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

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

The team at PasarPolis

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Japan’s Rakuten Mobile making gains with Open RAN - Asia Times

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As customer development nears breakeven on an operating cash flow base in 2024, Japan’s ambitious mobile telecommunication system operator, sees light at the end of the hole.

Breakeven will mark the completion of the Open RAN ( Radio Access Network ) standard, which enables various businesses to supply various components of a telecommunications network.

Open RAN gives telecom service providers more mobility and freedom from big suppliers of perfect proprietary systems such as China’s Huawei, Sweden’s Ericsson and Finland’s Nokia, and smaller regional champions like South Korea’s Samsung and Japan’s NEC and Fujitsu.

According to US telecoms software provider Mavenir, a cloud-based Open RAN system can reduce deployment and operating costs by 37 % over the course of five years when compared to custom architectures.

This comes amid accusations that Open RAN is being carbon- opted by the powerful telecoms gear makers, especially Ericsson, and its available promotion as a” Huawei killer” in Washington, DC. However, it is important for Rakuten and another Open RAN business supporters to establish the technology as a viable business.

Rakuten Mobile, which is solely dedicated to Available RAN, had almost 6.5 million users by the end of December 2023. If the development price reported so far in 2024 is maintained, the company really hit its target of 8- 10 million subscribers by month’s end.

That lags Japanese market leaders NTT Docomo, KDDI ( au ) and Softbank, which had 89.2 million, 66.9 million and 40.1 million subscribers respectively at the end of 2023. However, it does demonstrate that customers can get better deals with the low-cost Open RAN business model and discount pricing.

Cheaper mobile phone service was in fact the government’s intention back in 2018, when the leader said” We want competition to accelerate and the three companies ‘ market dominance needs to be eliminated.”

A year after Rakuten Mobile was established in January 2018, it was granted a license to develop and run a fourth generation ( 4G ) mobile telecom network. In September 2020, it launched its 5G service. By February 2022, it had extended its coverage to 96 % of Japan’s population. Now it covers almost 100 % of the population and 99 % of the nation’s territory.

Although service plans vary, most comparisons show that after they reduced their fees in response to Rakuten, Rakuten is significantly less expensive than Japan’s major three carriers and as cheap or less expensive than discount stores UQ mobile Y! mobile, J: COM and BIGLOBE.

For the most part, Rakuten has also matched the others in quality. Rakuten Mobile is the top carrier in Japan in terms of 5G download and upload speeds, second only to Softbank, and ahead of NTT Docomo and KDDI in terms of consistency and live video experience.

Hiroshi Mikitani, the founder and CEO of the Japanese e-commerce company Rakuten, has been working on Rakuten Mobile as his pet project. He has taken a long-term commitment and endured losses that the majority of CEOs would not tolerate.

Rakuten has lost a total of 993.5 billion yen ( US$ 6.6 billion ) over the past five years and is on track to add more red ink in 2024.

Investors fell out of love with the stock, which dropped by about 70 % from March 2021 to June 2023. However, it has since made up more than a third of that loss as Rakuten Mobile’s operating losses have declined. Mobile telecom is one of Rakuten’s three main product divisions, the others being online shopping and finance.

Operating cash flow from Rakuten Mobile’s ( operating profit plus depreciation and amortization ) decreased from a previous low of 70.6 billion yen in the fourth quarter of 2022 to a new low of 29.5 billion yen in the fourth quarter of 2023. By the end of this year, it should be at zero in management’s eyes and reach a positive level in 2025.

While quarterly data shows that subscribers are growing at an accelerating rate in 2023, Rakuten Mobile’s domestic network has been largely finished and capital expenditures are declining, despite the fact that quarterly data indicates that the number of subscribers is increasing at an accelerating rate. But even if the company hits management’s targets, it is likely to be a drag on Rakuten’s consolidated profitability for another two years.

In March 2020, Rakuten Mobile and NEC, Japan’s top maker of telecommunications equipment, announced that production of jointly developed 5G radio units had begun at NEC’s factory in Fukushima. The radio units are equipped with compact, lightweight antennas, and do not use a lot of electric power, as NEC pointed out at the time.

The development of 5G base stations for Rakuten Mobile’s fully virtualized, cloud-based Open RAN mobile network followed this. Mavenir, a US-based company that claims to be the only end-to-end cloud-native network software provider for telecom service providers, contributed its most recent voice and messaging technology.

Red Hat, an American software company, states that” Virtualized radio access networks (vRANs ) are a way for telecommunications operators to run their baseband functions as software. One of the main advantages is that RAN functions can now be performed on standard servers instead of using special, proprietary hardware.

