” says Chin.

    Although the concept of pet insurance is still fairly new and relatively unknown to the wider public, it is not a new product in Malaysia, having been in the market since 2010. Chin says this is proof that insurance companies have already established that the market is big enough for them to introduce such a product.

    “We determined that there is a fast-growing demand segment through a few avenues,” she explains, adding that the pet care market in Asia-Pacific is growing, and is projected to continue growing at a compound annual growth rate (CAGR) of about 10% until 2028.

    “Pet humanisation has been rampant – people no longer treat their pets as pets, but as a family member, and even children.”

    This means that the way that people care for their pets is more extensive than ever before, with many now receiving home-cooked diets or even food prescribed specifically by pet nutritionists. Such pets also receive better healthcare treatments in general which could include pet hydrotherapy, physiotherapy and acupuncture to name a few. Some even go to the extent of conducting DNA tests on their pets to ensure proper lineage!

    “As the cost of pet healthcare increases, due to higher demand for better services and more advanced equipment, the need for pet insurance will increase as well,” predicts Chin.

    As for their future expansion plans, Oyen aims to provide “a holistic ecosystem in pet healthcare”. This means that any growth will be within the confines of the pet healthcare system first and foremost, instead of branching out to other insurance verticals.

    “If there are opportunities that arise from our pet healthcare focus, we will be happy to explore them.”

    When asked about what the long-term game is for Oyen, Chin is very clear as to what her ultimate goal is.

    “Becoming the pet healthcare super app in Asia Pacific!” she says unequivocally.

    Industry thoughts

    As part of the insurtech industry, Chin is certainly building something special in Oyen. However, she believes that there are still some industry blind spots that often get overlooked.

    “There is too much focus on the sexy parts of technology and digitalisation, and not enough on building empathy and simplicity into the user experience,” she notes.

    Her deft observation is that the space is awash with technological innovation, so that is not a weak point that needs to be addressed. However, many insurtechs end up chasing new breakthroughs and often ignore the human element that is required to quickly grow a loyal customer base. Rather than cutting-edge features, ease of use should be prioritised.

    “We need to identify how these technologies or innovations help improve the experience for customers both from a registration and quote journey, as well as claims,” she adds.

    With its customer-first approach, it will be of no surprise to anyone if Oyen continues on its current growth trajectory!

    By Caleb Khew

    A version of this story was published in Smart Investor March/April 2022; issue 372.

    If you liked this article, do check out these other reads on Smart Investor:

  • How A Buy-Sell Agreement Can Help Business Partners In The Future

    How A Buy-Sell Agreement Can Help Business Partners In The Future

    The following story is based on an actual series of events, with some names and circumstances fictionalised. Any similarity to any person’s name, character, or history is coincidental and unintentional. Business partners normally do well when the relationship and business are good, but what happens when either one passes away? This is how a buy-sell agreement can help all parties involved.

    Teh and Fong have had a successful joint venture called Advanced Computing Machines Sdn Bhd (ACM), distributing computers and accessories throughout Malaysia. Each had an equal share of 50% in ACM.

    Teh and Fong had been classmates since primary school and had a closer relationship with each other than with their siblings. They started the business in 1980 when the market was still new. Desktop computers were clunky, and laptops were unheard of.

    The entry of the ACM joint venture was based on their shared conviction that the market for desktop computers would be big as such machines became popular among corporations.

    As the manufacturing cost of computers came down, the market soon developed into a very competitive one. Fortunately, ACM, one of the early players, had a significant market share and could survive on razor-thin margins because of economies of scale and good teamwork between Teh and Fong.

    Teh excelled in marketing, and Fong was a strong operations man. The two blended well and grew market share successfully. Profit grew to exceed RM10 million on an RM900 million turnover.

    Teh brought in his son as his assistant, and Fong’s son joined shortly after as the company accountant. Their thoughts then were for their sons to be joint successors to the business.

    Over time, however, it became clear to Teh and Fong that the two sons did not get along. They often complained about each other to their father. The animosity between them grew, basically stemming from a lack of trust. Fong’s son, being a typical accountant, was always eager to check on business development expenses, while Teh’s son resented his constant querying.

    One day, Teh expressed his concern to Fong over a golf session. They both acknowledged that it would be a disaster for the business if both sons were to inherit what they owned. They decided to seek advice from me, whom they both knew as a financial planner for over a decade.

    After a few pleasantries, they met me over lunch and brought up the subject of their concern.

