East Ventures, Temasek Foundation unveil three new tracks for Indonesia’s Climate Impact Innovations Challenge 2024

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  • For the entire US$ 634k reward swimming to pilot options in Indonesia, candidates vie for a$ 634k prize pool.
  • Enhanced vitality of the company space in creating a more resilient and sustainable future

East Ventures, Temasek Foundation unveil three new tracks for Indonesia’s Climate Impact Innovations Challenge 2024

The second edition of Indonesia’s largest climate tech innovations competition, the Climate Impact Innovations Challenge ( CIIC ) 2024, has been announced by East Ventures, a pioneering and market-leading sector-agnostic venture capital firm that has supported over 300 tech companies in Southeast Asia.

To test their solutions in Indonesia to address various ecological issues and lessen the effects of climate change, the applicants will compete for a total prize pool of US$ 634,620 ( Rp10 billion ).

The” Climate Impact Innovations Challenge 2023″ has piqued our interest and had measurable effects on the weather business. As a firm believer in online ecosystems and startup ecosystems, we think climate tech innovators are key players in developing solutions that address the issues facing today and help pave the way for a resilient and sustainable future. Avina Sugiarto, Partner at East Ventures, said,” We invite all weather tech entrepreneurs in the region and partners to join us in making positive changes that benefit Indonesia and beyond.”

” We are encouraged that the company space’s Climate Impact Innovations Challenge 2023 has sparked imagination and vitality in favor of a more responsible and resilient potential. According to Lim Hock Chuan, Head, Programmes, Temasek Foundation, CIIC 2024 may assist them in embracing new opportunities and working toward scaling up their answers that will benefit the Indonesian habitat and the location.

&nbsp, &nbsp, and CIIC 2024 are the three lines that CIIC 2024 focuses on this year.

    Energy Transition: New creative concepts and solutions that encourage the deployment of solar electricity and contribute to the reduction and elimination of carbon emissions, to aid communities and industries in moving in a low-cost, all-inclusive direction.

  • Sustainable Agriculture: New creative concepts and solutions that improve food production ( plant, cultivate, harvest, process ), improve agricultural practices due to climate change, and incorporate nature-based solutions that involve sustainable and replicable business models that improve farmers ‘ livelihoods and food security while lowering soil degradation and carbon emissions.
  • Round Market: New, creative concepts and solutions designed to improve waste management procedures and turn waste into useful materials, resources, and power, thereby reducing waste sent to landfills and for burning as well as plastic pollution.

CIIC 2024 may have a number of key agendas, including:

  • Application time ( March- June 2024 )
  • Application review ( June- July 2024 )
  • Finalist announcement ( July 2024 )
  • Mentorship ( August 2024 )
  • Grand Finale ( Sept. 2024 )

The CIIC, which was founded in March 2023, has been a catalyst for innovation and the creation of more responsible options. Over 330 candidates applied for the Challenge last year, and it came to an end with the Grand Finale, which was a part of the ASEAN Business and Investment Summit 2023 side function. FollowingOil ( Renewable Energy ), Qarbotech ( Food and Agriculture ), BANIQL ( Mobility ), and Waste4Change ( Ocean ), CIIC 2023 named four winners.

Interested parties may visit the CIIC site at climateimpactinnovations.com for more information.

(L2R): The winners of Climate Impact Innovations Challenge 2023, two representatives from BANIQL, AfterOil, Lim Hock Chuan, Head, Programmes at Temasek Foundation, Avina Sugiarto, Partner at East Ventures, two reps from Qarbotech, Waste4Change.

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One degree down: Fighting climate change with passive building design and digital construction technology

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  • Construction sector accounts for 35% of global greenhouse gas emissions
  • Optimising energy efficiency through sunlight and ventilation can reduce environmental footprint

One degree down: Fighting climate change with passive building design and digital construction technology

One degree down: Fighting climate change with passive building design and digital construction technologySoutheast Asia’s commercial construction sector is experiencing rapid growth, with a projected 2.5% increase in 2023, reaching a value of US$450.1 billion. Simultaneously, the demand for infrastructure in Asia is anticipated to surge, reaching a forecasted US$1.7 trillion by 2030. However, despite the substantial economic advantage, the sector is a substantial contributor to waste, responsible for 35% of the world’s greenhouse gas (GHG) emissions.