According to ACG Research, virtual RANs that are run through cloud computing can reduce network operators’ total cost of ownership by 44 %. In comparison to some single-vendor proprietary mobile networks, Rohuten Mobile claims its network is 40 % less expensive to build and 30 % less expensive to run.

To Rakuten Mobile’s Open RAN, a number of other equipment suppliers and software developers also contribute. Airspan of the US, which also works with Rakuten Mobile to promote its vRAN (virtualized radio access networks ) platform, and Airspan of the US, jointly promotes the Rakuten communications platform.

Korea Microwave ( KMW) and Taiwan’s Microelectronics Technology Inc ( MTI ) provide radio units. South Korea’s Qucell and Taiwan’s Sercomm provide small cell technology. Small cells are miniature radio access points that increase the use of cellular networks in densely populated cities and other high-end locations.

Prose Technologies, based in Ireland, manufactures and supports radio components, distributed antenna systems, and other components. Druid Software, also based in Ireland, has deployed its private cellular network software on Rakuten’s cloud platform, which is based on Intel technology.

Supermicro, based in San Jose, provides servers and works with Rakuten on the deployment of automated cloud- native network solutions. Dell, Google, Nokia, and Tata Communications of India also collaborate with Rakuten Mobile.

In August 2021, Rakuten and German telecom service provider 1&amp, 1 formed a partnership to build Europe’s first virtualized Open RAN mobile network. In December 2023, 1&amp, 1 began operations with a core network from Mavenir, Rakuten responsible for end- to- end integration of the network and participation of some 80 other vendors.

Wherever the 1&amp, 1 network is not yet complete, coverage is provided by nationwide roaming on the Telefonica network. Starting this summer, roaming will also be available on the Vodafone network.

Open RAN has high hopes, but there are also deep doubts about its viability and whether Rakuten Mobile will survive. However, it is gradually capturing market share in Japan and expanding its reach in Europe after several years of effort and great expense. And if Rakuten or 1&amp, 1 do eventually fail, their operations will probably be taken over by larger telecom carriers.

Follow this writer on&nbsp, X: @ScottFo83517667

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Why Japan's big rate hike was a resounding dud - Asia Times

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Japan – Central bank rate moves often get philosophical. However, investors are asking: If a price hike falls in a forest and no one is around to speak it because the world markets have ignored the Bank of Japan’s first tightening move in 17 times?

Governor Kazuo Ueda’s next thought trial, which ended 25 years of zero interest rates, was the one it was expected to trigger. It put an end to its experiment with negative yields by raising the policy benchmark from -0.1 % to 0 %.

More than skyrocketing, as some predicted, the renminbi has since weakened to 34- year highs. Alternatively of surging, 10- time Chinese bond generates are also lower today. Why do investors all over the world want to know if the BOJ’s great pivot failed in global trading markets?

The BOJ’s missed opportunity may be one reason. Businesses may have accepted the decision had then-Gouverneur Haruhiko Kuroda abandoned bad produces in late 2022 or early 2023. Buyers may have listened up if Ueda had taken the regulates immediately in April 2023.

The BOJ lost in the woods by putting off easing debate until Japan was avoiding a crisis and the US Federal Reserve was easing guesswork. Worse, it squandered yet more credibility, the only real money that counts in economic power lines.

Traders are now calling their own mountain, knowing for certain that BOJ tightening is no longer a boon for economic conditions. In part because of the decline in the yen over the past nine days, which led to the Tokyo authorities ‘ decision to act in October 2022.

Federal officials are threatening action by speaking in. Finance Minister&nbsp, Shunichi Suzuki says” we are watching business movements with a great sense of urgency”. Masato Kanda, evil financing minister for foreign affairs, &nbsp, says the Ministry of Finance stands ready to pounce on extreme yen- money swings.

If Japan does intervene, strategist Shusuke Yamada at Bank of America thinks the initial purchases will start at around 2 trillion yen ( US$ 13.2 billion ) and go up to 4 trillion yen ($ 26.4 billion ).

Yamada points out that” FX treatment is a practical choice for the Japanese government to fight the yen’s failure.” ” I suspect that action, or threats to perform action, are really just a estimate of buying time until we start to see things change on a more sustained base outside the nation”.

The currency’s exchange rate is now around 151 to the money. According to HSBC’s analysts, “many seem to think a line in the sand” against more yen failure is situated close to the 152 area when treatment occurred in later 2022.”

The problem, though, is that traders clearly do n’t fear the BOJ. Not after a quarter-century of zero interest rates, 23 years of quantitative easing ( QE), eight years of negative yields, and a long, sorted history of bowing to politicians who developed a growing love for the ATM role the BOJ had assumed.