    Read: Money Caused Breakup Among Four Close Friends, That’s Why it Is Important To Plan For The Succession Of A Business

    Buy-Sell Agreement As An Alternative

    Teh started by asking: “Jo, as you know, we have equal shares in ACM that you helped bring to IPO, and we are concerned that if one of us dies, the share in the business will go to our family and disrupt the business.”

    Fong added: “The big worry is that our sons don’t get along. Sooner or later, there will be a fight, and the business will go downhill. Is there anything we can do besides leaving our assets in a will?”

    I said: “Yes. There are two routes you can choose from. One is to sell the shares wholly or by a majority to a party interested in further developing the business. The second is to sign a buy-sell agreement between you so that when you die or become mentally incapacitated, your representative can sell to the other at a pre-agreed price or price-fixing formula.”

    “But what if our successor refuses to honour the buy-sell agreement?” Teh asked.

    I replied: “This is where it would be useful to do this buy-sell agreement with an independent trust company to act as your attorney. The trust company can then enforce the provisions you have agreed to and ensure the sale proceeds go to the beneficiaries.”

    “What if my family does not have enough cash to buy?” asked Fong.

    “Two ways. The first way is you can agree beforehand on payment in instalments. Or second way, as commonly done, both of you can buy insurance for a sufficient value to cover the shares to be purchased when the time comes.” I said. “For the process and the tax implications, consult an experienced trust company,” I added.

    Shortly after, the buy-sell agreement and two insurance policies were put in place with the help of the trust company.

    Read: He Had Everything But Children’s Harmony In The Family Business

    Buy-Sell Agreement Put Into Action

    In 2020, Teh died from Covid-19 infection, and the trust company claimed the insurance proceeds, which were paid to the beneficiaries, and his shares were transferred to Fong.

    This was a happy ending for everyone involved, avoiding conflict and hardship for the next of kin. This is a good example of how a buy-sell agreement manages to help.

    Read: The Amazing Reconciliation Of Father And Son, And This Reflected Inside The Will

    About Rockwills International Group

    Rockwills International Group, now in its 28th year, pioneered professional will writing in 1995 and has since evolved into the leading estate planning specialist in the country. It is today the largest provider of solutions and support services in trusts, succession, management and distribution of wealth. It has shareholders’ funds exceeding RM50 million. It has done over 280,000 wills and 15,000 trusts and holds more than RM25 billion in assets under trust.

  • Leading Malaysian Coworking Company WORQ Launches Its Largest Coworking Space

    Leading Malaysian Coworking Company WORQ Launches Its Largest Coworking Space

    One of the largest coworking spaces in Malaysia, WORQ, has officially launched their fifth and largest outlet in a strategic location at Menara 1 Sentrum, KL Sentral. Located in the center of Kuala Lumpur, the site is surrounded by unimpeded views of Kuala Lumpur’s cityscape and is equipped with convenient access to train services and food options right next door.

    This new office space occupies two levels in Menara 1 Sentrum, with a total area of 34,000 sq ft. The outlet has achieved 80% occupancy prior to its launch. The whole space on the higher level has been occupied by a single tenant with 300 pax under the WORQ Enterprise Solutions – the latest innovative service for enterprises in Malaysia to provide next generation office solutions.

    Stephanie Ping, CEO and Co-founder of WORQ shared, ”We have continued to see strong demand at all our WORQ outlets, proving that companies are looking for agile solutions that solve their real estate issues. We pride ourselves on being at the forefront of innovation in the
    coworking industry by understanding what the market needs and being able to develop solutions and services for our customers. The launch of our newest outlet in KL Sentral is on the back of continued strong demand from the business community in Malaysia and we are
    excited to see more large scale enterprises understand the benefit of flexible workspaces for their teams.”

    Already the leading coworking group in the market, the newest WORQ outlet reached profitability since Day-1. Even before the fitout work began, this location had already received 70% of its pre-sales, and since the brand’s launch, WORQ has consistently kept occupancy rates above 90% at all of its locations.

    As a gold sponsor for WORQ, Ovalapp demonstrated its support for the brand’s launch event by providing attendees with digital business cards as part of the sponsorship benefits.

    How WORQ is paving the way for sustainable business practices

    WORQ is a market leader with a network of coworking spaces in Malaysia that recognizes the importance of sustainability and is taking steps towards sustainable business practices. This is of utmost significance, especially in light of the prevailing surplus of office spaces in Malaysia, which has surged to 26% in the year 2022, whereas the adoption of coworking spaces merely constitutes 1%.