The continuous rise in construction activities will pose a heightened threat to global warming and potentially contribute to extreme weather events. In 2023, the region experienced a record-breaking heat wave, which inevitably increased air conditioning usage, causing further energy consumption and GHG emissions.

In view of the ongoing energy and climate crisis, movements on taking the thermostat reading one degree down have begun, with nations like Singapore banning the supply of high-GWP (global warming potential) refrigerants and advocating setting cooling systems to temperatures no lower than 25 degrees Celsius.

More can be done, however. The silver lining is that construction processes are continually being digitalised and this presents opportunities for the Southeast Asian construction market to achieve their sustainable development targets.

Going digital: Leveraging technology for more sustainable development

Integrating passive design principles with digital Building Information Modelling (BIM) could significantly impact the quest for ‘one degree down.’ Passive building design focuses on optimising energy efficiency through strategic architectural choices to harness natural resources like sunlight and ventilation, reducing the reliance on conventional heating and cooling systems.

By applying passive design principles and incorporating BIM technology, the industry can improve construction efficiency by optimising resource allocation, minimising waste and reducing the environmental footprint of structures.

Across varying processes at different stages of the construction cycle, here are some ways BIM complements passive design strategies: 

  • Design plan optimisation: BIM empowers architects and designers to refine their designs in the early stages, enabling experimentation with different passive design strategies before construction commences. This proactive approach identifies the most effective measures to reduce energy demand and elevate overall building performance.
  • Integration of sustainable materials: BIM enables the seamless integration of sustainable and energy-efficient materials into the design process. Designers can assess the environmental impact of materials and opt for those with reduced energy consumption and emissions. This empowers them to make greener, more informed and sustainable project decisions.
  • Dynamic thermal analysis: BIM tools provide designers with the capability to conduct dynamic thermal analysis, to assess the response of building elements in relation to various thermal conditions throughout the year. This aids the creation of structures that naturally regulate indoor temperatures, thereby reducing the dependence on mechanical heating or cooling systems.
  • Simulation and analysis: BIM enables comprehensive simulation and analysis of building performance. Evaluations of passive design strategies, including optimal orientation, shading, natural ventilation, and their impact on energy consumption can enable more informed decision-making.
  • Life Cycle Assessment (LCA): BIM has the capability to incorporate Life Cycle Assessment tools, which assess the environmental impact of a building throughout its entire lifespan, from construction to demolition. This holistic approach ensures that environmental considerations are taken into account at every stage of the building’s life cycle.

Conclusion: Mitigating environmental impact with digital-driven design

As Southeast Asia continues to prioritise sustainable development, the integration of digital tools and passive design principles is a pragmatic pathway for the construction sector to foster a sustainable built environment – one that meets both present and future environmental challenges.

Vitaly Berezka is Head of Sales for Central Asia, MENA and APAC for the construction and real estate management software company PlanRadar. Besides lecturing on digitalisation topics at universities, he is the author of scientific publications and the co-author of three books. Vitaly is a member of International Real Estate Federation (FIABCI).

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OSK Ventures International charts US.5m income amidst a challenging 2023 for private equity

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  • delivered y-o-y revenue growth of 32 %, US PAT of US$ 5.04mil&nbsp,
  • One company exited with five new deals into its investment portfolio.

Some of the promising portfolio companies that OSKVI has invested in.

In a filing to Bursa Malaysia last week, OSK Ventures International Bhd, a private equity company, disclosed its fourth quarter ( 4Q2023 ) and full-year results for the financial year ended 31 December 2023. The company recorded income of US$ 6.5 million ( RM30.8 million ), a 32 % increase over US$ 4.93 million ( RM23.4 million ) in FY2023, with a profit after tax of RM23.9 million.

[RM1 = US$ 0 211]

The Group claimed that despite hard business conditions in both the public and private sectors, it delivered a strong financial performance that was characterized by regular development across its venture capital segments.

The endurance of our investment strategy and the persistence of our investment companies are a testament to our progress performance. We continue to expand our goods offerings, taking advantage of this interest and understanding of other assets like opportunity equity and venture debt, as prompted by the growing interest in modern companies in the personal markets, said Amelia Ong, OSKVI CEO.

