Category: Enterprise

Bintang Capital Partners Berhad (“Bintang” or the “Firm”) proudly announces its achievement of becoming a Certified B Corporation (“B Corp”), making it the first private equity firm in Southeast Asia to earn this prestigious recognition.

Administered by the renowned global non-profit B Lab, the B Corp Certification recognises businesses that meet high standards of verified performance, accountability and transparency on factors ranging from employee benefits and charitable giving, to supply chain practices and using responsible input materials.

By joining the community of 6,800 existing B Corps operating in 161 industries across 90 countries, Bintang is embracing a common objective of harnessing business as a force for good.

Founder and Chief Executive Officer of Bintang, Johan Rozali-Wathooth, shares the reasons behind Bintang’s motivations in pursuing B Corp Certification, stating, “It has always been my dream to establish a private equity firm that integrates purpose with considerations for people, planet, and profit. During the early stages of the COVID pandemic, I had time to think about how companies all over the world achieved this goal. The narratives surrounding the B Corp movement inspired and convinced me that this is the way forward for Bintang.”

Bintang has integrated core values of the B Corp belief system into every facet of its business operations and investment processes. This certification represents a significant leap forward in the firm’s relatively short history, propelling Bintang towards becoming a leading impact investor in the Southeast Asian region, driven by the firm’s core “Triple I” philosophy of “Investing in Impact and Innovation.”

Johan further explains, “This achievement not only demonstrates our commitment to responsible business practices but also serves as an inspiration for our Partner Companies. We aspire to guide and support them on their quests to become Certified B Corps. Additionally, given the under-representation of Southeast Asian companies amongst the global B Corp community, we have a further dream to create at least 150 new B Corps in the ASEAN region within our portfolio of companies by 2050.”

Tan Ee Beng, Director at B Market Builder Southeast Asia (the Southeast Asian chapter of the global B Lab Network) shares that, “Bintang Capital Partners has long been a leader and evangelist of ‘Business as a force for Good’ as demonstrated in their organisation’s core values and purpose. This is aligned with our collective mission at B Lab Network globally to transform our current economic system to be more inclusive, equitable and regenerative. I applaud the Bintang team for their perseverance, commitment and leadership in making their dream of becoming a Certified B Corp a reality.”

To earn its certification, Bintang completed the comprehensive B Impact Assessment, evaluating the firm’s practices and performance across five impact areas: workers, communities, customers, governance, and the environment. This process involved rigorous assessments and verifications, engaging every member of the firm, and spanning approximately one year.

As part of the certification process, Bintang amended its Constitution to embrace stakeholder governance. This commitment ensures the firm’s accountability extends to all stakeholders, including workers, communities, customers, suppliers, and the environment – not only its shareholders. Bintang’s comprehensive Responsible and Sustainable Investment Policy further reinforces the incorporation of environmental, social, governance (ESG) as well as impact considerations into all aspects of its business operations, including the investment process.

Johan added, “Bintang Capital Partners’ B Corp Certification demonstrates its unwavering dedication to responsible business practices and its commitment to making a positive impact. The firm looks forward to continuing its journey as a leader in sustainable investing, inspiring others in the region and beyond”.

About Bintang

Founded in 2018, Bintang is a private equity firm headquartered in Kuala Lumpur, Malaysia. Bintang benefits from a parentage that includes leading independent Malaysian asset management group, AHAM Asset Management Berhad as well as leading global investment managers such as CVC Capital Partners and Nikko Asset Management.

Bintang focuses on deploying capital into fast-growing mid-sized ASEAN companies with proven track records: based on Bintang’s Triple-I Strategy (“Investing in Impact & Innovation”) the Firm backs visionary entrepreneurs who are aligned to Bintang’s twin core investment philosophies of Innovation and Impact.

Bintang is a signatory to the United Nations Principles for Responsible Investment (“UN PRI”). The Firm is also the first Malaysian signatory to the Operating Principles for Impact Management (“the Impact Principles”), an initiative whose development was led by the International Finance Corporation (“IFC”), a member of the World Bank Group.

On the 21st of May, 2023, Bintang became a B Corp, the first private equity firm in Southeast Asia to earn this prestigious recognition. Bintang has an aspiration to create 150 B Corp portfolio companies by 2050 (“150 by ‘50”).