    Traditional office leases often lead to wastage of resources through construction and reinstatement of spaces everytime a tenant changes. Coworking aligns with the principles of recycling and reusing resources, by designing office spaces with modular designs, spaces can
    be repurposed for new tenants with minimal demolition or rebuilding. This sustainable approach minimizes wastage and adds up to 9 years to office spaces’ lifespan.

    All of WORQ’s outlets are strategically located near public transportation hubs, including train stations, to promote alternative commuting methods and improve mobility, hence reducing carbon emissions. For each coworking outlet that is built, on average members collectively can save up to 7,000 hours of commute time per year. This improves productivity, employees wellbeing and ultimately is a more sustainable workstyle for the future.

    WORQ’s outlet in Menara 1 Sentrum is located in a certified green building with an environmentally friendly design that incorporates the use of sustainable low-emitting materials and energy-saving features to assist tenants in reducing their environmental impact.

    One of WORQ’s early supporters and repeat investors, Phillip Capital Management’s CEO, Mr Linus Lim Wen Sheong shared, “We are delighted to endorse WORQ’s impressive market foresight and strategic acumen, which positions them ahead of the curve. Their scalable
    business model, tailored to serve the mass market with a value-for-money solution, has the potential to capture the highest market share not only in Malaysia but also across Asia. As a satisfied customer and investor, we applaud WORQ’s commitment to sustainable business
    practices, and we believe that this emphasis on sustainability will not only benefit the environment but also contribute to the company’s long-term success.”

    It is projected that the adoption of coworking spaces will surge to 20% within the next decade, consequently resulting in a decrease of vacant office space to 10%. WORQ’s emphasis on sustainable practices and environmentally friendly design is a step in the right direction towards
    a greener and more responsible future. It ensures the company’s long-term success while making a positive impact on the environment.

    The future of WORQ in Malaysia

    WORQ outlets has achieved full occupancy on average within two months from opening, significantly quicker than industry averages, which can take up to twelve months. This has been a key differentiator in WORQ’s better profitability versus its peers. The company’s success can be attributed to its focus on disciplined execution and creating a community-driven ecosystem that offers a wide range of amenities that cater to the needs of modern professionals. As WORQ continues to expand, more businesses across Malaysia can enjoy the benefits of utilizing flexible workspaces.

    “Recognizing the current state of the office market is crucial as there has been a significant increase in office vacancies to 33 million square feet between 2016 and 2022, leading to a substantial capital loss of approximately RM10 billion. This situation has had negative impacts on our economy. At WORQ, we understand the importance of addressing this issue, and our coworking solutions provide a practical approach by repurposing unused office spaces. By converting these spaces into coworking spaces, we can increase demand and alleviate the oversupply of office spaces. As more businesses adopt the flexibility and convenience of coworking, we strongly believe that coworking spaces will play a critical role in driving office space growth. In fact, a recent survey by CBRE showed that 70% of businesses will be users of coworking spaces within the next two years.” Stephanie shared.

    The brand has ambitious plans to quadruple their space by the end of 2025. Commencing the year 2023 with a total area of 98,000 sq ft, WORQ’s KL Sentral expansion is the first for the year, with further aims to double its space under management to 200,000 sq ft by the end of the year, propelled by the sustained robust demand exhibited by the Malaysian business community. By 2030, the market size of the coworking space industry in Malaysia is projected to grow to RM1.3 billion and WORQ’s replicable model is well positioned to capture more than 50% of that market share, with their mid-term plans being to build up to 3 million square feet of coworking spaces in Malaysia alone.

    About WORQ

    WORQ’s mission is simple; to liberalise real estate for the countless people using it. To do so, it aims to provide Google-like offices everywhere and enable users to consume real estate via a Space-As-A-Service model. WORQ, through its community-centred spaces, has garnered a total of 9 awards since its inception including the prestigious TechNode Global ORIGIN Innovation Awards for Best Community Builder.

    Boasting honoured guests that have passed through its doors such as King Charles III, who visited their TTDI outlet in 2017, and Executive Secretary of the U.S. Department of State, Kamala Ladhir who visited in 2018, WORQ’s hyper-localised community centres is the meeting place for workers and businesses alike which in turn attracts high-profile visitors to engage with its robust community.

    WORQ has been working on their secret recipe for scaling this model effectively. It ultimately aims to fulfill its vision, which is to help people prosper by working together.

  • Worldwide Holdings Promotes Environment, Social and Governance, Property Portfolio At Greenscape Fiesta 2023

    Worldwide Holdings Promotes Environment, Social and Governance, Property Portfolio At Greenscape Fiesta 2023

    Worldwide Holdings Berhad (“Worldwide Holdings”) has brought the community, public authorities and local entrepreneurs together at Greenscape Fiesta 2023  today at Daunan Worldwide, Alam Perdana Sales Gallery, which was also launched during the same event. The launching ceremony was officiated by Datuk Seri Dr. Haji Dzulkefly Ahmad, the Parliament Member of Kuala Selangor. 

