ACE listed Systech acquires Wilstech, giving 3X return to ECF investors

By:
On:
In: Technology
  • Next ECF return for Ata Plus after 2019 return of Skilafund
  • US$ 15m merger consists of US$ 4.2m money &amp, US$ 11.6m in stock

ACE listed Systech acquires Wilstech, giving 3X return to ECF investors

Bursa Malaysia has granted the approval to Systech Bhd, a company listed on the ACE Market, to acquire Wilstech Sdn Bhd, for a total purchase consideration of US$ 15.82 million ( RM75 million ) consisting of RM20 million in cash and RM55 million via the issuance of 152, 777, 777 Systech shares. Wilstech, an IT solutions provider, raised UD$ 316, 400 ( RM1.5 million ) through an equity crowdfunding (ECF ) campaign with Ata Plus Sdn Bhd in Sept 2020 at a RM25 million valuation.

Ata Plus applauds the merger as a testament to the utility of ECF as a viable investment platform for businesses with high-growth potential. This is the second Ata Plus ECF leave. The second return in 2019 was a corporate merger of Skolafund, a societal impact business.

]RM1 = US$ 0.211]

” Since 2020, I’m proud to say that we have grown from strength to strength. ECF funding “undoubtedly played a significant role in our development trip,” according to Wilson Low, founder and CEO of Wilstech, “particularly in our product development, business growth, and consumer acquisition.”

Nowadays, Wilstech specialises in business- to- business ( B2B ) IT options, IT infrastructure, IT management and offshoring and the offer of IT equipment. Its users span across the open market, GLCs, corporates and SMEs.

Since its ECF investment practice, Wilstech has experienced remarkable growth in both revenue and profit. The yr- on- time revenue growth for 2020/21 and 2021/22 are 146 % and 167 % between, whilst the Income- After- Duty is 113 % and 199 % both for 2020/21 and 2021/22. From an 8- person firm in 2020, it has grown to 40 team in 3 times. We are appreciative of the trust and confidence that ECF investors have in us and the support the Malaysian government has received from the MyCIF ( Malaysia Co-Investment Fund ) program. I am delighted to be able to offer good results to our shareholders, especially the ECF owners. Without their unwavering belief and aid, we would not have achieved the status we hold today”, Wilson added.

ECF offers investors exposure to a wide array of substantial- development companies spanning across different industries, such as technology, care, F&amp, B, agriculture, greentech, education and consumer goods. This growth, coupled with the high profit potential, makes ECF an interesting purchase avenue. ECF was created by the Securities Commission to give retail investors the opportunity to invest in and take advantage of the expansion of promising companies through regulated ECF platforms like ATA Plus. Investors should be aware of the risks involved and conduct thorough assessments before investing, despite platforms like ATA Plud conducting thorough due diligence, disclosing pertinent information and the terms of the companies listed on its platform.

ACE listed Systech acquires Wilstech, giving 3X return to ECF investorsThe success of Wilstech’s acquisition is a testament to the power of ECF in guiding businesses to success. Through ECF, the money that Wilstech raised helped it meet its business objectives and ultimately draw in a larger, established player like Systech. This success story underscores EC F’s value for investors and entrepreneurs alike”, said Elain Lockman ( pic ), Ata Plus ‘ CEO and co- founder.

With Systech’s acquisition of Wilstech as a prime example, ECF emerges as a promising investment avenue for portfolio diversification through curated high-growth ventures. Regulated platforms like Ata Plus provide access to such opportunities, fostering SMEs and startups and bolstering the nation’s economic growth. Visit Ata Plus at www.ataplus.com for more information about ECF and to learn about exciting investment opportunities. ata- plus.com.

Continue Reading

EdgePoint, Celcom Timur partner to enable connectivity services throughout Sabah 

By:
On:
In: Technology
  • CT Sabah to join its network with EdgePoint’s equipment at 50 sites&nbsp,
  • For wireless network operators&nbsp, EdgePoint can collaborate to provide fiberized structures.

