IBPO Group and TIME dotCom partner to strengthen data security in fusion finance

  • Chatbot may provide individualized financial options that are specific to each person’s needs.
  • Collaboration involves integrating M’sia’s 1st Artificial economic bot into Time’s community

Left to Right IBPO Group’s advisor, Samuel Quek, head of Contact Centre, Feruz Satar and the founder & Ggoup managing director, Andy Lim, together with Time dotCom Berhad’s head of Enterprise, Tan Hooi Siang

Through the signing of a Memorandum of Understanding ( MoU), IBPO Group Berhad ( IBPO ) and TIME dotCom Berhad ( Time ) have collaborated to advance the fusion financial landscape by implementing stringent data security measures. This collaboration, aimed at strengthening and potential- proofing data security for fusion finance, involves hosting IBPO’s fusion monetary system and Anika, Malaysia’s second AI- driven digital financial consultant chatbot, on Time’s secured network environment.

Customers can check their lender loan eligibility, possible monthly savings, fiscal health scores, and get customized financial solutions tailored to their personal needs using the chatbot.

Recent events at the MoU filing meeting included:

The MoU filing ceremony covered activities and partnerships, including:

    Established Security Compliance: IBPO’s services may work in a sealed setting on Time’s quad MEF- qualified system, meeting Bank Negara Malaysia’s risk management in technology policy.

  1. Safe and Flexible Cloud Hosting: To make sure a robust and flexible hosting environment is provided for IBPO’s AI-powered technology system and tools with Time’s online expertise in cloud hosting and cybersecurity services.
  2. Excellence in Broadband Service: Providing top-tier computer connectivity services for IBPO smooth operations.
  3. Robust Data Security Measures: Both IBPO and Time are committed to upholding the highest standards of data protection to protect customers ‘ information, privacy, and economic data.

With TIME dotCom as our partner, we can implement stricter and more stringent data security measures in our fusion finance business, according to Feruz Satar, head of IBPO’s contact center. This includes putting an extra layer of security behind our recent development of Anika and our fusion financial system.
Andy Lim, founder and group managing director of IBPO, emphasized,” Enhancing security measures is always our top priority, especially since we are in the financial- technology sector where we deal with highly sensitive information, including personal and financial data. At IBPO, we strive to do everything we can to ensure this data is protected from identity theft, fraud, and other financial risks”.

Tan Hooi Siang, head of Enterprise Sector at Time, stated,” Joining forces with IBPO marks a significant stride towards fortifying the fusion finance landscape. At Time, our focus is on building a secure foundation for innovation, leveraging our expertise in cloud hosting and cybersecurity. This collaboration demonstrates our commitment to producing robust and secure solutions that are based on IBPO’s cutting-edge technologies.

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IIB strengthens partnerships with GBS Malaysia, iTrain Asia and MDEC through GBS Iskandar @ Medini

  • Aims to achieve a specific funding of US$ 212 mil by 2030 in Medini
  • Programme has garnered US$ 552 mil in opportunities, created 6, 500 jobs in Medini since 2016

Idzham Mohd Hashim, President/CEO of IIB (4th from left) and GBS Iskandar growth partners strengthening the GBS ecosystem in Medini, Iskandar Puteri, Johor to reinforce IIB’s commitment to position Medini as the region’s first net zero carbon CBD 2030 focusing o

Through two important Memoranda of Understanding ( MOUs ) with GBS Malaysia and iTrain Asia, Iskandar Investment Berhad ( IIB ) has expanded its partnership with Global Business Services ( GBS ) Iskandar@Medini. Additionally, it collaborates with Malaysia Digital Economy Corporation ( MDEC ) to enhance its GBS ecosystem in Medini, Iskandar Puteri. &nbsp,

This program reinforces IIB’s devotion to place Medini as the state’s second net zero carbon CBD by 2030 focusing on modernization, innovation, and GBS, the company said, in a statement. &nbsp,

It added that in line with this commitment, the firm aims to achieve a target investment of US$ 212 million ( RM1 billion ) by 2030 in Medini. According to the investment target, Medini’s position as Johor’s online and innovation hub will also be supported by the creation of at least 2,500 jobs in the modern economy sector.