    With Environment, Social and Governance (ESG) at its centre, the event that was organized in conjunction with National Landscape Day celebration is seen as a great platform for Worldwide Holdings to engage with the surrounding community, demonstrate their commitment to social responsibility and build trust with local residents and other stakeholders. 

    During the launching ceremony, Worldwide Holdings presented a donation of RM20,000.00 to Islamic Relief Malaysia (IRM), to be channelled into the Turkiye-Syria Earthquake Appeal Fund to assist the NGO with their efforts in providing emergency aid to the affected population of Turkiye and Syria. The company also contributed recycle bins to the representatives of the resident’s association of its project within Bandar Puncak Alam and Daunan Worldwide, Alam Perdana. The company also announced its plan to plant 3,323 of trees in the vicinity of Daunan Worldwide, Alam Perdana in conjunction with the 33 years anniversary of Worldwide Holdings this year. 

    According to its Group Chief Executive Officer, Datin Paduka Norazlina Zakaria, “Since we began our involvement in the real estate industry back in the early 90s, it has been our aim to empower the community and our developments through green and clean environment. We hope that all  our efforts in ESG, including the organisation of Greenscape Fiesta 2023, clearly display our desire  to create a more sustainable and equitable future, and lead to long-term benefits for the  company, such as improved brand reputation and customer loyalty.”

    Worldwide Holdings, one of the reputable players in the property development sector in the  Klang Valley, is one of the many big names that are developing projects in Bandar Puncak Alam,  Kuala Selangor, namely Puncak Bestari and Puncak Bestari 2 residentials. Riding on the success of  Daunan Worldwide, Alam Perdana in capturing the attention of the market, Worldwide Holdings’  Greenscape Fiesta also provided the customers with the opportunity to preview their soon to be launched property project, Adenia in Puncak Bestari 2, the latest offering by Worldwide Holdings that adopts wellness-inspired concept that is in alignment with ESG through its low-density development approach.

    Worldwide Holdings in recent years has actively been incorporating this approach into many of its new products and business activities, further strengthening the conglomerate’s commitment in promoting ESG and sustainability agenda in Selangor. Through this approach, Worldwide  Holdings hopes to not only provide the residents of its projects with more space and privacy, but also reduce carbon footprint by providing more green space from the preservation of the natural surroundings of its projects.

    Apart from developing high-end residences, Worldwide Holdings’ properties in Bandar Puncak  Alam also include quality, affordable houses such as Seri Seraya in Puncak Bestari that was developed under the Selangor state government’s Rumah Selangorku (RSKU) affordable housing programme, ensuring that Selangorians from all stratas of society have access to good common facilities. To learn more about Worldwide Holdings’ property portfolio, please visit  worldwide.com.my

    About Worldwide Holdings Berhad

    Worldwide Holdings Berhad, a wholly owned subsidiary of Perbadanan Kemajuan Negeri Selangor (PKNS) has grown successfully as a conglomerate with four main business sectors: Property, Environmental Management, Medical  Devices, and Energy. Today, Worldwide Holdings is recognized as a pioneer and leader in environmental management services and is one of the main players in the property development sector in the Klang Valley. Guided by four main pillars namely Green, Social, Education, and Healthy Lifestyle, the ‘Worldwide Prihatin’ program is Worldwide Holdings’ corporate social responsibility (CSR) initiative to contribute back to society, especially the communities around the company’s operations. Among the activities initiated through Worldwide Prihatin program are donations to disaster funds, humanitarian funds, education funds and educational assistance for underprivileged students, as well as sponsorship of sports development programs.

  • Weathering The Economic Storm: Why Malaysian Financial Institutions Must Leverage Technology And Focus On Customers

    Weathering The Economic Storm: Why Malaysian Financial Institutions Must Leverage Technology And Focus On Customers

    The current economic downturn, driven by the after-effects of the pandemic, the war on Ukraine and significant supply chain disruptions, is not exclusive to Malaysia, or even Asia – indeed, it is happening globally, and its effects will be far-reaching and felt for some time to come. Already we’ve seen significant, wide-scale lay-offs across all industries, interest rate rises and a general slowing in overall economic activity and growth.

    However, unlike previous recessions, many of today’s financial service providers have access to innovative technologies that can mitigate the impact of this economic upheaval, particularly when it comes to the provision of credit to businesses.

