Inovatif

Category: Investments

  • Osaka Emerges as Asia’s Next Global Financial Hub with Groundbreaking Special Zone Initiative

    Osaka has proposed a special zone framework utilising the government’s financial and asset management special zone programme to promote the concentration and enhancement of financial and asset management services alongside the development of growth sectors. The city is positioning itself to maximise its economic power and strategic location while harnessing the momentum of the Osaka-Kansai Expo 2025.

    What are Japan’s Financial and Asset Management Special Zones?

    In June 2024, the Financial Services Agency (FSA) designated four regions – Hokkaido, Tokyo, Osaka, and Fukuoka – as “Financial and Asset Management Special Zones.” This initiative aims to create a “virtuous cycle of growth and distribution” by accelerating capital flows through asset management reforms. These designated regions receive special regulatory exemptions and support measures to attract new domestic and international investments, fostering the development of both financial services and regional industries.

    The Special Zones programme advances three key objectives:

    1. Attracting domestic and international financial and asset management operators

    • English-language administrative procedures (commercial registration, social insurance, etc.)
    • Creating new residence status for foreign investors investing in startups
    • Support for opening bank accounts for foreign nationals

    2. Supporting regional growth industries through financial and asset management operators

    • Easing investment regulations for bank groups’ specialized investment subsidiaries in startups
    • Relaxing regulations on qualified investors who can invest in professional venture funds

    3. Promoting and nurturing growth industries

    • Promoting acceptance of overseas talent (GX, fintech, etc.) through the Highly Skilled Professional Points-based System

    Beyond financial services, the programme implements regulatory reforms and operational initiatives encompassing business environments, living conditions, and target industries for investment.

    Each of the four designated regions has established unique concepts and visions leveraging their distinct characteristics, promoting initiatives in collaboration with a broad range of stakeholders.

    Osaka’s Strategic Vision and Implementation

    The Global Financial City OSAKA strategy focuses on creating an environment where continuous innovation thrives, carrying forward the legacy of Expo 2025 into the future. It aims to implement regulatory reforms aligned with global standards to attract foreign investment and strengthen financial functions in the region. These efforts are being driven by the “International Financial City OSAKA Promotion Committee,” established in March 2021. The committee, which now comprises 40 organizations as of February 2024, represents a collaborative effort between industry, academia, and government institutions.

    Future Outlook
    The immediate focus is on attracting talent, businesses, and capital from Asia and worldwide while building a concentrated ecosystem of investment-ready startups. This initiative represents Osaka’s commitment to transforming into a major international financial center while fostering innovation and sustainable growth, as part of Japan’s broader strategy to enhance its financial markets through the Special Zones programme.

     

  • Funding Societies extends partnerships with CGC Digital

    Funding Societies extends partnerships with CGC Digital

    Modalku (Funding Societies), the largest unified digital finance platform for micro, small and medium enterprises (MSMEs) in Southeast Asia, has expanded its digital guarantee products in partnership with CGC Digital, the FinTech subsidiary of Credit Guarantee Corporation Malaysia Berhad, following the success of last year’s Proof of Concept programme on digital supply chain financing (DSCF).

    The expansion of the partnership marks a key milestone following CGC Digital’s investment in Funding Societies earlier this year. It represents a major step forward in providing critical support to Malaysia’s MSMEs, positioning them for greater success amidst a competitive and dynamic economy. Funding Societies together with CGC Digital have developed two new digital credit guarantee products: Digital Term Financing and Micro Credit Line. These products not only provide access to financing but also offer micro and small businesses profit rate savings of up to 2% per annum.

    In addition to Digital Term Financing and Micro Credit Line, Funding Societies and CGC Digital have expanded its DSCF programme to include a broader range of industries and suppliers with longer tenors, as part of the joint continuous effort to bridge the gap and address the challenges in micro and small businesses in accessing financing.

    As at publication, since the launch of the two new programmes in September, more than RM10 million has been disbursed, benefiting over 200 creditworthy micro and small enterprises. This further underscore both organisation’s commitment to fostering financial inclusion and growth for Malaysia’s MSMEs and validates the demand for such financing solutions among micro and small businesses.