Idzham Mohd Hashim, President/CEO of IIB, stated,” The GBS Iskandar programme has achieved US$ 552 million ( RM2.6 billion ) of investments and 6, 500 jobs in Medini since its inception in 2016. As we embark on the next chapter of the GBS Iskandar initiative, IIB reaffirms our commitment to fostering growth and innovation within Malaysia’s GBS sector” .&nbsp,

He added that Medini’s GBS Iskandar’s success is attributed to its strategic location, which serves as a gateway for multi-modal vehicles with smooth connection by property, air, and sea. &nbsp,

Medini, which is 40 minutes from Singapore and is situated between two major seaports and three international airports, offers unmatched availability and administrative advantages, making it an ideal location for GBS companies to prosper. By leveraging on mix collaborations within the double helix framework of industry, academia, government and civil society, we are poised to help tailored solutions spanning incentives, proper initiatives, talent development, and government liaison efforts, ensuring the GBS companies thrive in Medini’s attractive landscape”, Idzham said.

By leveraging Medini’s proper place and friendly ecosystem, the collaboration between IIB and GBS Malaysia aims to establish the region’s top regional hub for GBS procedures. This partnership demonstrates our shared responsibility to positioning Malaysia at the vanguard of the world’s modern business.

Additionally, the partnership between IIB and iTrain Asia focuses on empowering and mentoring initiatives designed to help businesses in the GBS industry advance the benefit chain through AI, automation, and sustainability initiatives, ensuring the workforce is equipped with the most recent knowledge that is necessary for success in the modern economy.

In order to make Medini a top destination for high-value jobs and sustainable growth, this collaboration will foster an environment conducive to continuous learning and innovation in order to meet the changing needs of GBS companies.

The upcoming partnership with MDEC, which aims to encourage foreign direct investments for the GBS industry, is anticipated. This partnership, slated to be announced in Q3 2024, aims to target new companies seeking a strategic and well- supported environment for expansion.

Mahadhir Aziz, CEO of MDEC said,” Our partnership with IIB underscores MDEC’s steadfast commitment to driving digital transformation, fostering talent development, and boosting economic growth in the GBS sector. This sets the stage for Johor to become a key destination for global investments” .&nbsp,

He added that this collaboration is in line with Malaysia’s national strategic initiative to advance Malaysia’s digital infrastructure, provide comprehensive business support, and strengthen Malaysia’s position as Asean’s digital hub.

Chairman of GBS Malaysia, Anthony Raja Devadoss, emphasised,” The strategic partnership with IIB marks a significant milestone in our collective efforts to grow the GBS industry in Malaysia. We are committed to unlocking Medini’s full potential and positioning Malaysia as a powerhouse in the global GBS landscape by leveraging strategic advantages and creating a dynamic ecosystem for growth and innovation.

In addition, due to its favorable environment for innovation and learning, Eric Ku, executive director of iTrain Asia, added that” Medini stands as the ideal location for talent development within the GBS sector.” With its strategic positioning as a hub for technology, innovation, and global business services, Medini offers a dynamic ecosystem that fosters collaboration and skill enhancement. It provides an unparalleled opportunity for individuals to upskill and reskill, preparing them to thrive in the digital economy, in combination with the robust support provided by initiatives like the GBS Iskandar. &nbsp, &nbsp,

We are appreciative of our partners and stakeholders for their unwavering support throughout this transformative journey, Idzham once more stated. Together, we are advancing our strategic goals for Medini and supporting the development of the Johor-Singapore Special Economic Zone. Let us all reaffirm our commitment to making Medini the preferred gateway to Southeast Asia, in the interests of Johor and the country as we move forward.

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Malaysia’s Scale Up by Endeavor program is back for Cohort 5

  • Software for the fifth group may remain open until June 3rd.
  • Boost path of first- stage, high possible entrepreneurs in 42 markets

Malaysia’s Scale Up by Endeavor program is back for Cohort 5

Applications have been received for the fifth population of Endeavor’s Scale Up by Initiative program. This program, which is supported by Grab and GX Bank in partnership with Cradle’s MYStartup, is intended to enable early-stage business owners in Malaysia, according to a statement from Endeavor Malaysia.