EdgePoint, Celcom Timur partner to enable connectivity services throughout Sabah 

EdgePoint Towers Sdn Bhd, a division of EdgePoint Infrastructure, an ASEAN- based separate communications infrastructure firm, has partnered with Celcom Timur Sabah ( Pet Sabah ) to provide final- hour system, as part of their commitment to enhancing communication in East Malaysia.

Through this agreement, CT Sabah may join its core system with EdgePoint’s communications system at an estimated 50 sites in Sabah. By connecting existing and upcoming buildings across the position to CT Sabah’s fiber system, EdgePoint will also be able to provide full fiberized structures to cellular network operators.

Muniff Kamaruddin, &nbsp, CEO of EdgePoint Towers Sdn Bhd stated, “EdgePoint is pleased to announce our engagement with Celcom Timur Sabah to&nbsp, focus on providing reliable&nbsp, connection through final- hour system. By combining the advantages of CT Sabah and EdgePoint, we are able to create a strong digital infrastructure that will make Sabah’s citizens feel connected. This aligns with our commitment to advertise online equity in our nation and support national digitalization efforts.

However, Zurinah Datuk Hanafiah, CEO of Celcom Timur Sabah shared, “CT Sabah looks forward to this cooperative relationship with EdgePoint, recognizing the common disadvantage of leveraging each other’s knowledge. This partnership will help CT Sabah’s continued efforts to expand communication throughout the province. However, it will accelerate the development of modernization, fostering development and innovation within the territory”.

EdgePoint now owns 1500 places in Malaysia, out of which 71 are in East Malaysia.

Continue Reading

Fefifo collaborates with PayNet to improve incomes, advance digital payments inclusion for farmers in Malaysia

By:
On:
In: Technology
  • Collaboration helps develop Malaysia’s food safety interests
  • Aims to support B40 producers to become online knowledgeable rural entrepreneurs

From left : Chris Fong, co-founder, Fefifo, Shahirah Shafri, senior corporate affairs executive, Fefifo, Riri Yanti Razali, corporate affairs and partnerships lead, Fefifo, Azleena Idris, senior director, Strategy & ESG, PayNet and Kelveen Soh, co-founder, Fefifo)

Fefifo, an AgriTech startup, announced that online applications have been made available for qualified farmers from B40 communities in Malaysia to participate in the Farmer Digitalisation Programme, which uses Fefifo’s Magic Bean app and is based on Payments Network Malaysia ( PayNet ) digital payments.

The agreement between PayNet, the nation’s payments system and provider of key financial infrastructure, was formalized in November 2023. This engagement includes:

  • Fefifo will provide funding to train B40 producers to become technologically savvy rural agropreneurs.
  • Bonuses, education, and project sponsorships from PayNet for farmers in the B40 area who are in Fefifo’s Farmer Digitalisation Program to embrace digital payments
  • PayNet support has been provided to lower the cost of running Fefifo’s digital distribution centers, as well as maintaining a logistics ship that transports plantation create for sale to Fefifo’s network of offtakers.

Fefifo’s Farmer Digitalisation Programme aims to digitalize smallholder farmers so that they can grow high-quality food plants by providing a thorough value chain answer using Fefifo’s custom mobile system” Magic Bean.” These solutions include MyGAP- qualified stage- by- step, on- demand online farming SOPs, agricultural expert support, lower priced key agri- inputs, guaranteed 100 % offtake, and access to financing facilities. &nbsp,

It aims to promote sustainable livelihoods for smallholder farmers by growing high-quality harvests more frequently for a prompt harvest.

Leveraging Fefifo’s expertise in food crops know- how, specialized online farming platforms, complimented by PayNet’s wide network of ecosystem participants and range of digital payment products and services, this simultaneous collaboration helps to improve the nationwide food security priorities, increase local food production, and reduce reliance on imported food, in support of National Agrofood Policy 2021- 2030.

Kelveen Soh, co-founder of Fefifo, stated that this sponsorship supports farmers as a kick-starter financial support by subsidizing the cost of the initial seeds and nutrients needed at the beginning of a crop growing cycle. On top of all the other advantages and benefits that come with being a part of our fast-growing network of farms and farmers, he added,” Small farmers in our network appreciate this help to start a new cycle of growing.”

