Peninsular Malaysia Labour Dept recognises Merchantrade Asia as an Approved Issuer of a Designated Payment Instrument

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  • immigrant employees tasked with sending out US$ 1.8 billion in 2023.
  • ‘ First-to-last-mile ‘ online income solution ensures solid assistance at every stage for customers

Signing up migrant workers at an Oil Palm Plantation.

The Jabatan Tenaga Kerja Semenanjung Malaysia ( Peninsular Malaysia Labour Department ) has approved Merchantrade Asia Sdn Bhd as an approved issuer of a designated payment instrument for the purpose of wage payments. This is Malaysia’s largest Money Services Business ( MSB ) operator and a leading player in the digital payments industry.

This is in line with the Minister of Human Resources ‘ Employment ( Recognized Approved Issuer of a Designated Payment Instrument ) Order 2024.

Merchantrade, which collaborated with Visa to launch its composite Merchantrade Money e-wallet in January 2018 and targets both Malay and migrant workers, is benefited by the approval. Recognizing the significant challenges employers face in opening traditional bank accounts for migrant workers and other unbanked segments, it has gradually expanded the features of the card for this segment to its current stage with features such as remittances, mobile top-ups,, personal accident insurance coverage with basic plan as low as for RM5 per month, QR payments, P2P transfers, online purchases, multi lingual application and customer service with eight languages including English, Malay, Nepali, Indonesian, Bengali, Tamil, Chinese and Burmese and with Bank Negara approval to hold up to US$ 4, 517 ( RM20, 000 ).

By allowing direct salary transfers to staff ‘ Merchantrade Money e-wallet, the JTKSM approval will transform the payment method for businesses. From big MNCs to SMEs, Merchantrade said its answer will be a game-changer across different industries, including estate, manufacturing, construction, service, and local work.

Peninsular Malaysia Labour Dept recognises Merchantrade Asia as an Approved Issuer of a Designated Payment Instrument” Digital wage payments are gaining momentum worldwide, and we are proud to be leading this evolution in Malaysia”, said Ramasamy K. Veeran ( pic ), founder and MD of Merchantrade.

Following our expansion in the payment and e-wallet industries, we made a natural transition to online wage solutions, which addresses yet another pressing issue for Malaysian foreigners and other underbanked industries. We have developed a strong ecosystem specifically designed for this market over the years, and Merchantrade is strategically positioned to facilitate the transition from cash to online wage payments, Ramasamy continued.

Merchantrade has established itself as a trusted brand among the migrant worker community, recording an outbound remittance turnover of US$ 1.84 billion ( RM8.15 billion ) in 2023. The company has also served over 5 million users since its inception, through its online and brick-and-mortar programs, across its payment, forex trade, e-wallet, plan, and telecommunications services.

The company’s ecology includes a vast system of natural touchpoints, with 95 branches and over 490 representative locations globally serving as support centers for both its amazing income disbursement and e-wallet platforms, as well as a dedicated on-ground team that assists both employers and employees in urban and rural areas. The company’s ‘ first-to-last-mile’ approach ensures comprehensive support at every step of their journey, from onboarding and training to after-sales service.

Through a collaboration with AmBank Islamic, the integration of Merchantrade Money e-wallet ( with RM20, 000 wallet size ) with an AmBank Islamic Hybrid Current Account-i (hCA-i) ( RM30, 000 wallet size ) allows users to access a combined limit of up to RM50, 000, making it the first of its kind in Malaysia.

Users can make cashless and withdrawals at both physical stores and online using a Visa prepaid card when using a Visa card.

From an ESG perspective, this solution supports Merchantrade’s mission of promoting equitable financial services and is closely aligned with the government’s digital transformation and sustainability agenda, as well as Malaysia’s Financial Inclusion Framework FY2023–FY2026.

Merchantrade said its solution will be a game-changer across various industries, including plantation, manufacturing, construction, service, and domestic work.

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Google for Startups launches AI Academy to propel AI innovation in Malaysia, Asia

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  • Apps are currently available and will close on August 16, 2024.
  • Aims to collect 20 AI businesses for cross-border development, partnerships

Google for Startups launches AI Academy to propel AI innovation in Malaysia, Asia

AI Academy, a new program developed by Google for Startups, was introduced in support of and to accelerate the growth of AI startups in the Asia-Pacific ( APAC ) region, including Malaysia.

