Inovatif

Category: lifestyle

  • Global Survey Reveals Trust Deficit in Tax Systems, Including in Malaysia

    Global Survey Reveals Trust Deficit in Tax Systems, Including in Malaysia

    A groundbreaking global survey, Public Trust in Tax 2024, revealed that while most taxpayers believe in the principle of paying taxes as a contribution to society, trust in how governments utilise tax revenues remains low. Conducted by the Association of Chartered Certified Accountants (ACCA), the International Federation of Accountants (IFAC), and the Organisation for Economic Co-operation and Development (OECD), the survey gathered responses from over 10,000 individuals in 26 countries, including Malaysia.

    The survey underscores a significant gap between the theory and practice of tax systems worldwide:

    • Taxes as a Contribution: 52% see taxes as a contribution to the community, while 25% disagree.
    • Public Good: Only 33% of global respondents feel tax revenues are spent for the public good, while 46% disagree.
    •  Fair Return on Taxes Paid: Just 32% believe public services and infrastructure provide a fair return for their taxes, while 50% disagree.

    Helen Brand OBE, chief executive of ACCA, said: “Trust in tax systems is crucial for sustainable development and prosperity, and the findings of this survey highlight the challenges that many governments across the world face in building it. We look forward to using this important work to engage with policymakers, tax authorities and civil society to drive evidence-based policy initiatives to build effective and trusted tax systems.”

    Commenting on the finding that tax accountants are the most trusted source of information on tax, and politicians the least, Lee White, CEO of IFAC, said: “Consumer and investor protection is the foundation for economic prosperity, which aligns with building trust in the tax ecosystem. As the survey confirms, and in line with previous editions, professional tax accountants are the most trusted source of tax information globally. This trust places an enormous responsibility on our profession to act with integrity, to bridge the gap between governments and taxpayers, and to uphold the highest standards of ethics.”

    Manal Corwin, Director of the OECD Centre for Tax Policy and Administration, said: “We are pleased to join with ACCA and IFAC on this key research. The findings in this report highlight that support for the fiscal contract remains strong in theory, but it’s not being delivered in practice for many. We can use these findings to identify how to rebuild trust in both the theory and practice of tax across the globe.”

    Malaysia’s results revealed more optimism than many other countries in the survey, though challenges persist:

    • A Positive Contribution: 56% of Malaysians believe taxes are a contribution to the community, above the global average.
    • Spending for Public Good: 43% of Malaysian respondents agree tax revenues are spent for the public good, outperforming the global average but leaving room for improvement.
    • Fair Return: 40% of Malaysians feel they receive a fair return in public services and infrastructure for the taxes they pay, compared to the global average of 32%.
    • Ease of Compliance: Malaysians rank tax processes as relatively efficient, with 60% saying it is easy to file returns and make payments, surpassing the global average of 52%.
    • Trust in Accountants: Malaysian tax accountants are the most trusted globally, with an 80% trust rating, reflecting a high level of confidence in the profession.

    Andrew Lim, Portfolio Head of ACCA Maritime SEA, remarked, “Malaysia’s stronger-than-average results highlight the potential for further trust-building measures. Transparency, fairness, and engagement remain vital to strengthening the fiscal contract.”

    Despite relatively positive perceptions, concerns about corruption and the equitable distribution of tax burdens persist in Malaysia, mirroring broader regional and global trends. Addressing these issues will be key to fostering greater public trust in tax systems.

    The full report, Public Trust in Tax 2024, is available at ACCA’s website: https://www.accaglobal.com/gb/en/professional-insights/global-economics/public-trust-tax-2024.html

  • Tune Protect Group launches Delay Lounge Pass for AirAsia Travel insurance customers

    Tune Protect Group Berhad (“Tune Protect or “Group”) announced the launch of a new benefit for its AirAsia Travel Insurance customers, the Delay Lounge Pass, a perk that provides access to over 1,500 airport lounges worldwide when flights are delayed by two hours or more.

    Available across AirAsia’s extensive global network , the Delay Lounge Pass is available exclusively for customers purchasing or opting in for either one of the AirAsia Travel Insurance plans, which include the Value Pack, Premium Flex, and AirAsia Plus for flights departing from or arriving in Malaysia and Thailand.

