Maybank appoints Giorgio Migliarina as its Group Chief Technology and Digital Officer

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  • Responsible to ensure resilience and robustness of all systems
  • Current CTO Mohd Suhail Amar will be senior advisor, Group CEO’s Office

Maybank appoints Giorgio Migliarina as its Group Chief Technology and Digital OfficerMaybank has appointed Giorgio Migliarina (pic) as Group Chief Technology and Digital Officer to be effective 1 Nov 2024. With the appointment, Giorgio will be responsible for both technology and digital functions of the group. Giorgio will be responsible to ensure resilience and robustness of all systems, chart the medium-term to long-term technology strategy covering infrastructure, application architecture and design and manage technology demand from business sectors. He will also be responsible to pursue the continued enhancement of the group’s digital capabilities, aligned with the group’s focus on customer-centricity through the Agile ways of working. He will report to the President & Group Chief Executive Officer (PGCEO) of Maybank and become a member of the Group Executive Committee.

Giorgio, 56 years old, will succeed Mohd Suhail Amar Suresh Abdullah, the current Group Chief Technology Officer, who will assume a new role as Senior Advisor, President & Group CEO’s Office effective 1 Nov 2024.

PGCEO of Maybank, Khairussaleh Ramli said, “Giorgio’s extensive experience and expertise will serve Maybank well in our focus to leverage on technology to deliver our solutions and services to the wide customer base across the group, through resilient, secure, seamless and efficient infrastructure and capabilities.”

With more than 28 years of experience in the telecommunications and high technology sectors, Giorgio held key leadership roles in Olivetti/Infostrada Italy, Telekom Malaysia, Vodafone UK & Italy, McKinsey & Co UK & China and Accenture Singapore.

His experience spans diverse environments across the globe, where he delivered substantial results in a wide range of functional areas. This includes the deployment and management of next-generation networks and ICT infrastructure in both fixed and mobile environment as well as the management of digital products and services for large organisations. Giorgio holds a Master of Business Administration from INSEAD, Fontainebleau, France and a Master of Sciences in Electronic Engineering from Politecnico di Torino, Italy.  

Khairussaleh also thanked Suhail for his contributions in improving the bank’s technology transformation journey as well as strengthening Maybank’s in-house technology team.

“We are confident that Suhail will continue to deliver positive impact in his new role as Senior Advisor, in relation to the implementation of Maybank Indonesia’s core banking system and its enterprise-wide agile transformation.”

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Hong Leong Bank unveils sustainable finance framework with US.5 billion commitment

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  • Provided US$273 million in green auto loans
  • Financed US$3.3 billion of green and affordable mortgages

Hong Leong Bank unveils sustainable finance framework with US$4.5 billion commitment

Hong Leong Bank (HLB) has launched its inaugural Sustainable Finance Framework (SFF) on October 29, 2024, coinciding with World Sustainability Day. The framework outlines the bank’s plan to mobilise US$4.5 billion (RM20 billion) over the next five years to support various Green Projects, marking a significant step in HLB’s sustainability journey.

The SFF is designed to finance projects that contribute to a sustainable future, aligning with HLB’s broader sustainability objectives. The framework will focus on funding initiatives in several key areas, namely renewable energy, energy efficiency, green building, affordable housing, clean transportation and logistics, and waste management.

Kevin Lam, group nanaging director and CEO of HLB (pic), emphasised the importance of sustainability in the bank’s strategy: “We see sustainability as a catalyst for growth, driving positive transformation for our customers and expanding our reach to new audiences. By integrating ESG considerations into our core strategies, processes, and solutions, we strive to find common ground between our responsibilities and business needs.”

HLB has thus far pledged to achieve US$911 million (RM4 billion) in renewable energy financing by 2025 and has approved over US$797 million (RM3.5 billion) in financing to date. 

The HLB SFF adheres to several key principles and standards, including the Loan Market Association (LMA) Green, Social and Sustainability-linked Loan Principles, the International Capital Market Association’s (ICMA) Green, Social and Sustainability Bond Principles, as well as the Securities Commission Malaysia’s Principles-Based Sustainable and Responsible Investment (SRI) Taxonomy.

