14 August 2024

The cybersecurity threat landscape is constantly evolving as new threat actors, technologies and threats emerge, creating an uncertain world for organisations and the public alike with potential pitfalls in even opening an email. Cybersecurity professionals must stay vigilant and ahead of rapidly evolving schemes, threats and strategies by cybercriminals who are leveraging open source technologies and are becoming increasingly sophisticated.

A Broad Overview of the Threat Landscape

Based on the findings from the Kaspersky Incident Response Analyst Report 2023, the present scale of cyberthreats saw that 75% of cyberattack attempts exploited Microsoft Office. In terms of infection vectors, 42.3% of successful attempts used publicly available applications with 20.3% using compromised accounts while just 8.5% used brute force credentials.

When it comes to infection vectors, most incursions were on attackers using stolen or purchased credentials before committing a remote desktop protocol (RDP) attack, phishing emails loaded with malicious attachments and links and malicious files on public resources imitating document templates. At a silver lining, attack attempts dropped by 36% in Q1 of 2023 compared to the same period in 2022.

After incurring a cyberattack, the aftermath resulted in 33.3% of organisations getting their data encrypted, 21.1% incurring data theft and 12.2% encountered compromised active directories.

Based on a prior Kaspersky survey conducted in 2022, the biggest looming cyberthreat risk is ransomware (66%) along with data theft (also 66%), followed closely by cybersabotage (62%), supply chain attacks (60%) and DDos attacks (also 60%), cyberespionage (59%), advanced persistent threats [APT] (57%) and cryptomining (56%). For 2024, currently trending cyberthreats are primarily supply chain attacks (6.8%) and targeted phishing attempts (5.1%) which remain a clear and present threat for businesses.

Based on the same 2023 statistics, the most prolific target by threat actors was governments (27.9%), financial institutions (12.2%), manufacturing (17%) and IT companies (8.8%). In terms of targeted regions, Asia and CIS saw the most cybersecurity incidents at 47.3% followed by the Americas (21.8%), the Middle East (10.9%) and Europe (9.1%). “Governments were the most prolific target by threat actors followed distantly by manufacturing and financial institutions with the largest cyberthreat risk being ransomware and cybersabotage,” said Igor Kuznetsov, Director, Global Research & Analysis Team (GReAT) at Kaspersky.

Based on statistics from Kaspersky’s security solutions employed by clients, over 220,000 businesses were protected around the world with 6.1 billion attacks prevented with Kaspersky security solutions along with 437 million internet-borne threats detected and stopped. In addition, over 325,000 users were saved from financial loss after banking trojans were detected and thwarted.

To achieve this, Kaspersky security services detected over 411,000 unique malware samples daily in 2024 which is an increase over 403,000 daily in 2023. In terms of cybersecurity incidents, over 99% were detected by automatic systems. 2023 also saw 106 million unique malicious URLs detected and 200 advanced persistent threat (APTs) groups that are currently active.

Ransomware as a service (RaaS) coming to the fore

The prevailing trend is that cybercrime is often run as a business with the majority of detected cybersecurity incidents (71%) being financially driven. There was a marked rise in ransomware incidents that saw the percentage of users affected by targeted ransomware almost doubling in 2021-2022. This was borne with a survey that saw 68% of business owners surveyed believing that IT security risks keep rising.

“There are three popular myths in regards to ransomware,” said Igor,” the first being that cybercriminals are just criminals with an IT education, that the targets of ransomware are set before an attack and that ransomware gangs are acting along.” Contrary to popular opinion, most cyber incidents are opportunistic attacks while many ransomware gangs actually work with affiliates much like a business, performing ransomware as a service (RaaS).

RaaS operates as a sophisticated process, initially involving a ransomware developer and a packer developer to create the malware itself, which is then marketed to other cybercriminals. Various specialised threat actors contribute to the ransomware ecosystem:
1. Access resellers offer entry to protected systems as a service, often selling their wares on specialised underground marketplaces.
2. Rogue analysts identify the true value of targets and make strategic suggestions to professional negotiators. Once a malware payload has been delivered, these specialised negotiators come into play to ensure the ransom is paid using their social engineering skills. After payment, they facilitate the laundering of funds before the cycle repeats.
3. State-sponsored Advanced Persistent Threat (APT) actors may exploit cybercriminals as convenient entry points into targets of interest, using these connections to conduct espionage or inflict damage on victims.

