Notti Pet Food secures US0K seed funding to elevate pet health & nutrition standards in Southeast Asia

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  • aspires to have 200 marketers both online and offline by the year 2024.
  • Funding will help new product launches, rise into the Philippines &amp, Singapore

From left: Ke Yee Yap, founder of Notti Pet Food, Amanda Cham, associate director, 500 Global, Joel Neoh, partner, First Move and Audra Pakalnyte, partner, First Move

Notti Pet Food, the modern pioneer behind Southeast Asia’s first sluggish- baked super premium mealworms, has secured a seed funding of US$ 500, 000 ( RM2.4 million ) from 500 Global and First Move, marking a major step in the dataset company’s trip.

This innovative funding will help the business, which is focused on promoting South Asian animal health and nutrition standards, including launching new product lines and entering the Philippines and Singapore areas.

Over half of Malaysians ( 51.1 % ) currently own pets, according to Standard Insights ‘ most recent Consumer Report Malaysia 2023, which is expected to rise. As dog ownership grows, so does the need for animal food, with minimal higher- quality options available. Notti is a better option than traditional animal meals because of this trend. Their distinctive product line features 100 % individual- quality meat, enriched with fruit, vegetables, bacteria, and supplements. &nbsp,

This distinguishes Notti from other corporate brands that rely on confusing labeling and meat meal. Notti preserves nutritional integrity by using genuine ingredients and a soft 90°C slow-baking technique, in contrast to the high-temperature extrusion techniques used by main brands.

Notti’s materials have received clinical testimonials, exceed global Association of American Feed Control Officials Nutrient Standards, and are suitable for all ages, species, and styles.

Keyee Yap, chairman of Notti Pet Food, emphasized,” Notti is more than just a product, it embodies our opinion that pets are cherished community members. My staff and I are dedicated to making sure your pets receive nutritious foods and an experience that recognizes the special relationship we share with them as a devoted animal lover, as well as myself.Notti Pet Food secures US$500K seed funding to elevate pet health & nutrition standards in Southeast Asia

Khailee Ng ( pic ), managing partner at 500 Global, highlighted Notti’s team strengths:” Beyond being a pet food company, Notti is a pet- focused entity with a roadmap for multiple revenue streams and products. We’re eager to help their progress in the expanding pet industry because we’ve built related businesses for people.

Audra Pakalnyte, companion at First Move, noted Notti’s ability as she stated,” At First Move, we seek out founders with toughness, strong know- how, and enthusiasm, and Yap embodies all of these qualities. From our first meeting, it was clear that her commitment to solving real problems, innovating, and maintaining high standards in the pet industry was a driving force behind Notti. We’re excited to work with Notti as they continue to expand and have a significant impact.

Notti actively participates in Trap- Neuter- Return initiatives and charitable campaigns, including giving pet kibbles to animal shelters, in addition to advancing animal health and nutrition. Their focus on innovation, nutrition, and animal welfare reflects their mission to foster a healthier and more compassionate world.

Currently available in over 100 pet shops across Malaysia, Singapore, Hong Kong, and the Philippines, Notti aims to expand to 200 online and offline distributors by the end of 2024, signaling confidence in driving substantial business growth and benefiting pets worldwide.

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Iskandar Investment Berhad, TM-Nxera partner to drive digital transformation in Iskandar Puteri

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  • Collaboration supports M’sia’s goal of attracting US$14.8 billion in investments by 2025
  • Project involves a US$212 mil investment to develop Iskandar Puteri’s digital infrastructure

Iskandar Investment Berhad, TM-Nxera partner to drive digital transformation in Iskandar Puteri

Iskandar Investment Berhad (IIB), the master developer of Iskandar Puteri, through River Retreat Sdn Bhd, has entered into a strategic partnership with TM-Nxera, a joint venture of TM and Singtel, to empower the digital economy and build a sustainable future for the region.

In a statement, the firm said that the strategic partnership with TM-Nxera to establish state-of-the-art sustainable, hyper-connected, and AI-ready digital infrastructure in Iskandar Puteri marks a significant milestone in its journey toward becoming the Digital and Innovation Hub for Johor.

It said the proposed project will entail an approximate US$212 million (RM9 billion) investment by the parties to develop the digital infrastructure for Iskandar Puteri.

Idzham Mohd Hashim, President/CEO of IIB, said, “The decision by TM-Nxera to establish their state-of-the-art sustainable and AI-ready digital infrastructure in Iskandar Puteri is a major achievement for our community. It goes beyond mere infrastructure development; it’s about nurturing innovation and fostering growth within our region.”

Meanwhile, Bill Chang, CEO of Nxera and Singtel’s Digital InfraCo unit, stated, “This initiative aligns perfectly with our vision to empower digital economies and communities across the region, and we are confident that it will unlock immense potential for businesses in Johor and Singapore.”

Amar Huzaimi Md Deris, group CEO,  TM said: “This strategic move underscores our commitment to advancing technology and fostering innovation in Malaysia. Johor is a key destination for TM’s digital infrastructure expansion supported by our robust domestic and international connectivity. The partnership is a pivotal step in our mission to position Malaysia as a regional digital hub and towards our vision of becoming a Digital Powerhouse by 2030.”

The collaboration aligns with Malaysia’s national agendas, including the MyDigital Blueprint, which emphasizes the importance of digital infrastructure in driving a digitally enabled government and economy. It also supports the nation’s goal of attracting US$14.8 billion (RM70 billion) in investments by 2025, as outlined in the MyDigital Blueprint and National Industrial Master Plan 2030.