Chow Sheng Wai, chief sustainability officer of HLB, stated: “The HLB SFF is more than just a framework for the Bank; it’s a roadmap for a greener future for our next generation. Apart from adhering to rigorous standards and aligning with global best practices, we also sought independent assessment from a Second Party Opinion Provider, RAM Sustainability, achieving a Gold rating.”

HLB has recently received recognition for its ESG efforts, including the Overall Excellence award at the Minority Shareholders Watch Group (MSWG) National Corporate Governance and Sustainability Awards and double gold awards in the financial services sector at The Edge Malaysia ESG Awards in 2022 and 2023.

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TM One partners Ministry of Education to elevate digital skills through Tvet programmes 

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  • Skills include AI, cloud computing, cybersecurity and smart agriculture solutions
  • Partnership includes educator placements & co-created tech curricula for digital skills

TM One partners Ministry of Education to elevate digital skills through Tvet programmes 

TM One, the enterprise and government solutions arm of TM, has announced a partnership with the Ministry of Education (MOE) to advance Malaysia’s digital competencies by equipping students and educators from vocational colleges and secondary schools with essential digital skills that align with industry standards.

In a statement, the company said that the partnership, recently formalised through a Memorandum of Understanding with the MOE’s Technical and Vocational Education and Training (TVET) Division, targets critical areas such as artificial intelligence (AI), cloud computing, cybersecurity, and smart agriculture solutions. These initiatives will benefit both students and educators, ensuring Malaysia’s future workforce is ready to meet the demands of the digital economy, it added.

Shazurawati Abd Karim, executive vice president of TM One, said, “We are pleased to collaborate with the MOE to deliver industry expertise and digital infrastructure to uplift Malaysia’s TVET ecosystem. TM One will facilitate education and practical training on advanced technologies for students and educators, preparing them for emerging digital trends and career opportunities. This aligns with the country’s transformation agenda and TM’s Digital Powerhouse aspiration to revitalise Malaysia’s talent and innovation ecosystem for a digitally enabled and globally competitive workforce.”

This collaborative effort includes industry placements for educators to develop their digital expertise and the co-creation of learning modules, syllabi, and curricula focused on technology and telecommunications education, creating a sustainable skills development framework for the future. Leveraging TM’s nationwide connectivity, TM One will also enhance the MOE’s digital infrastructure at TVET institutions, fostering a modern learning environment through network enhancements and relevant digital solutions.

According to TM One, this collaboration is expected to produce a highly skilled and digitally proficient workforce, positioning Malaysia as a leader across various sectors. Through this initiative, TM One and the MOE are ensuring TVET students and educators are well-prepared with the right skills and certifications, providing greater digital access to students from all backgrounds and shaping a dynamic, digitally empowered Malaysia.

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What the West can learn from China about using AI – Asia Times

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AI is already everywhere, ready to change the way we work and play, how we learn and how we are looked after. From hospitality to healthcare, entertainment to education, AI is transforming the world as we know it.

But it’s developing at a different pace in different parts of the world. In the West, it seems, there is a tendency to aim for perfection, with companies taking their time to refine AI systems before they are implemented.

China, on the other hand, has taken a more pragmatic path, on which speed and adaptability are prioritized over flawless execution. Chinese companies appear more willing to take risks, accept AI’s current limitations and see what happens.

And China’s desire to be the world leader in AI development seems to be working. Here are three important lessons the west can learn from China’s economic strategy towards AI.

1. Embrace imperfection

Many Chinese companies have adopted a “good enough” mentality towards AI, using it even when the technology is not fully developed. This brings risks, but also encourages fast learning.

For example, in 2016, Haidilao, a popular Chinese restaurant chain, introduced “Xiaomei”, an AI system which dealt with customers calling up to make reservations. While Xiaomei is not the most sophisticated AI system (it only understands questions about reservations), it was effective, managing over 50,000 customer interactions a day with a 90% accuracy rate.