In some cases, these operations may include infiltration tactics (similar to red team exercises) to deploy ransomware effectively. This collaborative approach allows cybercriminals to pool their expertise, making ransomware attacks more sophisticated and challenging to defend against, while also ensuring the entire process from initial breach to fund laundering is handled by specialists at each stage.

To optimise the chances of success, cybercriminals may afford purchasing 0-day exploits from other criminals which was a luxury previously accessible only to state-sponsored actors but which is now up for the highest bidder. Crossplatform cryptors are also becoming more creative and adaptive and have enacted self-defense mechanisms to their malware to make them more difficult to decrypt.

These various specialised cybercriminals all play their part and once a malware payload has been delivered, specialised threat actors who act as professional negotiators come into play to get the ransom paid and after the ransom is paid, to then get the funds laundered before the cycle repeats itself.

“Ultimately, affected organisations must not pay a ransom which will perpetuate and enable more cybercrime,” said Igor. He warned that even if a ransom is paid, the data may have already been stolen and could be leaked later or used for further extortion attempts. Instead, Igor highlighted alternative solutions: “Victims can often recover their data without paying. Kaspersky maintains a vault of keys and tools to decrypt data locked by various ransomware families. Since 2018, over 1.5 million users worldwide have successfully recovered their data using these resources.”

Operation Triangulation

One of the biggest potential threat vectors that was discovered by Kaspersky was Operation Triangulation that targeted iOS devices with unknown malware and which exploited a hardware vulnerability inside Apple CPUs and employed four 0-day vulnerabilities to infect a target devices which would cost more than US$1 million in the black market to obtain.

When an iOS device is targeted, it will get an invisible iMessage with a malicious attachment with a non-interaction exploit from the message initiating code execution. Once the code is deployed, it connects to a service and then starts a multi-stage execution of the malware payload. Once this is completed, an attacker will gain full control over the compromised iOS device and all traces and logs are then wiped to eliminate any trace of the attack.

These vulnerabilities have already been patched by Apple but to prevent possible future cyberattacks, users of iOS devices need to regularly update their firmware, conduct regular reboots and disable iMessage to prevent it as a possible malware pathway.

Containerised Systems – Implementing Rules To Mitigate Risk

Supply chain attacks, closely tied to containerised systems running on open-source software, present another significant threat vector for 2024. These cloud-hosted systems enable services to operate independently from the host operating system, allowing execution in diverse environments. Containerisation facilitates lightweight, efficient applications that can run on various devices and in clusters, managing demanding workloads at scale. This versatility underpins many modern applications and systems, including open-source platforms like Kubernetes.

“Containerised systems often rely on numerous third-party dependencies, introducing significant supply chain risks from both malicious intent and unintentional flaws,” explains Igor. He cites two recent examples: “The Crowdstrike event caused an outage on millions of devices, demonstrating how a faulty update can have widespread impact. Additionally, a less publicised attack on XZ Linux utilities could have compromised millions of SSH-enabled devices, highlighting the potential for malicious exploitation in the supply chain.”

At present, hundreds of millions of open source packages are accessible to developers at popular sites like GitHub with over 100 million developers using the site. On average, 670 malicious open source packages are discovered every month and to date, over 12,000 vulnerable open source packages have been known and identified.

Proper security policies need to be enacted for containerised systems with close scrutiny to images to ensure no vulnerable or untrusted content, ensuring the image registry does not contain outdated or misconfigured settings, that the orchestrator has robust access and network control policies free of configuration and authentication errors, that containers have safe configurations and ensuring that host OS systems ensure shared kernels are managed responsibly while minimising potential attack surfaces.

More robust rules for containerised systems need to be implemented and a system such as Kaspersky Security Container that protects at multiple levels needs to be integrated into systems along with a comprehensive security policy.

Best cybersecurity practices for 2024

To avoid falling victim to a targeted attack by a known or unknown threat actor, organisations need to create and maintain a mature security posture through a combination of effective strategy, proper employee education on cybersecurity, updated threat intelligence from trusted cybersecurity providers and a proper application of technology. While no system is infallible or invulnerable, Kaspersky researchers recommend implementing the following security measures to maximise protection:

● Update your operating system, applications, and antivirus software regularly to patch any known vulnerabilities.