The new digital infrastructure will create numerous benefits for Iskandar Puteri, unlocking opportunities and creating value in several ways. It will increase investment opportunities by attracting new technology companies and stimulating tech-based investments. Additionally, it will upskill the workforce by providing opportunities for local talent to develop digital skills.

The infrastructure will be built with a focus on sustainability, aligning with IIB’s vision for a net-zero-carbon CBD in Medini. This development will enhance the business ecosystem by facilitating the growth of various technology-driven industries within Iskandar Puteri. Furthermore, it will increase subsea connectivity between Johor and Singapore, supporting the development of the digital economies in both regions.

With a shared commitment to progress and prosperity in the region, the strategic partnership strengthens the dynamic relationship between Johor and Singapore, underscoring initiatives that pave the way for a brighter future driven by innovation and economic growth.

Both parties are confident in the partnership’s ability to not only bolster Iskandar Puteri’s digital infrastructure but also unlock exciting potential for innovations and opportunities. Together, they aim to transform Iskandar Puteri into the preferred gateway to Southeast Asia and a beacon of innovation, sustainability, and economic prosperity.

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NTT DATA, Inc. appoints Abhijit Dubey as chief executive officer

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  • Joined NTT in 2021 from global advisory firm McKinsey & Company
  • Tasked with leading 150,000 employees globally, guiding the firm through its next growth phase

NTT DATA, Inc. appoints Abhijit Dubey as chief executive officer

NTT DATA, a global leader in business and technology services, has announced the appointment of Abhijit Dubey (pic) as CEO of its business outside Japan. The news follows the finalisation of the merger between NTT DATA and NTT Ltd., forming a US$30 billion (RM141,330,000) global powerhouse under the NTT DATA name. Previously, Dubey served as CEO of NTT Ltd.

According to the company, Dubey will lead 150,000 employees worldwide as they accelerate NTT DATA’s growth and continue to responsibly innovate and deliver business and technology consulting, data and artificial intelligence, industry solutions, cloud, cybersecurity, and managed services for applications, infrastructure, and connectivity. To date, NTT DATA has already expanded its international footprint to approximately US$18 billion (RM84,798,000).

As part of NTT, a company with a rich 150-year history that invests US$3.6 billion (RM16,959,600) annually in R&D, NTT DATA is well-positioned to help organisations tackle the challenges of today while innovating for the future. Dubey’s technical, business, and strategic acumen will help clients navigate their journey as they take advantage of rapid technological advancements and modernise their operations.

Dubey brings with him a depth of industry expertise, having joined NTT in 2021 from global advisory firm McKinsey & Company, where he spent more than 20 years advising many of the world’s most prestigious technology companies and leading CEOs. He was also responsible for launching and spearheading McKinsey’s global cloud computing efforts.

Commenting on his appointment, Dubey said: “I am honored to lead the company at a time of major technological change. Technology must drive positive change in the world, and I believe that NTT DATA’s broad capabilities in consulting, infrastructure, AI, cloud, and cybersecurity position us to deliver meaningful impact. I’m privileged to lead a team that is committed to clients and am excited for this next phase of growth.”

Kazuhiro Nishihata, Dubey’s predecessor in the position, said: “NTT DATA has built the world’s broadest and most comprehensive set of capabilities and industry expertise, alongside unparalleled geographic reach and a world-leading team, positioning the company perfectly to help clients as they embark on transformational technology projects. I am confident that Dubey is the right person to lead NTT DATA through its next phase and accelerate its growth globally while continuing to foster an environment of innovation and ongoing success. I wish him all the very best for the future.”

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TAR UMT’s Project G drives sustainability among its Gen Z students amidst growing interest from Malaysians

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  • Rising worry about sustainability, concerned corporate &amp, financial methods
  • helps students to take active roles in conservation and wellness activities.

Standing Left: Richard Navarro, Google APAC Real Estate and Workplace Services (REWS) Sustainability Partner; Kneeling Bottom left: Cindy Poh Huay Yuet, TAR UMT lecturer & programme Leader, Bachelor of Communication (Hons) in Advertising together with her final year students involved in Project G.

For the past few years, Google search styles have noted Malay ‘ growing interest in conservation, along with natural topics like misleading, round economy, and food safety.

‘ Food stability’ experienced a strong 150 % increase in popularity from Jan 2022 to Sept 2023 compared to the preceding 20 times.

The country is among the top 10 globe when it comes to searching for topics like’ foods spend’,’ thrifting’, and ‘ environmental, social and corporate management’ ( ESG). This topic’s popularity increased by 230 % last year, surpassing the previous 20-month time, which was an all-time great.

Overall, the information suggests that Malay are extremely interested and concerned about sustainability, economic issues, along with accountable corporate and financial practices. &nbsp,

Google shared the statistics during Project G Day last September, which is the celebration of the Tunku Abdul Rahman University of Management and Technology’s ( TARUMT ) sustainability initiative.
 

Project G Celebration

Taking exams, mixed-reality animated mascot known as ‘Chapu’ adds to the fun as well.

With the issue for the Earth’s climate and sustainability becoming a top priority, Project G was founded in the middle of 2023 to entice and inspire Gen Zs to become interested in promoting responsible change and promoting emotional well-being through green practices.

Supported by Google Malaysia, the project was led by final year students from the Bachelor of Communication ( Honours ) in Advertising.

One of the pupils, Tan Sze Ni, claimed that because of their significant occurrence in society, they had chosen to concentrate on ecological and mental health issues.