    These initiatives align with the broader goal of focusing on inclusivity, digital growth, and sustainability, as well as enhancing MSMEs’ long-term resilience and competitiveness both domestically and internationally.

    Chai Kien Poon, Country Head of Funding Societies Malaysia, remarked, “This partnership with CGC Digital represents a shared vision of empowering underserved businesses in Malaysia. We are committed to creating a more inclusive financing ecosystem that supports the growth of micro and small businesses across Malaysia. By combining CGC Digital’s extensive expertise in credit enhancement with Funding Societies’ state-of-the-art digital financing platform, our digital financing solutions allow business owners to access the capital they need to expand, employ, and contribute to the economy enabling improved access to capital and fostering financial inclusion.”

    Yushida Husin, Chief Executive Officer, CGC Digital said, “I am delighted with the extended partnership, which has already made a profound impact on the financial accessibility for Malaysian MSMEs. This extension is a testament to our unwavering dedication to financial inclusion and product innovation. Furthermore, I am also excited for the expansion of our partnership, where we continue to push boundaries through product innovation. By breaking new ground, we are not just providing access to financing; we are enabling dreams and driving economic growth. Our joint efforts are paving the way for a future where every business has the opportunity to succeed and thrive”.

    MSMEs make up more than 97% of businesses in Malaysia, contribute 39% to Malaysia’s Gross Domestic Product (GDP) and employ a substantial portion of the workforce. However, these businesses are often constrained by limited access to financing options. By joining forces, Funding Societies and CGC Digital aim to strengthen the financial backbone of the Malaysian economy, fostering resilience and economic growth through improved access to capital.

  • Borong Joins Forces With Maybank Islamic For Malaysia’s First B2B Halal Marketplace

    Borong Joins Forces With Maybank Islamic For Malaysia’s First B2B Halal Marketplace

    KUALA LUMPUR, 28 OCTOBER 2024 – Borong — Malaysia’s leading wholesale business-to-business (B2B) e-commerce and marketplace solution provider — has launched Salaam Market, the country’s first digital retail platform of its kind, in collaboration with Maybank Islamic, marking a significant step forward in positioning Malaysia as a leader in the international Halal industry. Salaam Market is designed to empower local SMEs by integrating Halal certification support and financial services, paving the way for these businesses to navigate the complex Halal market and expand their reach internationally. 

    This concept offers a seamless digital solution for sourcing Halal-certified products at competitive prices, directly connecting SMEs with suppliers. Fundamentally, the platform helps SMEs in Malaysia, Indonesia, Cambodia, and Singapore to facilitate Halal transactions. With no minimum order requirements and direct access to certified Halal ingredients, the marketplace aims to reduce costs and increase convenience for SMEs. 

    The global Halal market is set to grow to US$5 trillion by 2030, with domestic growth estimated to reach US$113.2 billion. Yet, SMEs entering the space face challenges like high ingredient costs, complex certification, and limited access to working capital, slowing their growth. 

    “For us, this initiative represents a significant step in modernising the Halal market,” said Aizat Rahim, managing director and co-founder of Borong. “Not only Salaam Market aligns with the country’s goal to become a global leader in Halal compliance, we also worked hard to ensure it addressed the key challenges for SMEs, which are affordability, financing, and certification, through the support of Maybank Islamic’s financing solutions while also being supported by JAKIM’s Halal certification.” 

    The partnership with Maybank Islamic will connect Borong’s SME businesses to tailored Islamic financial solutions, alongside in-house Halal facilitation guidance, coupled with digital document management tools, facilitating easier access to Halal markets both locally and internationally.

    “Salaam Market will connect buyers and sellers in an e-commerce platform to make online transactions seamless. Each product sold on the platform has been verified of its Halal authenticity to give assurance to buyers. This is one of Maybank Islamic’s Halal beyond banking solutions to serve the needs of our customers and we will continue to strengthen our Halal ecosystem propositions to support the national agenda of growing the Halal domestic market to an estimated USD113.2 billion by 2030,” said Maybank Islamic Strategic Programme Director, Dr. Muhd Ramadhan Fitri Ellias.