● Provide your SOC team with access to the latest threat intelligence (TI). The Kaspersky Threat Intelligence Portal is a single point of access for the company’s TI, providing cyberattack data and insights gathered by Kaspersky spanning over 20 years.

● Upskill your cybersecurity team to tackle the latest targeted threats with Kaspersky online training developed by GReAT experts.

● For endpoint level detection, investigation, and timely remediation of incidents, implement EDR solutions such as Kaspersky Endpoint Detection and Response.

● Investigate alerts and threats identified by security controls with Kaspersky’s Incident Response and Digital Forensics services to gain deeper insights.

More information can be found at Kaspersky

About Kaspersky
Kaspersky is a global cybersecurity and digital privacy company founded in 1997. With over a billion devices protected to date from emerging cyberthreats and targeted attacks, Kaspersky’s deep threat intelligence and security expertise is constantly transforming into innovative solutions and services to protect businesses, critical infrastructure, governments and consumers around the globe. The company’s comprehensive security portfolio includes leading endpoint protection, specialised security products and services, as well as Cyber Immune solutions to fight sophisticated and evolving digital threats. We help over 220,000 corporate clients protect what matters most to them. Learn more at www.kaspersky.com.

Key highlights include;
• ASEAN Common Carbon Framework to facilitate development of a
regional carbon market ecosystem
• Launch of the Malaysia Carbon Market Association (MCMA)
• Conceptualisation of a fundraising platform for domestic carbon
projects

Kuala Lumpur, 8 August 2024 – Bursa Carbon Exchange (“BCX”), a wholly-owned
subsidiary of Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”), is pleased to put
forth the second instalment of its Malaysia Carbon Market Forum (“MCMF”) in Kuala
Lumpur today. Themed “Empowering Climate Actions through Carbon Market,” MCMF
centres on exploring best practices to advance Malaysia’s carbon market ecosystem in
support of the national climate agenda. The event was officiated by Datuk Dr Ching Thoo
a/l Kim, Secretary-General of the Ministry of Natural Resources and Environmental
Sustainability of Malaysia (NRES), who also delivered the keynote address.

Commenting on the forum’s significance, Tan Sri Abdul Wahid Omar, Chairman of Bursa
Malaysia said, “Our carbon market is rapidly evolving, presenting enhancements and new
opportunities that Malaysia can leverage on, to advance its commitment to net-zero.
While Malaysia has significant potential for prospective carbon projects capable of
generating valuable carbon credits, the market continues to encounter challenges such
as limited liquidity and a reliance on international standards. Today’s forum brings
together participants from the public and private sectors, both domestically and
internationally, to exchange ideas and begin to address these challenges. We hope this
will accelerate progress in Malaysia’s carbon market and ultimately, foster a vibrant
carbon market.”

 

This ties in well with the ASEAN Common Carbon Framework, an initiative which is
expected to expedite the development of a cohesive ecosystem in the region, via carbon
market collaborations. The proposed regional framework was discussed in a roundtable
hosted by the ASEAN Business Advisory Council (ASEAN-BAC) of Malaysia, held in
conjunction with the forum. The framework intends to facilitate the development of
national carbon standards by interested ASEAN Member States, by encouraging mutual
recognition of methodologies and the sharing of resources in targeted strategic areas
such as capability sharing, and the interoperability within the ASEAN region. This regional
development is also timely given Malaysia’s upcoming Chairmanship of ASEAN in
2025, in part towards advancing the sustainability agenda.

Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia explained further,
“The proposed ASEAN Common Carbon Framework is in line with ASEAN’s collective
commitment to addressing climate change and supporting the vision of the ASEAN
Strategy for Carbon Neutrality1

. This is pivotal in developing member countries’ national
carbon standards, which is key to unlocking domestic carbon project opportunities.”

“The framework will foster greater linkages among voluntary and compliance carbon
markets within ASEAN, to promote market liquidity and enhance carbon pricing efficiency.
We envisage this will accelerate the growth of carbon projects, attracting local and
international credit buyers to the region.”