” Through this initiative, we hope to cultivate a century conscious of mental health, emphasizing endurance, enthusiasm, and a positive attitude, and encourage them to make small adjustments for the sustainable growth of the planet”, she added.

It’s great to have been a part of this program and to see TAR UMT students inspire Project G to encourage positive change among Gen Zs, said Richard Navarro, Google’s APAC Real Estate and Workplace Services ( REWS ) Sustainability Partner. We at REWS share the same desire to take strong actions to reduce the carbon footprint of our manufacturing and functions.

Cindy Poh Huay Yuet, &nbsp, Lecturer &amp, Programme Leader of Bachelor of Communication ( Hons ) in Advertising said,” We are excited to embark on this project supported by Google, an organization that embraces technology to solve its sustainability challenges” .&nbsp,

According to her, Project G enhances students ‘ educational experience by empowering them to actively participate in sustainability and wellness activities, having a deep and long-lasting effect on both the university and the community as a whole.

Tan agreed. ” We kids not only gained valuable experience in collaborating with big corporations in the real world but even developed collaboration, communication, and issue- solving abilities”.

” Google has supported us from the earliest stage where we were brainstorming ideas on the project, Green Heroes, along with data, content, and the event itself”, Cindy said.

In order to inspire others to embrace recycling and adopt a lifestyle rooted in sustainable living, TAR UMT and Google collaborated to form” Green Heroes,” a team made up of thought leaders ( mostly the students themselves ) and Google employees. They aim to highlight innovative sustainable practices, particularly upcycling ( reuse discarded materials in a way that produces a product of higher quality or value than the original ), as well as sharing valuable advice in short videos. &nbsp,

The project had its very own mixed-reality animated mascot known as” Chapu” to engage with their target audience and inspire students to be more environmentally conscious and mentally fit. Chapu chronicles Project G’s journey and inspires students to be more environmentally conscious.

According to Tan, the project’s feedback was encouraging, noting that” Chapu was loved by many, and the university ( TAR UMT ) has continued to use this character even after the project is over.”

In response to the question of whether another Project G will be launched in 2024, Cindy responded,” We hope to carry on our initiatives for similar social responsibility projects, hopefully it takes off.”

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Reducing carbon footprint in Malaysia: The potential of green-tech startups

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  • Essential for M’sia to identify efficient- technology startups dedicated to sustainability&nbsp,
  • Collaboration between multiple stakeholders is essential in addressing weather issues.

Reducing carbon footprint in Malaysia: The potential of green-tech startups

Malaysia, with its huge forested area of 18.27 million acres, or 55.3 % of the total land area, is navigating the subtleties of carbon pollution. In 2021, the government’s CO2 emissions were nearly 298.5 million metric tons, mainly attributed to power production and consumption. The country has seen a constant increase in coal power over the past ten years, increasing by approximately 1.3 % annually.

Major environmental effects have been caused by Malaysia’s rising carbon emissions. The nation is becoming more prone to climate change, with more frequent wildfires and rising sea levels, which pose significant risks to its southern provinces.

Another pressing problem is forest. About 133, 000 hectares of healthy forest were lost in Malaysia in 2023, leading to the loss of biodiversity and causing significant amounts of atmospheric carbon to be released, intensifying climate change.

These environmental changes have serious economic implications, with climate change potentially shrinking Malaysia’s GDP by 20 % by 2050. This puts vital industries such as agriculture, hospitality, and fisheries at hazard, along with possible impacts on public health and work production.

But, Southeast Asia also has major opportunities to address climate change. According to a study conducted by BCG and Fairatmos,” Climate Technology in Southeast Asia: Key to Unlocking the World’s Carbon Sink” ( Climate Technology in Southeast Asia: Key to Unlocking the World’s Carbon Sink ), nature-based solutions ( NbS ) could account for roughly 30 % of the global carbon offset by 2030, despite Southeast Asia containing less than 1 % of the world’s total landmass. Important sectors such as agriculture, hospitality, and fish can grow by focusing on sustainable practices while enhancing human health and work production.

To effectively harness nature- based solutions, collaboration between various stakeholders is needed, particularly in technological advancement, personal- public partnerships, and green investment. Although advances like the Internet of Things ( IoT), artificial intelligence, remote sensing, and quantum computing play a significant role in NbS implementation, more green investment and political will are required to overcome obstacles to NbS adoption.

The development of NbS is already being impacted in Indonesia with assistance for Fairatmos, a nonprofit that works on high-quality coal offset projects across Southeast Asia. &nbsp,

Fairatmos founder and CEO Natalia Rialucky said,” Indonesia hosts 15 % of the world’s ability character- based carbon falls. Fairatmos aims to make the process simpler, allowing everyone, regardless of size, to start nature-based tasks that reduce greenhouse gas emissions without paying a premium. Everyone should be able to participate in the restoration of the atmosphere by overriding obstacles like restricted technical expertise, extended certification procedures, and high costs.

Fairatmos has received assistance for its solution, Atmoswatch, from ANGIN, an first- level investment platform and development consulting consulting company in Indonesia, through its Product Market Fit Programme powered by Official Development Assistance. This program aims to develop businesses ‘ products to better match business needs by providing money, tailored coaching, and networking opportunities.

Ursula Toding, ANGIN business development senior associate, said,” We were impressed by Fairatmos ‘ alignment with government priorities, especially in carbon offset initiatives amid Indonesia’s focus on carbon regulation. Startups like Fairatmos must make the most of their business to address environmental issues, balancing impact with business viability. Through the organisation, we can become more strategic in our approach, achieving both meaningful impact and sustainable growth”.