    The Delay Lounge Pass transforms the experience of flight delays by offering customers access to airport lounges equipped with high-speed Wi-Fi, charging stations and a range of experiential facilities, including spa treatments and discounts at bars and restaurants. This new feature goes beyond the usual travel insurance benefits that AirAsia guests are able to enjoy, further elevating their worry-free travel experience. Aside to gaining monetary compensation due to delayed flights which is part of the AirAsia Travel Insurance coverage, customers are also compensated with the ease and comfort of airport lounges to make the most of their waiting time.

    “Travel delays are unsolicited, and we understand the challenges of navigating them when travelling with a big family or managing a busy schedule, especially during peak travel season such as the upcoming year end and school holidays. At Tune Protect, we aspire to enhance every aspect of the travel journey to be as comfortable and stress-free as possible. Whether it is parents seeking a quiet space to manage their children, business travellers needing to catch up on work, or solo travellers wanting a peaceful spot to relax, the access to the airport lounges addresses the needs of every traveller,” said How Kim Lian (“How”), Group Chief Executive Officer of Tune Protect.

    In the event that the flight is delayed, but customers do not utilise the voucher that was issued, it will still be valid for one-time use within 30 days from the issuance date at any of the 1,500 airport lounges worldwide. The Delay Lounge Pass voucher is uniquely assigned to the registered travellers and is non-transferable. Customers purchasing any of the AirAsia Travel Insurance plans (Value Pack, Premium Flex, and AirAsia Plus) for their travel companions must ensure that each guest is accurately registered to ensure a seamless experience.

    Aside to the Delay Lounge Pass, Tune Protect has also enhanced its travel insurance features in the AirAsia Travel Insurance plans by introducing TravelFlex Lite, which is a flexible cancellation benefit due to unforeseen circumstances . TravelFlex Lite benefit reimburses the cost of the flight tickets up to RM500 if customers are unable to travel. Other key features of the AirAsia Travel Insurance plans are the On-Time-Guarantee which reimburses RM100 for a 2-hour delay; and Baggage Delay which reimburses RM120 for every 6-hour delay, up to RM360.

    For more information on the Delay Lounge Pass and the AirAsia Travel Insurance Plans, including terms and conditions, please visit https://delayloungepass.tuneprotect.com/airasia and https://www.tuneprotect.com/airasia/AABundlePackage/.

  • AC Ventures and Deloitte release 2024 Impact Report

    AC Ventures, a leading Southeast Asian venture capital firm, has officially released its 2024 Impact Report, titled “Accelerating Impact into New Heights.” Developed in collaboration with Deloitte in Indonesia, the report underscores AC Ventures’ commitment to fostering innovation, advancing sustainability, and driving meaningful change across Indonesia and the broader region. Covering the firm’s achievements and progress, the report offers an in-depth exploration of AC Ventures’ contributions across three core pillars: economic growth, social inclusion, and environmental sustainability.

    Helen Wong, Managing Partner at AC Ventures, stated, “At AC Ventures, we firmly believe venture capital has the power to transform industries and lives for the better. This report highlights how our portfolio companies are championing innovation while making a tangible impact and fighting climate change. From empowering communities to accelerating sustainability, our mission is to build a future where businesses thrive alongside an inclusive society and a sustainable environment.”

    The Impact Report highlights AC Ventures’ ongoing commitment to drive positive outcomes. Over 30,000 direct jobs were created by AC Ventures-backed companies, empowering more than four million individuals and businesses through digital tools and financial inclusion. 40% of these companies are led or co-led by women, advancing gender equity in Southeast Asia. Companies like Supermom are actively bridging opportunity gaps.

    Sustainability is a core focus of AC Ventures’ investment strategy. The firm’s climate-tech portfolio companies have been instrumental in accelerating environmental impact. These companies have collectively reduced and avoided more than four million metric tons of CO2 emissions. Accacia, a leader in decarbonizing the real estate sector, helped its clients cut 3.5 million metric tons of CO2, while Xurya’s rooftop solar energy solutions prevented over 1.1 million metric tons of CO2 emissions. Xurya has generated over 1.18 billion kWh of renewable energy through solar projects, helping to significantly reduce dependence on fossil fuels across Indonesia. ASTRO recycled over 166 tons of cardboard packaging in collaboration with local vendors, and Fore Coffee reduced its plastic bag usage by 77%, recycling nearly one ton of cups across its stores.