More than 20 startups are working on AI-based technologies, according to the company, which will help APAC’s lively AI community and foster cross-border collaboration and partnerships. Also, the creative environment will encourage the exchange of ideas, experience, and tools, accelerating the development of cutting-edge Artificial answers and establishing APAC as a global hub in AI developments.

Selected companies may get:

    Personalized coaching: Access to Google’s world-class AI specialists for individualized guidance and support.

  • Google Cloud credits: Up to US$ 350, 000 ( RM1.5 million ) in Google Cloud credits to fuel their AI development and experimentation.
  • Opportunities to network and work with another AI startups in the APAC place.

By enabling startups to create a “proof of concept” and goods strategy, quickly enhancing and improving their AI solutions, The AI Academy aims to accelerate startups’ to market. Startups will be able to create a “proof of concept” and a solution roadmap for easy and fast inclusion into their existing products by using Google Cloud tools on their own data. This faster approach may both show the real value of their Artificial improvements and speed up their path to success.

Apps are currently available and will close on August 16, 2024.. For more information and to apply, please visit https://startup.google.com/programs/ai-academy/apac/

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AirTrunk launches AI-ready hyperscale data centre in Johor Bahru

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  • Malaysia’s capacity to spur creativity and the change of power
  • First implementation of direct-to-chip water cooling systems in AirTrunk’s profile

AirTrunk launches AI-ready hyperscale data centre in Johor Bahru

Australian-based Asia Pacific hyperscale data centre specialist AirTrunk has joined Johor’s growing cluster of data centres by launching its flagship 150 megawatt ( MW) facility. The data centre, dubbed AirTrunk JHB1 ( JHB1 ), commenced operations on July 30, &nbsp, just 18 months after the company’s initial announcement. In a statement, AirTrunk said the&nbsp, fast rollout underscores its dedication to meet Southeast Asia ‘s&nbsp, desire for hyperscale data center power. The release of JHB1&nbsp, adds to Johor’s burgeoning popularity as a local data center hub. &nbsp,

JHB1 is AirTrunk’s ninth data centre in the APJ ( AsiaPacific &amp, Japan ) &nbsp, region and its first in Malaysia, &nbsp, reflecting&nbsp, its&nbsp, aggressive expansion strategy, backed by majority owner Macquarie Asset Management. The initial phases of JHB1 will provide its big technology customers with more than 50MW of capacity, with the potential to expand to 150MW to meet growing demand. &nbsp,

The 10.3 hectare hospital in Johor Bahru will provide domestic and international connections to local tech hubs, including Singapore, which is close by. It will also serve a significant fog supply zone. Robin Khuda, founder and CEO of AirTrunk, &nbsp, said,” The rapid&nbsp, supply of JHB1 is a key step in the implementation of AI in Malaysia and AirTrunk’s development as a trusted spouse for our clients in the APJ place”.

The information center has a number of features designed to maximize energy efficiency and sustainability:

    It has an industry-low design Power Usage Effectiveness ( PUE) of 1.15, making it one of the most efficient data centres in Malaysia. ( A&nbsp, PUE of 1.15 means that for every 1.15 watts of power used, 1 watt goes directly to running the computers. This is much better than most data centres, making it one of the greenest in Malaysia. )

  • AirTrunk’s first deployment of direct-to-chip liquid cooling technology, alongside traditional indirect evaporative cooling ( IEC ) and high-density racks, reduced energy consumption by up to 23 %.
  • One of Southeast Asia’s largest solar-ready roofs that can add over 1MW of solar power for this phase, which is likely the largest solar-powered on-site deployment ever.

” JHB1 will be the most lasting data centre in Malaysia”, Damien Spillane, AirTrunk’s Chief Technology Officer, boldly says. Highlighting the agency’s conservation credentials, Spillane added,” In line with our Net Zero by 2030 goal, we are working with our customers to supply clean energy to meet electricity consumption at the data centre”.

Additionally, the business has taken steps to improve the region’s power consistency. In order to connect JHB1 and improve the energy transition in the region, AirTrunk and Malaysian power company Tenaga Nasional Berhad ( TNB) partnered in a 2023 MOU.

