As online financial influencers gain popularity in India, regulators attempt to clamp down on rogue players

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GROWTH OF ONLINE FINANCIAL Bloggers

Financial aficionados like Ms. Tolkar are one of India’s 3.5 million material makers in a fast-growing industry.

Their extraordinary surge coincided with a surge in the property market, the ease of online trading, and the COVID-19 crisis.

Thousands of regular Indian citizens were eager to invest, and many of them sought advice online. The level of financial education in India is currently 27 %. &nbsp,

However, a lack of oversight has resulted in unethical behavior, such as charging registration fees for which customers receive little or nothing in profit.

The market is also replete with so-called “pump-and-dump” techniques, where traders are urged to buy a certain property so that its value is deliberately inflated. The person responsible for the plan finally profits when they sell the shares to themselves.

Managing director of Mumbai-based Bexley Advisors, Mr Utkarsh Sinha, noted that online financial tips is a quickly evolving room with no access barriers. He added that even if they do n’t have credentials, they can be trusted as influencers. &nbsp,

” There’s a lot of ability for mis-selling, for pump-and-dump methods, and so rules of this space is required”, he said.

It’s also very challenging to patrol these flies because they come up in pairs, they say.

REGULATING FINANCIAL Celebrities

Nevertheless, India’s market regulator, the Securities and Exchange Board of India ( SEBI ), has been taking steps against potentially harmful content, in line with countries like the United Kingdom and Singapore which have rules on financial influencers in place.

Agents and mutual funds are then prohibited from working with people who offer investment advice on stocks and bonds despite not being registered with the regulation under the fresh SEBI restrictions approved in June.

Nearly 9, 000 instances of false or immoral social media content in relation to markets were discovered by SEBI in July. &nbsp,

Since then, it has urged channels to file legal lawsuits and is looking into ways to get people to register as investment advisors. However, it acknowledged that its demands, regarded as strong, have led to confined take-up.

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Malaysia Airlines’ air operator certificate cut to 1 year after technical issues

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According to Minister of Transport Anthony Loke, Malaysia Airlines has developed a prevention plan that will include an intense labor selection program and a greater emphasis on security and maintenance following the investigation conducted by Malaysia’s Civil Aviation Authority. Malaysia Airlines has been given the task of providing a regularContinue Reading

‘Our laws are bigger’: Malaysian minister warns tech firms for resisting licensing regime in ‘strange’ open letter

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KUALA LUMPUR: Malaysia’s Communications Minister Fahmi Fadzil on Tuesday ( Aug 27 ) warned tech firms to comply with the government’s licensing regime if they wanted to continue operating in the country.

A partnership of tech companies sent its most recent available letter to Malaysian Prime Minister Anwar Ibrahim, in which he urges the government to reconsider its controversial licensing program, a day later. &nbsp,

Social media and messaging platforms with over 8 million users will need to obtain an annual operating license in accordance with the new framework, which could lead to fines of up to RM500, 000 ( US$ 115, 000 ) for non-compliance.

The Asia Internet Coalition ( AIC ), a trade organization established to address public policy issues and promote the growth of the internet economy in the Asia-Pacific region, claimed the regime would “unnecessarily burden businesses” and cause “undue burdens” for innovation.

” It will prevent continuous purchases and deter future people due to the complexity and expense of compliance”, said AIC, whose members include Meta, Google, Amazon and Apple. &nbsp,

The proposed government has also been criticized by civil society organizations, including Malaysia’s Centre for Independent Journalism, as one that might stifle free speech and criticism of the government.

On the day of an Orang Asli creation event in Sepang on Tuesday, Mr. Fahmi addressed these remarks, stating that the implementation of the program, which is scheduled to begin on January 1st, 2025, will not be postponed.

” They are Big Tech, but our laws are bigger. But if they want to work in Malaysia, they must regard and cooperate with our regulations”, he said.

The secretary cited recent examples from the UK and France as proof that the Indonesian government’s decision to enact more stringent regulation of tech companies.

In the UK, widespread turmoil and protests broke out in the summer and August, while Telegram leader Pavel Durov was detained in France on Saturday as part of a spacecraft into child porn and drug trafficking on the well-known encrypted communications app.

According to Mr. Fami, there are “many stuff that we are concerned on,” particularly crimes that have migrated to social media.

” POSITIVE” Conversations WITH BIG TECH

When CNA questioned whether the government had considered a situation wherein tech firms would refuse to comply and step out of Malaysia, Mr. Fahmi claimed that his government had “examined all elements”.

He added that his conference with technology companies in Singapore in soon July on the licensing program was “positive,” in that they were prepared to talk about the subject.

” We will continue discussions … The government of Malaysia is very receptive to holding conversations, taking into consideration their sights”, he said.

The AIC claimed in the most recent version of its notice that an ecosystem that depends on creativity, flexibility, and openness could be destabilized by the introduction of the licensing program “without a clear roadmap or enough industry engagement.”

The lack of these important discussions has caused the economy to be very uncertain about the range of the responsibilities and what exactly these platforms would be signing up for, it said.

The AIC raised concerns about the regime’s legal responsibility for employees of licensed service providers and the “insufficient” five-month grace time for compliance before the plan begins.