The Firm’s maiden fund, BCP Asia Fund I (“BCPAF I”) is anchored by Dana Penjana Nasional, an investment fund under the Malaysian Government’s Ministry of Finance aimed at catalysing the country’s post Covid-19 economic recovery whilst supporting the local private capital industry.

BCPAF I invests in high performance and high innovation companies who are well-placed to meet the challenges, opportunities and disruption brought about by rapid advancements in technology. The fund focuses on investments in companies who are committed towards delivering impact from environmental, community, employee, customer and governance perspectives.

Recent investments by the firm include Involve Asia, a technology company that operates a performance-based marketing platform; My Care Concierge, a multi-award-winning provider of elderly care solutions; and iHandal, an industry leader in the energy efficiency solutions innovation space.

Further information about Bintang is available at www.bintangcapitalpartners.com.

About B Lab

B Lab is the non-profit network transforming the global economy to benefit all people, communities and the planet.

By harnessing the power of business, B Lab positively impacts companies around the world, helping them balance profit with purpose. Together, B Lab and the B Corp Community are shifting the global economy from a system that profits few to one that benefits all: advancing a new model that moves from concentrating wealth and power to ensuring equity, from extraction to generation, and from prioritizing individualism to embracing interdependence.

Further information about B Lab and the B Corp Certification is available at About B Lab (bcorporation.net).

The Centre for the Fourth Industrial Revolution Malaysia (Malaysia Centre for 4IR) was officially launched today by the Minister of Economy, Rafizi Ramli and the President of the World Economic Forum, Børge Brende.

Malaysia Centre for 4IR will play a crucial role in driving the advancement of the digital economy in Malaysia, with a focus on supporting the country’s digital transformation and advancements in fast-growing sectors including green energy transition. The Centre will serve as a public-private platform, bringing together leaders from government, business, civil society, academia and other sectors to advance new partnerships and initiatives that can unlock the value of technology for Malaysia’s economy and society. The Centre is hosted by MyDIGITAL Corporation, a national initiative aimed at transforming Malaysia into a digitally-driven, high-income nation and a regional leader.

This initiative marks a significant milestone in Malaysia’s journey towards becoming a global leader in technology governance and innovation. The Malaysia Centre for 4IR is the first Centre in the Asia-Pacific region as part of the World Economic Forum’s global Centre for 4IR Network. With this launch, Malaysia joins a community of 18 other Centres, where new and innovative approaches to technology governance, adoption and scaling are being developed and implemented at the national, regional and international levels.

The Prime Minister of Malaysia, Anwar Ibrahim said in his pre-recorded opening speech, “Malaysia is honoured to be part of the global network of Centres for the Fourth Industrial Revolution with the first Centre for 4IR  in Southeast Asia. This is a testament to the critical value of Malaysia’s efforts to become an advanced, digitally-driven, high-income nation and a regional digital economy leader fostering innovation, entrepreneurship and collaborations between stakeholders. The Malaysia Centre for 4IR will further strengthen Malaysia’s human-centred policy towards the Fourth Industrial Revolution and contribute towards our target of entering the Top 20 in the Global Innovation Index. We are confident that a resilience-oriented approach will also improve the nation’s People’s Wellbeing Index score and enhance productivity to create inclusive, balanced, responsible and sustainable economic growth.”

Addressing the leaders at the launch event, Børge Brende, President, World Economic Forum said: “Malaysia’s leadership in the region and commitment to driving the Fourth Industrial Revolution is commendable. Through the Centre for the Fourth Industrial Revolution Malaysia, we are excited to work together with the government, business, and civil society leaders to unlock the value of technology for the benefit of all Malaysians. This partnership will not only drive transformation but also help build a more sustainable, inclusive, and resilient future for Malaysia and the region.”

Rafizi Ramli, Malaysia’s Minister of Economy said, “Today’s launch reflects a critical insight in Malaysia’s innovation journey: Innovation is a team sport and collaboration is essential. The economic case for innovation has become indisputable through the decades. The Malaysian Centre for 4IR shall act as a necessary impetus, starting with a dual focus of energy transition and digital transformation.”

Following the official launch, the Centre hosted two roundtable discussions to address its thematic priorities, inviting leaders from business, government and other sectors to share their key priorities and opportunities for the energy transition and digital transformation. These insights will serve as the foundation for the Malaysia Centre for 4IR’s core initiatives, informing its strategic planning and program development.