Another highlight of today’s MCMF was the launch of the Malaysia Carbon Market
Association (MCMA) by Datuk Dr Ching Thoo, NRES Secretary-General, in the presence of
several MCMA founding members’ CEOs and senior management, MCMA executive
committee members, and ASEAN-BAC Malaysia council members. The MCMA has been
established to facilitate and accelerate the development of the Malaysian carbon market
through inputs towards the formulation of national carbon market policies, talent
capability building and strategic collaborations with domestic and international carbon
market participants.

 

“Bursa Malaysia is pleased to be among the founding members of the MCMA and to
contribute a seed fund, to mobilise initiatives needed to strengthen the carbon market
ecosystem in Malaysia. Specifically, our contribution aims to nurture the local talent pool and support ecosystem players to be ready to undertake opportunities via carbon markets,” added Datuk Muhamad Umar.

Notably, this year’s MCMF established an official collaboration with the International
Emissions Trading Association (IETA), with Dirk Forrister, the CEO and President of IETA,
attending as both a partner and speaker. According to Dirk, “In order to achieve the goals
of the Paris Agreement, we need to develop carbon markets in all corners of the globe, to
ensure that reductions are made wherever they can, and that efficient systems allow
those reductions to flow to where they are needed. A robust carbon market in Malaysia is
one of the key elements to connect global buyers to the immense potential of climate
action in Malaysia.”

Other speakers at the forum included among others, representatives from the Indonesia
and Thailand governments; independent environmental attribute standards such as Verra,
Gold Standard and the I-TRACK Standard Foundation; as well as carbon associations from
Malaysia, Indonesia and Thailand. The forum also featured speakers from the energy
sector, including the Energy Commission of Malaysia, PETRONAS and Sarawak Energy
Berhad; carbon project developers such as Permian Global and SaraCarbon; and financial
sector representatives from CIMB Bank and Macquarie Group.

The MCMF’s final plenary session that focused on financing carbon projects concluded
with an invitation for participants to join Bursa Malaysia’s Industry Working Group (IWG) to
address financing gaps in carbon projects. The IWG’s goal is to develop a conceptual
framework for a fundraising platform for domestic carbon projects. Relevant stakeholders
such as project developers, carbon project consultants, investors, or financial institutions
are encouraged to register their interest via the interest form.

The Malaysia Carbon Market Forum that was inaugurated in 2023 is BCX’s annual flagship
event dedicated to driving conversations and actions that shape and advance Malaysia’s
carbon market. The forum continues to raise awareness and facilitate for knowledge
sharing and networking among the business community and carbon market players, with
the goal of supporting Malaysia’s and ASEAN’s transition to a low-carbon economy.

This year’s MCMF attracted over 350 physical and more than 400 virtual attendees from
both international and local carbon communities. Penan and Kenyah artisans from
Sarawak were invited to showcase their crafts as part of BCX and Sarawak Energy’s
support for these communities.

Kuala Lumpur, Malaysia, 5 July 2024 – Pan Pacific Serviced Suites Kuala Lumpur, a premier choice for luxurious urban living in the prime Bukit Bintang area, is proud to announce that it has once again been recognized with the Luxury Lifestyle Award for the Best Luxury Serviced Suites in Malaysia for 2024. This marks the second consecutive year that the establishment has received this prestigious accolade, highlighting its commitment to delivering unmatched luxury and exceptional service to its esteemed guests.

spacious suites, perfect for both short and long-term stays. Guests can choose from one or two-bedroom suites with fully equipped kitchens and modern amenities to ensure a sophisticated living experience, including premium Balmain Paris toiletries and en-suite bathrooms with rejuvenating rain showers.

On the topmost level 25, guests can enjoy an array of exclusive facilities. The Living Room, a plush lounge, offers a meeting room, a pool table, a foosball table, and other recreational amenities. The Pacific Lounge serves breakfast and provides all-day coffee, tea, and juices. Additionally, guests can stay active at the TechnoGym fitness center and relax at the rooftop pool, which boasts breathtaking panoramic views of Kuala Lumpur’s skyline.