Additionally, AirTrunk just made the initial clean energy Virtual Power Purchase Agreement for a data center in Malaysia, which secured 30MW of solar energy from designer bi cox as part of the country’s Business Green Power Programme.

Pei Jet Lim, AirTrunk’s Head of Malaysia, emphasised the company’s commitment to the local economy:” AirTrunk is making a positive contribution to the local economy through supporting and developing local talent and delivering critical digital infrastructure. The new data center supports Malaysia’s rapid growth in cloud and artificial intelligence ( AI ) and supports the government’s plan to establish AI hubs there.

The JHB1 facility is part of AirTrunk’s expanding Asia Pacific &amp, Japan data centre platform, which now comprises 11 data centres with a total capacity exceeding 1.4 gigawatts ( GW).

Malaysia is expected to play a significant role in fostering sustainable development of AI and cloud as the country continues to position itself as a major tech hub in the Asia Pacific &amp, Japan region.

View of the initial phase of JHB1.

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Heriot-Watt and FWD Takaful partnership to empower talent in Actuarial Science and Data Science

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  • Provide learners with abilities, experiences to excel in financial &amp, data research
  • Partnerships aid both in the expansion and development of Taiwan’s economy.

(L2R): Janice Yew, COO and Registrar of Heriot-Watt University Malaysia; Wan Ahmad Najib Wan Ahmad Lotfi, Chief Distribution Officer of FWD Takaful; Professor Mushtak Al-Atabi, Provost and CEO of Heriot-Watt University Malaysia; and Sharon Dorairaj, Chief Human Resources Officer of FWD Takaful.

Heriot-Watt University Malaysia and FWD Takaful Bhd signed a Memorandum of Agreement ( MoA ) at the university’s Malaysian campus yesterday, valued at US$ 220, 000 ( RM1 million ), including a scholarship, for its students in Actuarial Science and Statistical Data Science for the Takaful industry and beyond.

The MoA was signed by Professor Mushtak Al-Atabi, Provost and CEO of Heriot-Watt University Malaysia, and Wan Ahmad Najib Wan Ahmad Lotfi, Chief Distribution Officer of FWD Takaful. Heriot-Watt University Malaysia’s Registrar and Chief Operating Officer Janice Yew were also provide.

Mushtak said,” FWD Takaful has been our longer standing mate. This partnership expands our relationship and supports Heriot-Watt University Malaysia’s mission of providing deliberate education and ensuring equal prospects for our students. It makes a significant funding in the financial and data science fields, giving students the necessary knowledge and skills to succeed in these fields.

According to Thin Ahmad,” Our relationship with Heriot-Watt University Malaysia reflects our commitment to investing in training and providing opportunities for fresh talent to thrive.” We think that this partnership will help the takaful market grow and develop while also increasing student employability and skills. To date, there have been four Heriot-Watt University researchers, three of whom are currently interning with us.

Numerous students studying financial research and statistical data science will gain from the agreement, which will give them opportunities to develop their skills. The agreement will include the second:

Option to study in the UK through the Go Global Initiative

  • Through the University’s Go Global, inter-campus exchange program, this program offers a prize to two Financial Knowledge or Statistical Data Science students who study at Heriot-Watt’s Edinburgh school for one quarter. The semester’s tuition and living expenses are covered by the money.

Scholarships for statistical data scientific or statistical science

  • This award program provides financial aid to four students at the base to the degree level, paying full tuition and living expenses for nine months each year for four years of study.

Participation of students in the Society of Actuaries International Conference ( SOA ) or Institute and Faculty of Actuaries ( IFoA )

Undergraduate Case Competition and Conference

  • Sponsor cash and prizes are provided for the Heriot-Watt University Malaysia Student Societies ‘ annual undergraduate situation rivals and conference, which brings collectively actuarial and data technology students from various institutions.

This collaboration highlights Heriot-Watt University Malaysia, which opened its doors to individuals in 2014, &nbsp, and FWD Takaful’s shared responsibility to fostering knowledge, skill development, and business preparation among individuals.