Before leaving the BOJ creating 12 months ago, Kuroda could have attained some form of semblance of authority and independence. He was the government, after all, who turned the BOJ’s easing attempts up to 11 — and then some.

The BOJ dominated the bond and stock markets under Kuroda’s view, and it was with Kuroda that the Group of Seven’s balance sheet expanded beyond the size of its$ 4.7 trillion business.

By plotting an exit, Kuroda could have saved some trust from international buyers. He demurred, passing the penny to leader Ueda in April 2023.

Kazuo Ueda, the government of the Bank of Japan. Image: Twitter / Screengrab

By slow-footing its move in the direction of some sort of leave, Ueda did the BOJ no benefits. Markets were set for a traditional BOJ pivot many times between the middle and the end of 2023. Alternatively, Team Ueda made little tweaks to friendship trading bands.

Yet those minor adjustments were lessened in the days that followed with significant, unforeseen bond payments, indicating that BOJ policy had not fundamentally changed. And that problem is now being repeated.

The BOJ made the announcement right away following the March 19 price change that waves of cash will still be flowing. According to researcher Daniela Hathorn of the trading platform Capital.com,” Ueda’s dovish comments after the meeting were enough to put an end to any post-decided bearish attitude in the Japanese currency.”

On March 27, plan committee member Naoki Tamura, a observed bird, said the “accommodative financial condition will continue”. Tamura did state that the BOJ do” slowly but surely normalize its economic policy.”

But in” BOJ time”, this may mean five times or five years. The BOJ is all wood and no bite, so why would forex investors continue to assume that?

Life things, of program. Consider the earlier standardization attempts of 2006 and 2007. The BOJ at the time ended QE and half raised formal charges. The downturn that followed enraged the democratic establishment. The BOJ after backtracked, returning to zero and restoring QE.

It follows, therefore, that the BOJ’s trust in global industry is lacking. The view is now set to see if Ueda’s team can maintain its tightening pattern even if the situation turns flimsy.

A major test is the conflicting tides complicating Japan’s 2024, including poor Chinese need.

Japan merely sluggishly avoided a recession in soon 2023. In the October-December period, the gross domestic product ( GDP ) increased by only 0.4 % year over year after contracting by 3.3 % between July and September. In January, household spending plunged&nbsp, 6.3 %, the sharpest drop in 35 months.

Meanwhile, prices pressures may intensify as organisations score the biggest increase in 33 years. The 5.28 % pay knock secured during this year’s” shunto” discussions comes amid drum- tight labour markets and waning performance.

According to economist Carlos Casanova of Union Bancaire Privée,” This suggests a robust real wage growth in 2024.” Given the high inflation levels, he points out that “average regular actual cash earnings remained adverse in 2023.”

The BOJ, Cassanova says, “has been waiting for a ‘ noble cycle’ to taking hold. This is a method through which sustained, imported’ cost- drive’ inflation, fueled by Chinese yen depreciation, results in changes to business behavior, quite as rising wages and higher price- setting behavior. In turn, that can boost domestic consumption and fuel endogenous’ demand- pull’ inflation”.

Soft growth, in the context of China’s downshift, might argue in favor of no BOJ rate hikes this year. By contrast, upward wage pressures and the weakest yen since 1990 might support accelerated rate hikes.

Add in a ruling Liberal Democratic Party, which is struggling amid public outcry and economic unrest as a result of a string of political finance scandals. Fumio Kishida, the prime minister, is struggling to keep his approval ratings in the 20s ( he ended 2023 at&nbsp, 17 % ).

Though the BOJ is officially independent, it’s historically not known for bucking the political establishment. With looser and looser policies, BOJ governor after governor enabled change- averse politicians. The BOJ’s largess removed the urgency for Tokyo to reform the economy and increase competitiveness.

Decades of free money took the onus off corporate chieftains to restructure, innovate or increase productivity. With China’s booming corporate welfare system still in place, the BOJ’s haven has become a harder place to revive Japan’s animal spirits.

Devising the monetary policy equivalent of a 12-step plan to deplete Japan’s excess liquidity now falls to Ueda. Step away from QE too fast and the BOJ risks setting up another 2006- 2007 episode. Move too gradually, and the BOJ loses even more street cred from international traders.

As of now, BOJ watchers are unclear on where Ueda might be headed, causing them to parse every word from the governor’s mouth and BOJ statements.