    Enabling The Flow Of Credit Is Essential To Economic Recovery

    Financial institutions and other organisations offering credit will always be in demand during tough times, as businesses seek short-term solutions to keep the lights on and the doors open. Having access to credit is vital for the global economy, and ensuring this credit is flowing where it’s needed is a critical role of the lending industry.

    Technology plays an enormous part in ensuring credit gets where it’s needed, whether that’s through simpler digital application processes offered by tech-enabled SME lenders, AI-driven credit reporting, easier access to account information via mobile apps, or the ability to rapidly launch new products or features to meet the changing needs of customers.

    Technology also enables faster approval rates for businesses and individuals seeking loans, which can provide a much-needed cash injection just when they need it.

    Tech-Enabled Banks And Financial Service Providers To Survive And Thrive

    Having next-generation technologies at the heart of a financial institution can make a significant positive difference to the bottom line when times are tough. Modern, cloud-native technologies that are charged on a per user, SaaS (Software-as-a-Service) basis can be incredibly cost-effective, with organisations only paying for the service that they use. This can enable financial institutions, lenders, and others providing financial services, to scale efficiently – both up and down – as the market dictates.

    As an example, composable, cloud-native banking and lending platforms, which enable greater flexibility, also effectively lower technology costs, which can have a significant, positive impact on operations during tough economic times.

    In any business, we know that the key benefits of technology are increased efficiency and productivity – reducing costs and increasing output. Leveraging the power of technology like cloud, data and analytics, artificial intelligence and machine learning can help to streamline processes, speed up decision-making, and lower overall operational costs.

    Crisis? Or Opportunity?

    Recessions can, of course, be catastrophic to businesses, however it’s important that organisations are also aware of the potential opportunities that these testing times can deliver. Changing customer needs and behaviours, combined with slowed market conditions, can be an ideal breeding ground for innovation and new ways of thinking.

    By understanding your customers and acknowledging their specific pain points, banks, financial institutions, fintechs and other organisations offering financial services can develop unique solutions that meet the specific needs of their customers in the current economic environment, while also opening up new revenue streams.

    As the macroeconomic climate continues to deteriorate, financial institutions, lenders and fintechs must leverage the power of technology to boost the lending pipeline and develop new and innovative customer-centric lending solutions to ensure their survival.

    About the Author

    William Dale is the Regional Vice President Asia Pacific at Mambu, the cloud banking platform that powers hundreds of the world’s most well-known banks and financial service providers, including Western Union, Commonwealth Bank of Australia, N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam and Orange Bank.

    www.mambu.com

  • Revolutionizing Online Furniture in Malaysia: CUURA’s Unique Approach to Quality, Affordability, & Customer Satisfaction

    Revolutionizing Online Furniture in Malaysia: CUURA’s Unique Approach to Quality, Affordability, & Customer Satisfaction

    As online shopping continues to dominate the retail industry, more and more consumers are turning to the internet for big-ticket purchases, including furniture. In response to this trend, CUURA, an online furniture store, has emerged as a popular choice for those seeking high-quality, affordable furniture online in Malaysia.

    Founded by Benny Lim Kien Yeap and his partners in response to the Covid-19 pandemic, CUURA has quickly become a household name in the online furniture retail industry. With RM3mil of self-generated funding, they launched their website and have since been committed to offering quality, affordable, and customer satisfaction-driven furniture products.

    CUURA Space: Wide Range of Furniture Products

    The brand’s online furniture division – CUURA Space, believes that beautiful, quality furniture is for everyone. And everyone deserves to go home to a beautiful living space. That’s why they offer a wide range of products in various styles and price points to suit everyone’s needs and budgets.

    Whether you’re a student furnishing your first apartment or a family looking for high-end furniture pieces, CUURA Space has something for you. Their product range includes everything from essential furniture items like beds and sofas to accent pieces like chest of drawers and rugs, all designed to elevate your living space.

    CUURA’s Unique Business Approach

    But what sets CUURA apart from other online furniture retailers? For starters, their commitment to quality control is second to none. While the majority of their products are sourced from China, the team is actively involved in the manufacturing process and has developed a network of manufacturers who must pass specific criteria. Furthermore, every item undergoes stringent quality control processes twice before it is delivered to customers.

    CUURA’s dedication to customer satisfaction is also evident in their refund policy. They offer a 30-day, no-questions-asked, full refund for all furniture sold, giving customers peace of mind. Additionally, they provide a 3-year warranty for sofa and bed frames, further highlighting their commitment to quality.