    Deloitte, which played a key role in guiding the development of the report, emphasised its importance as a tool for transparency and progress. Imelda M. Orbito, Director at PT Deloitte Konsultan Indonesia, and also serves as an expert in Sustainability and Climate Change said, “An Impact Report is more than just a set of metrics—it tells the story of an organisation’s journey toward positive transformation.

    As AC Ventures looks to the future, the firm remains committed to strong governance and advancing gender diversity within its investment strategy. Looking ahead, AC Ventures is focused on accelerating innovation, championing sustainable growth, and driving measurable impact across Southeast Asia.
    Download the full playbook via: https://acv.vc/resources/acv-impact-report-2024/

  • 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.

  • FedEx Singapore Singapore Rolls Out EV Fleet

    FedEx Singapore Singapore Rolls Out EV Fleet

    FedEx Express Corporation, one of the world’s largest express transportation companies, is introducing 31 electric vehicles (EVs) into its existing fleet in Singapore. Singapore is the first market within the FedEx Asia Pacific network to deploy the custom-built Mercedes-Benz eVito 112 panel vans to support its parcel pickup and delivery operations across the country. The EVs offer a 923 kg load capacity and an estimated range of up to 321 kilometers on a full charge. Collectively, the vehicles are estimated to avoid around 148 metric tons of tailpipe emissions per year when compared to diesel-powered vans.

    FedEx Singapore is already replacing all its end-of-life vehicles used for parcel pickup and delivery with EVs, contributing to the company’s global goal to make 100% of new purchases of these vehicles electric by 2030. The addition of these new vehicles to its fleet marks a significant step towards the company’s commitment to sustainability in Singapore and its ongoing efforts to achieve zero-tailpipe emissions for last-mile parcel delivery operations across its global operations.

    FedEx continues to explore innovative solutions and collaborations to enhance the sustainability of its operations, including the company’s vision of integrating renewable energy and enhancing facility efficiency. The South Pacific Regional Hub in Singapore will soon be able to use solar energy to meet more than half of the facility’s total electricity demands, helping to charge the EV fleet in Singapore via clean energy beginning in January 2025. Overall, these projects support the Singapore Green Plan 2030, which aims to lower national carbon emissions and promote sustainability.

    “FedEx is committed to connecting people and opportunities in smarter ways,” stated Kawal Preet, president of FedEx Asia Pacific. “With the introduction of these electric vehicles, we are taking meaningful steps to lower greenhouse gas emissions while improving our efficiency, directly supporting Singapore’s bold sustainability initiatives. This is an important milestone on our path to achieving carbon-neutral operations by 2040, as we work to build a cleaner and more efficient logistics network that promotes sustainable growth throughout the Asia Pacific region.”

    In addition to vehicle electrification, the company has also launched a cloud-based carbon emissions reporting tool, FedEx® Sustainability Insights, giving customers access to historical emissions information on eligible shipments within the FedEx network. FedEx customers can use the data to help make more informed decisions on their future shipping strategy to help reduce their impact on the environment.

  • Sustainable Action Conference 2024: Last Call for NGO Funding Applications – Deadline November 4th!

    Sustainable Action Conference 2024: Last Call for NGO Funding Applications – Deadline November 4th!

    PETALING JAYA, MALAYSIA – The Sustainable Action Conference (SAC) 2024, hosted by Control Union Malaysia in collaboration with the Malaysian Dutch Business Council (MDBC), is pleased to announce an exclusive funding opportunity for NGOs across Malaysia, supporting impactful sustainability projects. With the backing of generous sponsors, including CarbonSpace, EPIC, and SaraCarbon, SAC 2024 is dedicated to driving collective efforts towards a more sustainable future.

    Highlighting outstanding contributions to environmental and social change, SAC 2024 will host an awards ceremony celebrating NGOs championing meaningful initiatives in Malaysia. Following last year’s success, where BLU HARAPAN received a 50,000 MYR grant to support their plastic neutrality and fish bombing prevention programs, this year’s award promises another chance for NGOs to make a difference. The selection of the winning NGO will be based on audience voting, considering the project’s potential impact, innovation, and alignment with SAC’s mission to turn sustainability commitments into actionable outcomes.