A direct connection to the PARKROYAL COLLECTION Kuala Lumpur grants guests exclusive access to outstanding dining and spa services.  The central location of Pan Pacific Serviced Suites Kuala Lumpur ensures convenient access to the city’s major attractions, shopping districts, and business hubs.

Luxury Lifestyle Awards is a global entity dedicated to selecting, recognising, celebrating, and promoting the finest luxury goods and services worldwide. The organisation employs a rigorous selection process, involving extensive online desk market research using publicly available data to maintain transparency and credibility. They consider factual information, referrals, recommendations, and publicly available materials, including company data, media sources, trade associations, market research platforms, social media, industry experts, and market data. The Luxury Lifestyle Awards research teams apply industry-specific criteria to identify top companies across various categories, including reputation, credibility, brand awareness, luxury experience, excellence, and personalization – TSI

Shah Alam, Wednesday, 19 June 2024 Top Glove Corporation Bhd or “Top Glove” today announced its financial results for the Third Quarter ended 31 May 2024 (3QFY2024), emerging from a protracted period of industry wide glove demand/supply imbalance, to deliver a substantially stronger performance as it moves closer to breakeven.

For 3QFY2024, the Group registered Sales Revenue of RM637 million, an increase of 16% quarter on quarter and 20% year on year. Its operational losses reduced to RM34 million in 3QFY2024 from a loss of RM59 million in 2QFY2024, representing a 42% improvement. Meanwhile, Sales Volume which had been growing since 4QFY2023 continued its upward trend, rising 13% versus 2QFY2024, reflecting the Group’s steady recovery. The Group also achieved a Profit After Tax of RM62 million, up 255% compared with the preceding quarter and 152% higher than the corresponding quarter in FY2023. The improved profitability factors in gains from the disposal of excess land.

On a 9 months basis, for 9MFY2024, the Group posted Sales Revenue of RM1.68 billion, marginally lower compared with 9MFY2023; while recording a significantly narrower Loss After Tax of RM26 million, a 94% improvement versus 9MFY2023.

Raw material prices for 3QFY2024 were on an uptrend quarter on quarter, with the average natural latex concentrate price up by 20% to RM6.77/kg, while the average nitrile latex price rose 16% to USD0.89/kg.

The Group’s more robust performance was driven primarily by stronger glove demand as customers replenished their glove inventories having cleared excess stocks. The resultant higher utilisation coupled with ongoing quality and cost optimisation measures also positively impacted the bottom line. Although raw material costs escalated in 3QFY2024, the Group successfully reduced its cost of production through multiple improvement initiatives. Moreover, with growing glove demand, the Group was able to share out some of the cost increases with customers through upward revisions in

average selling prices (ASPs). In addition, the sale of excess land served to strengthen the Group’s profit and cash flow position, in line with a key objective of the Top Glove Turnaround Plan (T6).

Mr Lim Cheong Guan, Managing Director of Top Glove remarked, “We are pleased to have seen a return to black this quarter as the glove industry turns a corner. This is largely attributed to improving glove demand as customers’ orders resume, alongside intensive efforts to level up our quality and cost efficiency, as well as gains from the sale of excess land. We remain deeply appreciative of our colleagues whose good efforts and commitment have been instrumental in accelerating our recovery.”

Reflecting its enduring commitment to sustainability, Top Glove garnered a highly commendable score in its ESG Risk Rating by Sustainalytics, ranking number 1 out of 643 companies in the Healthcare industry, number 1 out of 58 companies in the Medical sub industry and number 91 out of 16,215 companies across all industries, on a global scale as at 19 June 2024. Headquartered in Amsterdam, Sustainalytics is a leading independent environmental, social and corporate governance (ESG) research, ratings and analytics firm which rates the sustainability of listed companies based on their ESG performance.

Moreover, Top Glove remains committed to ensuring it fully meets the new obligations under the European Union Deforestation Regulation (EUDR), which come into effect on 30 December 2024. The Group’s compliance journey is on track and progressing well, with the first batch of EUDR compatible natural rubber gloves targeted to ship by July 2024.