    For more details and to explore the full range of certified Halal products, visit the Salaam Market platform at www.salaammarketmy.com/my 

     

  • Pacific Trustees’ hosts inaugural National Conference of Trust to spur growth of the trust ecosystem

    Pacific Trustees’ hosts inaugural National Conference of Trust to spur growth of the trust ecosystem

    KUALA LUMPUR (October 25, 2024): Pacific Trustees Group International (Pacific Trustees), through its subsidiaries Pacific Trustees Berhad and Pacific Trustees Islamic Berhad, will be organising its first ever National Conference of Trust as it sets out to boost the development of the trust industry in Malaysia. 

    Themed “Successful Preservation of Wealth Across Multiple Generations’’, this landmark event will explore the pivotal role of trust as the bedrock of sustainable growth, ethical leadership, and effective governance in Malaysia. 

    The conference is an epic gathering of industry heavyweights and brilliant minds, as they seek to develop the trust industry and its relevant ecosystem. 

    “In an era marked by rapid technological advancements, complex global challenges, and increasing public scrutiny, the importance of trust in institutions, businesses, and governance has never been more critical. A thriving trust industry is an important component of the financial sector and will play a big role in enhancing nation building,” said Paul Cheah, Pacific Trustees Group Chairman. 

    “In conjunction with our 30 th anniversary this year, we wanted to make a big impact by bringing together all the key players in the trust ecosystem. Together, we can make a larger impact for our clients, customers and stakeholders, and this will in turn boost the national economy,” said Cheah. 

    With a distinguished line-up of high profile speakers, the conference is a fusion of thought-provoking discussions and groundbreaking ideas, with specific focus on key developments related to wealth preservation, estate planning and tax implications of tax structures. 

    Happening on November 12 at the MATRADE Exhibition and Convention Centre, the conference will feature knowledge matter experts such as Dato’ Sri Idris Jala, President and CEO of PEMANDU Associates; Datuk Iskandar Mohd Nuli, Executive Chairman cumCEOof Labuan IBFC Incorporated; and Dato’ Stewart Labrooy, Executive Chairman of AREAManagement Sdn Bhd and Chairman Alpha REIT Sdn Bhd. 

    Tan Sri Datuk Amar Steve Shim Lip Kiong, Chairman of Pacific Trustees Berhad and retired Chief Judge of Sabah and Sarawak, will present the welcoming address to the participants. 

    The Conference will serve as a platform for industry leaders, policymakers, legal experts, and stakeholders to engage in intellectual discourse, share best practices, and explore innovative strategies for wealth management, including wealth creation, preservation, and the strategic use of trust structures. 

    Other distinguished speakers include Dr Mari-Len Ngu, Managing Director and CEO, Global Private Clients, Pacific Trustees Labuan Limited; Syakh Ibrahim Ibn Muhammad, ShariahConsultant, Lote Tree Consultancy; Ho Sing Foong, Head of Equity & Commodity Derivatives, Maybank Investment Bank; Edward Cheah, Director and Head of Private Wealth Division, Pacific Trustees Berhad; Wai Ken Wong, Country Manager, Stash Away Malaysia; SamYeow, Associate Director, KPMG Malaysia; Andy Ng Yen Heng, President of Malaysian Financial Planning Council; Irene Yong, partner at Shearn Delamore; Manshan Singh, partner at Skrine; Istee Cheah, partner at Wong & Partners; Muhammad Aiman Mohamad Salmi, Director/Principal Consultant, Tawafuq Consultancy Sdn Bhd; and Ng Chung Yee, Technical Director, Liquidity Solutions Sdn Bhd. 

    Pacific Trustees is a 30-year-old award-winning regional trust company with presence in Kuala Lumpur, Singapore, Labuan and Hong Kong, and has provided trust services to more than 316 bonds and sukuk issuers in the market, with a total fund size of about RM697billion in nominal value. 

    Those interested to attend the conference can book their tickets at https://www.ticket2u.com.my/event/37719/national-conference-of-trust-successful- preservation-of-wealth-across-multiple-generations.

  • RHB ASSET MANAGEMENT UNVEILS ENHANCED INCOME STRATEGY TO CAPITALISE ON A TRANSFORMATIVE INVESTMENT ERA

    KUALA LUMPUR – RHB Asset Management Sdn. Bhd. (“RHBAM”), a wholly-owned subsidiary of RHB Investment Bank Berhad, today unveiled its enhanced Asian Income strategy comprising RHB Asian Income Fund, RHB Asian Income Fund-SGD and RHB Asian Income Fund – Multi Currencies (herein referred to as “RHB Asian Income Funds”). This enhancement marks a significant evolution of RHBAM’s flagship product, which has maintained a successful track record for over 12 years.