The Group properly exited one investment firm for FY2023, welcoming five new transactions into its secret purchase collection in the business tech, fintech, and e-commerce sectors. It is developing a new account and has 37 businesses in its portfolio.

OSK Ventures International charts US$6.5m income amidst a challenging 2023 for private equityAmelia ( pic ) stated in a statement to Digital News Asia that Project Tapir and OSKVI had just announced a strategic partnership. By combining, OSKVI aims to help the smooth integration of Singapore fintechs into the Indonesian business landscape, creating a powerful expansion chance for both parties involved.

By promoting their respective hobbies in neighboring nations,” This program will benefit the desires of both the Singaporean and Malaysian governments,” said Amelia. She added that Malaysia is highlighted as an attractive location for international investments while Singapore fintechs are supported in expanding overseas.

Following shareholder approval at the approaching Annual General Meeting, OSKVI proposed a final single-tier income of 2 sen per discuss for FY2023.

The Group’s shareholders ‘ funds as of December 31st, 2023, had a total of RM258.6 million in total assets and a total market capitalization of RM106.1 million ( based on OSKVI’s most recently quoted share price at the end of the FY2023 ).

OSK Ventures International charts US$6.5m income amidst a challenging 2023 for private equity

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Asia Mobiliti launches SEA’s first multimodal MaaS app with DRT

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  • Journey planning, on-demand rides and transit ticketing available on Trek app
  • Fusion of various technologies developed by Asia Mobiliti to enable mass scale

Asia Mobiliti launches SEA's first multimodal MaaS app with DRT

Asia Mobility Technologies Sdn Bhd has announced the launch of multimodal journey planning and ticketing in Trek app, the region’s first mobility-as-a-service (MaaS) solution offering the current Trek Rides’ Demand-Responsive Transit (DRT) service with public transport, park & ride, and active transport in Greater Kuala Lumpur.

This marks a significant step forward in Kuala Lumpur’s transportation landscape, as Trek users who have been able to book DRT rides can now seamlessly plan their journeys across Greater Kuala Lumpur with a multimodal combination of city buses, rail services such as MRT and LRT, driving to park & ride sites, real-time parking availability, Express Rail Link’s airport rail services, KLIA inter-terminal shuttle bus and hyper localized walking directions.

“We are proud to introduce multimodal journeys through the Trek app, a significant milestone towards our mobility-as-a-service vision for cities like Kuala Lumpur,” said Ramachandran Muniandy (pic), CEO and co-founder of Asia Mobiliti in a statement. “Our digital strategy in connecting, integrating and aggregating transport services across modes has led to this moment, where users can now plan their daily urban journeys with ease and efficiency. This launch is just the beginning of our efforts to integrate more modes of transport into the Trek app.”Asia Mobiliti launches SEA's first multimodal MaaS app with DRT

Asia Mobility said the launch of Trek Rides’ less than a year ago has resulted in rapid expansion to five operational zones: Puchong, Bangsar South, Ampang, Hulu Kelang, and UPM-Serdang. This evolution into a multimodal app, enabling users to plan journeys across public and private modes of transport along with easy ticketing for public transit illustrates its potential to reshape urban transportation in the city.

One of the launch partners is Express Rail Link Sdn Bhd (ERL), the operator of KLIA Ekspres and KLIA Transit services that connect Kuala Lumpur International Airport (KLIA T1 & T2) and the city. ERL passengers can plan their journeys to KLIA and purchase KLIA Ekspres or KLIA Transit tickets within the Trek app with in-app QR code scanning at the gates.

Asia Mobiliti launches SEA's first multimodal MaaS app with DRT“It has always been ERL’s commitment to constantly explore innovative technologies that will benefit and provide value added services to our passengers. Working with Asia Mobiliti gives us the option to provide sustainable solutions for our passengers to plan their travel needs effortlessly,” said Noormah Mohd Noor (pic), CEO of ERL.

The capability to book DRT rides, plan multimodal journeys and purchase transit tickets marks the fusion of various technologies developed by Asia Mobiliti aimed at enabling mass scale mobility-as-a-service (MaaS) for cities of the developing world.