Additionally, it raised questions about strict guidelines for content restraint, such as the condition that spiritual content been approved by the Department of Islamic Development Malaysia.

Inquiries OVER AIC LETTER

Mr. Fahmi pointed out that CNA had reviewed the AIC’s three versions of its notice, which were all released after the AIC had reviewed them.

The second type, dated Friday, contained the symbols of all its 17 members and said the licensing program would be “unworkable” for the business.

Regional super-app Grab, one of its people, immediately issued a declaration distancing itself from the email, saying that the proposed legislation would not affect its functions.

Because Grab focuses on ride-hailing and food supply, it would not fall under the definition of a system that requires a license.

The AIC finally released the next version of its letter from Monday, which included the logos of only six businesses as “applicable picture.” The second type, even dated Monday, did not contain any organization logos.

The section that said the registration system may be “unworkable” was also omitted from the second and third types.

In a statement released on Tuesday, the Malaysian Communications and Multimedia Commission (MCMC) said that it had” consistently engaged with a broad spectrum of stakeholders, including service providers, civil society organisations, non-governmental organisations, ( and ) law enforcement agencies”.

The last framework must be good, effective, and in line with the needs of both the business and the general, according to the statement.

Mr. Fahmi claimed that MCMC and AIC had discussed the government in May and that AIC had repeatedly requested more time to respond up until Friday’s opened email was made public.

He continued, adding that he continues to believe that software companies had responded favorably to discussions on the program.” What is apparent is that AIC does not reflect all the platforms, but only some of them,” he said.

Mr. Fahmi acknowledged that it was” strange” that AIC had distributed multiple versions of its open letter, and that Grab’s claim that it was not consulted on the letter made things “awkward.”

However, Mr. Fahmi stated that he continues to take an “open” stand by inviting AIC and any other business to join and express their opinions on the registration system.

” There is still room for discussion”, he said.

The Indonesian government continues to insist that social media platforms and messaging apps may be regulated in order to make the internet safer for Malay citizens, especially children and families.

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‘Our laws are bigger’: Malaysian minister warns Big Tech for resisting licensing regime in ‘strange’ open letter

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KUALA LUMPUR: Malaysia’s Communications Minister Fahmi Fadzil on Tuesday ( Aug 27 ) warned tech firms to comply with the government’s licensing regime if they wanted to continue operating in the country.

A partnership of tech companies sent its most recent available letter to Malaysian Prime Minister Anwar Ibrahim, in which he urges the government to reconsider its controversial registration program, a day later. &nbsp,

Social media and messaging platforms with over 8 million users will need to obtain an annual operating license in accordance with the new framework, which could lead to fines of up to RM500, 000 ( US$ 15, 000 )

The Asia Internet Coalition ( AIC ), a trade organization established to address public policy issues and promote the growth of the internet economy in the Asia Pacific region, claimed the regime would “unfavor innovation” and “impose undue burdens on businesses”.

” It will prevent continuous purchases and deter future people due to the complexity and expense of compliance”, said AIC, whose members include Meta, Google, Amazon and Apple. &nbsp,

The proposed program, according to civil society organizations like Malaysia’s Centre for Independent Journalism, was stifle free speech and criticism from the state.

On Tuesday, Mr. Fahmi addressed these remarks on the outside of an Orang Asli growth function in Sepang, stressing that the regime’s implementation is scheduled to begin on January 1st, 2025, will not be postponed.

” They are Big Tech, but our laws are bigger. But if they want to work in Malaysia, they must regard and cooperate with our regulations”, he said.

The secretary cited recent examples from the UK and France as proof that the Indonesian government’s decision to enact more stringent regulation of tech companies.

In the UK, widespread turmoil and protests broke out in the summer and August, while Telegram leader Pavel Durov was detained in France on Saturday as part of a spacecraft into child porn and drug trafficking on the well-known encrypted communications app.

According to Mr. Fahmi, the accusations against Durov involved “many stuff that we are concerned about- that is, crimes that have migrated to cultural media.”

” POSITIVE” Debate WITH BIG TECH

When CNA questioned whether the government had considered a situation wherein tech firms would refuse to comply and step out of Malaysia, Mr. Fahmi claimed that his government had “examined all elements”.

He added that his conference with technology companies in Singapore in soon July on the licensing program was “positive,” in that they were prepared to talk about the subject.

” We will continue discussions … The government of Malaysia is very receptive to holding conversations, taking into consideration their opinions”, he said.

The AIC claimed in the most recent version of its notice that an ecosystem that depends on creativity, flexibility, and openness could be destabilized by the introduction of the licensing program “without a clear roadmap or enough industry engagement.”

The industry is divided on the range of the obligations and what precisely these platforms would be signing up for, it said.” The absence of these important discussions has created a great deal of doubt in the industry.”

The AIC raised concerns about the regime’s legal responsibility for members of licensed service providers and the “insufficient” five-month grace time for compliance before the plan begins.

Additionally, it raised questions about demanding content moderation requirements, such as the condition that spiritual content been approved by the Department of Islamic Development Malaysia.