It’s not perfect, but it provides a valuable service to the business, proving that AI doesn’t need to be flawless to make a big impact.

2. Make it practical

A key distinction between AI strategies in China and the West is the focus on practical, problem-solving applications. In many Western industries, AI is often associated with cutting-edge technology like robot-assisted surgery, or complex predictive algorithms.

While these advances are exciting, they do not always bring immediate impact. China, by contrast, has made significant strides by applying AI to solve more basic needs.

In China, some hospitals use AI to help with routine – but very important – tasks. For instance, in April 2024, Wuhan Union Hospital introduced an AI patient service which acts as a kind of triage nurse for patients using a messaging app.

Patients are asked about their symptoms and medical history. The AI then evaluates the severity of their needs and prioritizes appointments based on urgency and the medical resources available at that time. The results are then relayed to a human doctor who makes the final decision about what happens next.

By helping to ensure that those with the most critical needs are seen first, the system plays a crucial role in improving efficiency and reducing waiting times for patients seeking medical attention.

It’s not the most complex technology, but in its first month of use in the hospital’s breast clinic, it reportedly provided over 300 patients with extra consultation time – 70% of whom were patients in urgent need of surgery.

3. Learn from mistakes

China’s rapid adoption of AI hasn’t come without challenges. But failures serve as critical learning experiences.

One cautionary tale over AI implementation comes not from China, but from Japan. When Henn na Hotel in Nagasaki became the world’s first hotel staffed by robots, it received a great deal of attention for its futuristic concept.

But the reality soon fell short of expectations. Churi, the hotel’s in-room assistant robot, frequently misunderstood guest requests, leading to confusion. One guest was reportedly woken up repeatedly because a robot in his room mistakenly understood the sound of his snoring to be a question.

In contrast, many Chinese hotels have taken a more measured approach, opting for simpler yet highly effective robotic solutions. Delivery robots are now commonplace in hotel chains across the country, and while not overly complex, they are adept at navigating hallways and lifts autonomously, bringing meals to guests.

By focusing on specific, high-impact problems, Chinese companies have successfully integrated AI in ways that minimize disruption and maximize usefulness.

The Chinese restaurant chain I mentioned earlier provides another good illustration of this approach. After the success of its chatbot, Haidilao introduced “smart restaurants” equipped with robotic arms and automated food delivery systems. While innovative, the technology struggled during peak hours and lacked the personal touch many customers valued.

YouTube video

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Instead of abandoning the project, Haidilao continued to adjust and refine its use of AI. Rather than adopting a fully automated restaurant model, it went for a hybrid approach, combining automation with human staff to enhance the dining experience.

This flexibility in the face of setbacks represents a crucial willingness to pivot and adapt when things don’t go as planned.

Overall, China’s pragmatic approach to AI has enabled it to take the lead in many areas, even as the country lags behind the West in terms of technological sophistication. This is driven by a willingness to embrace AI’s imperfections, and then adapt where necessary.

Where speed and adaptability are critical, companies can’t afford to wait for perfect solutions. By embracing AI’s imperfections, focusing on practical applications, and real-world feedback, Chinese companies have unlocked the economic value of AI in a way that others are too timid to emulate.

Jialu Shan is research fellow at the TONOMUS Global Center for AI and Digital Transformation, International Institute for Management Development (IMD)

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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China: US high-tech investment ban to hurt global supply chain – Asia Times

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The Chinese government expressed diplomatic discontent to the United States after the Biden administration finalized a set of rules to restrict American individuals and companies from investing in China’s three high technology sectors.

The Final Rule, which aims to implement the Executive Order signed by US President Joe Biden in August 2023, will limit US investments in the semiconductor, artificial intelligence and quantum computing sectors in mainland China, Hong Kong and Macau, the Treasury Department said Monday. The rules will take effect on January 2. 

US investors will also be required to inform the Treasury about their investments in some less advanced technologies that may lead to the threat to the national security of the US, according to the Treasury Department. 

“China expresses strong dissatisfaction and firm opposition to the United States’ announcement of investment restriction rules against China,” Lin Jian, a spokesperson of the Chinese Foreign Ministry, said in a media briefing on Tuesday. 