Additionally, Top Glove was honoured with the Platinum Trusted Brand Award in the Hygiene/Disposable Gloves category at the consumer vote-based Reader’s Digest Malaysian Trusted Brand 2024 awards, for the second consecutive year. The Company outperformed its competitors significantly by 25% in terms of total votes, achieving the highest average score across 6 key attributes: trustworthiness and credibility, quality, value, understanding of customer needs, innovation, and social responsibility.

As of 18 June 2024, Top Glove was also included in Fortune magazine’s prestigious inaugural Southeast Asia 500 list, which ranks the largest companies in the region by their FY2023 revenue.

Towards a more sustained recovery for both the glove industry and Malaysian economy, the Group also hopes for more clarity and consistency with regard to the implementation of foreign worker policy, which will enable corporates to better plan worker intake in line with manpower requirements.

Poised for a Comeback: Brighter Days Ahead

Supported by consistent improvements in its performance from quarter to quarter, Top Glove remains optimistic about industry prospects. As the industry recovers, the Group foresees the upward momentum will accelerate for Malaysian glove manufacturers with the high number of foreign

manufacturers’ gloves being included on the U.S. Food and Drug Administration (FDA)’s import alert list. Top Glove also anticipates amplified business opportunities in the U.S. market following the U.S. government’s impending imposition of steeply increased tariffs on medical gloves from China, making it unfeasible for Chinese glove manufacturers to continue exporting to the U.S. Customers from the

U.S. are expected to start moving away from outsourcing orders to China ahead of year 2026 when tariffs take effect, and Top Glove as a major glove exporter to the U.S. is optimally positioned to capture more market share from the potential trade diversion.

Mr Lim said, “Top Glove has successfully navigated a highly challenging business environment to deliver considerably diminished operational losses in 3QFY2024. Our efforts resulted in a stronger foundation and more refined operational strategies. We have emerged stronger, leaner and more efficient; and are well placed to reclaim our market share and regain our leadership position.”

###

About Top Glove Corporation Bhd

Top Glove Corporation Bhd is listed on the Bursa Malaysia Stock Exchange Main Board and Singapore Exchange Mainboard. It is also one of the component stocks of the FBM Top 100 Index, FBM Emas Index, FBM Hijrah Syariah Index, FBM Emas Syariah Index and the Dow Jones Sustainability Indices (DJSI) for Emerging Markets. Top Glove has an established corporate culture and good business direction of producing consistently high-quality, cost-efficient gloves. Top Glove has over 2,000 customers worldwide and exports to more than 195 countries.

 

Summary of key information:

 

	As at 19 June 2024
Number of Factories	48 factories (41 in Malaysia, 5 in Thailand, 1 in China and 1 in Vietnam) comprising: 37 glove factories 2 latex concentrate plants 3 chemical factories 1 gamma sterilisation factory 1 glove former factory 2 packaging material factories 1 dental dam factory 1 face mask factory
Number of Marketing Offices	7 (Malaysia, USA, Germany, Brazil, China, Thailand and Vietnam)
Number of Glove Production Lines	788
Glove Production Capacity	95 billion pieces per annum
Number of Employees	11,000

 

Kuala Lumpur, 11 July 2024

The Securities Commission Malaysia (SC) is inviting applications for the second cohort of its FIKRA ACE Accelerator programme, part of the FIKRA ACE initiative.

Launched in 2023, FIKRA ACE¹ is a three-year initiative aimed at advancing the Islamic Capital Market (ICM) through innovative Islamic fintech solutions. The programme comprises an Accelerator, Circle and Excel components.

Following the success of the first cohort² last year, the SC is now inviting applications for its 2024 cohort. FIKRA Accelerator provides a platform for startups to develop innovative solutions, from ideation to minimum-viable product. The eight-week structured programme consists of workshops, mentorship, networking activities, and funding facilitation.

The Accelerator programme is expected to start in August. It is opened to individuals or companies with less than three years market presence. Applications are open to both local and international applicants.

The Malaysia Digital Economy Corporation (MDEC) is the strategic local ecosystem partner for the programme. MDEC will continue to support startups participating in the programme with the infrastructure, resources, and market knowledge to scale their businesses more effectively.

The SC will also collaborate with the Islamic Development Bank as the global ecosystem partner, to help enrich contents of the programme with international insights and perspectives.

Those interested are encouraged to register from today until 31 July 2024 at https://www.sc.com.my/fikra-ace/accelerator.