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The Silicon Straits: How Malaysia Can Unlock ASEAN’s Digital Boom

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  • Unlocking ASEAN’s Digital Boom & the path to becoming a regional hub
  • At the heart of Malaysia’s digital ambitions is the data center infrastructure

The Silicon Straits: How Malaysia Can Unlock ASEAN's Digital Boom
Southeast Asia’s digital economy continues its impressive growth. At its current rate, the region’s digital economy is expected to deliver US$1 trillion in value by 2030 – a massive opportunity Malaysia is well-positioned to capitalise on. With a population of over 700 million and rapidly growing digital adoption, ASEAN is quickly becoming a global powerhouse in the digital age.
The Top In Tech series recently aired its 40th episode, “The Silicon Straits: How Malaysia Can Unlock ASEAN’s Digital Boom”, which sought to discover Malaysia’s potential as a digital hub for ASEAN, exploring the role of robust infrastructure in driving regional innovation and economic growth, while also navigating the challenges and opportunities of cross-border data flow.

A lineup of experienced speakers, including MA Sivanesan, Deputy Secretary General (Digital Development), Ministry of Digital; Maciej Surowiec, Head of ASEAN Government Affairs, Microsoft; Dr. Endry Lim, Chief of Staff, PayNet; and Chiun Chiek Wong, Director, Bursa Intelligence at Bursa Malaysia shared their views. The discussion was moderated by Karamjit Singh, CEO of Digital News Asia.

Malaysia’s digital transformation journey

“Malaysia has long recognised the importance of digital transformation, laying the groundwork over the past two decades. Establishing Malaysia Digital Economy Corporation (MDEC) in 1996 was an early step in positioning Malaysia as a regional digital hub. Throughout the years MDEC has rolled out market access programs and assistance through grants, which support Malaysia Digital Hub startups that are ready to expand into ASEAN countries. From a policy perspective, the launch of Malaysia’s Malaysia Digital Economy Blueprint in 2021 provided a comprehensive roadmap to drive the country’s digital growth,” said Sivanesan.
Chiun Chiek drew attention to ASEAN’s emerges as the world’s 5th largest economy, where inter-regional collaboration becomes ever more crucial. Malaysia’s 2025 ASEAN chairmanship will spotlight the country’s regional leadership role and propositions. Government initiatives facilitating investments, particularly in data centers, deserve significant acknowledgment. With these infrastructures in place, the focus shifts to maximizing their utility, integrating AI capabilities to attract diverse workloads that align with global cloud computing trends over the past decade. This juncture offers a strategic moment for government bodies, private enterprises, and SMEs to collaborate. Together, they can pinpoint industry challenges, generate jobs, business prospects, and foster technological advancements.

Maciej Surowiec, Head of ASEAN Government Affairs, Microsoft; Dr. Endry Lim, Chief of Staff, PayNet; Chiun Chiek Wong, Director, Bursa Intelligence at Bursa Malaysia; and MA Sivanesan, Deputy Secretary General (Digital Development), Ministry of Digital.

Collaboration and coordination for regional success

To fully unlock ASEAN’s digital potential, Malaysia recognises the need for greater regional collaboration and coordination.
“Malaysia’s historical position of neutrality in international relations is a significant strategic advantage. This neutral stance has allowed the country to maintain good relations with other nations, attracting diverse investments. Hence, the next steps should involve leveraging these relationships by accelerating policy development and implementation. Agility in policymaking is crucial to keeping pace with rapid technological advancements and protecting the interests of all stakeholders, including small and medium enterprises (SMEs),” said Dr Endry.

Harnessing the power of data centers

“At the heart of Malaysia’s digital ambitions is the data center infrastructure, connected to the global technology fabric. Data center investments bring broad economic benefits, serving as anchors for the digital ecosystem, attracting other businesses and fostering innovation. Malaysia’s strategic location, vibrant and diversified economy as well as commitment to sustainable energy positions the country as Southeast Asia’s data hub,” said Maciej.
Unlike manufacturing, where a new plant can rapidly create thousands of jobs, data centers serve as anchors for the technology industry, elevating Malaysia’s profile on the global stage, attracting data-driven investments, and potentially fostering silicon manufacturing plants.
 