Following the success in the previous four cohorts, supporting large- ability companies such as CapBay, Bloomthis, Kiddocare, Healthmetrics, The Noor, TRAPO and many more, Endeavor Malaysia aims to maintain accelerating the ecology &nbsp, for the future decade.

A series of courses called” Scale Up by Endeavor” are intended to accelerate the growth of early-stage, high-potential businesspeople in 42 global industry. Malaysia’s Scale Up was created with native knowledge in mind, taking into account the needs of the ecosystem, investor landscape, regional-specific resources, and customizing each participating creator and company’s challenges and opportunities.

Malaysia’s Scale Up by Endeavor program is back for Cohort 5The Managing Director of Endeavor Malaysia, Adlin Yusman ( pic ), noted that the Scale Up by Endeavor program frequently serves as the first point of contact with the Endeavor pipeline and network. ” The program provides tailored mentorship, fosters an entrepreneur- to- entrepreneur community, and equips founders with the required resources to promote Endeavor’s values and mission – inspiring the world’s fastest- growing entrepreneurs to wish bigger, size up, and pay it forwards”, he added.

Select companies in Cohort 5 may benefit from assistance from best talent from Grab and GX Bank in addition to accessing Endeavor’s community of over 70 skilled instructors. These officials will add their experience to coach entrepreneurs, more accelerating their growth.

Entrepreneurs are encouraged to seize this opportunity to join Endeavor’s vibrant community of fast-growing innovators. Software for the fifth group may remain open until June 3rd. 2024.

For more information about Malaysia’s Scale Up by Endeavor and to access the application portal, please visit https ://www.endeavormalaysia .org/scale-up-by-endeavor-track

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alrajhi bank Malaysia announces Mohd Syahrul Ishak as new CEO

  • brings more than 20 times of banking and finance industry expertise to this position.
  • Former CIMB Bank MD & CEO, local head of cash management for group transaction banking.

alrajhi bank Malaysia announces Mohd Syahrul Ishak as new CEO

Al Rajhi Banking &amp, Investment Corporation ( Malaysia ) Bhd ( alrajhi bank Malaysia ) has announced the appointment of Mohd Syahrul Ishak ( pic ) &nbsp, as CEO, effective 13 May 2024. The Board of the bank stated that it wished to thank Chief Risk Officer Muhammed Uzman Muhammed Faleel, who stepped up as Interim CEO, following Arsalaan ( Oz ) Ahmed’s resignation.

” We are excited to welcome Syahrul to alrajhi banks Malaysia”, said president John Roger Winfield, adding that his done career in banking, marked by corporate leadership, revolutionary drive, and functional excellence positions him completely to link the bank’s continuing growth and success.

As we build on the speed we’ve built, Winfield said,” The Board of Alrajhi Bank Malaysia and I look forward to a productive engagement with Syahrul.”

Syahrul said,” I am honored to direct this esteemed Muslim banking institution. alrajhi lender Malaysia has undergone a remarkable change, and I’m committed to further strengthening our place. We may continue to deliver impressive Shariah- cooperative solutions, food to the growing financial needs of our customers, employees, and communities”.

Syahrul has over 20 years of success expertise in the banking and finance industry. Previously, he served as managing producer and local head, Cash Management, Group Transaction Banking at CIMB Bank. Prior to that, he held the position of managing producer and local head, Consumer Banking, at CIMB Islamic and mind, Cards Acquisition and Personal Financing, Consumer Banking, at CIMB Bank. &nbsp,

He graduated from Washington University in St. Louis, United States, with a Bachelor of Science in Business Administration.

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CelcomDigi nears halfway mark in nationwide network integration, modernisation programme

  • Modernised over 7, 200 websites as at ending April 2024
  • By ending June, CelcomDigi expects to had exceeded the 50 % implementation mark in 4 says

CelcomDigi nears halfway mark in nationwide network integration, modernisation programme

In its three-year post-merger transformation journey, CelcomDigi Berhad completed 44 % of its nationwide network integration and modernization ( NIM ) program on time. &nbsp,

The telecom company announced in a statement that it had updated over 7,200 websites as of April 2024, giving customers in post-consolidation areas improved download speeds by 20 % to 26 % and improved signal strength by 13 % to 16 %. One year after the start of the NIM program, the company hopes to have passed the 50 % and 60 % completion mark, including the exercise in Penang, by the end of June.