    How to Apply

    NGOs are encouraged to submit their project proposals via the forms on our website by November 4, 2024, to join this prestigious event. Winners will receive not only critical funding but also high-profile visibility among leaders from sustainability sectors, government, and industry. To participate, please apply here: NGO Application Form

    Furthermore, should your organization have funding and is interested to sponsor, raise awareness, contribute to impactful projects and be part of a sustainable future, we invite you to join us.

    Together, let’s fund a sustainable future!

    For further details, visit our website at www.sustainableactionconference.com or reach out to us at dinusha@controlunion.com.

  • 54% Malaysians unprepared for climate risks, according to Zurich Malaysia’s Climate Resilience Survey

    54% Malaysians unprepared for climate risks, according to Zurich Malaysia’s Climate Resilience Survey

    KUALA LUMPUR, 23 October 2024 – Climate Resilience Survey by Zurich Malaysia found that
    86% of Malaysians are concerned over climate change impacts, with younger individuals (aged 18-
    29) showing the highest levels of concerns (up to 90%). Financial constraints are a significant barrier
    to preparedness for 38% of respondents, with 54% feeling unprepared for climate events such as
    floods, heatwaves, and landslides.

    Zurich Malaysia’s Climate Resilience Survey was launched in support of National Preparedness
    Month (BKN) 2024, themed “Malaysia Madani, Siaga Bencana”. The survey aims to promote disaster
    preparedness awareness through collaboration between local communities and the government.

    Junior Cho, Country CEO/Head of Zurich Malaysia, said, “Our Climate Resilience Survey aims to
    gain a deeper understanding of the public’s current perceptions, preparedness, and experiences with
    climate change impacts. By understanding the community’s perception of climate risks and their
    preparedness levels, we can develop tailored strategies to strengthen climate resilience, enhance
    local adaptation efforts, and promote sustainable practices across diverse urban settings.”

    Awareness and concerns are high, but greater support required
    Overall, 53% of Malaysians are very concerned about climate change impacts on future generations.
    However, this level of heavy concern decreases with age, from 56% in the 18-29 group to 25% in the
    65 and above group. This indicates a greater focus on climate education and engagement among
    younger Malaysians, who are more likely to face the longer-term consequences of increasing climate
    events.

    Floods (75%), heatwaves (74%), and landslides (70%) are the top worries, with urban infrastructure
    risks (e.g., fallen trees, sinkholes) becoming an emerging concern (67%), following recent cases in
    urban downtown Kuala Lumpur. Similar age patterns are observed, with overall concerns decreasing
    as age increases.

    In the past 12 months, almost a third of respondents (32%) reported being directly impacted by
    severe climate events, with 38% citing their families as victims. On the community front, 58% reported
    that their local communities were most affected by severe climate events, indicating a concern for
    climate events that extend beyond individual experiences.

    The survey found an inverse correlation between monthly household income levels and
    preparedness. 49% of B40 respondents reported having sufficient provisions, savings, evacuation
    plans, and emergency support for their households against potential climate events. However, this
    decreases to 44% for M40 households and 39% for T20 households. This suggests that higher-
    income households may have higher expectations for preparedness, resulting in a perception of being
    less ready or prepared.

    The survey also indicates strong support and adoption of sustainable practices by Malaysians, who
    are taking the initiative towards a greener lifestyle. They prioritise sustainable waste management
    (63%), purchase eco-friendly products (60%), and reduce energy usage (60%). These trends suggest
    an emphasis on tangible, everyday actions that can be easily integrated into daily life.

    Building on from existing sustainability commitments

    Zurich Malaysia’s Climate Resilience Survey builds on the Urban Climate Resilience Program
    (UCRP) launched by the Z Zurich Foundation to support urban communities in nine countries across
    the globe. The UCRP expands on Z Zurich Foundation’s ongoing climate change work with the Zurich
    Climate Resilience Alliance, which has primarily focused on rural environments, by extending its
    efforts into urban spaces and populations.

    Zurich Malaysia successfully rolled out the UCRP locally, kicking off in November 2023 with Kampung
    Morten and Pantai Peringgit in Melaka, through a multipartite collaboration between Zurich Malaysia,
    Z Zurich Foundation, the Resilient Cities Network (R-Cities), as well as the Historic City Council of
    Melaka (MBMB). In March 2024, Zurich Malaysia and Z Zurich Foundation collaborated with C40
    Cities and the Kuala Lumpur City Hall (DBKL) to expand the UCRP in the capital, to PPR Beringin
    and Kampung Pasir.