Capturing the AI Opportunity
Malaysia’s digital transformation journey is well underway, and the country’s aspirations to become the digital hub of ASEAN are within reach. By continuing to attract investments, develop world-class digital infrastructure, cultivate talent, and drive collaboration across the region, Malaysia can unlock the full potential of the ASEAN digital boom and cement its status as a leading player in the global digital economy.

This episode is in-collaboration with Microsoft Malaysia.

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Xamble appoints Jason Thoe as CEO 

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  • Presently the chief operating officer at ASX-listed Frontier Digital Ventures Ltd
  • Led ASX-listed Southeast Asian digital marketplaces to growth and profitability

Xamble appoints Jason Thoe as CEO 

Xamble Group Limited, a leading platform of influencer-centric digital marketing solutions, has announced the appointment of Jason Thoe (pic) as the company’s CEO effective from September 2024.

Thoe, a seasoned executive across digital businesses, brings to Xamble a wealth of commercial leadership experience together with a proven track record of undertaking change in ASX-listed Southeast Asian digital marketplace businesses for sustained growth and profitability, making him the ideal candidate to lead the firm into its next phase of growth and innovation.

Xamble executive chairman, Ganesh Kumar Bangah, said: “We are thrilled to have someone of Jason’s calibre joining the Xamble team as CEO. His experience and expertise in driving growth across a range of Southeast Asian, ASX-listed digital businesses, will be invaluable as we continue our strategy of growing and strengthening our creator base in existing and new markets across Southeast Asia and beyond.”

Currently, Thoe serves as chief operating officer at ASX-listed Frontier Digital Ventures Ltd where he has strategically led growth initiatives across Asia, MENA, and LATAM, to achieve revenues of US$52.5 million (RM239.7 million) in 2023, a CAGR of 32% since 2017. Under his stewardship, businesses within the FDV portfolio have undergone transformation and restructuring, resulting in consistently improving margins and achieving positive EBITDA across all operating regions in 2023.

Prior to FDV, Thoe held the position of general manager for Malaysia at formerly ASX-listed iCarAsia Ltd and was instrumental in building a strong platform for expansion which set iCarAsia on the path for exponential growth. During his tenure, he achieved highs in site traffic, customer engagement, and 71% year-on-year revenue growth for the Malaysian division, culminating in the division’s first profitable quarter and a 41% year-on-year improvement in EBITDA margins.

Thoe has also held various leadership positions in management, marketing, and sales at digital, technology, and consulting firms, including PropertyGuru and Malaysian-listed Cuscapi Berhad.

Thoe said, “I am excited to join Xamble at this pivotal moment in its growth journey. I look forward to collaborating closely with the talented team to build upon the company’s strong foundations and deliver successful financial outcomes as it continues to accelerate the growth of its unique influencer platform. With confidence, I believe we will fully capitalise on the vast growth opportunities ahead and create exceptional value for Xamble’s communities, customers, and shareholders.”

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CelcomDigi submits proposal to be choice for building Malaysia’s 2nd 5G network

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  • 18k 5G-ready towers across Malaysia, most modern digital network by end 2024
  • Ready to accelerate country’s transformation into a 5G-AI powered digital society

CelcomDigi touts its just launched AI Experience Centre (AiX) as showcasing its capabilities to deliver value to the country's digital aspirations.The AiX is a one-stop innovation and collaboration hub with 40 examples of digital solutions that are in pilot stage or actual use across a range of sectors and verticals.

CelcomDigi Bhd has submitted its proposal for the deployment of Malaysia’s second 5G network to the Malaysian Communications and Multimedia Commission (MCMC) this morning.  

CelcomDigi submits proposal to be choice for building Malaysia’s 2nd 5G networkIdham Nawawi (pic), CelcomDigi’s CEO said, “The country is in prime position to be a regional leader in both 5G and AI development. CelcomDigi’s proposal sets out to build the most advanced 5G network to realise this ambition and accelerate widespread adoption for consumers and enterprises. We have an opportunity to capitalise and build on the existing solid infrastructure, financial strength and robust ecosystem that we have invested in. We believe that we have submitted a compelling case to deploy Malaysia’s second 5G network – either alone or in partnership with others – towards ensuring a thriving 5G ecosystem built for the nation, with the rakyat in mind.”