Lin said China has lodged representations with the US and will take all necessary measures to firmly safeguard its legitimate rights and interests.

“It once again shows that American politicians seek their own political interests, undermining normal investment and trade, the free market and economic order. This will harm the global supply chain,” Hong Kong Chief Executive John Lee said Tuesday. 

“This harms the interests of others,” he said, as well as those of “the US as a nation, its people and its companies. They will reap what they sow.” 

The Hong Kong government on Monday issued a policy statement, which clearly sets out the government’s policy stance and approach to promote the development of AI adoption by the financial services sector. 

Prohibited and notifiable transactions

Washington’s Final Rule, officially called “Addressing US Investments in Certain National Security Technologies and Products in Countries of Concern,” specifically directs the Treasury Secretary to issue regulations that prohibit US persons from engaging in certain transactions involving certain technologies and products that pose a particularly acute national security threat to the US.

It prohibits US investment in transactions related to China’s development of:

  1. electronic design automation software, certain fabrication and advanced packaging tools; the design, fabrication, or packaging of certain advanced integrated circuits; and supercomputers;
  2. quantum computers and production of critical components, certain quantum sensing platforms, and quantum networking and quantum communication systems;
  3. any AI system designed to be exclusively used for, or intended to be used for, certain end uses; any AI system that was trained using a specified quantity of computing power, and trained using a specified quantity of computing power using primarily biological sequence data.

If the transactions in the three categories are not covered by the prohibited transaction definition, US investors will be subject to the notification requirement. 

”US investments are often more valuable than their capital alone, because they can also include the transfer of intangible benefits,” said the Treasury Department’s Office of Investment Security (OIS).

“Intangible benefits that often accompany US investments and help companies succeed include: enhanced standing and prominence, managerial assistance, access to investment and talent networks, market access, and enhanced access to additional financing.”

The OIS said certain investments by US persons into a country of concern can be exploited to accelerate the development of sensitive technologies or products – including military, intelligence, surveillance, or cyber-enabled capabilities – in ways that negatively impact the national security of the US.

”The US has taken frequent actions to suppress and slow the rapid growth of China’s high technology sectors,” Li Haidong, director of Center for American Studies, China Foreign Affairs University, told the Global Times. 

“This deviates from the United States’ basic stance of maintaining stable relations with China, and also deviates from the American public’s hope that political elites will focus their energy on domestic issues, instead of creating external conflicts,” Li said. 

His comments came ahead of the US presidential election, which will take place on November 5. 

AI computing power

On August 9 last year, President Biden signed an Executive Order to declare a national emergency to address the threat to the US posed by countries of concern that seek to develop and exploit sensitive technologies or products critical for military, intelligence, surveillance or cyber-enabled capabilities. 

On June 21 this year, the Treasury Department proposed a set of rules on outbound investment screening. It said it would set the AI computing power thresholds for a prohibited transaction and a notifiable transaction. 

The Final Rule now sets the AI computing power’s speed threshold for a prohibited transaction at 1025 floating point operations (FLOPs) for an AI system generally, and at 1024 FLOPS for an AI system using primarily biological sequence data. 

It also sets the threshold for a notifiable transaction involving the development of AI systems at 1023 FLOPS. All these thresholds are the lowest in the government’s proposed ranges, meaning that the Final Rule has broad coverage.

Jack Clark, former policy director of OpenAI, writes in his blog that the notifiable threshold general-purpose AI systems is set at 1026 FLOPS in the US and 1025 FLOPS in the European Union. 

To illustrate what this means in practice, he said H100 SXM, Nvidia’s latest graphic processing unit, can train AI systems at different speeds but the cost for training at a speed of 1026 is 10 times that for 1025. 

He said A100, a slower AI chip, can also run at a speed of 1026 but it would cost even more. 

He said the 1025 threshold in the EU will eventually hit more companies than regulators anticipated.