Given the current state of economic activity and prices, and for the time being, economist Takeshi Yamaguchi from Morgan Stanley MUFG says,” we need to pay attention to the expressions.” This” suggests that the future policy path would depend on changes in economic activity and prices as well as financial conditions from the perspective of sustainable and stable achievement of the 2 % price stability target,” according to Ueda.

Others predict that BOJ policy normalization will take a very long time to come into effect. ” Central banks often are compelled to make judgment calls before the desired evidence is in”, says Richard Katz, author of the new book&nbsp,” The Contest for Japan’s Economic Future”.

” Failure to decide is also a decision. But in the case of this BOJ move, there does not seem to be any such compulsion”, Katz says. ” If, when March 2026 comes and both wages and inflation fall short of the BOJ’s forecast, how will the BOJ explain its rush to tweak”?

A woman looks at shoes on sale at an outlet store in Tokyo’s shopping district, Japan. Photo: Asia Times Files / Twitter Screengrab

The fact that Japan’s fortunes in 2024 depend even more heavily on Beijing and Washington than Tokyo are. The Economist Intelligence Unit doubts that China will exceed its 5 % GDP growth goal this year in a new report.

According to EIU analysts,” Consumer sentiment will remain fragile but will continue to recover gradually, supported by a rise in fiscal spending and looser monetary policy.” EIU anticipates that the government will continue to take a cautious approach to addressing pressing issues like the property sector stress and local government debt, even if this undermines market confidence.

That will cause Japan to experience feedback. The changing calculus surrounding US Fed rate cuts will change as well. Japanese officials were persuaded that Jerome Powell’s team would ease more frequently this year as the year approached 2024. Economists are quickly scaling back those forecasts because US inflation is still stubbornly high.

Viewed one way, Ueda’s team may be happy that the long- awaited shift away from QE did n’t panic world markets. However, BOJ officials should n’t be alarmed by the widening gap between perception and reality for March 19. The disconnect between yen sell orders is being expressed by traders.

It implies that the BOJ is at least perceived more as a paper tiger than as a feared authority whose sounds are heard on global markets. To raise the volume, Ueda’s team will have to act bigger and less predictably next time. The BOJ must now venture as far away from its comfort zone as rarely before.

Follow William Pesek on X, formerly Twitter, at @WilliamPesek

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CyberSecurity Malaysia, LGMS collaborate to address SME cybersecurity weakness

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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SOLS Energy drives Malaysia’s home solar adoption with innovative subscription model

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  • eliminates first financial stress, reduces overall honest installation costs, and lowers the cost of installation.
  • Fixed tariff rate of RM0.46k Wh for next two decades, compelling economic value

A residential solar installation in progress.

Spearheading a paradigm shift towards lasting energy, biotech company, SOLS Energy, one of the world’s leading home renewable installers introduces its groundbreaking ‘ Home Solar Subscription Program’, a pioneering initiative in Malaysia’s renewable energy landscape. Petronas Ventures provided funding for SOLS Energy after it was founded in 2015.

This cutting-edge program makes a major step forward by giving homeowners a simplified and more available path to renewable energy like never before.

The Home Solar Subscription Program was established in Malaysia in an effort to alter the landscape of how people use solar energy, with the main objective being to encourage popular solar power adoption in Indonesian homes. By addressing fiscal constraints, the program covers the entire upfront investment, enabling householders to embrace renewable energy without having to bear initial costs.

One of the program’s main advantages is that subscribers do n’t have to pay any debt because they do n’t have to use credit cards or borrow money. Subscribers even receive a complimentary 20- time solar PV equipment warranty, providing peace of mind and dependability.

The” Home Solar Subscription Program” stands out from normal solar efforts by offering immediate payback times, mitigating the long waiting times normally associated with recovering initial purchases. Notably, participants benefit from a fixed tariff rate of US$ 0.09 ( RM0.46 ) per kilowatt- hour (k Wh ) for the next two decades, offering potential savings compared to the current national grid tariff of US$ 0.12 ( RM0.57 ) k Wh. This predetermined rate provides stability and predictability in energy costs, providing homeowners with a convincing economic justification for switching to solar power.

SOLS Energy drives Malaysia’s home solar adoption with innovative subscription model” Our commitment to empowering people on their path to sustainability and a brighter future is unwavering,” said Raj Ridvan Singh ( pic ), founder-CEO of SOLS Energy. ” That’s why we are revolutionizing the affordability and availability of solar energy for everyone,” he said. Through our Home Solar Subscription Plan, we’re breaking over barriers to renewable implementation. The transition to renewable energy is made simple by this program, giving householders a smooth transition. By embracing renewable energy, homeowners not only have complete control over their energy consumption, but they also have a significant impact on promoting good economic change. They will significantly reduce their carbon footprint while enabling generations to come with a cleaner, greener coming.