The company launched the complete- level integration and reform program in June 2023, committing an expense of US$ 842 million ( RM4 billion ) in capital expenditure to create Malaysia’s leading online network, with an end state of 18, 000 5G- ready sites. &nbsp,

This network adheres to the most recent international standards for cyber security, according to CelcomDigi, and is built on the highest design standards to enable Indonesian businesses and consumers to move toward a secure 5G connected future and accelerate enterprise digitalization and innovation in the nation. It offers consistent higher speeds, reliability, widest coverage, improved overhead, and reliability.

To provide finish- to- close 4G and 5G communication services for customers, the firm has modernised the network with 5G- available equipment. Now, 86 % of its finish- state sites are 5G- prepared, with the aim to finish site upgrades in line with the broader global integration efforts. Also, these modernised 5G- set sites are equipped with the latest stereo access technology, modernised transport backhaul, and power supply, which will increase the coverage, capacity, and quality of the network.

The company’s 4G LTE and 4G LTE- Advanced network footprint stands at 96.8 % and 92.1 % nationwide respectively, in line with its commitment to deliver the widest and fastest 4G network in Malaysia.

The network modernisation efforts also include the ongoing transformation of CelcomDigi’s 5G Core Network to deliver 5.5G (5G- Advanced ) functionality and services, such as ultra- reliable and low- latency communications, massive machine- type communications, and enhanced mobile broadband. With the help of this transformation, the company can offer new network services like Network Slicing, which are crucial for mission-critical services that require quick, quick, and ultra-high reliability communications, and Private Networks, which are self-contained networks that offer full ownership of network security protocols, customization, and access. These network characteristics are essential for the enterprise’s future.CelcomDigi nears halfway mark in nationwide network integration, modernisation programmebusiness connectivity and growth.

Idham Nawawi, the CEO of CelcomDigi, stated at the milestone that the integrated and modernized network will be a key component of the company’s plans to become a national digital growth engine, facilitating the seamless coexistence and development of 4G, 5G, and other emerging technologies. &nbsp,

With an 18, 000-site reach, this new network is intended to potentially transition seamlessly into a new 5G network, thereby introducing Malaysia to the era of ultra-high speeds, low latency, and opportunities for a more connected future. He continued,” We are working with strategic partners to test new use cases and 5.5G technologies for Malaysian enterprises and consumers.” &nbsp,

We are excited to lead the way toward utilizing the potential of our shared digital future, Idham said.” This is a significant development for us and the industry.”

CelcomDigi will continue to support the government’s 5G goals and will invest in creating a leading 5G network for Malaysia while promoting the 5G adoption and digitalization of Malaysian businesses and consumers. It has worked with Petronas, DHL, Langkawi Ports, Sunway Group, to name a few, and has launched and collaborated on numerous 5G enterprise solutions in the past year. It is also currently working on a smart city development with Majlis Perbandaran Ampang Jaya. &nbsp,

Through its nationwide series of workshops and roadshows based on My5G, the company actively supports the digitalization of the public sector and businesses of all sizes.

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Kementerian Kesehatan expands collaboration with Google Cloud to support healthcare-specific generative AI innovations in Indonesia

  • To test newest AI innovations for Citizens ‘ healthcare needs.
  • Aims to make medical info available for individuals, improve systems for healthcare practitioners

Kementerian Kesehatan expands collaboration with Google Cloud to support healthcare-specific generative AI innovations in Indonesia

The Republic of Indonesia’s Ministry of Health ( Kementerian Kesehatan ) has announced a further collaboration with Google Cloud to help with the development of generative AI innovations specific to healthcare. This collaboration is in line with the objectives set forth in the Indonesian government’s Digital Indonesia Vision 2045 initiative and its blueprint for electronic health transformation.

Google Cloud has established a secure and safe environment to check its enterprise-grade and medically-tuned general AI innovations, building on their partnership since 2022. This enables Indonesians to customize these improvements to their particular medical requirements.

Kementerian Kesehatan’s Chief of the Digital Transformation Office, Setiaji, stated that the organization is dedicated to improving methods and making medical information available to everyone. This enables them to concentrate on providing quality care and promotes concerned technology in the healthcare sector.