    The RHB Asian Income Funds feed into the Schroder Asian Income Fund (“Target Fund”), managed by Schroders Singapore (“Schroders”). The Target Fund features a more dynamic asset allocation strategy, with a broadened investment scope that now spans global and alternative assets, in addition to Asian multi-asset investments. This comprehensive diversification allows Malaysian investors to tap into broader growth opportunities while enjoying stable income and capital appreciation over the medium-to-long term, amid a rapidly evolving investment landscape.

    The RHB Asian Income Funds’ income distribution policy is now more flexible, allowing for monthly income distribution. It targets a higher income distribution of 6% to 6.5% per annum1, a notable increase from the previous 4.0% to 4.5% per annum. This improvement is designed to offer flexibility and provide a more regular income stream, especially valuable in times of market volatility.

    The enhancement aligns with the current economic environment, characterised by easing monetary policies and lower interest rates, which have brought dividends back into focus. Coupled with ongoing corporate reforms across Asian capital markets, these factors are poised to drive stronger investor confidence and favourable dividend outcomes over the medium term.

    The Target Fund’s diversified strategic investment universe now extends beyond Asian multi-asset investments to include global and alternative asset classes, aiming to boost alpha generation and enhance yields by tapping into income and growth opportunities worldwide. With a balanced approach that combines income generation and capital growth, the RHB Asian Income Funds aims to deliver stability and long-term potential. Investors gain access to high-quality companies globally, positioning them to benefit from major growth themes such as artificial intelligence, which are reshaping the market landscape.

    Today, RHBAM manages an extensive range of unit trust funds, wholesale funds, private retirement schemes and private mandates for Malaysian investors, both retail and sophisticated investors at large. Our range of investment solutions encompasses both conventional and Shariah-compliant, sustainability focused and thematic strategies to cater to the differing risk appetite for out investors. Our assets under management (AUM) is in excess of RM50bil, with the support of our clients, appointed distributors and our agency force. Our product offerings are distributed by our list of appointed Institutional Unit Trust Agents (IUTAs), Corporate Unit Trust Agents (CUTAs), agency force and through our very own online portal, RHBAM MyInvest. Investors are able to access the RHB Asian Income Funds through www.rhbgroup.com/myinvest.

    Retail investors can participate in RHB Asian Income Fund with a minimum investment of RM100, making this diversified approach to income and growth accessible to a broad range of investors.

    Chze How Ng, Managing Director and CEO of RHB Asset Management, said:
    “At RHB Asset Management Sdn. Bhd., we are committed to delivering innovative investment solutions that meet the evolving needs of our clients. The enhanced Asian Income strategy are designed to provide consistent income and capital growth during volatile market cycles. We are optimistic that it will play an essential role in every investor’s portfolio. We are proud to continue our 12-year partnership with Schroders, leveraging their proven expertise to navigate this dynamic investment landscape.”

    Lily Choh, Head of South Asia and CEO Singapore, Schroders, said:
    “As we steer through an era of transformative change, we are delighted to partner with RHB Asset Management Sdn. Bhd. on the enhanced Asian Income strategy, which is exclusively designed to benefit from Asia’s burgeoning influence and pivotal trends driving growth. Schroders, as one of the largest offshore managers in Malaysia, combines our regional expertise with a global perspective to deliver income stability while tapping into the next wave of growth opportunities. Our robust and forward-thinking investment strategies are well-positioned to adapt to the rapidly evolving market landscape, making this fund an ideal addition for investors seeking to navigate the future with confidence.”

    Schroders plc
    Schroders is a global investment management firm with £773.7 billion (€912.6 billion; $978.1 billion) assets under management, as at 30 June 2024. Schroders continues to deliver strong financial results in ever challenging market conditions, with a market capitalisation of circa £6 billion and over 6,000 employees across 38 locations. Established in 1804, the founding family remains a core shareholder, holding approximately 44% of Schroders’ shares.