CelcomDigi submits proposal to be choice for building Malaysia’s 2nd 5G network

Best choice to build Malaysia’s second 5G network

CelcomDigi said it presents a strong resume for its ability to accelerate 5G and AI for all Malaysians by delivering the most affordable, fast, and efficient rollout of the country’s second 5G network. The company has a solid track record of over 30 years in rolling out mobile infrastructure projects efficiently and at scale. It operates the widest, most-modern 4G network in the country – now ready for 5G activation, supported by a highly competent engineering team, extensive supply chain, and the biggest network of tower and infrastructure companies to facilitate an expedient deployment of a world-class 5G network for Malaysia.

By end 2024, more than two-thirds of the company’s network will be modernised, making it the largest and most modern digital network in the country, it said. The 18,000-site strong 5G-ready network is primed to enable fast deployment of 5G and 5G-Advanced technology across its wide footprint.

To ensure millions of Malaysians benefit from the power of 5G and AI, the company has doubled down on efforts to enable the nation’s transformation into a 5G-AI powered digital society through the development of its 4G/5G product portfolio in the market and industrial-grade solutions.

The company is leveraging its growing ecosystem of global and local technology partners, and knowledge transfer from its shareholders Axiata and Telenor to drive rapid innovation of new emerging technology solutions for consumers and enterprises.

It also recently launched its CelcomDigi AI Experience Centre (AiX) – a one-stop immersive innovation and collaboration hub to lead, inspire, and advance the creation of world-class digital solutions across a range of sectors and verticals.

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Tokenize Xchange bolsters leadership team with strategic hire amid rapid growth

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  • Previously led fintech and cryptocurrency projects at FXHB Asset Management
  • Tasked to spearhead Tokenize’s strategic initiatives across APAC, drive innovation

Tokenize Xchange bolsters leadership team with strategic hire amid rapid growth

Tokenize Xchange, a leading digital asset exchange headquartered in Singapore has announced the appointment of Carney Mak (pic) as chief strategy officer. This key addition to the leadership team comes as the company rides a wave of expansion fueled by recent fundraising success.

Mak, a veteran in the fintech and cryptocurrency space, joins Tokenize Xchange at a crucial juncture. The company recently secured an additional US$11.5 million (RM53.6 million) in Series A Phase 2 funding, bringing the total Series A to US$23 million (RM107.9 million). Mak’s expertise is set to catalyse Tokenize’s ambitious growth plans.

“Mak’s appointment is a game-changer for us,” said Hong Qi Yu, founder and CEO of Tokenize Xchange. “His strategic vision and deep industry knowledge are exactly what we need as we navigate the complex, evolving landscape of digital assets in Southeast Asia.”

Mak brings a wealth of experience to the role, having previously spearheaded fintech and cryptocurrency ventures at FXHB Asset Management. His track record of innovation and leadership in banking and payments positions him perfectly to steer Tokenize’s strategic initiatives.

“Joining Tokenize Xchange feels like catching a rocket mid-flight,” Mak enthused. “The company’s recent funding success and its commitment to regulatory excellence create a perfect launchpad for innovation. I’m thrilled to help shape the future of digital asset trading in this region.”

Mak’s arrival coincides with Tokenize’s aggressive expansion plans. The company aims to expand its Singapore team and focus on enhancing compliance and operations. This growth strategy reflects Tokenize’s commitment to fostering trust and transparency in the digital asset ecosystem, which is particularly crucial in light of recent sector-wide challenges.

With a strong presence across Southeast Asia, Tokenize Xchange has established itself as a regional leader in digital asset trading. According to the firm, its proactive approach to regulation distinguishes it in a rapidly evolving landscape. Tokenize operates under an exemption from the Monetary Authority of Singapore and has already received approval from the Securities Commission Malaysia, where it stands as the country’s second-largest digital asset exchange. The company is actively pursuing similar licenses in other Southeast Asian jurisdictions. This multi-jurisdictional strategy underscores Tokenize’s dedication to regulatory excellence and its ambition to set new benchmarks for secure, transparent, and compliant digital asset trading in the region.

Mak’s role will be pivotal in leveraging these strengths. His mandate includes spearheading Tokenize’s strategic initiatives across the Asia-Pacific region, driving innovation while ensuring alignment with the company’s commitment to regulatory excellence.