Read: Beijing: new Treasury rules amount to ‘decoupling’

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Khazanah launches Jelawang Capital as national fund-of-funds to accelerate Malaysia’s venture capital ecosystem

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  • Empower & grow startup ecosystem as part of Khazanah’s Dana Impak effort
  • Drive Emerging Fund Managers’ Program & Regional Managers’ Initiative

Khazanah launches Jelawang Capital as national fund-of-funds to accelerate Malaysia’s venture capital ecosystem

Khazanah Nasional Bhd today launched its RM1 billion national fund-of-funds, Jelawang Capital Sdn Bhd, with Bryan Lim as its CEO, following the consolidation of Malaysia Venture Capital Management and Penjana Kapital in July and pursuant to the announcement of Prime Minister Anwar Ibrahim’s third MADANI Budget 2025 speech.

Amirul Feisal Wan Zahir, Khazanah Managing Director, said, “Jelawang Capital signifies our commitment to the growth of Malaysia’s venture capital (VC) ecosystem. Through this catalytic initiative, Jelawang Capital will continue to grow Malaysian fund managers while attracting regional fund managers with expertise and capital.”

He noted that while the VC industry is an important source of innovation, economic growth and job creation for the nation, based on research by Startup Genome, only 1.5% of startups in the best US VC hubs enjoy meaningful financial returns on their investment i.e. a successful exit of US$50 million or more, illustrating the high inherent risk and challenges associated with this asset class.

“As such, nothing short of an all-of-nation approach will be needed for us to increase the odds of success. While capital is a key building block to a vibrant VC ecosystem, other critical success factors include the ease of doing business, availability of talent, and deepening of technology and know-how. As innovation is borderless, it is this combination of capital, effective regulation, talent and technology that will determine the future of Malaysia,” Amirul stressed.

The tallest waterfall in Kelantan, Malaysia is also said to be one of the tallest, if not the tallest in Southeast Asia as well.

Khazanah launches Jelawang Capital as national fund-of-funds to accelerate Malaysia’s venture capital ecosystemBryan (pic), who is also Khazanah’s Head of Dana Impak, said, “Jelawang Capital is named after the tallest waterfall in Malaysia (pic). Our vision for the local VC ecosystem begins with the provision of capital to fund managers. In turn, we envision this capital and expertise of the managers to cascade to high-potential startups. Like a waterfall flowing into rivers that nourishes the local flora and fauna, we hope these high-potential investments will enrich the wider VC “rainforest” (ecosystem) with innovation and quality jobs. As with any healthy forest, success will depend not just on the availability of water (capital), but also on the abundance of sunlight and nutrients. In shoring up this ecosystem, we look forward to working with like-minded partners and investors.”

Other senior executives at Jelawang Capital are Looi Wen Jie and Syed Husain Albar who serve as co-head of Investments; Radin Faizal Baidrul Ikram, Head of Transformation, and Nurlisa Hussin, Head of Strategic Relationship Management & Special Projects.

To accelerate the growth of Malaysia’s venture capital ecosystem, Jelawang Capital will spearhead two initiatives:

  • The Emerging Fund Managers’ Program (EMP):

The EMP aims to nurture promising Malaysian VC fund managers to raise their first, second or third fund.

Open to Malaysian General Partners based in Malaysia or abroad, the EMP seeks to support Malaysian fund managers to establish their track record and increase their competitiveness in the VC ecosystem.

Jelawang Capital will act as an anchor for Malaysian GPs to gain traction and crowd-in further capital from other local or international investors. Aside from capital support, the EMP aspires to support GPs to develop crucial areas such as fund management, investment operations and talent management. In turn, this is expected to gradually institutionalise and improve the capabilities of GPs.

Interested applicants can learn more about the qualifying criteria and download the application forms at www.jelawangcapital.com. The EMP is open for proposals until 31 Dec and completed applications are to be submitted to [email protected]. Further opportunities to participate in EMP will be available in the second half of 2025.

  • The Regional Managers’ Initiative (RMI):

RMI aims to elevate Malaysia’s startup ecosystem through strategic partnerships with regional VC firms.