Additionally, Fairatmos received funding from regional venture capital firm Vertex Ventures Southeast Asia and India ( VVSEAI ). VVSEAI’s partner, Puiyan Leung, said,” Innovators like Fairatmos play a vital role in supporting these efforts. In order to reduce the impact of the climate crisis in a creative and creative way, we sincerely hope there will be similar projects throughout Southeast Asia. In the same way that Fairatmos does, it also helps to reduce emissions as well as offer economic and social benefits to local communities and help them in their efforts to adapt to climate change.

To replicate this model in Malaysia, identifying green- tech startups dedicated to sustainability is essential. Venture capital firms, such as VVSEAI, can provide support through funding, mentorship, and networking, while the Malaysian government and stakeholders foster conducive environments for sustainable investments.

The partnership between Fairatmos and key ecosystem players serves as a successful model for green-tech startups, investment platforms, and venture capital firms. This partnership demonstrates how these organizations can work together to reduce carbon footprints and speed up Southeast Asia’s transition to a low-carbon economy, significantly advancing sustainability initiatives. This collaborative model provides a framework for Malaysia that can be applied to other countries, demonstrating the viability of combating climate change through strategic alliances with businesses.

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Matrade and Amazon sign Memorandum of Understanding to empower Malaysia SMEs to go global

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  • MoU will increase, increase both parties ‘ cooperation which began in 2021
  • SME will get the help required to become Google retailers across the globe.

From left to right: Mohd Mustafa Abdul Aziz, CEO, MATRADE; Tengku Zafrul Tengku Abdul Aziz, minister of Investment, Trade and Industry; Reezal Merican Naina Merican, chairman, Matrade; Anand Palit, head of Amazon Global Selling, Southeast Asia

To strengthen the export capabilities of small and medium-sized enterprises ( SMEs ) in Malaysia, the Malaysia External Trade Development Corporation ( Matrade ) and Amazon have signed a Memorandum of Understanding ( MoU).

Under the contract, both parties will start the” Move International with Amazon and Matrade” effort, helping Indonesian brand owners and sellers seize mix- border business opportunities with Amazon Global Selling. This program helps businesses build worldwide, build global companies, and achieve Amazon’s hundreds of millions of active user accounts worldwide.

Businesses from all over the world can establish a global business, establish global brands, and gain access to Amazon’s hundreds of millions of active customer accounts.

Matrade and Amazon will work together to increase awareness and provide necessary information to Malaysian company owners and sellers regarding cross-border e-commerce. Amazon Global Selling will share insights and experience, help training workshops, and link businesses through the Amazon owner trip, including account register, product preparation, list, shipping, advertising, and more.

Additionally, they will share the success stories of Malaysian retailers in U.S. and EU stores to inspire other regional businesses. Additionally, Matrade will promote Amazon Global Selling’s training activities to relevant local entities, including businesses, authorities, and business associations, to foster greater participation.

The MoU, according to the parties, will strengthen and open up new opportunities for Matrade and Amazon’s collaboration, which first began in 2021. An in-person seller workshop, which attracted a lot of Malaysia sellers, was the most recent joint initiative, which took place in Kuala Lumpur in April 2024.

Reezal Merican Naina Merican, chairman of Matrade, expressed his delight in working with Amazon to advance Malaysian SMEs on international markets. He added that this MoU highlights the agency’s commitment to supporting businesses that use e-commerce to expand their global footprint. &nbsp,

” Together with Amazon, we aim to provide Malaysian SMEs with the essential tools, knowledge, and support to succeed in today’s competitive global marketplace”, Reezal said.

Meanwhile, Anand Palit, head of Amazon Global Selling in Southeast Asia, said,” We are strengthening our collaboration with Matrade to empower Malaysian SMEs to leverage Amazon’s global reach. Malaysian sellers are showing a growing desire to sell on Amazon to other countries. In fact, the number of new Malaysian sellers selling their goods abroad through Amazon Global Selling nearly doubled in the January to April 2024 period compared to the same period the year before.

He added that the MoU with Matrade will give Malaysian brand owners the tools, knowledge, and support they need to succeed as Amazon sellers across international borders.

Amazon continues to invest in logistics, tools, services, programmes, and people to foster the growth of sellers ‘ businesses worldwide. The company claims that more than 60 % of sales in its store are made by independent sellers, the majority of which are small and medium-sized businesses. &nbsp,

To date, the company has 23 stores globally and can ship products to customers in over 200 countries and territories.

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TM and Singtel’s Nxera to develop next-generation data centres in Johor

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  • Serve hyperscalers, future- generation Artificial application companies and enterprises
  • Data centre college may be largest to date for TM, Nxera, does range to 200MW

An aerial view of Iskandar Puteri with the city in the background. The region, 16km away from Singapore, will be the site for the hyper-connected AI-ready data centre campus for the TM-Nxera partnership.

Telekom Malaysia ( TM) is partnering Nxera, the provincial data centre arm of Singtel’s Digital InfraCo unit, in a cooperative venture to develop data centres in Malaysia starting with a responsible, hyper- related AI- ready data centre campus at Iskandar Puteri, Johor, only 16 km from Singapore.

The two parties state that the corporate collaboration aims to serve the needs of hyperscalers, companies of next-generation AI applications, and regional businesses that are moving toward faster digitalization and sky. The joint venture is a unique statement that is supported by TM and Singtel’s Digital InfraCo’s broad deepwater wire networks, which offer improved system performance, lower overhead, and improved reliability.