    CUURA Rent: Professional Home Makeover Services

    But CUURA isn’t just a furniture retailer. They also offer professional home makeover services, known as CUURA Rent. This service aims to help property owners furnish their units affordably and quickly, getting them listed for rental as soon as possible.

    With CUURA Rent, bare units can be fully furnished with quality furniture and become rent-ready in just 14 days. Each customer will receive a personalised proposal which caters to their needs and budgets within 24 hours. They are transparent with their pricing, with CUURA Rent furniture prices the same as their retail division.

    Apart from home furnishing, they also offer wall painting, curtain installation, grill works, and light installation to turn a property around. By outsourcing these tasks to their list of service providers, CUURA Rent ensures that their customers have a marketable property with minimal effort.

    CUURA’s Journey to Success

    In a crowded online furniture retail market, CUURA’s unique approach has earned them a loyal following. By offering professional home makeover services alongside quality furniture online in Malaysia, CUURA has disrupted the local industry and proven that a unique approach to e-commerce can be a winning formula.

    About CUURA:

    CUURA Space (Aureas Media Sdn Bhd) is an online-only, direct-to-consumer furniture retailer that’s going to disrupt the furniture shopping experience in Southeast Asia through technology and data. As a start-up, the folks here are not just colleagues. We are family. We work together to make our clients’ dream rooms come true because a mismatched home is not a home. Our clients are worldwide because we believe opportunities are limitless. CUURA Space is also an equal-opportunity workplace with a flat hierarchy. Everyone is welcome to join our pioneer team as we challenge the furniture industry to keep up with us.

  • How To Save 50% Of Your Tax Payment?

    How To Save 50% Of Your Tax Payment?

    It is that time of year we have to file our taxes. I heard most employees file it quickly to get their refunds quicker. Is that the same for you too?

    I hope you have taken advantage of all your tax relief, especially if you earn more than RM7,000 a month. But is there a way to save 50% of your tax payment?

    I did a one-on-one with one of my Double Your Networth student, and she asked me, “How do I take advantage of my tax relief?” And I am grateful she ask me this question.

    Because sometimes I take for granted that everyone around me knows what to do. Especially since she earns RM25,000 a month, I know how paying taxes through her nose feels.

    I won’t go through all 15 categories, but  I prepared a simple tool I normally use to plan to see the difference between ‘taking advantage of the tax relief’ vs ‘not taking advantage of it’. Once you download it here, you can see how much money you will save & more importantly, and you can see your Effective Tax Rate (ETR)

    ETR is very important as I was misguided when I thought my ETR was 24% when my income was RM200,000 a year. But in reality, when you deduct all the tax relief, my ETR was probably at 10% of my total income.    

    Here is a quick summary of what Personal Tax Relief you can take advantage of (and the typical misses) depending on which category you are in for YA 2022. Only by knowing these details, will you be able to save 50% of your tax payment.

    Single Or Married Without Kids

    1. Self – RM9,000
    2. EPF – RM4,000 (if you are under the EPF scheme and not the pension scheme)
    3. Life Insurance – RM3,000
    4. Medical Insurance – RM3,000 (read here on what mistakes to avoid, I wrote a blog on this last year)
    5. Private Retirement Scheme – RM3,000
    6. Lifestyle – RM2,500 (purchase of books, laptop, tablets and smartphones and internet subscription)
    7. Additional lifestyle – RM2,500 (purchase of laptop, tablets and smartphones)
    8. Domestic Travelling – RM1,000
    9. Sports Equipment and Fees for rental – RM500
    10. Medical Fees for Parents – RM8,000 (do ensure you are the only 1 claiming & not claimed concurrently by your other siblings)
    11. Socso – RM250
    12. Vaccination – RM1,000 (Up to RM1,000 for yourself)

    Married With Kids Under 18 years old

    1. All the above
    2. SSPN – RM8,000 (most parents don’t take advantage of this for their kids)
    3. Ordinary Child Relief – RM2,000 per child (either parent can claim and not a claim by both parents)
    4. Lifestyle – RM2,500 (You can buy laptops, tablets and books for your spouse and kids as well. Since they can’t track, you can even buy laptops, tablets, and books for your nieces or nephew)
    5. Additional lifestyle – RM2,500 (if you have more than 1 child, you can claim additional on this purchase of laptop, tablets and smartphones)
    6. Child Education Insurance – RM3,000 (read here on what mistakes to avoid, I wrote a blog on this last year)

    Figure 1

    Here Is How You Can Save 50% Of Your Tax Or Effective Tax Rate (ETR)

    Mr Nair (not his real name) is working for a famous foreign Bank for 5 years. He and his wife have 2 kids. He manages to buy one property for investment purposes and is getting rental income.