A balance between creativity and humane considerations is essential for success as we strive to enhance AI implementation. By adhering to ethical AI principles and practices, we can make sure that we are using AI’s prospective while protecting cultural well-being. We applaud Google Cloud for providing a secure testing atmosphere for its AI-based care improvements, and we look forward to further research into how Indonesia can lead healthier, more fulfilling lives.

This latest cooperation is part of Kementerian Kesehatan’s goal to increase healthcare access, activities, and results for every person in Indonesia. It supports Google Cloud’s continued efforts to improve methods in Indonesia’s healthcare industry.

” Gen AI holds tremendous potential to transform care, but choosing the right answers is critical”, said Fanly Tanto, state producer, Indonesia, Google Cloud. ” When Google Cloud brings fresh AI advances to our products, our determination is two- slide: to provide effective assisting capabilities, and to maintain our technologies include appropriate protections for organisations, their users, and community. Important is the benefit of our engagement with Kementerian Kesehatan, which will lay the groundwork for the safe and secure expansion of general AI solutions in Indonesia’s healthcare market, enabling on-demand access to health information and more knowledgeable diagnosis and treatment decisions while maintaining the privacy and security of patient data.

Fanly Tanto, Country Director, Indonesia, Google Cloud, highlighted the huge potential of Gen AI to enhance care. He emphasized the importance of selecting the best options and Google Cloud’s commitment to providing effective supporting capabilities while ensuring appropriate protections for businesses, users, and culture. &nbsp,

In Indonesia’s care industry, he said,” This engagement with Kementerian Kesehatan provides the foundation for the safe and secure expansion of Gen AI options,” enabling on-demand access to health information and more informed treatment or therapy ideas while maintaining the privacy and security of patient data.

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Accenture: ‘Human by Design’ technologies will reinvent industries, redefine leaders

  • Accenture Technology Vision 2024 on AI &amp, another tech boosting people possible
  • Here comes geographical technology, universe, digital sisters and AR/VR technologies

Accenture: ‘Human by Design’ technologies will reinvent industries, redefine leaders

As AI and other disruptive technologies become” Human by Design” ( much more human-like and user-friendly ), according to new research from Accenture, we are in the middle of a significant technological shift that will bring about unprecedented productivity and creativity. Additionally, the study suggests that we are moving toward a planet where technology will become more omnipresent but also more visible as human-centric technology gain even greater capabilities, are easier to communicate with, and become even more easily embedded throughout every aspect of our lives.

Accenture’s Technology Vision 2024:” Human by Design: How AI Unleashes the Next Level of Human Potential” explores how after decades of hyperbolic technology, technology—especially conceptual AI—is becoming more people in its essence. And as technology becomes more human-centric, it significantly increases the capacity for people to expand their ability and completely re-invent company. According to Accenture research, generative AI has the potential to increase productivity across 900 different job categories and contribute to at least US$ 87 billion ( RM 37.92 trillion ) in global economic value.

Accenture: ‘Human by Design’ technologies will reinvent industries, redefine leaders” Generative AI will continue to be a foundation and a significant help in Malaysia’s labor transformation. This change will lead to a positive change for native skills because some organizations are eager to adopt AI and incorporate technology into their procedures. With the responsible implementation of AI, we can look forward to positive changes in the future of work enabled by’ human by design ‘ technologies”, said Azwan Baharuddin ( pic ), Accenture’s Country Managing Director for Malaysia.

The study identifies four important developments in the walk to “human by style” systems:

Our relationship with data is changing – and with it, how we think, work, and interact with technology. The entire basis of the digital enterprise is getting disrupted.

    A Match Made in AI: Redefining our connection with knowledge and reshaping how data is organized to facilitate human-like argument and actually imitate creativity. Instead of combing through mountains of search engine results, people will receive curated, personalized responses in the form of counsel, a description of a large collection of results, an article, an picture or even a piece of art.

Searching has transformed into a synthesizing operation, and business leaders who reevaluate how information flows within an organization and equip their staff with enterprise knowledge tools for exponential performance gains and competitive advantages.

96% of executives agree that leveraging AI agent ecosystems will be a significant opportunity for their organizations in the next three years.