The RMI represents Jelawang Capital’s effort to attract international fund managers who are committed to enrich the ecosystem. This includes supporting the growth of Malaysian startups to be regional and global players, as well as facilitating the redomiciling of global companies in Malaysia to expand local job capabilities, attract talent and deepen innovation. In addition, Jelawang Capital welcomes established venture generators to unearth new entrepreneurs and support the growth of existing ones in Malaysia.

Regional managers aligned with these strategic objectives are invited to submit their proposals to [email protected].

Both the EMP and RMI initiatives will enable the fusion of local and international expertise, perspectives and knowledge to spur a vibrant ecosystem that fuels progress that Advances Malaysia.

As the national fund-of-funds, Jelawang Capital forms part of Dana Impak, a key pillar of Khazanah’s Advancing Malaysia strategy anchored by ‘A Nation that Creates’ framework which aims to boost national productivity and competitiveness. Dana Impak initiatives aim to empower Malaysian business of all sizes and across different life cycles, including startups, small to mid-tier as well as large companies, with the objective of improving livelihood of communities.

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Budget 2025: MBAN applauds measures, asks for matching grant to further amplify early-stage funding

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  • Announced measures will strengthen Malaysia’s Startup Ecosystem
  • Matching grant will spur more participation, increase investment pool

Budget 2025: MBAN applauds measures, asks for matching grant to further amplify early-stage fundingThe Malaysian Business Angel Network (MBAN) welcomed the recent Budget 2025 announcement, especially the establishment of a US$229 million (RM1 billion) National Fund-of-Funds allocation under Khazanah, alongside US$14.9 million (RM65 million) for Cradle Fund, describing this “as a pivotal step in empowering startups to expand both regionally and globally.”

Pointing to a recent 500 Global survey that Malaysia has over 30 “A1” grade startups, each generating more than RM5 million in annual revenue with over 20% growth, MBAN highlighted that access to funding remains a critical challenge with studies showing that inadequate financing is among the top three reasons for startup failures.

[RM1 = US$0.229]

It also applauded the new matching investment fund exceeding RM100 million that will be introduced through an equity crowdfunding (ECF) platform to support the growth of local suppliers in the electrical and electronics (E&E) sector, as well as in specialty chemicals and medical devices.

“This initiative aims to provide significant advantages to different areas within the startup ecosystem,” it said. Budget 2025 also allocated RM25 million for creative social entrepreneurs, further strengthening the support for a wide range of entrepreneurial initiatives.

Reinforcing its commitment to nurturing early-stage startups, and acknowledging the support these measures will provide, MBAN nonetheless believes that introducing a matching grant would further amplify early-stage funding.

“This initiative would provide matching capital to angel investors, encouraging more participation and increasing the overall investment pool for startups. We hope the government will consider this proposal, as it could further enhance our ecosystem and support early-stage businesses in their growth journey,” the angel network said.

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Newton Hexon Capital, PMB Investment Berhad to launch Newton Hexon Asia Growth FUnd, driving green business development in Asia

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  • Key sectors include renewable energy, waste-to-energy, hydrogen, EVs, etc
  • Fund targets Asia’s growing green economy by investing in high-potential businesses

From Left - Roy Fung (managing partner, Newton Hexon Capital PLT), Naquiyuddin Ibni Tuanku Ja’afar (Honorable chairman, Newton Group) & Mahdzir Othman (Group CEO, Pelaburan MARA Berhad).

Newton Hexon Capital, a leading investment firm, and PMB Investment Berhad, an Islamic Fund Management Company under Pelaburan MARA Berhad, have announced the launch of the Newton Hexon Asia Growth Fund. In a joint statement, they stated that this Shariah-compliant private fund is designed to capitalise on Asia’s rapidly growing green economy by investing in high-potential businesses across diverse sectors.

Mohd Idzwan Izuddin Ab Rahman, chairman of PMB Investment, expressed his enthusiasm for this initiative, saying, “PMB Investment serves as the investment manager for this private fund in Malaysia, leveraging our licensed status. This partnership marks a significant milestone as we expand our commitment to sustainable investments. Through the Newton Hexon Asia Growth Fund, we aim to drive impactful growth in the green economy across Asia, offering our investors access to innovative companies shaping a greener future.”