“The digital asset space is at a critical inflection point,” Mak noted. “Tokenize Xchange has the vision, the backing, and now the expanded leadership to not just participate in this new era but define it. I’m excited to roll up my sleeves and get to work.”

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Beep raises USD 3.3 mil in Pre-Series A, expands to Thailand and Malaysia

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  • Oversubscribed fundraise led by existing investors, joined by M7 Ace Neo
  • With new partners, Voltality’s network now has over 5,000 charging stations

Beep raises USD 3.3 mil in Pre-Series A, expands to Thailand and Malaysia

Beep, a Singaporean IoT transaction platform startup, announced the close of its US$3.3 million (RM15.2 million) Pre-Series A investment. The oversubscribed fundraise was led by existing investors Granite Asia (formerly GGV Capital), Farquhar VC, SUTD Venture Holdings, Wing Vasiksiri, and new participation from M7 Ace Neo, an M7 Company.

In a statement, the startup said this aligns with the company’s expansion into Southeast Asia, starting with Thailand and Malaysia.

Beep raises USD 3.3 mil in Pre-Series A, expands to Thailand and MalaysiaKristoffer Jacek Soh (pic), co-founder & CEO of Beep, said, “We’re grateful for the continued vote of confidence from our investors who have been with us on our journey, supporting our growth to date. Our rapid progress is a result of the immense support we have received from our investors, partners, industry leaders, and government agencies.”

He added that as electric vehicle adoption continues to surge, seamless access to charging infrastructure is an increasingly crucial requirement for both consumers and businesses making the transition from internal combustion engine vehicles, yet connectivity remains fragmented across the region. “Voltality aims to empower both charging operators and mobility providers, allowing them to embed connectivity across different charging stations directly inside their own platforms, with an added option for app-less payments through credit cards and QR codes, so drivers need only one interface to charge wherever they go. From our strong foundation established in Singapore, we found a common need for the same capabilities abroad, and we are now ready to cement our presence in Thailand, Malaysia, and beyond.”

The fundraise demonstrates greater investor confidence, with US$3.3 million (RM15.2 million) of the total fundraise coming in the form of a top-up from existing investors. This also showcases the proven impact of Beep’s eMobility platform, Voltality, in Singapore and its ability to provide seamless, interoperable, and collaborative EV charging in Southeast Asia.

“The team at FVC have journeyed with Beep in different capacities for the past six years and are proud to now be investing into Beep through the FVC Green Future Fund together with other investors,” said Jason Su, managing partner & chief investment officer.

“We are glad to support Beep as they pioneer the future of EV charging gateways. Beep is a great example of why we feel Singapore startups are leaders in innovation. M7 is excited about the opportunity to partner with Beep and other Singapore startups moving forward,” said Yasmin Mustafa, M7’s senior advisor in Singapore.

There is high demand for EVs in Southeast Asia, with total EV sales in the region experiencing 894% year-on-year growth. The first phase of Beep’s regional expansion strategy focuses on extending Voltality’s charging network in Thailand and Malaysia. Presently, the platform is live with its first partners in Malaysia and will launch in Thailand in Q3 2024.

According to Beep, in Thailand, Voltality has already signed contracts with Sharge and Evolt, two of the top five charging operators in Thailand, together with WHA Group, a leading developer of fully integrated logistics, industrial estates, power and utilities, and digital solutions, and EVme, the country’s largest and fastest-growing EV rental and purchasing platform. The agreement will enable connectivity for several thousand vehicles to over 1,600 charge points locally, with the network set to continue growing in the near future.

In Malaysia, contracts have been signed with several charging operators, including Sime Darby Berhad subsidiary KINETA, a major player in Malaysia’s EV space, which announced a partnership in May with ChargEV to accelerate EV charging and roaming innovation. Beep partnered with KINETA to enable its “KINETA Charge” application with Voltality’s platform.

Voltality has also secured contracts with mobility partners to enable both local and cross-border charging connectivity within the second half of 2024. In 2023, Beep was one of the five startups to win the Petronas FutureTech 3.0 accelerator programme, which further deepens connections and credibility in Malaysia.