Muhamad Hafizam Rasidi, a second-generation settler from FELDA, is one of the earliest beneficiaries. He has been receiving three months of on-the-job training at Fefifo Co-farm in Perak since December 2023, and is now back in his village in Pahang onboarding other interested farmers. &nbsp,

On my family farm, I used to grow lemongrass. Income was uncertain, due to price and harvest. I’ve heard that if grown properly and properly, chilies produce a better harvest and steadyer income. Then Fefifo was introduced to me and I made the decision to try. It has been a good experience, learning hands- on how to grow chili at commercial scale”, he added. &nbsp,

” I look forward to returning to my kampung to encourage others to participate in this program. It’s simple for me to switch to this new way of farming thanks to the modern methods, digital SOPs, and ongoing support in Fefifo’s mobile app Magic Bean. Fefifo takes care of everything, which also means I do n’t have to worry about sales. Everything is fully cashless and received immediately”, Hafizam said.

Up to 100 B40 farmers will receive sponsorships from PayNet to join the program, and several distribution centers will be established nationwide in the next few months to facilitate farmers ‘ access to rural markets through the program so they can send their produce to Fefifo and receive payments digitally. In addition, PayNet has also funneled potential additional cohorts from its other ESG initiatives. They include graduates from the B40 communities who are relocating to their hometowns to launch their own social enterprises, one from a public university in Pahang and the other, one in Johor. Additionally, cohorts from one of the PayNet-supported fintechs are in the pipeline from B40 communities in Sabah.

This program is an extension of the firm’s PayNet Cambah programme, which aims to create virtuous cycles of sustainable, cashless communities, and is the first in AgriTech, according to Azleena Idris, senior director and head of the Strategy &amp, ESG Office at PayNet. It has the potential to truly transform and revolutionize the agricultural sector, enabling creative yet practical application of technology for small farmers to increase their income from more money made from more advanced farming methods, lower production costs, and assured returns. Because everything is cashless and credited directly to their accounts, they no longer have to worry about handling cash or payment delays,” she continued. &nbsp,

In order to advance cashless payments integration and equip these target segments with digital literacy skills, PayNet is also working with public sector bodies, NGOs, start-ups, fintechs, and local entrepreneurs. Working together is essential to unlock the potential of the digital economy for these segments, Azleena said.

The Farmer Digitalisation Programme has so far piqued the interest of participating ecosystem partners and communities in Negeri Sembilan, Pahang, Perak, and Selangor, and is expected to expand to Johor, Penang, Kedah, and Sabah in the near future. discussions with local governments and local communities for large-scale participation, including those with the Penang DOA, the Malaysian Communications &amp, the Multimedia Commission, and other local cooperatives. &nbsp,

To know more about the program details, please visit www. fefifo. co/fdp. Fefifo program advisors will conduct an in-person verification process to evaluate the applicant and the current farm conditions for all online applications.

Continue Reading

 Seven local startups selected to join Cyberview Living Lab® Accelerator Programme’s 18th Cohort

By:
On:
In: Technology
  • Companies will go through a 5-month program designed to achieve product-market-fit&nbsp,
  • Project nurtured 98 businesses, attracted over US$ 53.7M opportunities &amp, generated US$ 167M in earnings

 Seven local startups selected to join Cyberview Living Lab® Accelerator Programme's 18th Cohort

Seven small startups are being evaluated by Cyberview’s Living Lab Accelerator ( CLLA ) Program to accelerate their growth and business development. This includes, among others, digital and data-centric solutions for smart and green living, as well as technologies like artificial intelligence ( AI), industrial Internet of things ( IIoT), and robotics.

The selected companies are MengajiOnline, NexoPrima, MindnRobotics, Solvnex, SmartPeep, Bual Design, and BriqBloq.

According to Cyberview, these companies are undergoing a five- month program designed to support their research and development, with a focus on achieving Item- Marketplace- Fit, to maintain conference market demands. Additionally, they will have the support of Cyberview to system and join with appropriate business professionals both domestically and internationally.