Fabian Bigar, CEO of MyDIGITAL said, “MyDIGITAL team is proud to be entrusted with the responsibility of making Centre for 4IR Malaysia a success in achieving its goals. Prior to this, we have been dedicating our efforts to driving quality growth in Malaysia’s digital economy guided by the Malaysia Digital Economy Blueprint and National 4IR Policy to spur Malaysia’s transformation into a high-tech nation by 2030. The establishment of the Centre for 4IR Malaysia aligns with and further fortifies our initiatives to catalyse homegrown technology development by enhancing collaborative opportunities among stakeholders to unlock value in 4IR technologies, with a focus on supporting the country’s energy transition and digital transformation.”

From adoption to transformation to regional leadership, the Malaysia Centre for 4IR is a critical establishment that will help drive the country’s transition towards an advanced digital economy. By joining the global ecosystem of technology governance innovators and leaders, Malaysia Centre for 4IR is poised to contribute significantly to Malaysia’s economic and social development in the years to come.

The World Economic Forum’s global Centre for 4IR network is a platform for multistakeholder collaboration, bringing together the public and private sectors to maximize technological benefits to society while minimizing the risks associated with 4IR technologies

About MyDIGITAL Corporation

MyDIGITAL Corporation was established on September 13, 2021, as an agency under the Ministry of Economy to drive and monitor the implementation of Malaysia Digital Economy Blueprint and the National 4IR Policy, as well as to promote the overall objectives of MyDIGITAL’s aspirations. MyDIGITAL is an initiative that symbolizes the government’s aspirations to transform Malaysia into a high-income nation that is digitally-driven and a regional leader in the digital economy. MyDIGITAL Corporation also serves as the secretariat to the National Digital Economy and 4IR Council (MED4IRN), chaired by YAB Prime Minister. MED4IRN is responsible for the leadership and policy direction of digital economy and 4IR-related policies.

Thomson Hospital Kota Damansara (THKD) has become the first hospital in Malaysia to receive accreditation for its Core and Ambulatory – Cancer Services under the Evaluation & Quality Improvement Programme (EQuIP7) from the Australian Council on Healthcare Standards (ACHS) International.

This accreditation involves an internationally recognised evaluation process to assess and improve the quality, efficiency and effectiveness of healthcare organisations. The whole evaluation process on the hospital’s Oncology and Nuclear Medicine facility, its systems and processes were stringently managed by ACHS International’s team of experienced healthcare professionals facilitated by its licensed partner, GlobalHealth Quality and Innovation Accreditation (GHQIA). With the successful completion of audits, THKD’s cancer services proudly holds the EQuIP7 accreditation and ACHS membership for three years.

ACHS International is the third oldest accreditation body in the world and has been at the forefront of developing healthcare standards and assisting healthcare providers to implement safe and quality healthcare in Australia and overseas for nearly 50 years.

Nadiah Wan, Chief Executive Officer of Thomson Hospital Kota Damansara, expressed her delight in having achieved this milestone and was pleased with the team’s dedication to providing quality, compassionate cancer services to patients and customers, adding that the accreditation is a testament to the hospital’s commitment to continuous improvement and innovation. “I trust that being the first hospital in Malaysia to be conferred an accreditation for our Cancer Services will provide even greater peace of mind to our potential customers, patients, friends and family members when selecting a healthcare facility of choice for their treatment. We are committed to provide better service delivery, with improved outcomes and enhanced patient experience,” she further commented.

Thomson Hospital Kota Damansara is equipped with the latest and comprehensive Oncology and Nuclear Medicine facility which provides both diagnostic and therapeutic capabilities for cancer patients. Its oncology facility also proudly houses the Mediso AnyScan SPECT/CT/PET, the first Tri-modality nuclear medicine imaging equipment in the Asia Pacific region.

“At Thomson Hospital, our promise to our patients is that we will walk with you on your road to recovery. We are confident that this accreditation by ACHS will give further assurance to our cancer patients through our cancer services. We are committed to providing our valued patients the best care throughout their cancer journey; from diagnosis to treatment and during recovery, and aim for better health outcomes through our cancer services,” said Dr. Tan Chih Kiang, Consultant Clinical Oncologist and Head of Clinical Oncology.