¹ FIKRA was launched in 2021 as part of the SC’s initiative to enhance the ICM ecosystem. In continuation, the SC is now organizing FIKRA ACE, a three-year initiative to facilitate the development of Islamic fintech through a structured approach.

² The two previous winners were Global Psytech, which focused on building a credibility scoring system for Islamic finance, social finance, and financial inclusion as well as Pewarisan, a fintech startup providing solutions for Islamic inheritance planning.

For more information on the FIKRA ACE Accelerator programme, please visit https://www.sc.com.my/fikra. For inquiries, please write in to fikraace@seccom.com.my.

KUALA LUMPUR, 9 JULY 2024 – In a landmark move poised to reshape the landscape of financial services, Citadel Group and Gambit Group have inked a Memorandum of Understanding (MOU) to collaborate and offer innovative solutions to their respective clients and partners.

The collaboration between these two industry leaders marks a significant step forward in bridging the gap between traditional and digital finance realms. With Citadel Group specializing in fiat currency trustee services and Gambit Group renowned for its expertise in digital currency trustee solutions, the partnership sets the stage for a seamless integration of traditional and digital asset management services.

Gambit Custody, a subsidiary under Gambit Group, licensed in principle under the Securities Commission Malaysia (SC) as the second company of its kind, specializes in safeguarding digital assets such as cryptocurrencies, bitcoin, and ethereum. Meanwhile, Citadel Group, with its track record of five years of excellence since its establishment in 2019, offers Islamic-compliant wealth products and services catering to diverse clients’ needs.

Speaking about the partnership, Dato’ Jeff S. Medina, Citadel Chairman and Group CEO commented, “We are excited to join forces with Gambit Group in this strategic partnership, which will innovate vast options for our clients by not only enhancing our fiat currency trustee services but also offering robust solutions in the realm of digital currency trustee. This collaboration exemplifies our commitment to staying at the forefront of the evolving financial landscape and delivering comprehensive wealth management solutions tailored to our clients’ diverse needs.”

Under the terms of the MOU, Citadel Group’s clients will have the opportunity to appoint Gambit Custody for their digital asset custody needs, while Gambit Reserve Berhad’s clients will benefit from Citadel Group’s expertise in handling fiat currency trustee services for redeemable preference shares (RPS). This collaboration aims to provide clients with a comprehensive suite of wealth management solutions that encompass both traditional and digital assets.

Gambit Group CEO, Datuk Clifford Hii added, “The synergy between Gambit Group and Citadel Group presents a unique opportunity to cater to the evolving needs of our clients in the rapidly changing financial landscape. Together, we are well-positioned to deliver seamless, integrated solutions that drive enduring financial success.”

As Citadel Group celebrates its fifth year of establishment, this partnership with Gambit Group marks a pivotal moment in its journey towards international expansion by 2025, solidifying its position as a leader in the wealth management industry.

END

KUALA LUMPUR, 11 JULY 2024 – Theta Edge Berhad (“Theta”), a leading innovator in technology and telecommunication solutions, through its subsidiary, Theta Telecoms Sdn Bhd has secured a request for proposal (RFP) contract from Ampang Jaya Municipal Council (MPAJ) for the provision of supplying and maintaining cutting-edge Internet of Things (IOT) technology as part of the city’s Smart Business Initiative, for a concession period of 20 years under the Private Public Partnership (“PPP”). Under this project, Theta will invest RM673.8 million to develop IOT for Smart Economy in Ampang Jaya.

The contract entered is the result of the collaborative efforts between Theta’s Private Public Partnership initiative and MPAJ. The project financing will be managed by Theta via local financial institution(s). MPAJ as a statutory body will facilitate the licensing requirements as well as the digitization process of council administration through revenue sharing.

The Smart Business Initiative is a revolutionary project aimed at transforming Ampang Jaya into a model smart city, leveraging advanced technology to improve business operations, enhance public services, and drive sustainable growth. Theta will work closely with MPAJ to assess and identify the best smart city solutions to transform Ampang Jaya into an integrated digital district and providing state-of-the-art technology solutions that meet the evolving needs of modern urban environments.