Shafinaz Salim, mind of the Technology Hub Development Division at Cyberview, stated,” In line with the Madani Economy Framework, Cyberview supports the government’s dedication to businesses through the Cyberview Living Lab Accelerator initiative. As one of Malaysia’s longest- running pedal applications, we have seen many alumni making significant contributions to Cyberjaya’s technology ecosystem and the country’s online business”.

She added,” We are always on the lookout for solutions employing the latest technology, such as generative AI and robotics. We may continue to support these businesses as they test their options in Cyberjaya and enter new businesses.

Startups under the 2024 cohort may love incentives over US$ 21, 000 ( RM100, 000 ) per startup throughout the programme, including rent- completely workspace at Colnnov8- Cyberview’s sweet landing zone, business advisory, and mentoring to develop sustainable business models and gain market access. At the end of the five- month period, the companies may pitch and display their options at a Demo Day to potential buyers, partners, and the press.

The CLLA programme has nurtured over 98 startups, attracted investments exceeding US$ 53.7 million ( RM255 million ) and generated over US$ 167 million ( RM792 million ) revenue over the past decade. Additionally, the programme has created more than 1, 400 jobs. &nbsp,

Successful alumni include TheLorry, MoneyMatch, Medkad, MHub, Supagene, Monsta, BillPlz, and Trackerhero.

The CLLA program offers a platform for funding, partnerships, market validation, market access, and commercialisation, whether harnessing the power of technologies or creating solutions to address pressing challenges.

Continue Reading

Disruptive Doctors teams up with 1337 Ventures for the H-Innovators Challenge

By:
On:
In: Technology
  • aims to promote a culture of creativity in the healthcare industry.
  • Six month challenge invites medical students, doctors to introduce impressive solutions

Selina Chew, CEO & co-founder & Vivek Subramaniam, co-founder & business development director, Disruptive Doctors

Destructive Doctors, a pioneer in medical technology, and 1337 Ventures have announced their collaboration for the annual Disruptive Doctors H- Innovators Challenge. This six-week problem asks medical students from all over the world and health professionals from Malaysia to come up with creative solutions to pressing issues facing healthcare in the real world.

Participants may have the opportunity to pitch their medical technology ideas, receive coaching from business experts, and compete for resources to take their solutions to life through this collaboration, which is a major step toward fostering a culture of innovation within the healthcare sector.

” We are working with 1337 Ventures to give the next wave of medical entrepreneurs greater access.” This problem is more than a contest, it’s a call to action for those excited about improving care through destructive innovation”, said Dr Selina Chew, CEO &amp, inc- founder of Disruptive Doctors.

As we increase our expense in medical technology, “partnering with problematic physicians for the H-Innovators Challenge is a proper move.” The program is proper, it’s a chance to develop technology straight from the front of healthcare”, said Bikesh Lakhmichand, Founding Partner of 1337 Ventures. &nbsp,

He continued,” The company is excited to discover and help groundbreaking solutions from medical students and physicians, whose goals are to transform patient attention.” &nbsp,

This is a call to action for creative ideas that have the potential to influence the future of heath, not just a competitors. At 1337 Ventures, we’re committed to being portion of this revolutionary journey”, Bikesh said.

Proposals for the Disruptive Doctors H- Innovators Challenge are due between April 1st, 2024, and May 31st, 2024. Interested persons are encouraged to use and play a role in shaping the future of care. For more information on how to participate or sponsor the challenge, please visit https ://disruptive-doctors.com/h-innovator/

Continue Reading

MyIX reports 20% surge in internet bandwidth demand

By:
On:
In: Technology
  • Findings indicate a significant increase in online activities across Malaysia
  • Recorded highest internet bandwidth usage since MyIX’s formation in 2006

The MyIX Committee upon conclusion of its recent AGM with its chairman Chiew Kok Hin seated in centre, and MCMC head of Technology Development Mohamed Hakim Othman seated at centre left.  