    The main strategy to save 50% of your Effective Tax Rate is to maximize all your tax relief (if possible) OR spend/save consciously in areas with tax relief.

    For Mr Nair, all he needed to do was to:

    1. Maximize his SSPN by saving for his 2 kids – RM8,000 (RM4,000 each)
    2. Maximize his PRS by saving RM3,000 to any of the approved Private Retirement Unit Trust
    3. Take his family for a year-end holiday of RM1,000 (through approved operators and selected premises here – Item 8)
    4. Buy a basic smartphone for his son – RM598

    Figure 2

    You will notice in Figure 1, his tax bracket dropped from 13% to 8% because his taxable income dropped below the RM50,000 level.

    Hence he could save RM1,136 on something he needed to do anyway (to save for himself and his kids).

    In case you are tight on cash, one of the method I used was to transfer some of my existing investments / spare cash / emergency funds to my kids’ SSPN or my PRS. The idea is like “Move from your left pocket to your right pocket.”

    Is this something that benefits you? Yes, I know this is a bit late, but this doesn’t stop you from planning for this year (YA 2023), right? Hope you have a clearer idea on how to save 50% of your tax payment.

    *DISCLAIMER: All tax references have been taken from PWC’s website. All my sharing on how to save 50% of your tax payment is for educational purposes and is my personal opinion. It should not be confused with tax advice. Do consult a licensed tax consultant for proper tax planning.

    About the Author

    Ka Hoe is a Licensed Financial Planner having a “Financial Adviser Representative” (FAR) with Bank Negara and “Capital Market Service Representative License (CMSRL) – Financial Planner” with Securities Commission. He is also the Founder of J Advisory, a Personal Finance Academy that helps struggling Malaysians elevate their financial well-being with proven tools, systems and strategies.

  • EXIM Bank Malaysia And MASSA Collaborate To Bring The Central Asian Market To Exporters

    EXIM Bank Malaysia And MASSA Collaborate To Bring The Central Asian Market To Exporters

    Export-Import Bank of Malaysia Berhad (EXIM Bank) and Malaysia South-South Association (MASSA) join hands in bringing the Central Asia region to exporters via a business briefing and networking session.

    Called the EXIM Bank & MASSA Business Briefing and Networking Luncheon, the session sees the participation of countries from the Central Asia region, namely Uzbekistan, Tajikistan, Kyrgyz Republic, Kazakhstan and Turkmenistan. The ambassadors attended and shared the market potential of their countries.

    Over 70 exporters attended the briefing session to hear about the market opportunity of the RM 1747.5 billion Central Asian market, specifically in the agriculture, energy, infrastructure, health, information technology and tourism sectors.

    “EXIM Bank is honoured to host the Ambassadors of the Central Asian region and exporters at the Bank for the business briefing session. This event serves as a platform for the embassies to share the economic potential of their respective countries with local exporters; and for the local businesspeople to learn, explore and gain entry to these markets,” said Arshad Ismail, President/Chief Executive Officer of EXIM Bank Malaysia.  

    Datuk Merlyn Kasimir, MASSA EXCO Member said: “Central Asia is fast emerging as a promising and strategically located market for businesses worldwide. The world is moving into a new era characterized by VUCA, ESG and IR4.0 and this is a new frontier for Malaysian businesses, presenting us opportunities to collaborate with other developing countries. The areas for business collaboration between Malaysia and Central Asia are many and remains to be tapped.”

    On the back of the recent revised Budget 2023 and the introduction of the Exporters’ Development Incentive Scheme or “Skim Insentif Pemampanan Pengeksport” (SIP2), EXIM Bank is driven to help local entrepreneurs strengthen their businesses and achieve their cross-border aspirations.

    Arshad hopes that the affordable funding rate the SIP2 scheme offers will encourage local entrepreneurs/exporters to explore new markets, such as the Central Asian region, for their products and services and increase their capability as an exporting company in the long term.

    About EXIM Bank

    The Export-Import Bank of Malaysia Berhad (EXIM Bank) was incorporated on 29 August 1995 and is wholly-owned by the Government of Malaysia. The Bank has assisted a diverse range of Malaysian business in various sectors in their global ventures.  EXIM Bank takes pride in meeting its mandated role of stimulating and enhancing the competitiveness of Malaysian industries for exports and investments globally via the provisioning of internationally and domestically competitive banking and insurance products and advisory services. The Bank also offers Shariah-compliant financing and Takaful instruments. For more information, visit www.exim.com.my.