TM and Singtel’s Nxera to develop next-generation data centres in JohorEstablishing a hyper-connected AI-ready data center is the next step in our long-standing partnership with Singtel, leveraging our strengths and commitment to make ASEAN the preferred digital hub destination, according to Amar Huzaimi Md Deris ( pic ). This partnership contributes to the development of Malaysia’s electronic ecosystem, which benefits both businesses and fosters the development of new talent. Through this partnership, TM will continue to demonstrate its commitment to producing creative and green solutions, which is a crucial step in our quest to have a modern powerhouse by 2030.

Bill Chang ( pic ), CEO of Nxera and Singtel’s Digital InfraCo unit, said,” The development of this first data centre campus in Johor, which can be expanded in phases, demonstrates our ability to scale quickly inTM and Singtel’s Nxera to develop next-generation data centres in Johorbusinesses that are essential to our customers. In order to improve online communication, we will also expand the submarine cable connection between Singapore and Johor. In order to develop skills for our tasks and the economy, our joint venture will likewise partner institutions of higher learning in Malaysia. Our goal is to build data center locations close to our Singapore procedures, allowing us to get spill-over demand from our customers and support them in scaling their businesses with confidence.

The data center school will be both TM and Nxera’s largest to date. According to industry need, the first phase is planned for 64MW, which can be increased to 200MW. It will be constructed in accordance with the most recent standards for sustainability, protection, and reliability, while providing the best local and international connection. The data center will be well-positioned to help the growing demand from both nations ‘ digitalisation and development efforts because of its close proximity to subsea cable connections between Singapore and Malaysia.

This high-power density campus will be able to support big computing and AI capabilities, as required by cloud hyperscalers and GPU-as-a-Service providers, and has advanced technologies like liquid chilling to effectively aid high-power density workloads and operations. The data center’s LEED-certified ( Leadership in Energy and Environmental Design ) green building will highlight its commitment to more energy-efficient and sustainable practices.

To provide a customized range of retail data, connectivity, data center, and system solutions that are both local and international needs, TM will add its expertise to the deployment of the region’s network infrastructure. Also, TM also provides Cloud service via its royal Cloud Alpha Edge option.

Seashore at Kuala Sedili, Johor where TM has an international Cable Landing Station which forms part of its infrastructure enhancements to accelerate the growth of the data centre industry in the state.

With two main data centers in Klang Valley and Johor, TM now has seven data centers spread throughout Malaysia. With an initial design capacity of 24 Terabits/sec, its entry into the Asia Link Cable Systems ( ALC ) partnership makes it easier to lay a submarine cable system spanning an area of approximately 7, 200km. These serve as crucial infrastructure improvements to bolster the state’s data center market as a result of the creation of an international wire landing place at TM Exchange Kuala Sedili, Johor.

Nxera, a rapidly expanding regional platform supported by Singtel and the world’s leading global investment firm KKR, is leveraging its data center operations in Singapore to expand overseas. Customers can also benefit from a variety of services, including Singtel’s Paragon cloud orchestration platform and the upcoming GPU- as a Service. They will be able to orchestrate their AI workloads in a multi- network and multi- cloud environment, serving as a catalyst for greater innovation, entrepreneurship and business excellence.

In addition to the 62MW of existing capacity in Singapore, Nxera is building three new AI-ready data centers in the area. This includes a brand-new 58MW Tuas, Singapore data center and data centers with Indonesia and Thailand partners, which will increase the region’s pipeline capacity by more than 200MW over the next three years. The comprehensive network of subsea fibre-optic cables used by Digital InfraCo will serve the data centers.

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ICAEW: Q1 2024 economic growth in Southeast Asia and Malaysia buoyed by electronics exports, but cautious outlook remains

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  • Indonesian exports are anticipated to grow as the electrical cycle bottoms out.
  • In the second quarter of 2024, Malaysia is anticipated to take advantage of the electronics treatment.

ICAEW: Q1 2024 economic growth in Southeast Asia and Malaysia buoyed by electronics exports, but cautious outlook remains

The electronics sector is a positive force for Southeast Asia’s economy, according to a report from Oxford Economics that was commissioned by the Institute of Chartered Accountants in England and Wales ( ICAEW). The region is projected to grow by 4.0 % in 2024 and 2025. Nevertheless, this is below the pre-pandemic average of 5 % in the previous five years, mostly as a result of anticipated difficulties in private use as interest rates rise more.

ICAEW: Q1 2024 economic growth in Southeast Asia and Malaysia buoyed by electronics exports, but cautious outlook remains

The report argues that Southeast Asian electronics-focused exporters gained a better grip in Q1 2024, in large part as a result of the technology sector’s bottoming out. It said the treatment in global silicon sales, which saw a 15.3 % year- on- yr increase in Q1 2024, has mainly benefited Vietnam, where export growth soared to an estimated 16.8 % year- on- year. Singapore also experienced a rise in non-oil home exports in April with an estimated 9.4 % month-on-month growth, which is a good turn after two consecutive weeks of collapse, intermittently adjusted.

Given its position farther down the electrical value chain, Malaysia is anticipated to benefit from the gadgets healing in the second half of the season. However, Southeast Asia’s electronics industry’s enhance is still less encouraging than those of Taiwan and South Korea, two other major Asian silicon players.

ICAEW: Q1 2024 economic growth in Southeast Asia and Malaysia buoyed by electronics exports, but cautious outlook remains

International tight monetary policies are likely to measure down additional need for the region’s exports, making recovery reasonable, the report stated, adding that the global growth forecast of 2.6 % for 2024, lower than pre- pandemic levels, did likewise lessen local export growth.