Malaysia Internet Exchange (MyIX) has announced a surge in demand for internet bandwidth, reaching a record high of 2.311 TeraBits (Tbps) per second in 2023, marking a 20% increase from the previous year and the highest level recorded since its establishment in 2006.

Chairman Chiew Kok Hin stated, “Our findings indicate a significant rise in online activities throughout the country.” 

MyIX, the largest internet exchange in Malaysia, operates under the Malaysian Communications Multimedia Commission (MCMC) to optimize network performance and keep internet traffic local.

To address the growing demand, the MyIX Committee has decided to reduce port pricing, effective April 1, 2024, offering discounts of 10% to 20% off current rates. For instance, the cost for a 1Gbps port will decrease to US$84 (RM400) per month, (down from US$105 (RM500)), a 10Gbps port to US$337 (RM1,600) per month, (previously US$421 (RM2,000)), and a 100Gbps port to US$1,500 (RM7,200) monthly (previously US$1685 (RM8,000)).

Chiew highlighted, “The pricing revision positions MyIX as one of the most affordable internet exchanges in the region.” 

The announcement came after the conclusion of MyIX’s Annual General Meeting, attended by MCMC’s Mohamed Hakim Othman.

“Active peering members bring value to the IX community, which in turn supports Malaysia’s goal of improving internet speed, affordability, and access, contributing to a digitally inclusive society,” Chiew added.

Meanwhile, MyIX is reinforcing its commitment to nurturing local talent. As part of its various CSR initiatives, the exchange recently hosted a free training program to empower selected individuals with the knowledge and expertise needed in today’s digital economy, particularly regarding network infrastructure. 

Furthermore, its effort to build a skilled workforce extends through the MyIX Fellowship Programme, offering fellowships to member organization staff for attending workshops at the annual Asia Pacific Regional Internet Conference on Operational Technologies (APRICOT) 2024 conference.

This initiative, which commenced this month with the APRICOT in Bangkok, Thailand, focused on critical areas like IPv6 Deployment and Internet Routing/RPKI. These initiatives reflect MyIX’s strategic approach to enhancing industry-related skills, ensuring the Malaysian internet sector remains at the forefront of technological advancements.

Continue Reading

PasarPolis reports 2x growth surge, 250% GWP rise, eyes profitability and sustainability on path to become Southeast Asia’s tech giant

By:
On:
In: Technology
  • Anticipates revenue growth at CAGR of 50% in next four years
  • Expanded operations beyond Indonesia into Vietnam, Thailand & another SEA country 

The team at PasarPolis

PasarPolis, a leading Insurtech company in Southeast Asia, recently announced significant milestones, growth, and expansion plans following its financial performance. The company reported a 2x revenue growth since its last funding round in 2023. Additionally, the startup maintained a positive gross margin since its first year of operation, demonstrating its financial strength and stability. The fiscal year also marked record growth for PasarPolis, with Gross Written Premium (GWP) increasing by 250%.

According to PasarPolis, it has issued over 2 billion policies since its inception. Notably, during this period, the company experienced faster growth compared to other insurtech companies, despite the latter holding a higher market share within Indonesia and Southeast Asia’s Insurtech startup sector. 

Therefore, with a strong focus on building sustainable business operations and expanding its market reach, the company said it is well-positioned for profitability in the near future.

Cleosent Randing, founder of PasarPolis, stated, “We are thrilled to announce our growth and expansion plans. Our commitment to innovation, sustainability, and customer-centric solutions has been pivotal in driving our success. Therefore, as we continue to push boundaries and set new standards in the Insurtech industry, we are confident in our ability to achieve sustained profitability while making a positive impact on the communities we serve.”

In addition to its financial achievements, PasarPolis has been instrumental in shaping the trajectory of Indonesia’s Insurtech landscape. A recent industry report projects a 4x growth for the sector from 2021 to 2026, indicating the potential for a multi-billion-dollar gross premium size. 

Cleosent further explains PasarPolis’ strategic investments in underwriting capabilities, cost efficiency optimisation, and revenue generation, highlighting the company’s proactive approach to maximizing profits and ensuring long-term sustainability in the dynamic Insurtech landscape.