Adding on, Dr. Zool Hilmi Bin Awang, Consultant Nuclear Medicine Physician and Head of Nuclear Medicine, said, “We are pleased to be one of the pioneers to offer this Mediso AnyScan SPECT/CT/PET. Thomson Hospital Kota Damansara is constantly innovating to provide the latest diagnostic and therapeutic services for their patients. Nuclear Medicine therapies such as Yittrium-90, Lutetium-177, Ac-225 and high dose I-131 Therapy are in the pipeline, while radiotherapy and radiosurgery services will be further sub-specialised into gynaecology, haematology and paediatric treatments. We also plan on collaborating with other healthcare institutions in Malaysia and other countries in making cancer therapies accessible to them.”

Participating in accreditation processes demonstrates Thomson Hospital Kota Damansara’s commitment to a lifelong journey to attain continuous quality and safety improvements guided by rigorous international standards. ACHS International assessors are highly trained and come from healthcare organisations from Australia and around the world. The assessment process is conducted using the EQuIP Assessment Methodology which utilises a robust structure of cross-referencing, observation and information gathering.

“Thomson Hospital Kota Damansara should be proud of this achievement and the ongoing commitment it has made to continuous quality improvement to provide safe healthcare services to its patients, staff, and community,” said Louise Cuskelly, Executive Director, ACHS International and Consulting.

Also sharing his thoughts was Varun Panjwani, Group CEO of Global Health saying, “GHQIA partners on the quality improvement and accreditation readiness journey, selecting associates with a shared vision and dedication. We are thrilled to work with Thomson Hospital, where everyone embodies the spirit of excellence and exhibits a passion for their patients.”

About Thomson Hospital Kota Damansara

Established in 2008, Thomson Hospital Kota Damansara (THKD), is the flagship hospital of TMC Life Sciences Berhad (TMCLS) located in a prime alcove of Kota Damansara, Selangor. THKD is expected to grow to a 559-bedded hospital with additional specialist centres and an operating theatre as part of the Group’s expansion plan. THKD sets new standards in healthcare through comprehensive facilities and excellent service for both our local and international patients. The Hospital offers medical and surgical services from over 120 reputable specialist consultants covering more than 53 medical and surgical sub-specialties. For more information, please visit thomsonhospitals.com or follow THKD on social media platforms @thomsonhospitalKD.

Generali Group, one of the largest global insurance providers, recently launched Generali Malaysia following the acquisition of a controlling majority in AXA Affin joint ventures in Malaysia and 100% purchase of MPI Generali Insurans Berhad. The transaction valued the acquired companies at close to RM1.29 billion (EUR 262 million), making it one of the largest M&A transactions in Malaysia in recent years.

On 1^st April 2023, the businesses were integrated under a single, unified brand ― Generali Malaysia. The integration positions Generali Malaysia as one of the largest general insurers and emerging life insurer in Malaysia, broadening its edge in a competitive market.

With its strong expertise in providing comprehensive protection solutions in all areas of general insurance – medical and health, motor and home, travel and personal accident, as well as business and commercial insurance, Generali Malaysia is committed to further expand its offerings and better cater to customers’ growing needs. With a focus on protection, medical coverage, savings, and legacy planning, its Life segment offers customers coverage needs for every stage of life.

Jaime Anchustegui Melgarejo, CEO, Generali International commented, “This is a significant milestone for Generali in Malaysia and in the region. It highlights our commitment and dedication to Asia and the importance we place on Malaysia as one of the region’s high-potential growth markets.”

Roberto Leonardi, Generali International Asia Regional Officer, commented that “As a unified entity, we look forward to enhancing the Generali experience and becoming Lifetime Partners to our customers in Malaysia, as well as making a positive contribution to the communities in which we serve.”

“The launch of Generali Malaysia is to create a unified, customer-focused brand that can provide  comprehensive insurance solutions across the full spectrum of products from general to life insurance. We aim to have a significant presence in the market and be one of the top general insurers in the country,” said Fabrice Benard, Chief Executive Officer, Generali Insurance Malaysia Bhd and Country Head for Generali Entities in Malaysia.

The launch is fully aligned with Generali’s ‘Lifetime Partner 24: Driving Growth’ strategy to strengthen its leadership position in Malaysia ― a country with strong potential for growth with its economic development and current low-insurance penetration. Holding a strong vision for the future, Generali Malaysia hopes to play an active role in contributing to Malaysia’s economic growth and development.