Meanwhile, Roy Fung, managing partner of Newton Hexon Capital, commented, “We are honoured to mark this defining moment in our journey together with PMB Investment on this forward-thinking fund. The Newton Hexon Asia Growth Fund will serve as a platform for businesses actively transforming Asia’s green landscape, providing both financial returns and lasting, positive ESG impacts. This fund represents not just capital, but a commitment to innovation, integrity, and collaboration in the investment world.”

The Newton Hexon Asia Growth Fund offers clients, partners, investors, and governments an opportunity to engage in the region’s swift transition towards sustainability. Focusing on key sectors such as renewable energy, energy efficiency, waste-to-energy, hydrogen generation, electric vehicles and related technologies, and urban farming, the fund aims to support businesses leading in environmentally sustainable solutions.

Key Investment Criteria

The Newton Hexon Asia Growth Fund will prioritise projects that demonstrate a positive environmental impact. Key investment criteria include:

  • Adherence to International Guidelines: Projects must align with recognised international standards for environmental sustainability.
  • Carbon Emission Reduction: Investments will be evaluated based on their potential to reduce carbon emissions. 
  • Energy Savings: The fund will favor projects that promote energy efficiency and conservation.
  • Waste Management: Initiatives focused on sustainable waste management and recycling will be considered.
  • Social Impact: Projects contributing to social good and community development will be prioritized.
  • Corporate Governance: Strong corporate governance practices will be a key consideration.
  • Regulatory Compliance: Projects must comply with relevant environmental regulations and standards.

ESG Certification and Ongoing Management

Newton Hexon Capital has partnered with leading providers of testing, inspection, and certification services to ensure the fund adheres to high environmental, social, and governance  standards. These partners will assess key ESG factors such as energy savings, indoor air quality, and overall sustainability impact.

To underscore its commitment to sustainability, the fund may seek certification from additional international and local bodies as required. Ongoing portfolio management will ensure all investments continue to meet or exceed global ESG standards.

For more information on PMB Investment’s products, please visit www.pmbinvestment.com.my 

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Sophgo, Bitmain deny ties with Huawei’s supply chain – Asia Times

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Chinese fabless chip maker Xiamen Sophgo and bitcoin mining equipment supplier Bitmain have denied any business relationship with Huawei Technologies after being accused of having asked Taiwan Semiconductor Manufacturing Co (TSMC) to produce Ascend 910B chips.

TSMC has suspended shipments to Sophgo after an Ascend 910B processor, an artificial intelligence (AI) chip developed by HiSilicon, was found on a Huawei AI accelerator, Reuters reported on October 27, citing two unnamed people familiar with the matter. 

The report came after TechInsights, a Canada-based information platform for the chip industry, said in a report on October 9 that it found the Ascend 910B on a Huawei Atlas 300T A2 AI training card. The Information reported on October 18 that the US Commerce Department has started an investigation into whether TSMC is directly or indirectly supplying Huawei with smartphone and AI chips. 

“The investigation of the US Commerce Department on possible TSMC-and-Huawei link is not related to Sophgo and its product. Sophgo has never engaged in any direct or indirect business relationship with Huawei,” Sophgo said in a statement on October 27.

“Sophgo has been conducting business in strict compliance with applicable laws and regulations, including but not limited to all the applicable US national export control laws and regulations, and has never been in violation of any of such laws and regulations,” it said.

It added that it has provided a detailed investigation report to TSMC to prove that it is not related to the Huawei investigation. 

Luring Taiwanese chip engineers

Sophgo was founded in April 2019 by Micree Zhan, a co-founder of Bitmain. According to its website, Sophgo focuses on the research and development (R&D), promotion and application of computing power products such as RISC-V processors and tensor processing units (TPUs).

RISC-V is an open-source instruction set architecture (ISA) that provides a foundation for processor design. A TPU is a custom-designed application-specific integrated circuit (ASIC) that accelerates machine learning workloads. 