On the positive side, Southeast Asia’s tourism sector has experienced steady visitor growth since November 2023, partially as a result of various visa-free travel arrangements with China. This has resulted in more frequent intraregional travel within Southeast Asia. However, supply- side constraints, such as limited flight capacity and a shortage of hotel rooms, could hinder the region’s ability to fully meet resurgent tourist demand. As a result, the recent rapid growth in tourist arrivals is likely to decelerate.

Domestic consumption faces near- term challenges

In the report, domestic consumption in Southeast Asia was stronger than anticipated in Q1 2024. However, it is unlikely to spur economic growth in the upcoming quarter because regional tight monetary policy is anticipated to restrain consumer spending.

Southeast Asian central banks ‘ options for easing monetary policy are likely limited by the persistent weakness of local currencies in relation to the US dollar. The strong US dollar, driven by the Federal Reserve’s high interest rates, prevents local central banks from cutting rates without risking further currency depreciation. In Q1 2024, Bank Indonesia was even forced to raise rates to arrest the rupiah’s decline.

Due to the tight monetary policy in place, debt servicing and borrowing costs will continue to be high, likely limiting private consumption. Additionally, the research found that many consumers and businesses are continuing to consolidate as they are recovering from the pandemic and are likely to concentrate on quickly rebuilding their savings or refining their balance sheets.

Governments are coordinating at the same time to reduce spending and raise taxes in order to offset pandemic-related fiscal payouts. Indonesia is planning to raise taxes in 2025 after Singapore and Thailand both raised taxes this year. Malaysia intends to change the second half of the year’s RON95 subsidies from a blanket policy to a more judiciously targeted approach.

With the US Federal Reserve’s forecast for rate reductions in Q3 2024, there is still a glimmer of hope. This could lessen regional currency pressure, allowing Southeast Asian central banks to ease their monetary policies.

Malaysia: Q1 2024 economic growth buoyed by electronics exports but cautious outlook remains

In Q1 2024, Malaysia experienced a notable economic upturn, with GDP expanding from a revised 2.9 % year- on- year in Q4 2023 to a robust 4.2 %, coupled with a remarkable 1.4 % quarter- on- quarter growth in seasonally adjusted terms, effectively reversing the 1.0 % contraction observed in the previous quarter. This positive momentum, however, faces challenges in sustainability.

The remarkable rise of 9.7 % quarter over quarter in exports, primarily fueled by the resurgence of Chinese tourists during the Chinese New Year holiday in February, was a significant driver of growth. This resurgence can be attributed, in part, to the bilateral visa- free arrangement initiated in December 2023. Nonetheless, there are doubts regarding the longevity of this surge, as initial boosts tend to fade over time.

Retail sales volumes also experienced a notable recovery, rising 4.4 % month over month in February after four consecutive months of decline. However, this resurgence appeared to lose steam in March, with retail sales growing only by 0.7 %. Despite a strong labor market and historically low unemployment rates, there are beginning signs of softness, as evidenced by stuttering new job growth and slowing wage growth, which could point to a potential future moderation in consumer spending.

According to the research, domestic demand is anticipated to remain flat or even decline, as demonstrated by recent budget plans that intended nominal spending reductions. In addition, fuel subsidies are being reduced to reduce the deficit in order to increase the public debt-to-GDP ratio. Investment, particularly within the industrial sector, is likely to face constraints amid the prevailing uncertain external environment. &nbsp,

Exports are expected to grow modestly in the external sector in 2024, despite a subdued global demand. Malaysian exports are anticipated to benefit from the anticipated bottoming out of the electronics cycle, but this impact may not be fully realized until the second half of the year as a result of the country’s position within global supply chains.

The significant discount of the Bank Negara Malaysia’s ( BNM) policy rate in relation to the US Federal Funds rate was a major contributor to the Malaysian ringgit’s struggles in Q1 2024. The currency’s weakness hinders BNM’s ability to ease policy, which has been hovering below 2 % for the past six months and showing little sign of significant increase. This issue persists until the US Federal Reserve starts making rate cuts, which are anticipated to occur in Q3, easing the ringgit’s pressure and potentially allowing policy rate adjustments. &nbsp,

While Malaysia’s Q1 2024 GDP growth showcased resilience, primarily supported by robust electronics exports, the economic outlook remains cautious due to challenges in both domestic consumption and external demand. Although there are still questions about global economic conditions and domestic policy responses, Bank Negara Malaysia is confident that there are upside risks from greater spillover from the tech upcycle, more robust tourism activities, and faster implementation of existing and new investment projects. However, the Malaysian economy is expected to experience modest growth throughout 2024.

ICAEW: Q1 2024 economic growth in Southeast Asia and Malaysia buoyed by electronics exports, but cautious outlook remains

In summary

  • Malaysia’s GDP grew by 4.2 % year- on- year in Q1 2024, supported by electronics exports.
  • Due to challenges in domestic consumption and the state of the world economy, the outlook for sustained growth is still uncertain.
  • Government decisions and supply-side constraints continue to have an impact on Malaysia’s economic dynamics.

&nbsp, Other findings from the Economic Update Q2 2024 include:

Singapore: Trade- weighted economy will remain subdued

  • Singapore’s GDP grew 2.7 % year- on- year in Q1 while seasonally adjusted Q1 GDP grew slightly by 0.1 % quarter- on- quarter.
  • Singapore’s economic momentum is likely to be subdued, despite strong electronics exports.
  • This year’s overall growth will likely remain slightly below the previous year’s trend, as evidenced by soft domestic demand.