“Our primary aim extends beyond merely boosting revenue; we’re focused on enhancing the economics across all our business lines. Over the next four years, we anticipate revenue growth at a compound annual growth rate of 50%. Additionally, we plan to fully underwrite all our products within this period, to significantly enhance our Ebitda margin,” he added.

‘Another significant driver for our business is strengthening the model of Managing General Agent (MGA), where with this model, we play a crucial role in promoting additional products to our captive customers. The MGA model will also become an invaluable asset to our partners, including, Shopee, GoTo, and Home Credit,” Cleosent said.

These strategic moves have yielded substantial business growth for the PasarPolis ecosystem. In 2023, the company’s agency revenue and the sales of insurance products through its underwriting partner experienced month-over-month triple-digit percentage growth.

Moreover, PasarPolis has successfully expanded its operations beyond Indonesia into burgeoning Southeast Asian markets such as Vietnam, Thailand, and another Southeast Asian country. With promising growth metrics and increasing market penetration in these regions, PasarPolis solidifies its position as a regional leader in the Insurtech industry, paving the way for further innovation and market expansion.

As PasarPolis continues its trajectory of growth and strategic expansion, the company remains steadfast in its commitment to driving profitability, sustainability, and innovation. With a strong foundation built on financial stability, market leadership, and forward-thinking strategies, PasarPolis is poised to emerge as Southeast Asia’s foremost Insurtech powerhouse, shaping the future of insurance across the region.

Continue Reading

Ant International, Capital A form partnership in digital payments, financial technologies, and sustainability promotion

By:
On:
In: Technology
  • Partnership includes Capital A’s businesses: AirAsia, AirAsia Move & BigPay
  • BigPay partners Alipay+, enabling seamless payments for users traveling abroad

Left to Right: Jamaludin Ibrahim, independent non-executive chairman of AirAsia Aviation Group; Tony Fernandes, CEO of Capital A; Eric Jing, chairman and CEO of Ant Group; Yang Peng, CEO of Ant International

Ant International and Capital A Berhad, owner of AirAsia, have formed a strategic collaboration in various areas. This includes exploring to integrate more local payments methods and providing payment orchestration services to Capital A’s platforms, work on digital marketing and sponsorship opportunities to drive business growth, and cooperate to create inclusive and sustainable impact.

In a joint statement, both parties stated that the comprehensive partnership covers collaborative initiatives between Ant International’s Alipay+ cross-border payment, marketing, and digitalisation technology solutions, payment orchestration services, and other business segments, and flagship businesses under Capital A, including AirAsia, the one-stop travel platform AirAsia MOVE, and finance app BigPay.

Tony Fernandes, CEO of Capital A, said, “Ant International’s global recognition as a financial technology powerhouse, coupled with their expertise, is poised to propel rapid growth for our fintech venture BigPay and our online travel app AirAsia Move. Both entities are dedicated to agile expansion, and this partnership promises to accelerate our collective mission of providing seamless financial services and affordable travel experiences to our customers worldwide.”

Meanwhile, Yang Peng, CEO of Ant International, said, “We are excited to join hands with Capital A to start a new chapter of cross-industry digitalisation, building on the strong synergy between us. By leveraging Ant International’s innovative digital technology solutions and Capital A’s robust global ecosystem, we can bring more seamless services and diversified growth pathways for consumers and businesses in the region and beyond.”

Both sides have agreed that AirAsia Move will work with Ant International to integrate Alipay+ e-wallets as payment options within the Move payment flows, and explore the use of various wallet tech including super app related solutions as well as developing mini-program within Alipay+ ecosystem.

In addition, AirAsia Move will work with Ant International and its partners to leverage its user base to promote AirAsia Move’s services. This could involve targeted promotions, exclusive deals for Alipay+ partner wallet users, and cross-platform visibility for AirAsia MOVE’s services within the Alipay+ ecosystem. AirAsia MOVE and Ant International will also work on joint marketing opportunities and sponsorship opportunities for events such as UEFA Euro 2024.