The integration of these features into a single MaaS app marks a significant step forward in Kuala Lumpur’s transportation landscape with the full-scale deployment of MaaS for the very first time in Malaysia. Users can expect more transport services and new modes to be included in this digital multimodal network such as micromobility, ride-hailing, and inter-city buses. This innovative effort seeks to reduce reliance on private vehicles, alleviate urban congestion, and address environmental concerns, thereby introducing a sustainable and efficient urban transportation system for cities like Kuala Lumpur.

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Ericsson and DNB leverage 5G Advanced to drive Malaysia into becoming a digital nation

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  • 5G network already among top 5 in the world, leveraging latest 5G tech
  • Network will be one of the first in the world to trial 3GPP R18 software

Ericsson and DNB executives at the signing in Barcelona yesterday. David Hägerbro (3rd from left), Head of Ericsson Malaysia, Sri Lanka and Bangladesh signed the MOU with Nasution Mohamed, COO of DNB.

Ericsson and Digital Nasional Bhd (DNB) yesterday formalized their plans to collaborate on 5G Advanced to maintain the DNB 5G network as one of the top performing networks in the world.

The commitment to collaborate was formalised with the exchange of a Memorandum of Understanding at the Mobile World Congress 2024 (MWC 24).

5G Advanced delivers a new paradigm of 5G connectivity, bringing significant enhancements to network performance, sustainability and intelligence. 5G Advanced makes it possible to address new applications and use cases, bringing new features and AI-based capabilities to 5G RAN, Core and operations domains.

The collaboration will focus on enhancing the 5G experience and accelerating digital services for consumers, government and enterprises; including offering on-demand services. This will be done by introducing enhanced radio access network (RAN) functionalities coupled with award-winning AI intent-based operations to build a high-performing network while optimizing user experience.

Ericsson and DNB will collaborate for use cases enabled by end-to-end network slicing, high reliability and low latency features for public events such as live video broadcasting, industrial surveillance and industrial automation applications.

Driving the adoption of 5G for enterprises and Small and Medium Enterprises with new network capabilities and innovation to accelerate growth for Malaysia’s digital economy will be another focus area. With Advanced Threat Detection, network security and resiliency is another area that will be enhanced to provide next level of cybersecurity, protection of user data and privacy.

The sustainability of the network will continue to be improved with the introduction of new advanced AI capabilities to optimize energy consumption and efficiency for a green network, steering Malaysia towards Net-Zero carbon emissions. David Hägerbro, Head of Ericsson Malaysia, Sri Lanka and Bangladesh said, “The next phase of 5G capabilities will allow businesses of all types to reap the benefits of enhanced mobility, flexibility, reliability and security.”

Nasution Mohamed, Chief Operating Officer of DNB said, “DNB has successfully accelerated the 5G deployment to cover 80% coverage of populated areas by the end of 2023. We will continue to work with Ericsson to upgrade DNB’s world-class 5G network with the latest technology as standardised by global standard 3GPP. This new ‘5G Advanced’ technology will bring advanced radio security, superior user experience and enterprise capabilities, as well as empowering sustainability through enhanced energy management.”

Malaysia’s 5G subscribers today enjoy one of the cheapest 5G connectivity access, and with this collaboration, DNB commits to further enhance Malaysia’s digitalisation journey through enhanced cyber-secured innovation.

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Endeavor Malaysia’s Tech Nexus 2024: A gathering of founders and industry players 

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  • Gathering welcomed 42Geeks, a firm with over 50 global technocrats, founders
  • Event highlights Endeavor’s efforts to empower entrepreneurs, drive economic growth

Chok Ooi, co-founder of 42Geeks with Gobind Singh Deo (5th from right), Minister of Digital, Malaysia with attendees and panellists at the Endeavor Malaysia organised Tech Nexus event in Kuala Lumpur.

Endeavor Malaysia recently wrapped up Tech Nexus, a day-long event aimed at fostering connections and embracing innovation among visionary founders and industry leaders. The gathering welcomed 42Geeks, an organisation boasting over 50 technocrats and founders from the USA, Philippines, Saudi Arabia, Brazil, Japan and Singapore. 

The event kicked off with a thought-provoking panel discussion on Malaysia’s Digital Transformation: Government Initiatives and Tech Investments, drawing over 150 attendees eager to delve into the topic. Minister of Digital, Gobind Singh Deo, delivered a keynote speech emphasising the importance of government initiatives and tech investments in driving Malaysia’s digital transformation agenda.