Indonesia: Shift in monetary policy likely to be delayed

  • Indonesia’s economy grew by 5.1 % year- on- year in Q1 2024, up from 5.0 % in Q4 2023.
  • Domestic consumption, both in the private and public sectors, continues to drive resilience, with the latter likely bolstered by election- related spending.
  • The external sector will be a drag, given soft global growth. Lowering external demand and sideways trade figures will also impact business investment.
  • Bank Indonesia is anticipated to hold rates until Q4 2024, with a potential 25 basis point rate cut following the US Federal Reserve’s rate cut.

Vietnam: A soft 2024, but a bright medium- term outlook

  • Vietnam’s real GDP grew by 5.6 % year- on- year in Q1 2024, down from 6.7 % in Q4 2023.
  • Exports remained robust in early 2024, driven by electronics and agriculture.
  • Poor sentiment, capital deployment, and consumption are expected to remain drags, with credit growth at its joint- slowest in 10 years as of March. Year- to- date credit growth, or the amount of loans from commercial banks, was only at 1.3 % year- on- year in March after two months of negative figures.
  • As Vietnam benefits from the reshuffling of the structural supply chain from China, which will likely increase economic momentum gradually in H2 2024, it is likely to experience a gradual improvement in economic momentum, which will draw in foreign direct investment.

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Second global award for DNB & Ericsson’s AI intent-based operations solution

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A part of DNB's world class 5G network in the Klang Valley.

Ericsson and Malaysia’s Digital Nasional Bhd ( DNB) have won a second global award for their implementation of Artificial Intelligence ( AI ) Intent- based operations ( IBO ) solution, part of Ericsson Operations Engine.

FutureNet World, a company in the telecommunications sector, has received the most recent award in the AI for Network Operations ( AIOps ) category for the best automated operations solution that incorporates AI functionality. Prior to 2022, the intent-based option had won the Glotel Award.

The Intent based Operations is the next evolution of DNB’s 5G network, leveraging 5G Advanced technology standards and artificial intelligence ( AI ) to incorporate machine learning ( ML), and automation to increase agility, simplify management, improve security and network resilience.

 

About &nbsp, AI Intent- based activities

Intent-based operations are based on making a statement about what a service company wants the community to accomplish or what results are desired from the system. The intent-based program will therefore interpret it as the network administrator, who will manage the network to accomplish the goal.

Utilizing AI/ML systems and the related technology, these features empower networks to adjust to fluctuating demands and conditions quickly, providing a more efficient and versatile system for telecommunications. To increase the customer experience, network resources are automatically managed to improve the user experience.

” The current rate of Malaysia’s 5G system, measured by Ookla as globe- class, is now enough for today’s use cases but enterprise use cases require more than just higher 5G speeds. According to Ken Tan, DNB Chief Technology Officer, using intent-based operations allows for effective control of the growing challenges involved in delivering distinguished &nbsp, 5G accessibility to various events while adhering to SLAs.

 

AI utilized in 5G system to enhance performance, enhance user experiences

AI is being leveraged in the 5G network to optimize performance and enhance user experiences, given that fresh services require often- on higher performance, super- reliability, low overhead, and high levels of security. &nbsp,

DNB’s high performing, secure, resilient 5G network enables Malaysia’s mobile network operators to consistently deliver high- quality and scalable services to enterprises.

Businesses that can use AI and Machine Learning ( ML) to transform their operations, including those in manufacturing, healthcare, smart cities, and transportation, are in need of a programmable 5G Standalone network at a global scale. With these improvements in productivity and efficiency, they can capitalize on digitalization’s competitive advantage.

” Enabling intent-based operations in the network unlocks differentiated connectivity with distinct network slices and Service Level Agreements ( SLAs ),” said Ericsson Malaysia, Sri Lanka, and Bangladesh Head. To digitalize their operations, Malaysian businesses can rely on a secure and robust network that is ready for 5G Advanced.

The Ericsson Operations Engine, the first multi-operating core network ( MOCN), was used to create the world’s first multi- operator core network ( MOCN), which serves the needs of six communication service providers and provides affordable 5G connectivity for Malaysia, and was the recipient of the FutureNet World Award.

The use of automation, such as intent-based operations, significantly improves network resilience and lowers operating costs because of its use of complexity-sensitive algorithms. For the past five years, DNB and Ericsson have been working together on initiatives aimed at improving the 5G experience and accelerating digital services for consumers, government, and businesses, including providing on-demand services.

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SP Setia partnered with startups as it revamped its smart community app

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  • Kiddocare &amp, SOLS Energy, and six business associates added services to Setia Come.
  • newest instance of developers embracing business creativity through partnerships

(From left): Choong Kai Wai, president and CEO of SP Setia; Ignatius Ho, director, JaGaSolution; Alex Chi, CTO, SP Setia and Derrick Loi, GM of International Business, Ant Group.

A wise group app called Setia Go, developed by SP Setia Bhd, was updated to reflect both the existing homebuyer knowledge and property management as well as provide bright community services within its existing townships. in addition to fostering innovation and giving nearby startups more support.

The app that was introduced in Mar 2020 uses a mobile platform as a service ( mPaaS ) from Ant Digital Technologies. A type of service called mPaaS enables users to approach, reserve, and pay for a number of different types of mobility services using a single platform.

Taking a distinct view this time, instead of building it only, SP Setia engaged with six businesses, all playing in certain places within the home buyer’s trip.