The two sides also agreed that BigPay will become the latest Alipay+ partner wallet, allowing its 1.5 million users to pay seamlessly when they travel abroad. It will also explore using Alipay+ wallet tech, including fraud prevention and other innovative technologies, to develop an even stronger super app.

In the meantime, its airline entity AirAsia will leverage Ant International’s Airline Controller orchestration solution to drive payment efficiency and work with Ant International to enable the acceptance of payment methods for online, offline, and in-flight checkout.

Presently, Capital A offers over 20 different products and services leveraging each other, including the airline group – AirAsia Aviation Group, AirAsia Move, and BigPay fintech services, serving over 700 million people in the region.

Introduced in 2020, Ant Internation claims that its Alipay+ Cross-border Mobile Payment Service connects over 88 million merchants in 57 countries and regions to 1.5 billion consumer accounts on over 25 e-wallets and banking apps, allowing consumers to travel and pay worry-free globally, and merchants to build out cross-border consumer engagement and digital marketing.

The service builds on its regional partnerships, including those with national QR schemes such as Singapore’s SGQR, Malaysia’s PayNet, South Korea’s ZeroPay, Sri Lanka’s LankaPay, and Cambodia’s KHQR.

The firm stated that both parties will also promote sustainability initiatives such as advancing global digital inclusion, cultivating digital talent, and promoting sustainable travel programs, as agreed upon by the two companies.

Continue Reading

CyberSecurity Malaysia, LGMS collaborate to address SME cybersecurity weakness

By:
On:
In: Technology
  • Lack of awareness of security poses a threat to their business operations
  •   Difficulty and cost frequently prevent people from implementing effective measures.

CyberSecurity Malaysia (CSM) CEO Ts. Dr Amirudin Abdul Wahab (2nd from right) with LGMS Executive Director Fong Choong Fook (2nd left) at the LGMS headquarters in Subang Jaya. Also present were CSM Head of Cyber Solution Mohammad Fahdzli (right) and Cyber Security Industry Engagement & Collaboration Senior Executive, Mohd Rahmad (left).

With a focus on raising cybersecurity standards throughout the nation, CyberSecurity Malaysia ( CSM) is spearheading efforts to strengthen the country’s cybersecurity ecosystem.

Led by CEO Ts. The action, led by Dr. Amirudin Abdul Wahab, aims to promote closer cooperation between the public sector, private companies, and academic institutions, collectively referred to as “PPA” to combat the rise of increasingly sophisticated cyber threats.

” The collaborative work is important in our government’s ongoing war against the changing landscape of virtual threats”, said Amirudin, underlining the significance of a consolidated approach in further enhancing Malaysia’s cyber defences.

Amirudin, who also participates positively in the Malaysian Technical University Network ( MTUN), aims to bridge the gap between academic studies and the real-world requirements of the security industry.

By incorporating real-world industry issues into the scientific education, he continued,” the initiative aims to equip students with both the conceptual knowledge and practical skills needed for the security workforce.”

Amirudin’s involvement extends to his position in the Polytechnic and Community Colleges Department ( JPPKK), which is run by the Ministry of Higher Education ( MoHE), to raise cybersecurity standards among graduates. This role is a part of a larger plan to better align academic outcomes with business standards, thereby enhancing graduate employment in the security sector.

Amirudin cited the lack of security awareness in this sector, highlighting a specific issue that SMEs face. ” Small businesses frequently overlook the value of security until they are impacted by an event, not realizing the potential havoc that it might have on their company.”

CSM intends to establish awareness training programs especially designed for SMEs in order to handle this and encourage them to take fundamental cybersecurity precautions, such as avoiding pirated software.

Amirudin was speaking after an economy conversation at LGMS Berhad, one of Malaysia’s leading security parties.

Working with CyberSecurity Malaysia and LGMS to ensure the achievement of the StarSentry security platform’s future release. Mitte 2024, the company plans to release the “plug and play” StarSentry system.

StarSentry’s value proposition, which was named the “Cybersecurity Product Innovation of the Year” at the Malaysia Cybersecurity Awards 2023, is its ability to make security for SMEs simpler by offering complete property identification and risk monitoring functions.