    Schroders has benefited from a diverse business model by geography, asset class and client type. It offers innovative products and solutions across four core businesses; Public Markets, Solutions, Wealth Management and our private markets business Schroders Capital. Clients include insurance companies, pension schemes, sovereign wealth funds, high net worth individuals and foundations. Schroders also manages assets for end clients as part of its relationships with distributors, financial advisers and online platforms.

    Schroders aims to provide excellent investment performance to clients through active management. It also channels capital into sustainable and durable businesses to accelerate positive change in the world. Schroders’ business philosophy is based on the belief that if we deliver for clients, we will deliver for our shareholders and other stakeholders.

    About the RHB Banking Group
    The RHB Banking Group, with RHB Bank Berhad as the holding company, is one of the largest fully integrated financial services group in Malaysia. The Group’s core businesses are structured into five main business pillars, namely Group Community Banking, Group Wholesale Banking, Group Shariah Business, Group International Business, and Group Insurance.

    Group Community Banking comprises Retail Banking and SME Banking, while Group Wholesale Banking comprises Group Investment Banking, Group Corporate Banking, Group Treasury & Global Markets, Group Asset Management, Commercial Banking, Transaction Banking, and Economics.
    All five Strategic Business Groups offer their financial solutions through RHB Bank Berhad and its main subsidiaries – RHB Investment Bank Berhad, RHB Islamic Bank Berhad and RHB Insurance Berhad, while its asset management and unit trust businesses are undertaken by RHB Asset Management Sdn. Bhd. and RHB Islamic International Asset Management Berhad.

    The Group’s regional presence now spans seven countries including Malaysia, Singapore, Indonesia, Thailand, Brunei, Cambodia, and Lao PDR.

  • SC’s Flagship InvestSmart® Fest 2024 Focuses on Retirement Planning and Scam Protection

    SC’s Flagship InvestSmart® Fest 2024 Focuses on Retirement Planning and Scam Protection

    The Securities Commission Malaysia (SC) today kicked off its annual investor education
    event InvestSmart® Fest 2024, focusing on retirement planning and safeguarding
    investors from scams.

    A recent SC study found that 54% of respondents believe their savings are insufficient
    for retirement with only 16% confident their funds will last over 20 years after retirement.
    Alarmingly, 18% of respondents feel their saving can only be sustained for five years or
    less.

    Investor protection also remains a pressing issue, with 3,380 scam related complaints
    and enquiries received by the SC as of the third quarter of this year. This trend has been
    on the rise, with a 28%increase last year, proving the evolving sophistication offraudulent
    schemes despite regulatory interventions.

    As such, InvestSmart® Fest 2024 highlights SC’s efforts in increasing awareness and
    knowledge on the benefits of safe investing as well as saving earlier in life.

    The SC Chairman Dato’ Mohammad Faiz Azmi stressed that staying vigilant in an
    increasingly digital world is no longer a priority for investors, but a necessity.

    “The SC remains committed to safeguarding investors, but vigilance is key. Through
    InvestSmart® Fest, we are equipping Malaysians with the tools to recognise threats and
    make secure financial decisions,” he said.

    SC Executive Director and General Counsel Yew Yee Tee warned of rising digital scams
    involving deepfakes, fraudulent pre-IPO schemes and the mislabeling of Shariah
    compliant products.

    “The public must practice caution and ensure they deal with licensed individuals or
    companies before making any investment decisions,” she said in her opening speech at
    the event.

    In response to the growing influence of financial influencers (finfluencers) on social
    media, the SC has updated the Guidance Note on the Provision of Investment Advice.

    The SC also cautioned against mule account scams, where victims are persuaded to rent
    out their bank accounts, leading to serious consequences.

    In collaboration with Bursa Malaysia, InvestSmart® Fest 2024 will also participate in the
    ‘Ring the Bell for World Investor Week’ campaign.

    This global initiative organised by the World Federation of Exchanges and spearheaded
    by the International Organization of Securities Commissions, brings together stock
    exchanges worldwide to promote investor education and protection.

    InvestSmart® Fest 2024, expected to draw over 11,000 visitors to Mid Valley Exhibition
    Centre (MVEC), will feature 40+ exhibitors and 600 free financial planning sessions under
    #FinPlan4u. For the first time, an ‘Anti-Scam Zone’3 will educate the public on scam
    prevention.