Issues OVER AIC LETTER

Mr. Fahmi pointed out that the AIC had published three versions of its notice, all of which had been subject to CNA’s review.

The second type, dated Friday, contained the symbols of all its 17 members and said the licensing program would be “unworkable” for the business.

Regional super-app Grab, one of its people, immediately issued a declaration distancing itself from the email, saying that the proposed legislation would not affect its procedures.

Because Grab is focused on ride-hailing and food delivery, it would not fall under the definition of a platform that requires a license.

The AIC then released the second version of its letter from Monday, which included the logos of only six businesses as “applicable representation.” The third version, also dated Monday, did not contain any company logos.

The section that said the licensing regime would be “unworkable” was also omitted from the second and third versions.

In a statement released on Tuesday, the Malaysian Communications and Multimedia Commission (MCMC) said that it had” consistently engaged with a broad spectrum of stakeholders, including service providers, civil society organisations, non-governmental organisations, ( and ) law enforcement agencies”.

The final framework must be fair, effective, and in line with the needs of both the industry and the general, according to the statement.

Mr. Fahmi claimed that MCMC had met with AIC representatives in May to talk about the regime and that AIC had repeatedly requested more time to respond up until the open letter was made public on Friday.

He continued, adding that he continues to believe that tech companies had responded positively to discussions on the regime.” What is clear is that AIC does not represent all the platforms, but only some of them,” he said.

Mr. Fahmi acknowledged it was” strange” that AIC had distributed multiple versions of its open letter, and that Grab’s claim that it was not consulted on the letter made things “awkward.”

However, Mr. Fahmi stated that he continues to take an “open” attitude by giving AIC and any other company the opportunity to meet and express their opinions on the licensing regime.

” There is still room for discussion”, he said.

The Malaysian government continues to insist that social media platforms and messaging apps must be imposed with a regulatory framework to ensure a safer internet for Malaysian citizens, especially for children and families.

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‘Blessing in disguise’: Indonesia’s president-elect Prabowo says EU palm oil ban will benefit his country

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JAKARTA: The European Union’s expected import restrictions on Indian finger oil are a “blessing in disguise” that will help the Southeast Asian nation increase its strength self-sufficiency, president-elect Prabowo Subianto said.

Indonesia may, instead, use more of the hand fuel it produces for diesel and lessen its dependence on gas imports, Mr Prabowo said.

The incoming Indonesian president, who will succeed Mr. Joko Widodo on October 20, revealed on Sunday ( Aug 28 ) what he had previously said to French President Emmanuel Macron during a meeting in Paris in late July. &nbsp,

I say thank you very much if you want to stop our hand crude from entering Europe. According to Mr. Prabowo, according to a statement from the nearby media outlet Bisnis,” We will use our palm oil to the benefit of our people to achieve self-sufficiency in power.” &nbsp,

” We feel that if Europe does not want to get our hand fuel, we are thankful, it’s a blessing in disguise. He ( Mr Macron ) was a bit surprised”, he added. &nbsp,

At the congress of the National Mandate Party ( PAN), which is a part of his political coalition, Mr. Prabowo recounted how he had spoken about the EU’s policy to boycott Indonesian palm oil and how Mr. Macron reportedly offered assistance in reducing the impact of the ban on Indonesia. &nbsp,

He made reference to the EU’s anti-deforestation law, which will apply from December 30 and requires evaluations of palm oil and other seven supplies. Products may be deforestation-free and detectable, among other conditions. Indonesia and Malaysia, the country’s two largest palm oil exporters, have decried the plan as unfair.

Indian deputy minister of business Jerry Sambuaga stated in a statement to the Antara news agency in February that the main driving force behind the EU’s plan was the decline in trade competitiveness. He made the point that Indian palm oil costs significantly more than private rapeseed oil in the EU.

In a dispute that is still unsettled, Indonesia has filed an official complaint with the WTO.

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As quick-delivery grocery apps grow in India fuelled by cheap labour, mom-and-pop stores struggle to compete

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AVAILABILITY OF CHEAP LABOUR

Every journey Mukesh makes within his own time increases his chances of getting his next gig thanks to the game, which tracks and scores his performance.

Each delivery earns Mukesh between 20 rupees ( US$ 0.25 ) and 70 rupees. In a normal 10-hour time he can produce over 20 sales, earning an average of US$ 10, just enough to get by.

One of the factors that makes these so-called “last moment” food apps practical in India is the simple availability of cheap labor.

Another software that offer related services include Zomato’s Blinkit and Zepto in addition to Swiggy, which is supported by Japan’s Softbank.

It is great company. Swiggy, for instance, is planning an initial public offering ( IPO ).

Quick business accounts for almost half of India’s net grocery market, according to global investment bank Goldman Sachs, or US$ 5 billion. It anticipates that the fast-delivery category will account for 70 % of the US$ 60 billion website food market by 2030.

Many urbanites today rely on apps for the majority of their purchasing, with some choosing to pay a small shipping cost for a box of milk or a bar of soap.

” We receive some discounts when we place orders on Blinkit or any other website purchasing game.” It’s simple. We do n’t visit the shops anymore”, said one shopper.

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