Setia Go, according to Choong Kai Wai, president and CEO of Setia, “exemplifies our commitment and collaboration with the National Technology Innovation Sandbox (NTIS ) and the Ministry of Science, Technology and Innovation ( MOSTI ) in our need to promote new technologies and services across our platform.”

However, one of Setia’s key partners is JaGaSolution, a property management software solutions service. Our main belief, which combines excellent customer service and cutting-edge technology, aligns with Setia’s, and we are excited about innovating the owners ‘ experience with Setia Go, according to Ginatius Ho, its chairman.

Bikesh Lakhmichand, CEO of 1337 Ventures, stated at a business development panel that “you’re using genuine partnerships because you’re allowing them into your platform with your brand and liability, that shows how severe business innovation is, because innovation is crucial in not just trying to grow, but it’s for your survival as well.”

Setia collaborated with StartupX, a consulting firm for technology that assists businesses and governments in improving their relationship with startups. Startups had the opportunity to check their offerings for Setia’s clients by being in the playground. &nbsp,

Setia introduced its first cohort of six startups from its StartupX collaboration- Kiddocare ( on- demand childcare platform ), SOLS Energy ( home solar programme ), Oyen Insurance ( pet insurance ), Handibee ( home warranty programme ), BlueDuck (zero- rental management ), and GrabMaid ( on- demand maid service ).

 

Problems of building Setia’s wise community&nbsp,

Four founders who had previously worked for Setia’s Smart Community Development panels were also present for a second panel at the launch. The participants were Mohamed Shakir, CEO and founder of Handibee, Earnest Wong, CEO and founder of BlueDuck, Chai W. D, i- founder of GrabMaid, and Stephen Lim, inc- chairman of HyperQB.

One problem faced Earnest was to spread a clear text and shift attitudes by switching tenants and landlords to BlueDuck’s Zero Deposit Program. The past can rent out their homes or offices without having to deposit a large cash deposit upfront; however, landlords can profit from a faster occupancy rate because they only need to pay for injuries or paid lease when moving out.

” If a client were to run away and damage the house, we’ll take the hit and pay on their behalf”, he said.

As for Stephen, working with programmers like Setia required him to adjust his timeframe.

The industry was n’t ready in 2018, 2019, from the perspective of the customer, and there were too many apps for customers to get, so we looked at how to begin really small and then develop a robust customer experience in mind, Stephen said.

Shakir’s key challenge was educating the market on HandiBee’s value, which is a home warranty contract covering, repairing or replacement costs of appliances and systems which break down. &nbsp,

As we ensure the house stays in good condition forever, we educate homeowners and developers along with how we can add value to developers and how we can bring quality technicians.

Additionally, he also wants Handibee to have similar warranty plans that car brands offer customers.

With AI on everyone’s mind, especially the impact it will have on their business, Chai said,” AI cannot replace humans completely, for example I do n’t think that the AI/robot can 100 % clean up the yellow stains in toilet bowls, so there’s still a need for someone to manage and conduct the house cleaning services”.
 

State of corporate innovation in Malaysia

In addition to Bikesh, the corporate innovation panel featured Joe Hock Thor, managing director of Blaze Property, and Angel Low, general manager of Al Nusantara ( a joint venture between Hive SEA and Selangor Information Technology &amp, Digital Economy Corporation ( SIDEC ), as panelists.

They all agreed that the startup and corporate innovation ecosystem is improving, despite the fact that it is currently in decline. &nbsp,

Angel noticed that the KL20 Summit, which took place in April, was a sign.

” It’s a good event where you can see all the different government agencies trying to bring all the different parties together really building a startup and technology ecosystem, along with foreign VCs we saw during the launch which brought a brief limelight into Malaysia,” she said.

Hive maintains a co-creation model that allows businesses to look into startups and portfolios that might benefit the ecosystem.

” If the startup does n’t exist in the market, we can build it for you ( corporates ) on the condition that you will be one of the first clients for that venture- built company, for example, our cooperation is currently with the Selangor State Government to train AI talent”, she said.

Working with corporates and gaining experience in&nbsp, Joe said that the corporate innovation ecosystem is almost like a lottery and waiting game. &nbsp,

He claimed that because working with corporations takes time, he was explaining this. And, the larger the corporation, the longer it will take. It might not be because startups are n’t willing to work with them, but rather because of how small and structured they are, making it necessary for more quickly and tangible outcomes.

It’s frequently helpful to consider how you can clearly and quickly deliver, he advised. Starting with small quick wins is helpful; you do n’t need to change the world on the first try.

” What’s key is always to make sure you are providing sufficient value not just be somebody who’s providing value for the customer, but you’re also providing value for corporate innovation”, he added.

In terms of property development, Bikesh claimed a 2015 chart from McKinsey listed the priorities of those interested in digital transformation. One of the entities at the very bottom were construction ( property ) developers. &nbsp,

He also noted that property developers are now more open to working with startups, which has changed.

Convince the board is a challenge in corporate innovation, which is good news for startups, but this is also a good thing.

” Most corporations say,’ I need to disrupt’ but the problem is that when the idea becomes too big, it’s hard for them to get it off the ground let alone show results, and it just ends up being abandoned”, he said.

Therefore, it is the simplest thing for corporations to do is work with startups on short, quick-term projects they want to see first before moving on to bigger bets.

” For example, do n’t go building a new app but leverage a startup that has the solution and extend it to their ( corporate ) customers”, he suggested.

A successful outcome will undoubtedly encourage more of its property developer peers to look at the same path now that SP Setia has begun its corporate innovation journey partnering with startups. That can only be good for the startup ecosystem.

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