    Imagine a world where AI-enabled agents work for individuals and are a part of an interconnected ecosystem, according to Meet My Agent: Ecosystems for AI. These automated agents not only assist and counsel us, but they also take decisive actions in our favor both in the digital and physical worlds.

Together, they increase the collective output of workers and provide significant value for participating businesses. In the next three years, 96 % of executives believe that using AI agent ecosystems will be a significant opportunity for their business.

Spatial computing could grow to be as groundbreaking as desktop and mobile, ushering in a new era of technology innovation.

  • The Space We Need: Creating value in new realities – creating rich, new immersive worlds of personal interaction by extending our physical, 2D worlds into new 3D environments created using spatial computing, metaverse, digital twins and AR/VR technologies.

Our digital and physical worlds will be fused in these new places and experiences, bringing us together in novel ways, stimulating innovation, and enhancing how we interact with, interact with, and learn. A third ( 33 % ) of consumers indicated they are using spatial computing technologies or devices for shopping today, or that they would like to do so.

There has been an uptick in consumer-oriented development in recent years, a strong signal that the “human interface” is heading for the mainstream.

    Our Bodies Electronic: A new human interface – using innovative, embedded technologies—such as AI- powered wearables, brain- sensing neurotech, and eye and movement tracking—to unlock a better understanding of us, our lives and our intentions and using those deeper insights to enhance the way we work and live.

According to 94 % of executives, human-machine interaction will be improved by better understanding behaviors and intentions.

Malaysia is prepared for technological advancement and innovation. In line with the government’s efforts to promote and make Malaysia a digital nation, we are moving in the right direction. The Malaysia Digital Initiative’s progress, which shows commitment to achieving greater heights with technology, is very encouraging, said Azwan.

Accenture has been conducting a thorough analysis of the enterprise landscape for 23 years to identify technology trends that have the greatest potential to disrupt businesses and sectors. Follow the conversation on Twitter with# TechVision.

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Dr Zulkifli al-Bakri assumes chairmanship of TheNoor, paving way for Middle East expansion

  • TheNoor’s entrance into the Middle East is being facilitated by Zakififli.
  • MOU with Maktabah al-Bakri to create an AI technique that can answer inquiries about religion in Malay.

Muhamad Hashim Noor (left), CEO of Maktabah al-Bakri signing the MOU with Mohd Izzairi Yamin, CEO of TheNoor. Looking on is Dr Zulkifli al-Bakri.

Dr. Zulkifli al-Bakri has been appointed as Noor Luminous Sdn Bhd’s fresh Chairman. TheNoor is a life Muslim app that specializes in integrating Muslim principles with contemporary business practices. Zulkififi’s experience and reputation help TheNoor navigate its second stage of growth and expansion with his distinguished history as a former Mufti minister and Malaysian minister of Islamic Affairs. Even though the majority of its workforce will be in Malaysia, The Malaysian-founded business just announced moving its headquarters to Saudi Arabia.

Zulkififi’s distinguished career spans years of service to the Muslim area, which is demonstrated by his thorough understanding of Islamic law and his commitment to upholding moral and responsible business practices. He has won acclaim both domestically and internationally for his scholarly and leadership contributions.

Zulkifli al-Bakri is poised to help TheNoor enter the Middle East market, where his credibility and links will be key to navigating regulatory frameworks and forming strategic alliances, by leveraging his extensive network and control in the Muslim world.

Zulkifli expressed his excitement about the possibilities that lie ahead and that I am honored to serve as TheNoor’s president. ” With TheNoor’s modern business model and with its Muslim governance, I am convinced, God- inclined, that we can make a major impact in fostering economic growth and promoting Muslim values in the community internationally”.

In the warm area of artificial intelligence, both parties hope to have a significant effect.

Through a MoU signing, Maktabah al-Bakri, founded by Zulkififli, and TheNoor have made a strategic collaboration to develop an artificial intelligence ( AI ) system for religious questions and answers in Malay. The events assert that it is the first action of its kind in Malaysia and other parts of the world.

Mohd Izzairi Yamin, CEO of TheNoor, said,” The opportunity to work with Maktabah as- Bakri is a recognition by popular characters such as Zulkifli for TheNoor’s work for the group”.