    The event is supported by Bursa Malaysia, the Federation of Investment Managers
    Malaysia, Financial Planning Association of Malaysia and Malaysian Financial Planning
    Council.

    For more information and the list of available exhibitors, visit https://investsmartsc.my/
    or InvestSmart®’s social media accounts.

  • INSUREKU USHERS IN A NEW ERA FOR MALAYSIAN INSURANCE AND TAKAFUL WITH DIGITAL-FIRST AGGREGATION SERVICE, LAUNCHING WITH TRAVEL COVERAGE

    INSUREKU USHERS IN A NEW ERA FOR MALAYSIAN INSURANCE AND TAKAFUL WITH DIGITAL-FIRST AGGREGATION SERVICE, LAUNCHING WITH TRAVEL COVERAGE

    Kuala Lumpur, Malaysia, 10 October 2024 – insureKU, a brand under leading listed local technology company, Censof Holdings Bhd (“Censof”) and Malaysia’s first true end-to-end digital insurance and takaful aggregation platform, has officially launched its consumer-focused platform with a selection of curated travel related solutions. 

    insureKU is redefining how Malaysians access and manage their insurance needs, starting with the convenience of securing travel coverage from digitally-forward insurance providers. This is part of its larger aspiration of a comprehensive expansion into general, life, and medical insurance in the coming months.

     

    “We are challenging what the idea of insurance – how you research, understand, compare, and make an informed purchase – looks like. For too long, consumers have been faced with confusing, difficult to navigate, and unnecessarily costly insurance and takaful buying decisions, even with seemingly less complex types of insurance like travel coverage. With insureKU, we are democratising the entire

    process, making it easier for consumers to understand and compare what they are buying, and then making informed decisions on which insurance provider they want to work with,” said Shadhana Sekaran, co-founder and Chief Executive Officer of insureKU. 

    Choosing travel insurance as its debut product offering, insureKU has built a consumer-focused offering that identifies, addresses, and solves the pain points that consumers associate with understanding, selecting, picking and eventually purchasing the insurance and takaful products that their travel needs demand. 

    With insureKU’s tailored travel insurance options, Malaysians can better safeguard their journeys immediately in a matter of minutes, and manage potential risks such as trip cancellations, medical emergencies, lost luggages, delays and much more. 

    insureKU is a product of Censof Maal Sdn Bhd, a subsidiary of the leading financial management software solutions provider, Censof. It aims to revolutionise how Malaysian consumers access and benefit from their insurance policies by leveraging its technological capabilities and the collective knowledge and experience of insureKU’s founders and Censof’s technology development, system experience and regional reach. Through this process, savings from insurance companies are also passed back to consumers, leading to better real-world prices for products and services in a single website as well. 

    A Seamless and Consumer-Centric Experience 

    insureKU leverages cutting-edge technology to provide a comprehensive and personalised experience for users. The platform allows customers to compare travel insurance policies from a wide range of top insurance providers, ensuring they find the best coverage that suits their needs. With a focus on simplicity and user-friendliness, insureKU enables users to purchase policies in just a few clicks, offering instant access to coverage details and support. 

    “Our goal is to empower Malaysians to make informed decisions about their insurance needs, starting with travel coverage,” added Shadhana. “We are committed to simplifying the insurance process, making it more transparent, and providing consumers with the tools they need to protect themselves and their loved ones when travelling.” 

    Looking Ahead: Expanding Insurance Offerings 

    Among the earliest authorised participants under Bank Negara Malaysia’s Financial Technology Regulatory Sandbox, insureKU is setting a new standard for what is undeniably a critical area for many consumers – financial planning for their future. 

    While travel insurance is the first product available on InsureKU, the platform is designed to accommodate a wide range of insurance needs. Over the coming months, InsureKU will introduce

    additional insurance and takaful products, including life, general, and personal accident. This phased approach ensures that consumers can gradually familiarise themselves with the platform while gaining access to a broader selection of insurance products. 