Supported by over 1,600 workforce, a wide distribution network of more than 9,000 agents, partners and distributors and 49 branches nationwide, Generali Malaysia is presented with the advantage of a larger market share in Malaysia which is further boosted with a broader range of products and services.

“As an insurer with over 190 years of insurance heritage and experience, we strive to provide better experiences as a whole, by transforming our role to go beyond selling products and to provide more value-added, personalized service in line with our ‘Lifetime Partner 24: Driving Growth’ commitment,” Benard added.

Rooted in Italy, Generali Group has a strong heritage and legacy of protection of more than 190 years. To date, Generali has presence in over 50 countries and a workforce of 82,000 employees serving 68 million customers. The Group has been active in Malaysia since 2015 when it acquired a 49% stake in Multi-Purpose Insurans Berhad – a P&C insurance subsidiary of Multi-Purpose Capital Holdings to create MPI Generali. In 2022, Generali acquired full ownership of the MPI Generali joint venture and purchased a controlling majority in AXA Affin General and Life Insurance in Malaysia. In 2023, Generali unfolded a new growth chapter with the launch of a single, unified brand Generali Malaysia ― one of the largest general insurers and emerging life insurer in Malaysia backed by over 1,600 employees, a wide distribution network of more than 9,000 agents and partners and 49 branches. 

ABOUT GENERALI MALAYSIA

Generali Group is one of the largest global insurance providers with more than 190 years of heritage. The Group has been active in Malaysia since 2015 when it acquired a 49% stake in Multi-Purpose Insurans Berhad – a P&C insurance subsidiary of Multi-Purpose Capital Holdings to create MPI Generali. In 2022, Generali acquired full ownership of the MPI Generali joint venture and purchased a controlling majority in AXA Affin General and Life Insurance in Malaysia.

In 2023, Generali unfolded a new growth chapter with the launch of a single, unified brand Generali Malaysia ― one of the largest general insurers and emerging life insurer in Malaysia backed by over 1,600 employees, a wide distribution network of more than 9,000 agents and partners and 49 branches.

Now with an expanded scale, breadth, and expertise, Generali Malaysia strives to further its ambition of being a trusted Lifetime Partner and a progressive insurer that safeguards the needs of Malaysians and their future generations.

THE GENERALI GROUP

Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 81.5 billion in 2022. With 82,000 employees serving 68 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The Group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.

Millennials and Gen Zs are increasingly becoming the main players in the economy. They are the future of our country, but these younger generations face challenges that have never been experienced before.

On the education side, did you know that 390,000 out of 560,000 SPM candidates opted to join the workforce immediately after the exam, while the remaining 170,000 students were interested in continuing their studies?

This goes to show that the Malaysian education sector is taking a back seat. Instead, they are eager to earn money as fast as they can and as much as they can.

With that in mind, Smart Investor spoke to Dr Sanjay Sarma, the new CEO, president, and dean of Asia School of Business (ASB), to get his insights on his plans at ASB and about the youths.

Read: Budgeting Is So Yesterday: Here’s 3 Intelligent Approaches to Financial Management for Youths

Smart Investor: Congratulations on your appointment as the CEO, President, and Dean of the Asia School of Business. What makes you join this prestigious organization

Dr Sanjay Sarma: Thank you! Several reasons. First, the previous deans, the staff, and the students have built an amazing platform. Second, Malaysia is, in my view, a geopolitical epicenter, given everything happening in supply chains, sustainability, innovation, and energy systems.

Third, Malaysian education sector will transform in the coming years for many reasons: the growth of online education, the growth of micro-credentials, the emergence of artificial intelligence, and the changes in how we work. With all this, ASB is a unique platform from across the world from which to embrace the future.

SI: What do you plan to achieve during your time here? And what are some of the ideas that you want to push through?

DSS: The points above set the direction. First, I want to double down on a central tenet of ASB: a pedagogy based on action, which we call action-learning. This pedagogy extends to how we deliver materials (we don’t deliver typical ‘lectures’), how classes become studios, and how we engage with the real world.

Second, ASEAN is a fascinating case study in progress with a diversity of all kinds. This includes cultural, economic, geopolitical, biological, and social forms — and our research-oriented faculty continue to deliver great insights on all fronts. I want to expand that.