This joint commitment signifies a major step toward MPAJs “Smart City Framework” which is a visionary plan developed in January 2022 to transform Ampang Jaya into a smart city with a focus on Smart Infrastructure, Smart Economy, Smart Community, Smart

Environment, and Smart Governance. As the selected provider of connectivity and digital

solutions for this endeavour, Theta will oversee the coordination and implementation of the smart city related solutions and technologies. The collaboration is part of Theta’s endeavour in supporting the nation’s smart cities aspirations and improving urban living across the country.

Datuk Nuraslina Zainal Abidin, Theta Group CEO said, “Theta has always been at the forefront of enabling innovation. This contract with MPAJ is a clear testament to our expertise in IOT technology and our dedication to fostering urban living through smart innovations. We are dedicated to fully support MPAJ in their journey towards becoming full-fledged smart city, as well as help improve overall efficiency in their operations, and services to their communities as well as the creation of a more efficient business ecosystem.”

MPAJ’s Yang Dipertua Dr. Ani binti Ahmad highlighted that the collaboration between MPAJ and Theta would leverage each other’s expertise, fostering cooperation in devising the optimal strategy for implementing a smart city to ensure that MPAJ effectively addresses the community’s needs in Ampang Jaya.

“Ampang Jaya will evolve as technology advances. However, achieving the status of a fully smart city might take some time, perhaps around 10 to 15 more years”, she added.

This initiative proves MPAJs determination to transform into a smart city, in line with the State Government’s desire to drive Selangor into a Smart State by 2025. Theta is confident that the efforts to be implemented under the Smart City initiative will result in a positive impact on the ecosystem in an inclusive manner, not only to the socio-economy but the environment. Additionally, we believe that it aligns with Ampang Jaya’s broader goals of sustainability and technological advancement – TSI

• Spanning over 217,800 square feet, the new plant is approximately 3.5 times larger than the previous plant at Kepong, Malaysia
• Positioning Malaysia as a key player in the regional construction industry, the new plant will manufacture high-quality construction chemical products for export to over 18 countries, including Greater China, North Asia, and the Pacific

From L to R: Mr. David C. Dennsteadt, Group President of RPM Performance Coatings Group, Inc., Mr Saptak Roy, Managing Director of RPM Platform Markets APAC, Mr. Grant Boonzaier, Managing Director of Platform Markets, RPM Performance Coatings, Mr. Frederick Helfrich, Deputy Senior Commercial Officer, U.S. Embassy Kuala Lumpur and Mr Jackson Kho, Area Director for Southeast Asia, Tremco CPG Malaysia at the officially launched RPM Platform Markets APAC Malaysia Plant that will manufacture high-quality construction chemical products for export to over 18 countries, including Greater China, North Asia, and the Pacific.

RPM Platform Markets APAC, a group comprised of leading brands of construction chemical and coatings products in the Asia-Pacific region through Tremco CPG Malaysia including Tremco, Flowcrete, Nullifire, Euclid Chemical, Vandex, Dryvit, Illbruck, Nudura, Willseal, Pitchmastic Pmb, Matacryl, Carboline and Stonhard, officially opened a state-of-the-art manufacturing plant at the heavy industrial zone of UMW High Value Manufacturing Park, Serendah. The new Serendah plant serves as a regional manufacturing hub underscoring a strategic move to strengthen RPM Platform Markets APAC’s leadership in the Asia-Pacific construction market.

Equipped with cutting-edge technology, the plant features automated powder manufacturing systems with robotic palletisers and new equipment for producing speciality coating materials. This investment in technology not only boosts efficiency but also ensures high standards of quality and safety.

Speaking at the launch event, Saptak Roy, Managing Director of RPM Platform Markets APAC said, “The new plant marks a milestone for RPM Platform Markets APAC. Malaysia’s strategic location, robust infrastructure and business-friendly environment made it the ideal choice for this significant investment. The plant’s location in the UMW High Value Manufacturing Park in Serendah, a designated heavy industrial zone, ensures it meets the operational needs of RPM Platform Markets APAC.”

The new plant is set to create numerous employment opportunities for the local community in Serendah and surrounding areas. Local talent will find opportunities in various fields such as operations, manufacturing, engineering, R&D, logistics, IT support, and more – TSI