His speech inspired attendees to embrace innovation, seize opportunities, and contribute to Malaysia’s emergence as a digital powerhouse, setting the tone for an enlightening panel session filled with valuable insights and forward-thinking discussions.

The morning session continued with a panel discussion featuring prominent industry figures, including Endeavor mentor Alizakri Alias, chairman of Penjana Kapital, and Raymond Siva, senior vice president of Digital Investment at Malaysia Digital Economy Corporation, Dr. Ong Kian Ming, board member of Malaysian Investment Development Authority, Shahril Hamdan, founder and managing director of Watchtower Advisory and Ghazanfar Iqbal, head of Business Development Startups for Malaysia, Pakistan and Singapore at Amazon Web Services. They shared unique perspectives and invaluable insights into the future of Malaysia’s digital transformation.

Adlin Yusman, managing director at Endeavor Malaysia, expressed excitement about hosting 42Geeks for Tech Nexus, highlighting the event’s role in fostering a robust entrepreneurial ecosystem. 

“This event underscores our commitment to fostering a robust entrepreneurial ecosystem where high-impact entrepreneurs dream bigger, scale faster, and pay-it-forward,” he added.

“Tech Nexus reflects Endeavor Malaysia’s commitment to empowering entrepreneurs and driving economic growth through innovation, serving as a catalyst for change in Malaysia’s entrepreneurial landscape,” Adlin said.

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Soft Space first in the world to deploy live MPoC-certified solution

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  • FasstapTM first MPoC-certified SoftPOS solution in market to support secure PIN entry
  • Claims to have world’s largest SoftPOS deployment with most SoftPOS use cases

The MPoC certification, given by the de facto authoritative payment standards body, is the most complete PCI SSC certification for SoftPOS solution to date, one that will allow Soft Space to launch a live end-to-end SoftPOS solution in any market globally.

Soft Space Sdn Bhd, a leading fintech-as-a-service (FaaS) provider, has announced that its SoftPOS solution, FasstapTM, is the first in the world to receive the Mobile Payment Commercial Off-the-Shelf (MPoC) Solution Provider certification, awarded by the Payment Card Industry Security Standards Council (PCI SSC).

As a result, Fass Payment Solution Sdn Bhd, a wholly-owned subsidiary of Soft Space, is the first acquirer in the world to deploy a live MPoC-certified SoftPOS solution. FasstapTM was the first SoftPOS solution in the market to support secure PIN authentication and has been certified by Payments Network Malaysia Sdn Bhd (PayNet) since October 2018 and subsequently with Visa in July 2019.

The MPoC certification, given by the de facto authoritative payment standards body, is the most complete PCI SSC certification for SoftPOS solution to date, one that will allow Soft Space to launch a live end-to-end SoftPOS solution in any market globally. This complete certification differs from partial certification of components such as MPoC Software/Attestation and Monitoring. Solution providers that only have partial certifications will still require end-to-end certification to launch a complete live solution. The complete certification covers all of MPoC’s domains from front end to back end.

“Despite some solution providers having announced partial MPoC certification, they still can’t launch a complete live MPoC-certified solution. Rather than taking a piecemeal approach, Soft Space chose to focus on achieving a complete MPoC Solution certification. Being first in the world to achieve end-to-end MPoC Solution certification is a real game changer for Soft Space and is the ultimate validation that FasstapTM is the market leader for SoftPOS,” said Joel Tay, CEO of Soft Space.

“I’m proud that Soft Space is the first in the world to have done so and this accelerates our ability to bring FasstapTM to the market ahead of our competitors. It also positions us as the go-to partner for banks, acquirers, neobanks and other solution providers seeking a MPoC-certified, reliable and secure SoftPOS solution,” Tay added.

MPoC is currently the most comprehensive and flexible standard, and surpasses previous standards such as Software-based PIN Entry on Commercial Off-the-Shelf (SPoC) and Contactless Payments on

Commercial Off-the-Shelf (CPoC) as well as various contactless standards individual card schemes that VISA and Mastercard have come up with.

The MPoC certification complements the company’s previous achievements, including being the first to receive PCI SPoC certification in August 2019. Soft Space claims to have the world’s largest SoftPOS deployment, has patents in various countries, and boasts the most SoftPOS use cases (including innovative applications in transit and logistics).