With a proven track record of installing solar power in the region of 14MW since 2016, SOLS Energy is in the top spot. 1 home renewable company in Malaysia with over 1, 800 house solar setups. The programme has resulted in annual electricity bill savings of US$ 2.84 million ( RM13.4 million ) for customers and carbon avoidance equivalent to planting 418, 500 trees.

SOLS Energy offers tailored setups with in-home technicians who can offer advice based on the needs of each household. With its emphasis on personalized service, SOLS Energy distinguishes itself from other companies and ensures that each buyer receives the best thermal solution possible.

By reducing rely on fossil fuels and reducing carbon footsteps, the Home Solar Subscription Program contributes to a more sustainable future. By encouraging the adoption of solar power, the program coincides with Malaysia’s ambitions of achieving a brighter and more responsible power ecosystem”, said Raj.

SOLS Energy, backed by Petronas, emerges as a leader in the realm of green energy options in Malaysia. With a determination to transitioning 285, 000 Indonesian households to clean energy, SOLS Energy remains steadfast in its alignment with Malaysia’s overall net- zero aspirations.

Notable accomplishments to date include providing electricity access to over 1,400 B40 Orang Asli families and empowering more than 600 members of the B40 indigenous group through its thermal club.

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Soonicorn Collective - 18 pioneer members selected

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  • Committed to biome, financial, and nation- creating contributions
  • Provides management abilities development, creates relationships among founders&nbsp,

Members of Soonicorn Collective

The Soonicorn Collective, a membership-based program designed to groom the next unicorns of Malaysia, develop a solid business ecology in Malaysia and support policy proposals and wedding with government leaders, has been selected by Proficeo Consultants in partnership with Penjana Kapital.

Coined from the word” quickly- to- get unicorns”, Soonicorns are startups with the development potential to get unicorns. All of the chosen members are either CEOs or C-level owners. To participate, startups need to have raised at least US$ 424, 000 ( RM2 million ) in funding or have generated US$ 1.6 million ( RM8 million ) in revenue over the last 12 months.

Being the CEO of a business is a challenging and sometimes lonely journey, said Dr. Sivapalan Vivekarajah, co-founder of Proficeo and chair of the Soonicorn Collective. The most effective founders have had strong support systems and camaraderie with another founders, especially when it comes to building the company that is growing. ” &nbsp,

He continued, Not only does the Soonicorn Collective program help to advance leadership skills, but it also provides a unique setting for the selected owners to network and develop relationships with one another and with other successful unicorn builders. &nbsp,

This group of like-minded peers and a shared understanding of building successful businesses will be a great help for them in overcoming the difficulties of being CEO and the possibilities of creating rainbows, said Dr. Sivapalan.

The founder and CEO of Homa2U, an inexpensive, responsible home improvement company, Pennie Lim says:” As a business leader, the trip can often feel single. I long for a peer-to-peer area where I can openly discuss my issues and frustrations with like-minded, upbeat business people. With the launch of Soonicorn Collective, it seems like the perfect upgraded system where I may unlearn and rediscover strategies, enabling me to create a more effective company without taking unnecessary detours. ” &nbsp,

Lim continued,” I look forward to the opportunity to interact with this group, gain insights and assistance, and use business life’s complexities more effectively and efficiently.”

The founders held regular discussions in the previous 12 months under the program structure of 100Soonicorns where they discussed the numerous issues they encountered as they developed their businesses from the beginning stages to Series A stage and beyond. Additionally, the program gave them a chance to speak with seasoned fairy members who had previously raised money and created unicorns, such as Chu Jenn Weng of Vitrox and Moses Lo, CEO of Xendit, Steve Melhuish of PropertyGuru, Ronen Mense of Appsflyer, and Steve Melhuish of PropertyGuru. The members gain a distinctive learning experience as they contribute to the growth of their own businesses as they learn from society, managing sales teams, and going local.

Additionally, they had the opportunity to speak with officials and experts who taught them leadership skills, as well as local and global enterprise entrepreneurs from companies like Vertex Ventures, Gobi Partners, Golden Gate Ventures, and Khazanah Dana Impak. The founders of Kenanga Investment Bank took the most recent factory, where they learned how to Offering their business as part of their voyage from business to rise to return. These conversations and meetings provide a unique learning opportunity for the owners and professionals.

The Soonicorn Collective is dedicated to promoting habitat, business, and nation-building in addition to serving as a forum for learning and engaging with the neighborhood.