The partnership demonstrates the commitment of both parties to combining religion and cutting-edge technology to improve understanding and access to Islam, particularly in Malaysia and other Malay-speaking nations. Other facets of the MOU include engaging in intelligent collaboration to improve the Al-Inarah application and distribute TheNoor’s Al-Inarah content.

TheNoor’s appointment and the signing of the MOU set the course for the company, which will become a global leader in Islamic finance and ethical business practices.

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MRANTI launches KL Innovation Belt to spur Malaysia’s startup ecosystem

  • Over the next three decades, plan to build KLIB centres in Bukit Jalil and Bangsar.
  • Industries such as electricity &amp, greentech, manufacturing &amp, technology, agriculture

The KL Innovation Belt was announced during the recent KL20 Summit.

With the launch of the KL Innovation Belt (KLIB ), a one-stop center for startups and investors, Technology Innovation Park Malaysia ( TiPM/MRANTI ) is issuing a clarion call to all innovators. The ground-breaking system of centres across the Klang Valley is intended to serve as their successpad, which was announced at the KL20 Summit in April.

[MRANTI’s fresh name, TiPM, was approved by the board. [Update: The name change will be made soon. ]

The Ministry of Economy has taken the initiative known as KL20 to make Kuala Lumpur the top-20 international business hub by 2030. By creating a centralized, attractive ecosystem that brings up businesses, investors, and academic institutions, this plan aims to spur innovation and economic development.

However, the release of the KL20 Action Paper outlines over 20 revolutionary reforms to lead strong growth and investment in Malaysia’s it sector.

KLIB touted to enable businesses and buyers

According to TiPM the KLIB helps companies and investors by fostering engagement, technology, and growth, enabling them to grow to greater heights.

Chang Lih Kang, Minister of Science, Technology and Innovation ( MOSTI), said,” We welcome you, as a Pioneering Innovator, to be part of a community targeted to grow within the next three years into a network of 500 companies, investors and industry leaders, with potential to collaborate with like- minded people whilst having access to support services tailored to your business”.

These hubs may concentrate on nurturing vital sectors including energy &amp, greentech, manufacturing &amp, automation, agriculture and Muslim economic services, aiming to foster a self- sustaining startup ecosystem that promotes constant innovation and growth.

Each hub will have easy access to government agencies and dedicated co-working spaces for networking events.

Dr Rais Hussin, CEO of TiPM said, “KLIB Innovators also stand to benefit from scalable office space that can accommodate up to 100 companies at any one time, high- speed internet, convenient access to transportation, as well as, important facilities such as F&amp, B and leisure”.

In addition, innovators will have access to investor pitch sessions and direct access to a pool of potential investors. TiPM will offer special rental and utility packages for the first three years in addition to the initiative, which will also include significant incentives for early movers.

Interested parties are encouraged to register their interest at http ://www.mranti.my/klib

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KL20: Dr V Sivapalan on changing the startup narrative, building enduring companies, and nation building

  • Now, companies are more financially secure and economically sound.
  • Giving up is a fundamental tenet of Soonicorn Collective, which helps to sustain ecosystem.

KL20: Dr V Sivapalan on changing the startup narrative, building enduring companies, and nation building

” No more fun and flip”, quipped Dr Sivapalan Vivekarajah ( pic ), Chairman &amp, Senior Partner of Soonicorn Collective &amp, ScaleUp Malaysia, at his presentation on 23&nbsp, April at the KL20 Summit. It was a stark reality search for members.

The Silicon Valley Narrative, in his opinion, has been the one tale that has persisted throughout the business habitat in Malaysia for the past 20 years.

Firstly, you must raise as much money as you can, and as many times as you can, but you do n’t spend enough time building your business. &nbsp,

Next, you need to spend the money you raise and double your income two to three times per year, without worrying about the results. &nbsp,

Finally, you may develop huge- then flip the company to an innocent buyer and” we all get rich”, he said.

However, this has a drawback. He continued,” This tale is scam,” citing the fact that not many businesses in Malaysia or even those in its neighboring countries have successfully done this. Plus, most companies know that M&amp, A fail most of the time, but hardly anyone in Asia buys this storyline.