    “InsureKU is not just a platform for purchasing travel insurance – it is the beginning of a new era in how Malaysians interact with insurance,” explained Ashveen Chakravarthy, Chief Operating Officer of InsureKu. “As we expand our offerings, our vision is to create a one-stop solution for all insurance needs, where consumers can easily compare, select and purchase their policies online.” 

    insureKU has been under development and testing for the past 6 months since its entry into the Sandbox. Incubated within Censof, it is today, the first native end-to-end industry integrated insurance and takaful aggregation and solutions platform in the country. 

    For more information and to explore insurance options, a visit to www.insureku.com promises valuable insights and resources. 

     

  • Ouch! Secures RM5 Million Amid Extended BNM Sandbox Approval

    Ouch! Secures RM5 Million Amid Extended BNM Sandbox Approval

     

    KUALA LUMPUR, XX October 2024 – Malaysia’s pioneering digital takaful operator — Ouch! — has successfully secured RM5 million in its recent fundraising round from PPB Ventures Sdn Bhd (PPB Ventures). Alongside this financial boost, Ouch! has also received an additional 1-year extension to operate under Bank Negara Malaysia’s (BNM) Regulatory Sandbox, strengthening its goal to provide accessible takaful solutions. PPB Ventures joins a long line of Ouch!’s key investors including OSK Ventures, RHL, and Vynn Capital in the company’s efforts to provide unique, accessible takaful solutions. 

     

    With Malaysia’s takaful market showing significant growth — specifically, a 7.55% increase in Family Takaful gross contributions, and total contributions reaching almost RM9 billion as noted by the Malaysian Takaful Association — this strategic funding will propel Ouch!’s mission in meeting the rising demand for accessible, Shariah-compliant financial protection. Fundamentally, Ouch! aims to establish a secure, digital platform to meet the needs of every Malaysian, considering approximately 30 million Malaysians are still underserved in terms of financial protection. 

     

    In this vein, the funds will be invested to expand market share, enhance technology infrastructure, and drive product innovation to better serve the community. One of Ouch!’s primary objectives lies in the transition from its current reliance on a third-party core system to a proprietary, independent system using  a suite of cutting-edge technological innovations. Ouch! is also working towards securing a DITO licence from BNM, which will enable the company to close critical protection gaps for Malaysians, especially young families.

     

    “We are thrilled with the support from PPB Ventures as we push forward with our mission to redefine financial protection in Malaysia through Shariah-compliant, digital-first takaful solutions,” said Shazy Noorazman, CEO of Ouch! Protect Berhad. “With the support of our investors, we’re poised to strengthen our technological capabilities and drive innovation in the digital takaful space. The sandbox extension and DITO licence will both be major game-changers, enabling us to offer even more personalised and accessible Takaful solutions for Malaysians.”

     

    A small percentage of the funds will also be earmarked as Ouch!’s reserve capital for BNM’s Sandbox testing and support for the DITO licence process, enabling Ouch! to offer a broader range of customised takaful products. Ouch! will continue to build on its growth with plans to initiate a subsequent fundraising round later this year to meet the minimum capital requirements for the DITO licence, reinforcing their commitment to advance the needs of Malaysian households and families.

     

    To find out more about Ouch!, please visit ouch.my or download their application from the Google Play Store and Apple App Store.

    About Ouch!

    Ouch! is an approved participant in the BNM Regulatory Sandbox dedicated to making Shariah-compliant family takaful more accessible to all Malaysians. As a comprehensive one-stop platform, Ouch! empowers users by providing education on coverage and risks, simplifying the purchase and management of digital takaful products, and streamlining the claims process. With Ouch!, financial protection is made easy and transparent, bringing peace of mind to every household. For more information, visit http://ouch.my/.

     

  • ISKANDAR INVESTMENT BERHAD AND KILSA GLOBAL COLLABORATE TO UNLOCK SOUTHEAST ASIAN MARKET OPPORTUNITIES

    ISKANDAR INVESTMENT BERHAD AND KILSA GLOBAL COLLABORATE TO UNLOCK SOUTHEAST ASIAN MARKET OPPORTUNITIES

    Seoul, 30 September 2024 – Iskandar Investment Berhad (IIB) is excited to announce a
    strategic partnership with KILSA Global to accelerate the entry of Korean startups and small
    and medium-sized enterprises (SMEs) into Southeast Asia. This collaboration not only aims
    to position Medini and Iskandar Puteri as key hubs for Korean innovators but also to attract
    global talent, investment, and innovation to Johor, contributing to the state’s economic
    growth and development.