Fong Choong Fook, the executive chairman of LGMS, and Amirudin expressed similar concern about the SME industry’s vulnerability to cyber-attacks.

” In an age where modern threats are becoming more common, it is crucial for SMEs to prioritise security. However, difficulty and cost often hinder them from implementing effective methods”, said Fong.

Due to its cost-effectiveness and user-friendly functions, the introduction of StarSentry serves as a game-changer for SMEs in this regard.

” StarSentry embodies the best option for SMEs, offering a simple,’ plug and play ‘ approach to security. This development enables SMEs to easily monitor their online environments, enabling them to concentrate on their core business without being constantly concerned about cyber threats, Fong said.

Amirudin praised this initiative as a result of a deliberate effort by CyberSecurity Malaysia and local businesses to lessen virtual threats and improve the national and business climate. CyberSecurity Malaysia aims to maintain cultivating a resilient and safe cyber for all Malaysians through proper partnerships, innovative solutions, and precise training and awareness programs.

Continue Reading

Takaful Tech: Ouch! champions digital transformation in Malaysia’s takaful sector

By:
On:
In: Technology
  • Aims to modernise traditional takaful via a user-friendly digital platform
  • Launches Jaga Generasi campaign to empower M’sians financially during Ramadan

Takaful Tech: Ouch! champions digital transformation in Malaysia’s takaful sector

Over 60% of Malaysians are not insured with any takaful plans. In an effort to reduce these numbers, Ouch!, which claims to be the first digital takaful operator recognized by the BNM Regulatory Sandbox, is shepherding a new era of financial protection.

In a statement, the firm said it aims to revolutionise traditional takaful by utilising technology to create an accessible digital platform and introducing programs such as the Kita Cover Challenge to engage its community. 

This Ramadan, Ouch! has introduced the Jaga Generasi campaign, an initiative to empower more Malaysians to secure their financial well-being during this time of reflection and charity. In a gesture of solidarity and giving back to the community, Ouch! will donate US$2.12 (RM10) Touch ‘n Go vouchers, which can be used for buka puasa, and an additional RM10 to its charity partner, Pertiwi, with each certificate sold.

As a fully digitalised takaful platform, Ouch! prioritises technology to streamline all processes for a more accessible, affordable, and efficient takaful experience. Participants can start with a quick coverage calculator on the application to determine their ideal protection plan in mere minutes. Additionally, certificate holders can still customise their plans to further tailor them to their needs at any given time – providing a level of personalization unmatched in traditional models.

Shazy Noorazman, CEO of Ouch!, said, “When it comes to takaful tech or insurtech, it is not just a matter of taking an existing product and selling it online. We need to reach out to the 20 million Malaysians who are not insured by any takaful protection plans, which is why at Ouch!, everything is digitalised to make the process easier and less complicated.”

He added that with Ouch!’s innovative back-end processes, the company is able to promote better engagement with its participants to use the platform to obtain information and manage their takaful plans. “We are providing an affordable, transparent, and efficient takaful solution for all Malaysians.”

Seeking to broaden takaful access for more Malaysians. The Kita Cover Challenge motivates members to spread the word by offering up to US$528 (RM2,500) for 25 successful referrals. Furthermore, both the referrer and new member will earn bonus points (equivalent to RM10) with their Ouch! Pusara Pro membership.

“We envision the Kita Cover Challenge, together with our Jaga Generasi efforts, welcoming more Malaysians into the Ouch! Family and creating a space where everyone looks out for each other’s financial health, just like Takaful intends,” Shazy added.

Participants can sign up for the Ouch! Pusara Pro plans online without additional fees, granting users full control over their takaful certificates. Adopting a paperless approach, the application provides secure and easy access to all necessary information. Ouch! also has an integrated communication channel within their website and mobile application, offering participants a centralised hub for all interactions related to their takaful services.

Ouch! is set to expand its suite of solutions, soon offering members a comprehensive range of options including medical, travel, and personal accident plans, all accessible through the website and app.

Download the application from the Google Play Store and Apple App Store.

Continue Reading