The arrival of the MPoC standard is set to change the contactless payment scene as the de facto standard moving forward. With this development, only payment solution providers which are officially certified by PCI on its official website are approved MPoC-certified solution providers. The impact of this cannot be overstated as there are many payment solution providers in the market who might claim to be certified solution providers when they are only partially certified.

Against this scenario, Soft Space has distinguished itself as the first SoftPOS provider in the world to achieve end-to-end certification. This is crucial as banks and acquirers will increasingly scrutinise the credentials of solution providers they choose to work with by checking if they are certified on PCI SSC’s website. Soft Space’s early attestation serves as a powerful differentiator, giving the company a strategic advantage over competitors.

“Obtaining MPoC Solution certification is a complex, time-consuming process and is no easy feat. Soft Space’s achievement underscores our unwavering commitment to meet the payment industry’s highest standards. With this, we can help any customer or partner to quickly and effectively promote and deliver digital, frictionless and cost-effective payment acceptance for merchants and banks and acquirers worldwide with greater confidence, as well as to enter more new market segments globally,” said Tay.

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Malaysia sees increased cross-border transactions via Alipay+ and PayNet

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  • 5th most popular destination for Chinese, 6th amongst other Asian tourists
  • Enabled 13 international e-wallets & bank apps for seamless travel experience

Malaysia sees increased cross-border transactions via Alipay+ and PayNet

Data from Alipay+ and PayNet shows a robust rebound of consumer spending during the first back-to-normal Chinese New Year (CNY) travel season after the Covid-19 pandemic, especially in cross-border tourism in Malaysia.

For CNY 2024, data from Alipay+ shows that Malaysia is the fifth most popular destination globally for Chinese tourists, with spending in Malaysia in the first seven days of CNY at two times that of CNY 2019 and more than ten times compared to 2023

Growing Alipay+ ecosystem in Malaysia to welcome tourists

Since Nov 2023, Alipay+ has been accepted by more than 1.9 million DuitNow QR merchants (Alipay has an 80 million merchant network in China). At the same time Alipay+ has enabled 13 international e-wallets and bank apps that can now be used in Malaysia: Alipay (Chinese mainland), AlipayHK (Hong Kong SAR, China), Kakao Pay, Naver Pay and Toss Pay (South Korea), Changi Pay and OCBC Digital (Singapore), GCash and HelloMoney by AUB (Philippines), Hipay (Mongolia), MPay (Macao SAR, China), TrueMoney (Thailand) and Tinaba (Italy).

The addition of new e-wallets provides added convenience to tourists while bringing more growth opportunities to Malaysian merchants where Alipay+ has also partnered with top merchants across multiple tourism-focused industries in retail, F&B and everyday conveniences.

Malaysia sees increased cross-border transactions via Alipay+ and PayNet“With its use spreading across age and income groups, mobile payment is increasingly becoming an important promoter of local and cross-border commerce in Asia and beyond,” said Dr Cherry Huang (pic), General Manager of Alipay+ Offline Merchant Services, Ant International. “Particularly through our partnership with PayNet, we have seen a significant increase in Alipay+ transactions on the DuitNow QR network, which shows that it not only provides great convenience to tourists but also brings more opportunities to local businesses, both big and small. We look forward to strengthening our collaborations with local partners to contribute to the vibrant tourism sector in Malaysia.”

Besides Chinese tourists, Malaysia ranks as the sixth most popular destination amongst Asian tourists (ex-Chinese). Via transactions from Alipay+ payment partner apps, tourists from Hong Kong SAR, the Philippines and Thailand are the top spenders in Malaysia, aside from tourists from the Chinese mainland.

Additionally, in Nov 2023, Alipay+ and PayNet enabled travellers with 8 Alipay+ supported e-wallets to make QR payments seamlessly at DuitNow QR merchants’ touchpoints across Malaysia. The impact has been clear. In the four-month period since launch, compared to Dec 2023, in Feb 2024, the number of average daily transactions via Alipay+ on DuitNow QR has increased by 2.5 times, while spending via Alipay+ partner users at DuitNow QR merchants has also increased 2.5 times.