He claimed that he has spent 25 years in this habitat, and that he has not even identified 10 big corporations in Malaysia that have bought startups in the last five to ten years.

The truth is that in Asia, raising money is difficult, and there is a good chance that the faucet will nearer when raising and flipping. &nbsp,

However, the last couple of years were the hardest years previously to increase money and it is still difficult today, to which Sivapalan may attest to based on his 51 investments, 16 of them specific and 35 with his Scaleup Malaysia accelerator. &nbsp,

Even in the US, where many companies have very strong balance sheets and very high income, getting acquired is n’t common.

KL20: Dr V Sivapalan on changing the startup narrative, building enduring companies, and nation building

Sivapalan, sharing data from KPMG research ( chart ), showed that even in the US, where we are led to believe that startup acquisitions happen all the time, &nbsp, significant M&amp, A activity only happened in seven quarters between the 2016 to 2023 period. In every other third there was &nbsp, pretty little M&amp, A action. &nbsp,

The only times when&nbsp, M&amp, A&nbsp, does happen is when times are good, because according to the Harvard Business Review, between 70 % to 90 % of M&amp, A in the US actually fail. &nbsp,

 

It’s time to alter the tale, it is time to get back to basics

Furthermore, Singapore venture capital firm (VC ) Insignia, which recently raised US$ 1 billion ( RM4.75 billion ) stated that when it comes to building resilient companies in ASEAN, “fundraising today favors the financially robust and capital efficient”.

Seizing on this, Sivapalan stressed,” The good thing about Indonesian companies is that most of them are money successful”.

Indonesian companies have been forced to get money successful, he explained, like Singaporean VCs who are looking for bargains in Malaysia, because they, in contrast to firms in Singapore and Indonesia, have raised ridiculous amounts of money and are now struggling.

Sivapalan instead suggested founders consider the IPO route, noting that some of the world’s leading tech companies did so. Sivanaran opposed the raise and flip strategy. This is the route to building a lasting business, he said.

Siva dispels the myth that startups struggle to obtain IPOs. Everyone says going public about IPOs is difficult, but not the smart VCs. Those that tell you the IPO route is hard, want you to flip”, he said.

Siva shared that in Malaysia, if one can generate US$ 2.11 million ( RM10 million ) in profit a year, an IPO is guaranteed with bankers lining up to help you. &nbsp,

Thus, driving home his key message, Siva stressed, “you have to rethink this narrative, and think of building enduring businesses”.

 

The Soonicorn Collective and nation-building

KL20: Dr V Sivapalan on changing the startup narrative, building enduring companies, and nation building

Sivapalan recently launched the Soonicorn Collective, a membership- driven community platform for Malaysian CEOs to leverage their knowledge, networks and experience to build better leaders, companies and ecosystems.

His motivation? Imagine a group of these kinds of people, Sivapalan said,” If a single person can make a difference in this world, you can multiply that change, you can make a real difference in this world.”

The best startup founders are united in order for them to collaborate and create better and stronger businesses, according to” we have a mission to bring them together.” We are aiming to improve the ecosystem for everyone by raising all the ships as a result of a rising tide.

So far, the collective has made policy recommendations for budget 2024, two of which were accepted. &nbsp,

” We also recently had a meeting with the Deputy Minister of International Trade, giving recommendations and working with the Ministry of Investment, Trade &amp, Industry. Even if half of the recommendations are accepted, they are going to make it easier for businesses to grow exports”, he said.

” You have to be the change if you want to make a difference. We want to make sure the ecosystem is better for everybody, and we’re getting together to do that”, Sivapalan said.

To join, one has to not only be a tech company, but also be a CEO/C- level founder, generate at least US$ 1.79 million ( RM8 million ) in revenue, or have raised a minimum of RM2 million funding. &nbsp,

Since there is a lot of assistance for young startup companies already, the collective is for the more mature companies, and there is little assistance for late-stage businesses.

So far, the collective has 20 companies with sales last year of RM217 million with projected 2024 sales of RM766 million with projected exports of RM290 million. They have raised RM156 million in funding, and have a total headcount of 1, 260.

]RM1 = US$ 0.211]

KL20: Dr V Sivapalan on changing the startup narrative, building enduring companies, and nation building

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