  • Women in AI – Two Female Founders Team Up to Launch World’s First AI-Driven Marketing Strategy Platform

    Women in AI – Two Female Founders Team Up to Launch World’s First AI-Driven Marketing Strategy Platform

    Brand Soul Malaysia, a leading brand strategy consultancy firm in Malaysia, launches the world’s first artificial intelligence (AI) driven marketing strategy platform in collaboration with Robotic Marketer. Recognised for its sustainable brand building and marketing strategy formulation, the new partnership with Robotic Marketer is a women- led venture by Stella Wong and Mellissa Smith, stepping towards building the future of marketing.

    Over the last decade, Malaysian business owners have encountered unprecedented business challenges and struggled to expand their organisations under fierce competition to manage their brands effectively. Despite several government initiatives, most SMEs find it challenging to differentiate their brands in the global market due to weak branding and marketing strategies and a lack of digital marketing skills. Companies without a strategy or plan are at risk of spending more resources on ineffective campaigns and missing out on valuable opportunities.

    With the launch of Robotic Marketer in Malaysia, Brand Soul intends to transform the branding and marketing landscape by becoming the sustainable brand and AI marketing partner for growing businesses, helping them to capitalise on AI and ChatGPT technology for better marketing ROI.

    Another Women-Empowered Milestone

    According to a report by Grant Thornton in 2021, Malaysia has achieved a new record with 37% of women occupying senior leadership positions. This partnership is a reflection of this achievement which has resulted from persistent efforts made over the years to enhance skills and expertise, enabling women to reach the pinnacle of the business world.

    Stella Wong, Founder of Brand Soul

    “We are thrilled to be the leading licensee of Robotic Marketer in Malaysia to extend our service offerings. With ChatGPT technology becoming the buzzword in almost every industry, we aim to become Malaysia’s first branding and marketing consultancy that puts technology and experience into real practice. Our goal is to help our clients succeed by making marketing easier, more efficient and more cost-effective,” says Stella Wong.

    “The marketing automation platform is a game-changer for businesses as we give them full control over their marketing performance, with up-to-date data analysis, reporting and full visibility of marketing strategy performance in one single platform. One of its key features is creating a comprehensive marketing plan with the target audience and competitor insights and marketing tactics aligned to key marketing objectives. It also features a 12-month marketing calendar with real-time data and industry benchmarking analysis. We cannot wait to see how it disrupts the traditional marketing methods and helps businesses to grow,” adds Stella Wong.

    Mellissah Smith, the CEO of Robotic Marketer, also comments on the partnership, stating, “We are delighted to partner with Brand Soul. When we were looking to expand into Asia, we sought a forward-thinking company that embraces technology to drive better marketing performance for their clients. We found that Brand Soul had accumulated respect in the industry working with companies that benefited from their creative approach and performance-centric brand marketing campaigns.

    Mellissah Smith, CEO of Robotic Marketer

    The leap into data-driven marketing strategies using artificial intelligence is a good fit with Brand Soul’s expertise in branding and marketing.”

    Having worked closely with over 1000 companies across various industries with specialities in the branding and marketing sectors, the founders understand the fast-evolving nature of businesses. Individually they have also helped businesses drive their branding and marketing through the thick and thin of the pandemic and the current global situation.

    Moving forward, Brand Soul will launch a series of AI marketing awareness programmes and introduce Channel Partnership Programme to help software companies and their channel partners develop go-to-market strategies to build brands and generate leads. Companies that Robotic Marketer work with across the channel include SAP, Oracle, Mitel and Zift.

    Brand Soul will also offer Robotic Marketer as part of its branding and marketing services suite, including brand strategy, brand identity, digital marketing, seed marketing, content creation and more.

    For more information, please visit Brand Soul’s official website at www.brandsoul.com.my or contact+017-513 6870.

    About Brand Soul Malaysia

    Founded in 2016, Brand Soul Malaysia is an independent, sustainable-driven, and innovative brand and marketing strategy design consultancy based in Kuala Lumpur.

    Known for helping organisations to improve profitability and achieve sustainable growth through a data-driven approach, Brand Soul has revolutionised how branding & marketing is done with its differentiators, namely data-led brand strategy & identity framework, integrated web design & content strategy, precise marketing, and brand-centred training & development programmes.

    Brand Soul’s innovative approach to branding and marketing led it to win several coveted awards. Brand Soul has worked with local and international clients, including Petronas, GDEX, Ho Wah Genting, Medtronic, Viewpoint, Yinson and more.