There is a movement sparked by this collective, led by Ramachandran Muniandy, CEO of Asia Mobiliti, a mobility-as-a-Service ( Maasas ) and digital city solutions company, and co-chair of the Soonicorn Collective shared. All boats are lifted by a rising sea. ” &nbsp,

He added that the owners have the chance to influence the splitting of the sky over Malaysia’s ability for a unicorn-building and witness the transformation of many current and future companies into regional and global champions as entrepreneurs for such a time in this country.

Soonicorn Collective is available for software. Those who are interested you find more details and the application form below.

The Soonicorn Collective’s Pioneer Founders are:
1&nbsp, Ramachandran Muniandy, CEO &amp, Co- Chairman, Asia Mobility Technologies Sdn Bhd
2&nbsp, Nadira Yusof, CEO &amp, Founder, Kiddocare Sdn Bhd
3&nbsp, Sharma Lachu, CEO &amp, Founder, Accendo Technologies Sdn Bhd
4&nbsp, Giden Lim, CEO &amp, Co- Leader, BLOOMTHIS Flora Sdn Bhd
5&nbsp, Keong Chun Chieh, CEO, Ominent Sdn Bhd ( IGL Coatings )
6&nbsp, Sharala Devi Balakrishnan, CEO, Center of Applied Data Science ( CADS )
7&nbsp, Mohamed Tarek El- Fatatry, CEO &amp, Co- Founder, Blue Bee Technologies ( ERTH App )
8&nbsp, Nuraizah Shamsul Baharin, CEO &amp, Founder, Madcash Sdn Bhd
9&nbsp, Lee William, MD, Easybook ( M ) Sdn Bhd
10&nbsp, Parthiven Shanmugan, CEO, TixCarte Sdn Bhd
11&nbsp, Effon Khoo, CEO &amp, Founder, Kakitangan.com
12&nbsp, Hui Yik Seong, CEO &amp, Founder, Direct Lending Sdn Bhd
13&nbsp, Pennie Lim, CEO &amp, Co- Leader, Homa Sdn Bhd
14&nbsp, Jayson Poon, CEO &amp, Founder, Payex Ventures Sdn Bhd
15&nbsp, Derek Tan, CEO &amp, Co- Creator, Sonicboom Solutions Sdn Bhd
16&nbsp, Sandeep Grewal, CEO &amp, Co- Creator, Subhome Management Sdn Bhd
17&nbsp, Gavin Liew, CEO &amp, Co- Creator, The Makeover Guys Sdn Bhd
18&nbsp, Gokula Krishnan Subramaniam, CEO &amp, Co- Chairman, Vircle Sdn Bhd

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Maybank and Gentari to collaborate on sustainability solutions tailored to individuals and SMEs

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  • EV charging facilities to be installed by Maybank in a few trees
  • Consumers who use Gentari to finance their electric vehicles will be able to receive opportunities.

hahril Azuar Jimin, group chief sustainability officer of Maybank; Tuan Syed Ahmad Taufik Albar, group CEO of Community Financial Services of Maybank; Shah Yang Razalli, deputy CEO of Gentari and CEO of Gentari Green Mobility and Aliah Nasreen Abdullah, chief customer officer of Gentari Green Mobility at the official exchanges of documents ceremony.

A Memorandum of Understanding ( MOU) between Maybank and Gentari will allow for cooperation in green mobility and renewable energy solutions.

Through this partnership, Maybank Islamic’s InCharge pre- funds may be extended to incorporate Gentari’s charging channels, giving more exposure and benefits for customers. Genetari claims to have Malaysia’s largest system of DC fast chargers. With Maybank Islamic Vehicle financing and certificates redeemable at specific charging stations, the Maybank Islamic Incharge program is designed for EV owners and owners of hybrid vehicles.

Maybank says it will install charging points for electric and hybrid vehicles ( EV ) and other vehicles in its network of offices and branches nationwide, starting with ten carefully chosen locations, in conjunction with Gentari as the partner for clean energy solutions.

A really change in energy requires that various stakeholders work together to improve access to, sustain, and cost-effective energy. This partnership brings together Maybank’s set of financing and insurance options with Gentari’s clean freedom and clean energy offerings, demonstrating the dedication of like-minded partners who are working together to achieve a sustainable existence, according to Shah Yang Razalli, assistant CEO of Gentari and CEO of Gentari Green Mobility.

In Maybank’s myimpact SME Hub, Gentari may serve as the clear energy industry specialist, while Maybank SME consumers will also benefit from this partnership.