    IIB, a catalyst for the transformation of Iskandar Malaysia, continues to develop Medini as a
    sustainable urban hub with a focus on technology, innovation, and business services. Medini
    and Iskandar Puteri offer a robust ecosystem that supports cutting-edge industries. Situated
    just 45 minutes from Singapore, Medini’s connectivity will soon be further enhanced by major
    infrastructure projects like the Rapid Transit System (RTS), Autonomous Rapid Transit
    (ART), and the potential High-Speed Rail (HSR). These projects will strengthen Medini’s
    links to Singapore and other ASEAN markets, reinforcing its role as a key gateway for global
    investors and an ideal launchpad for Korean businesses in Southeast Asia’s market of over
    660 million people and a combined GDP of USD 3 trillion.

    Dato’ Idzham Mohd Hashim, President/CEO of IIB, stated, “Our collaboration with KILSA
    Global opens exciting new opportunities for Korean startups and SMEs to establish a strong
    presence in Southeast Asia, while contributing to the region’s economic growth. At IIB, we
    are committed to facilitating Korean businesses by providing comprehensive investment
    support, connecting them with key agencies like Invest Johor, Malaysian Investment
    Development Authority (MIDA) and Malaysian Development Economic Corporation (MDEC)
    for a seamless setup process. Through this partnership, we aim to foster a vibrant innovation
    ecosystem that encourages collaboration between Korean businesses, local industry
    players, and educational institutions. This will enable access to mentorship, networking, and
    talent development opportunities, ensuring Korean innovators have the resources,
    infrastructure, and networks to scale and succeed.”

    As a hub for innovation, Medini hosts strategic initiatives such as Tech Medini and GBS
    Iskandar @ Medini, where a multitude of multinational corporations have already established
    their presence. With over USD 30 billion invested in infrastructure, the city has become a
    thriving centre equipped with world-class facilities, making it an ideal location for businesses
    to scale in the region.

    KILSA Global is a Singapore-headquartered expansion service platform with a strong
    presence across Southeast Asia and Korea. The company specialises in helping businesses
    seamlessly enter global markets by offering localised expansion services and access to
    extensive regional networks. KILSA Global enables its clients to unlock diverse
    opportunities, establish a market presence, and accelerate growth with minimal investment.

    Mr. Philip Jongseok Park, Managing Director of KILSA Global, added, “This collaboration
    provides Korean businesses with a gateway into one of the fastest-growing regions in the
    world. With over 30,000 Korean SMEs actively seeking overseas expansion and contributing
    to more than 99% of Korea’s business landscape, Southeast Asia presents a significant
    opportunity. The region’s digital economy is projected to reach USD 300 billion by 2025, and
    we are excited to connect Korean startups and SMEs with the immense potential Medini and
    Iskandar Puteri have to offer, particularly in the technology and innovation space.”

    Through strategic initiatives like this, IIB is not only enabling business growth but also
    contributing to Johor’s transformation by attracting international talent, fostering innovation,
    and boosting local industries. IIB remains committed to building a sustainable and inclusive
    metropolis of the future in Johor.

    About Iskandar Investment Berhad
    Iskandar Investment Berhad (IIB) is a Catalyst of Change and a key player in Iskandar Malaysia’s
    transformation into a regional metropolis of international standing. Incorporated in November 2006,
    IIB is tasked to ensure that Iskandar Malaysia continues its successful trajectory into an attractive
    investment destination in Southeast Asia and a vibrant, liveable region of Malaysia via catalytic
    projects. IIB focuses on the development of Iskandar Puteri in the education, technology, ESG,
    tourism, entertainment, and health and wellness sectors. IIB’s impactful accomplishments include
    the successful joint ventures and investment partnerships in EduCity, LEGOLAND® Malaysia Resort,
    Iskandar Puteri, Medini and other infrastructure projects under the 9th Malaysia Plan in Iskandar
    Malaysia. IIB is committed to steering economic and environmentally sustainable growth in Iskandar
    Malaysia and ensuring inclusive developments for local Iskandarians through employment and
    income opportunities.

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

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

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

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

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

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

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

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

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

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