“As the national payments network and a pivotal infrastructure for Malaysia, we are immensely proud to be part of this transformative journey with Alipay+,” said Gary Yeoh (pic), Chief Commercial Officer ofMalaysia sees increased cross-border transactions via Alipay+ and PayNet PayNet. “This partnership, exemplifying how strategic collaborations can drive economic growth and enhance the tourism experience, has facilitated easy payment for international visitors and opened up a world of opportunities for local merchants.”

As Malaysian marks 50 years of partnership between Malaysia and China, various initiatives have been introduced to promote tourism in Malaysia, including visa-free travel and ongoing discussions about establishing direct flights between smaller provinces in China and Malaysia.

With the government working to boost tourism, particularly in preparation for Visit Malaysia 2026, PayNet’s focus remains on enhancing travellers’ cashless experiences.

“Looking ahead, PayNet is committed to innovating and expanding our services to support the dynamic needs of tourists and merchants alike, reinforcing Malaysia’s position as a top-tier global destination,” Yeoh said.

Robust recovery, diversified destinations for outbound Chinese tourists using Alipay

Hong Kong SAR, Japan, Macao SAR, Thailand, Malaysia, Singapore, South Korea, France, Australia and Canada are the top destinations for Chinese travellers by their Alipay spending. Thailand, Malaysia and Singapore combined saw a 7.5% increase over 2019 and a 580% leap over 2023, with Thailand leading in total volume and Malaysia showing the most significant growth. New visa-free policies from major Southeast Asia destinations, including Malaysia, are critical enablers of the cross-border travel boom.

A global campaign to attract Chinese tourists has been in full swing on the Alipay+ merchant network since Dec 2023. In the CNY holiday week between Feb 9th and 12th, the number of transactions made by Alipay users overseas surpassed 2019 by 7%, while consumer spending recovered to 82% of the 2019 level, or 2.4 times that of 2023.

Promoting outbound travel among Alipay+ partner e-wallets and bank apps

With new partnerships in 2023 and increased travel, total cross-border spending on the region’s leading e-wallets powered by Alipay+ increased by 252% year-on-year. Daily average transactions increased by 304%. Japan, South Korea, Macao SAR, Thailand and Singapore are the top 5 most popular destinations for Alipay+ consumers besides the Chinese mainland.

International e-wallets and cards-enabled Alipay accounts in the Chinese mainland saw multi-fold expansion. During CNY 2024, international travellers to China spent 500% more on their international card-enabled Alipay accounts at merchants in the Chinese mainland compared to 2023. Chinese restaurants, tourist attractions and public transportation are the most popular use cases for international visitors travelling in China and experiencing the festival. Since Sept 2023, Alipay+ has supported ten leading e-wallets and payment apps in Asia, including Touch ‘n Go eWallet, to serve their roaming users across Alipay’s 80-million merchant network in China.

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PayNet launches accelerator to push financial inclusion, transformation in Malaysia’s FSI

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  • Aims to reach 1 million transactions over the next three years
  • Programme to create pilot opportunities with banks, e-wallets & FSIs

PayNet launches accelerator to push financial inclusion, transformation in Malaysia's FSI

NEXEA has announced its collaboration with Payments Network Malaysia (PayNet), the backbone of Malaysia’s digital payment infrastructure to introduce the PayNet Accelerator Programme, an initiative to propel startups in reshaping the nation’s startup ecosystem. 

In a statement, the venture capital and startup accelerator firm stated that the programme is designed to pave the way for potential pilot opportunities with prominent banks, e-wallets, and other financial institutions. The overarching goal of the programme is to champion financial inclusion and propel the digital transformation of Malaysia’s financial industry.

With a goal of reaching 1 million transactions over the next three years, the programme focuses on attaining a 15% share from sub-urban areas. This targeted approach aims not only to achieve the overall transaction milestone, but also to address the specific objective of bridging the gap and create a more inclusive financial landscape for all.

According to Nexea, this collaboration utilises its startup ecosystem experience and network to find and match entrepreneurs with PayNet and corporate partners for new markets, partnerships, joint ventures, investments, and acquisitions. Joining the programme provides startups with up to US$418,000 (RM2 million) worth of benefits. 

The top startups will earn up to US$29,000 (RM100,000) in a shared subsidy pool provided by PayNet as transaction fee rebate, and gain access to Nexea’s Entrepreneurs Programme for 12 months. In addition, the qualified startups will have the opportunities to collaborate directly with PayNet, providing them with access to 22 million bank and e-wallet users, as well as a green lane to any eligible startup accelerator by Nexea.