Third, I would like to increase our focus on the education of working professionals. I believe that the Malaysian education sector cannot end with a degree. At MIT, we called it agile, continuous education. I would like to embrace that mantra — something the School has already made great strides in — and expand it greatly.

Read: Building A Safer Digital Future For Youth Of Tomorrow

SI: How do you see Malaysia’s education compared to its peers in the region?

DSS: What can be done to improve the situation further? I am of the belief that the way we educate has to change quite fundamentally. The rise of tools such as ChatGPT means we need a new class of graduates who can outperform technology.

Education worldwide — Malaysia, China, India, and the US — is not prepared for these challenges. And it needs to evolve and evolve rapidly. We need problem solvers, critical thinkers, and doers to solve the problems we are leaving for the next generation.

SI: With AI gaining traction (ChatGPT as an example), it opens up many possibilities. Instead of asking Google, we can ask AI and get a comprehensive answer. What will this mean to the future of the Malaysian education sector?

DSS: Well, it vividly points out the pole star we should shoot for. What are the things that AI and robotics, and other technologies cannot do that we should be preparing our graduates for? Of course, if we prepare robots, we cannot lament the loss of jobs to robots.

But the human mind is boundless. We must break the curricula we have trapped ourselves in — often remnants of the colonial era — and create people who can provide the creativity, ethical frameworks, and inspiration to take on the rising inventory of challenges.

This might all seem like empty inspirational talk, but our students at ASB have convinced me that we have this potential. And at events we have hosted, such as the International Women’s Day and the Leadership for Enterprise Sustainability Asia (LESA) Conference, we saw precisely the sort of role models we could aspire for.

Read: Syed Saddiq: 3 Powerful Tips For The Youths In Malaysia

SI: How do you see the importance of education in today’s youth? Are they still interested in furthering their studies?

DSS: I have never met a young person disinterested in learning. Curiosity is the most fundamental aspect of learning and is impossible to extinguish. I have, however, met many people who are disaffected with how we teach. That’s a different matter; as I said earlier, we need to fix that urgently.

That was true before COVID, climate change concerns, and ChatGPT. It is even more urgent today. As mentioned, at ASB, we are all about action – and I believe classrooms need a more engaging, thought-provoking nature for the next generation to be prepared.

SI: What are the different ways of making money today compared to the ’90s and 2000s? Is higher education still necessary to be making a decent living these days?

DSS: The last century saw the growth of corporations — scale was achieved through size. Now we are seeing the rise of the gig economy. Moreover, more and more approaches to generating income are technology and innovation-driven. Just ask a taxi cab medallion owner from a decade ago who did not see Uber coming.

Subscription models are another trend — services are more and more subscription-driven, whether it is Amazon Prime or Netflix. Living and thriving in this world requires mental agility. Education — done right — is one way to ensure that. You can no longer assume you will be employed for life and live in a company town.

You have to become the CEO of your own life. In many ways, the MBA is about that too. (Ergo, ASB).

Read: 5 Instagram Finance Influencer Accounts to Follow

SI: In your opinion, what’s the major concern on their minds? (unemployment, low salary, high cost of education, the high price of a property, etc)

DSS: All of the above, but we also see a much greater emphasis on social, and indeed planetary, good. I recommend reading about the Ubuntu philosophy: “I am because we are.”

Young people are similar to young people a generation ago, with one key difference — a sense of the collective good.

SI: What are your thoughts on YOLO (you only live once) and the financial independence, retire early (FIRE) movement that is hugely popular with the youths?

DSS: We live in an era of unicorns. That drives this partly. But unicorns are mythical creatures, and the valuations of some of these unicorns have been mythical too. How can a young person who lives in this era not be tempted? I don’t blame them, though I don’t recommend it.

It’s no different from buying lottery tickets today; these young people must bet everything in that YOLO moment. It is up to educational professionals to draw them back into reason and away from betting their lives away.

Read: ICMR Research Series: Understanding Millennial And Gen Z Investors In Malaysia

SI: Are the youths of today more financially savvy? And where do they normally invest?

I don’t believe they are more or less than a generation ago. It’s just the opportunities are different. They live in a far stormier sea and are often likely to bet on extremes (swing for the fence, as Americans might say). Crypto is an example.

Again, it comes down to educators to fix the Malaysian education sector so that our youth enter the next decade prepared to take on the challenges we are leaving them.

SI: Any advice to the youths out there facing the future?