The company said it has R&D centers in more than 10 Chinese cities, including Beijing, Shanghai, Shenzhen, and Qingdao, as well as in the United States, Singapore and other countries. It said more than 73% of its employees are R&D personnel while 78% of them have master’s and doctoral degrees.

Sophgo’s senior executives include Chairman Zhan, President Chen Weiyu and Chief Executive Zhao Hong’ai. 

According to company search website Tianyancha.com, Zhan holds a 22% stake in Sophgo. Xiamen Qiayi Technology, controlled by Sophgo’s senior executives led by Zhao, owns a 33.1% stake in Sophgo. 

Public information shows that Zhao finished a master degree course at Peking University’s School of Integrated Circuits and has 10-years of experience in product planning, R&D management, sales and marketing.

Zhao founded Sophon in 2016 and Cvitek in 2019, both of which are Beijing-based chip design firms that later merged into Sophgo. She is now a legal representative of Sophgo. 

In a panel discussion organized by China Computer Federation in June 2022, she was among 21 guest speakers who shared their views about the Chinese Communist Party’s achievements in empowering women in the computing industry. 

On Monday, Bitmain said in a statement that it specializes in designing cryptocurrency mining rigs and is not involved in or related to the supply chain investigation as reported by the media recently. 

”Any news alleging that Bitmain is involved in the aforementioned event is false and baseless,” it said. “Bitmain reserves the right to take legal action” against any media outlet that “publishes and disseminates false information.”

Zhan’s ’Huawei dream’

In March 2021, IC Link Limited and WiseCore Technology, two units of Bitmain, were fined in Taiwan for violating the island’s Cross-Strait Act as they used high salaries to lure Taiwanese chip engineers to work in the mainland without government’s approval. 

Richard Hu Weixing, dean of Faculty of Social Sciences at the University of Macau, said in an article in August 2024 that some mainland firms had used TSMC’s chip manufacturing services and ASE Holdings’ chip assembly and test services via IC Link Limited and WiseCore Technology.

TMTPost, a news website in mainland China, said in an article on Monday that a unit of Bitmain formed a partnership with Huawei in 2018 to provide the latter’s smartphone users with bitcoin wallet services. 

The report said that, when Sophgo was established in 2019, Zhan hired former Huawei employee Li Qi as the company’s legal representative and director. But Li left Sophgo in 2021.

However, the TMTPost article was removed from the Internet in China on Monday afternoon. It is still being circulated on overseas websites.

An article published by Odaily.com, a unit of Beijing-based news website 36Kr, in 2020 said that Zhan had had a “Huawei dream” in 2018 to 2019 as he insisted that Bitmain use Huawei’s product development team (PDT), integrated product development (IPD) and human resource systems. Zhan’s drive to “replicate Huawei” ended in 2020 after co-founder Wu Jihan intervened, the article said. 

Read: Huawei uses TSMC loophole to bypass US chip ban

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foodpanda Malaysia appoints Tan Ming Luk as managing director

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  • Brings wealth of industry knowledge, understanding of local markets
  • Past leadership stints at Touch ‘n Go Group, Lazada and OYO Hotels

foodpanda Malaysia appoints Tan Ming Luk as managing director

Foodpanda Malaysia appointed Tan Ming Luk as its new Managing Director, effective 21 Oct.

With over a decade of leadership experience in commercial and operational roles across Singapore and Malaysia, Ming Luk brings a wealth of industry knowledge, deep understanding of local markets and consumers, and a proven track record for driving business growth.

“I’m excited to join the company and be part of a platform that has a positive impact on the communities we serve, particularly in the growing gig economy,” Ming Luk said. “I look forward to working with the talented teams at foodpanda to deliver value to our customers, partners and the wider ecosystem, while staying true to the company’s mission of empowering local businesses and riders.”

Prior to his appointment, he was the Chief Commercial Officer at Touch ‘n Go Group, where he oversaw the company’s top line revenue and spearheaded new growth opportunities. Ming Luk also served as Chief of Staff and Head of LazMall Strategy and Operations at Lazada, as well as Country Head for Malaysia and Singapore at OYO Hotels.

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