Maybank Community Financial Services ‘ Group CEO, Syed Ahmad Taufik Albar, emphasized the company’s commitment to achieving sustainable funding and serving as a key force behind low-carbon activities. We provide complete solutions in clean energy and natural mobility, according to Taufik Albar. ” Embracing our goal to Humanising Financial Services, we support our customers with a full ecosystem: best- in- course, value- based offerings that is both within and beyond standard banking”.

Different areas of collaboration include cross-branding and marketing efforts for all Maybank product lines, including those involving cards partnerships, plan, and takaful, as well as cross-branding and marketing efforts.

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Can Rais Hussin stamp his mark on Malaysia’s innovation ecosystem?

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  • received a sizable grant from the government to enhance MRANTI
  • To utilize 4IR to enhance world’s food production, agency up food protection

Rais Hussin (right) at the launch of the Autonomous Vehicle Testing facility at MRANTI in late 2023.

The one thing that Dr. Rais Hussin is not is boring, regardless of whether you like him or not, and his turbulent two years as the non-executive chairman of Malaysian Digital Economy Corporation ( MDEC ) made sure that the ecosystem had one opinion or the other.

And that largely comes from his sincerity and natural desire to tell items as they are. When questioned in late 2020 why he was acting like an executive chairman and outstepping his authority at MDEC, he replied,” I am not here to be a cake breath chairman.” He may have denied, veered off, or simply sugarcoated the position, but Rais is not. Therefore the polarizing ideas he has.

And even when an MDEC administrative gives him breaks, it comes with a bite. ” He can bring money to the table as proven by how he convinced CIMB Bank to allocate US$ 2.12 million ( RM10 million ) in 2021 for an agritech focused&nbsp, micro- financing programme”.

Such was the success of the program that in 2022 and 2023 the government allocated MDEC funding of RM10 million and US$ 4.25 million ( RM20 million ) to expand its agritech drive. The professional stated that the government had not provided MDEC financing for agritech prior to this. Rais put the program up so rapidly, which was due to her having only been discussed and discussed in the past without any real action.

]RM1 = US$ 0.212]

However, his meddling with the operation of MDEC was on the other area. ” He does not know how to operate a government agency and his interference was ridiculous”, said the executive, adding,” The reputation of the Discretionary Authority Limit is something we are also living”, referring to a vital principle Rais introduced, designed to minimize the financial level by which MDEC officials had make funding/grant choices. Ras argued that some MDEC officials had abused the previous system because it was flawed.

You Rais move a government agency?

But, amazingly, Rais now has been given the opportunity to show that he can move a government agency. And Rais recently held a presentation for the advertising to promote some updates and give a hint that” there are more exciting and beautiful things coming in the near future” after sitting silent for almost five months since his wonder appointment as CEO of MRANTI in October 2023.

Bullish words for a business executive who has pledged to” we will not spend on anything that has no effect on society and the nation.” And to underscore this promise, he and then-Prime Minister Muhyiddin Yassin had a conversation while on his first official public meeting as chairman of MDEC in late 2020, when he was present for a major launch the organization had at a low-cost public housing area.

A resident took Rais to a run-down PC room with 40 desktop units, and he claims to have been turned aside by the resident. Only 20 of them were operational, and 15 of them, even here, had flickering screens.

How wonderful if we could get 40 new PCs instead of this event, the elderly resident thought to herself. Rais, who has since used the unforgettable encounter to guide him in how to create and deliver real, meaningful, and impactful programs for the country and its citizens while reducing showy spending, said:” His words hit me hard.” That MDEC program cost RM800, 000.

One important take away from the briefing is that Rais immediately demonstrates his ability to attract funding, which is in part due to the close working relationships he has with senior members of Prime Minister Anwar Ibrahim’s Pakatan Harapan coalition.

In essence, Rais argued to the Ministry of Finance and Economy Ministry where the 28-year-old park stood in relation to its appeal as a hub for innovation in its current aging state as opposed to the goals the government had for it. He also argued that proper investments were required to bolster MRANTI’s reputation as a world-class innovation hub. So what happened? &nbsp,

The government has acknowledged that comprehensive upgrades are necessary and has given the park’s 686 acre infrastructure a significant amount of funding, Rais said, who declined to disclose the amount that will be invested over a three-year period.

Even though there was a lot of flux at MDEC, Rais has adopted a supportive mindset at MRANTI in terms of his leadership team. He has repeatedly said,” I have an amazing team,” noting that the only new senior hire has been a” transformationist” in the procurement field and that there may be two more senior positions to be filled.

He said,” Those who know me, realize that I take governance very seriously,” in a nod to his prior experiences at MDEC. And in a different agency, I had taken a very robust approach. But not here. We have a fantastic team that is adaptable to change.