DSS: Money chases intelligence, not impulsiveness, and luck sides the brave, not the reckless. Education can help you find the dividing lines.

We would like to wish Dr Sanjay Sarma and ASB all the best!

Read: ICMR Research Series: How Millennial And Gen Z Malaysians Are Getting Information On Finance And Investments

In today’s society, transparency has become an essential aspect of any industry, including the third sector. This is especially true for non-profits, as transparency plays a critical role in building trust and credibility with their stakeholders.

The ‘Transparency Score Of Malaysia’s Foundations’ developed by Wiki Impact aims to highlight Malaysia’s foundations that overcommunicate and build a shared public narrative to encourage others to do the same. The comprehensive rating system evaluates the transparency, frequency, and credibility of communications made by 1,567 registered foundations to the public.

Based on the rating system, Wiki Impact reviewed publicly-available data, information, and reports to assess the transparency of the foundations based on four key main criteria including publicly-available financial reports, publicly-available impact reports, a current and active website, and an updated social media presence.

Why Is This Report Necessary?

The expectation of trust from the public in non-profits is growing and many are evaluating them based on publicly available information. Terence Ooi, Co-founder of Wiki Impact says that “By providing open and honest communication about their operations, financials, and impact, non-profits can assure their donors, beneficiaries, and the public that they are accountable and committed to achieving their mission.”

Apart from that, transparency helps prevent the misuse of funds, promotes ethical practices, and ensures that non-profits are fulfilling their social responsibility. Ultimately, transparency strengthens the credibility and reputation of non-profits, leading to increased support and a positive impact on the community.

“Our report provides clarity for donors to be more informed about foundations that they are supporting or may potentially support. When you are informed accurately, generosity grows,” Ooi added.

“It is important to note that under current laws, foundations are not required to disclose their annual, financial, and impact reports publicly. Also, they are not required to publicly disclose their board of directors, financial statements or amounts disbursed. In contrast, this report seeks to recognize foundations that over-communicate and develop a shared public narrative. By doing so, we hope foundations will be more inclined to communicate the good work they do,” said Ooi.

Report Findings

The report rated 1,567 foundations in Malaysia based on their transparency scorecard, with 32 foundations receiving a minimum A rating, indicating a score of 75% or above. These foundations have publicly available information about their programs and financials and have provided information about their trustees or board on their website. They also regularly update their social media accounts.

Among the foundations with high transparency scores are WWF Malaysia, TFM Foundation, Yayasan Hasanah, Yayasan Sejahtera, Arba International Waqf (L) Foundation, MyKasih Foundation, Yayasan Selangor, and YTL Foundation.

The report also shows that half of the foundations in Malaysia achieved a transparency score of only 10%, indicating that they do not have publicly available information about their programs and financials, or information about their trustees or board on their website.

Other interesting findings include:

• Almost half the number of foundations were located in the Klang Valley area, with 25.27% in Kuala Lumpur and 20.17% in Selangor.
• Education is the most focused cause, with 251 foundations working to improve education in Malaysia, while Animals Welfare was the least focused area, with only 3 foundations.
• In terms of digital presence, 37% of foundations do not have a published website. Only 28% of foundations posted an update on their social media within the past 3 months since Feb 2023, while 131 foundations have not posted an update for over a year.
• The report also highlights that only 2.94% of 1,567 foundations released an Impact Report within the past 5 years (since 2017), and only 31 (2.3%) foundations have ever published a financial report publicly.

“The strength of this report lies in its independence, which helps remove layers of impartiality. Our report is not funded by any foundations or for-profit companies. A team of independent volunteer fact-checkers reviewed the work prior to publication, and all data was sourced from publicly available sources,” added Ooi.

Wiki Impact hopes that the “Transparency Score of Malaysia’s Foundations” report will encourage more foundations to communicate openly because transparency is no longer an option but a necessity for non-profits to succeed in their endeavours.

Visit “Transparency Score Of Malaysia’s Foundations” to see the full report and detailed transparency scores of the 1,567 foundations.

ABOUT WIKI IMPACT

Wiki Impact is a research and communications hub focused on Malaysia’s impact-driven work and social issues. We create social impact through compelling data and evidence-based stories that inspire, inform, invoke emotion and invite participation and conversation. Wiki Impact serves changemakers by highlighting and amplifying their work via impact news, announcements and job postings.