    Earlier this year, the 2024 Global Risks Report – presented by the World Economic Forum (WEF) in
    collaboration with Marsh McLennan and Zurich Insurance – found that two-thirds of respondents
    ranked extreme weather as a top risk. Findings from Zurich Malaysia’s Climate Resilience Survey
    align with these global realities and will be leveraged to further strengthen community resilience
    against climate events, as part of Zurich Malaysia’s ongoing mission to care for what matters most to
    our planet’s wellbeing.

    Zurich Malaysia’s Climate Resilience Survey was conducted in September 2024, with 1,100
    Malaysians taking part in the study. For further insights into Zurich Malaysia’s holistic approach to
    building a brighter tomorrow, please visit https://www.zurich.com.my/.

  • SC Unveils Three Initiatives to Spur Innovation

    SC Unveils Three Initiatives to Spur Innovation

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

  • microLEAP Applauds SC’s Call for Islamic Finance Collaboration to Shape the Future of Islamic Fintech

    microLEAP Applauds SC’s Call for Islamic Finance Collaboration to Shape the Future of Islamic Fintech

    Kuala Lumpur, Malaysia – September 10, 2024 – microLEAP, Malaysia’s prominent P2P financing platform specialising in Islamic financing, welcomes the recent call by the Securities Commission Malaysia (SC) for stakeholders to collaborate in shaping the future of Islamic fintech. As pioneers in introducing both Shariah-compliant and conventional financing on the same platform, microLEAP fully supports SC Chairman Datuk Mohammad Faiz Azmi’s emphasis on leveraging the ethical principles of Maqasid al-Shariah to engage a broader audience. 

    microLEAP’s mission is closely aligned with these values, advocating for ethical and inclusive financing while remaining committed to the growth of the Islamic fintech ecosystem. With physical offices in Sabah, Sarawak, Johor, Perak, and Penang, this strategic move underlines microLEAP’s commitment in extending the reach of Islamic financing beyond just the Klang Valley.

    In the first half of 2024, 98.7% of the company’s financing notes were Shariah-compliant, showcasing its leadership in this space. microLEAP disbursed RM 46.56 million across 78 notes during Q1 and Q2, and has already disbursed over RM 175 million since its inception. This significant growth reflects the increasing demand for Islamic financing solutions, aligning with the SC’s findings that Islamic ECF and P2P platforms now contribute 24% of total alternative funding, compared to just 8% in 2022.

    Collaboration is key to unlocking the potential of Islamic fintech. microLEAP continues its ongoing partnership and collaboration with key government bodies, such as the Ministry of Entrepreneur Development and Cooperatives (KUSKOP), SME Corp, and the Malaysian Technology Development Corporation (MTDC), to advance Islamic finance and ensure greater financial inclusion.

    Datuk Mohammad Faiz’s call for a balanced regulatory framework is timely, and microLEAP fully supports the SC’s initiatives to foster innovation while ensuring market integrity. microLEAP embodies this balance, as demonstrated by its reduction in default rates to 0.77%. The platform continues to focus on responsible risk management while delivering strong returns for investors, achieving an average return of 15.1% in the first half of 2024.

    As Malaysia’s P2P financing ecosystem continues to grow, microLEAP remains dedicated to contributing to this upward trajectory. Its expansion into underserved areas of Malaysia further reaffirms microLEAP’s dedication to ensuring that all of Malaysia benefit from the potential of Islamic fintech.

    “At microLEAP, we believe in taking bold steps toward a more inclusive and ethical financial ecosystem. By partnering with key government agencies and establishing a physical presence in several states, we are breaking barriers and expanding access to Islamic financing,” said Tunku Danny Nasaifuddin Mudzaffar, Founder and CEO of microLEAP. “Collaboration is the cornerstone of progress, and together with our partners, we aim to shape a brighter future for Islamic fintech.”

    microLEAP stands ready to collaborate with the SC and other stakeholders to build a robust, inclusive, and ethically-driven financial ecosystem. The company remains steadfast in its belief that small steps can lead to a big impact.