Rais at the media briefing.

innovation to address nation and citizen pain points

Moving forward, Rais stated that the Board’s intention is to “accelerate demand driven R&amp, D using 4IR to address national challenges” rather than the name MRANTI ( Technology Innovation Park Malaysia ).

The use of 4IR is no coincidence as Rais has co- authored a book in 2019 ‘ 4IR – Reinventing A Nation”. He also mentioned that Mosti has appointed MRANTI as an organization that is “tasked with facilitating addressing food security using 4IR,” and that we are working very hard in this area because Malaysia’s food bill in 2023 was around RM72 billion, excluding dried and processed food.

No specific plans have been made by MRANTI in this regard, with Rais looking to Qatar for inspiration. The tiny country benefited greatly from relying on 4IR technologies to undergo a dramatic transformation, going from importing most of its food needs to becoming an exporter. To learn from the desert nation, two teams will be sent to Qatar.

Rais insists that the MRANTI approach does n’t just involve copying others. Innovation must address the pain points of the nation, “he said while highlighting that around 97 % of people want five things in their lives – affordable cost of living, affordable and quality healthcare/education/housing and dignified jobs.

As we continue to position Malaysia as a leader in technology production and the nucleus of innovation, these are the pain points we need to address.

Without a doubt, these are ambitious objectives for Rais and MRANTI, taking into account the reality that the agency cannot significantly slow the pace of innovation in the nation by itself, with its business model of collaborating startups, the private sector, and academia in their innovative endeavors while enticing regional and international corporations to set up their innovation centers at MRANTI, utilizing its 686 acre landbank to generate revenue.

On 5G, MRANTI provides a drone and an area for autonomous driving testing. However, despite the facilities being provided, use of the two test zones entirely depends on ecosystem players, including businesspeople, corporations, and academics, for their testing. MRANTI has no funding or grants to distribute, nor does it have any valuable IP or researchers to share with ecosystem partners.

According to Rais, there is a reality to be had if he is to predict “exciting and sexy” developments to come. He states that the goal is for 2024’s revenue to increase 29 % while maintaining positive EBITDA, compared to 2023’s revenue of RM126.2 million and RM17.5 million.

An artist impression of MRANTI from the previous CEO, Dzuleira Abu Bakar's time.

Chinese investments are being made

Some of the exciting developments to come stem from a Dec 2023 trip to China, visiting some leading companies there, including Geely, pitching MRANTI to them. Rais anticipates that two universities will open campus branches, one AI company to launch an innovation center, and the other to establish operations with another company opening an innovation center at MRANTI.

An AI capacity development program will be launched by a global tech company, reportedly Nvidia, for free to increase their job prospects with another 1, 000 spots for startups, which is a more immediate development that he is excited about, and it’s because it cost him nothing to put together.

This project also serves as an example of Rais ‘ ability to maneuver with discernibility and deftly navigate layers. The tech company had tried for years to offer the government the project to improve AI skills. They agreed to support the project on the spot and their chairperson, Prof. Dr. Rofina Yasmin Othman, at the meeting that Ras organized. Rass then instructed the executive to allow him to spend the night at his leisure, and that evening he and Zambry Abdul Kadir, the minister of higher education, met to discuss the initiative with him.

The launch will see both Zambry and Chang Lee Kang, the Minister of Science, Technology, and Innovation in attendance. Rais ‘ agency sits under Chang’s portfolio”. I am Mr. Zero Capex and “quipped Rais of the project that will be launched end of April.”

The greatest challenge

Despite a few early victories, Rais is unsure of how significant a challenge lies ahead for the nation in terms of innovation advancement. He now understands the enormous challenge that lies ahead thanks to his trip to China and particularly the innovation park Zhongguancun Science Park (Z-Park ) in Beijing.

While serving as one of the many innovation parks in the greater Beijing area, the park has hosted an astounding 108 unicorns, each with a number of leading local and international businesses as tenants. ” Every visit to the park left me feeling depressed back at the hotel,” Rais said,” so vividly recalled a time when Malaysia was ahead of China ( before it opened its borders and joined the WTO in 2001 ). But now we are 30 to 40 years behind them”.

Where are we failing to act morally? What can we do that they cannot do? In his head were these questions lingering. However, this was the one constant response Rais would receive from his Chinese hosts. Their success was attributed to the top-down approach the nation took to innovation. It is incorporated into all the verticals they want to become leaders in, Rais said.

It will be Rais ‘ greatest challenge, and it will result in many sleepless nights for him, to try to replicate this in the Malaysian context and the capabilities of its entrepreneurs, businesses, and researchers.

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