Gary Yeoh, chief commercial officer of PayNet emphasised that the company is at the forefront of driving innovation and growth within the financial sector, and its partnership with Nexea marks a significant leap forward in this journey. 

“This collaboration is more than a milestone; it represents a strategic gateway to unlocking unprecedented opportunities in financial services. By joining forces with Nexea, PayNet reaffirms its commitment to nurturing home-grown fintech startups, accelerating the digital transformation of Malaysia’s financial landscape,” he added 

“Our concerted efforts are particularly focused on enhancing payment solutions in underserved and rural communities, directly contributing to the national agenda of digitalising the financial sector as outlined in the Financial Sector Blueprint 2022–2026. This partnership exemplifies our dedication to creating meaningful connPayNet launches accelerator to push financial inclusion, transformation in Malaysia's FSIections with payment-centric firms that not only align with our strategic vision but also profoundly resonate with our stakeholders’ aspirations,” Yeoh said. 

He added that as the trusted enabler, PayNet is poised to lead the way in shaping a more inclusive, efficient, and innovative financial ecosystem.

The programme follows a five-months timeline with specially tailored workshops by corporate experts to help streamline the startup’s development. These are corporate innovation experts from Nexea who have advised more than 20 large corporations nationally to drive their open innovation initiatives. 

Payment-related startups that focus on facilitating payments in rural areas, ESG (International standard) and financial literacy are highly recommended to sign up. The selected startups will undergo a series of interviews, corporate innovation workshops, startup corporate matching, demo day and networking events with PayNet and other corporate partners.

Ben Lim (pic), founder & CEO, Nexea stated that strategic alliances with startups drive successful corporate evolution. 

“Recognising innovation as the key to sustained growth, top corporates actively collaborate to bring in fresh perspectives, leverage cutting-edge technologies, and adopt novel business models. This not only unlocks new revenue streams for corporates but also drives true long-term sustainability, especially for those in sunset industries,” he added. 

 Learn more about the programme here.

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Capital A improves its ESG ratings following revamp in strategy

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  • Delivered the 11th lowest CO2 emissions per passenger among 80 global peers
  • Capital A & Asia Aviation will start publishing standalone sustainability report in 2023 cycle

Capital A improves its ESG ratings following revamp in strategy

Capital A was recently awarded a GOLD Environmental Sustainability rating from the Centre for Aviation in its 2023 CAPA-Envest Global Airline Sustainability Benchmarking Report for its Air Asia operations.  Capital A attributes this award to a revamp of its sustainability approach to prioritise group wide measures to address climate risks and improve stakeholder communication.

The London Stock Exchange Group also ranked Capital A 15th out of 124 airlines using its ESG scoring that measures a company’s relative ESG performance, commitment and effectiveness across 10 main themes. AirAsia’s score of 71% places it highest among Asean-based carriers.

“In 2020, we began reorienting Capital A’s sustainability focus for a better balance between our external and internal sustainability practice. While we were very active in external social activities prior to 2020, the global pandemic necessitated a recalibration. This coincided with a period when climate change regulations on aviation were also beginning to take shape,” said Capital A chief sustainability officer, Yap Mun Ching.

In Malaysia, Capital A’s ESG score rose to 3.2 from 2.9 out of a possible 5 between 2020 and 2022, surpassing the 2.9 threshold of the FTSE4Good Bursa Malaysia Index in all years of assessment. Capital A’s Thai associate Asia Aviation also saw its ratings rise to 81% from 67% between the 2021 and 2022 assessment cycles, ranking it among AA-rated companies of the Stock Exchange of Thailand’s ESG Ratings.

Capital A has also been focusing on its diversity metrics, with women making up 53.8% of all employees and 32% of all senior managers. AirAsia also maintained its lead as the airline employing the highest number of women pilots in Southeast Asia at 6.6%, above the global average of 5.8%. 

“In 2020, we began reorienting Capital A’s sustainability focus for a better balance between our external and internal sustainability practice. While we were very active in external social activities prior to 2020, the global pandemic necessitated a recalibration. This coincided with a period when climate change regulations on aviation were also beginning to take shape,” added Yap.

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