The startup is also exploring expanding to other regional markets such as Indonesia, Vietnam, and more for its second phase in 2025. To help navigate its continued regional expansion, Ming Maa, ex-Grab group president, will also join Beep as an advisor, bringing significant operational expertise in market development and partnerships within Southeast Asia’s complex landscape.

In 2023, Beep launched the largest electric vehicle roaming network under Voltality, spanning over 1,350 charge points and 11 operators in Singapore. Since then, the network has continued to expand, with the latest addition being an MOU signing in July 2024 with ChargEco, a rapidly growing Singaporean Charge Point Operator jointly set up by SMRT Corporation’s business arm STRIDES and integrated energy provider YTL PowerSeraya. ChargEco is one of the five operators awarded by the Land Transport Authority to collectively deploy charging stations in nearly 2,000 public Housing Board car parks islandwide. With this MOU, Voltality is partnered with four out of the five selected operators in the landmark tender to make every HDB town EV-ready by 2025.

Together with new partners in Thailand and Malaysia, this brings Voltality’s total charging network to over 5,000 charging stations from 1,350 in 2023 – representing what the company claims to be a four-times coverage growth in less than 12 months and maintaining Voltality’s eRoaming service (VoltNet) as the largest permission-based eRoaming network in the region.

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BEST Inc. launches DWS System in Malaysia with nearly US.1 million investment

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  • Deployment follows successful expansions in Vietnam, Thailand & S’pore
  • Aims to enhance efficiency, service quality amid M’sia’s e-commerce boom

BEST Inc. launches DWS System in Malaysia with nearly US$2.1 million investment

BEST Inc., a leading integrated smart supply chain and logistics solutions provider in China and Southeast Asia, has announced the deployment of its eleven advanced Dimensioning, Weighing, and Scanning (DWS) systems in its largest sorting centre in Southeast Asia, located in Shah Alam, Malaysia. The total investment in these systems amounts to nearly US$2.1 million (RM10 million), the firm said in a statement.

It added that this strategic initiative is a significant part of its efforts to enhance operational efficiency and service quality in response to Malaysia’s burgeoning e-commerce market.

Gavin Lu, CEO of BEST Inc. Malaysia, highlighted the importance of this technological advancement, noting that the introduction of the DWS machine in Malaysia is a significant milestone for BEST Inc. Malaysia. “As we continue to invest in cutting-edge technologies, this advanced system will streamline our operations, reduce costs, and provide superior service to our customers. Malaysia is a crucial market for us, and we are committed to supporting its growth with our innovative solutions. The DWS technology exemplifies our dedication to optimising logistics through automation and precision,” Lu said.

The eleven dynamic DWS machines are an extension of the top-side code reading version, which not only has all the functions of the top DWS, but also further improves sorting efficiency. The code reading cameras on five sides of the frame can simultaneously scan five sides of the parcel. In this case, the barcode information, dynamic volume and weight data in all directions of the package can be obtained comprehensively, which reduces the requirements for package placement and improves the identification efficiency in unit time, including improving the automation degree and sorting efficiency of enterprise logistics links.

According to the company, the newly built automated line allows each DWS to handle 20,000 parcels per hour, contributing to a daily capacity of 500,000 parcels for the KUL Hub.

“The implementation of the DWS machine marks a new era for logistics in Malaysia. By integrating this technology into our operations, we are not only enhancing efficiency but also setting a new standard for the industry,” Lu added. “This advancement will enable us to better serve our customers with faster and more accurate parcel processing, ultimately driving customer satisfaction and operational excellence. This is particularly important as Malaysia’s e-commerce market continues to expand rapidly, necessitating more sophisticated and scalable logistics solutions.”

The deployment of the DWS machine in Malaysia aligns with BEST Inc.’s broader strategy to strengthen its presence in Southeast Asia. This follows successful expansions into other regional markets, including Vietnam, Thailand, and Singapore.

“These strategic moves are driven by the company’s commitment to innovation and customer satisfaction, aiming to deliver reliable and efficient logistics services across the region. The DWS system is a testament to BEST Inc.’s commitment to providing high-quality logistics solutions that meet the demands of modern e-commerce and supply chain operations,” Lu concluded.

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