Banks – Page 2 – Sure A Not

‘Bak kut teh bubble tea was a disaster’: How Labyrinth survived 10 years in Singapore’s tough restaurant scene

On: November 29, 2024

It was his dad who gave him some solid advice, despite being against the idea. “My father told me, ‘Don’t just open a restaurant. Test yourself to see if you really want to do it. Start by doing a bunch of pop-ups and private dinners first, and see whether you actually enjoy doing it every week, and then use the market response of your diners to gauge how strong you are. Friends will tell you that your food is good. You need more objective feedback.’”

He did private dinners at home, “before private dining even became a thing. I said, ‘Pay whatever you want. What is this meal worth?’ That’s how I started shaping my philosophy towards, ‘What are you worth?’ and not, ‘What is your ingredient worth?’.” They paid “anywhere between S$50 and S$98. I took the median. I opened at S$70 for five courses.”

He added: “It’s a business method. You can’t open and leave it to chance. You’ve got to get enough of a sample population to have data. To make sure you have the best chance of succeeding.”

He’d earned a degree in accounting and finance at the London School of Economics primarily because both his parents were accountants, and he went on to land high-profile jobs at multinational banks. But during his time in university, he’d started baking – “cookies; bread and butter pudding” – to impress girls. “I ended up liking cooking more than I liked girls.”

And, while he was working in the finance industry, “I was staging in restaurants for free on weekends, cleaning their floors and wiping their fridges. I was also baking and selling macarons from home at S$1 each using a small oven that could only bake one tray at a time. 120 macarons would take me 12 hours to bake. Once, I made 200 macarons for a friend’s wedding. I almost cried. My mum saw me baking at 2am and came to help me.”

Deep Dive Podcast: Will greater police powers help save stubborn scam victims from themselves?

By: Marcus Ching

On: November 28, 2024

In: South-East Asia

Here is an excerpt of the conversation:

Steven Chia, host:
So Mark, if (this) becomes law, it gives police these powers. Why is it important for them to have such powers?

Mark Yeo, Fortress Law Corporation:
The key thing is that the police are already taking active steps. If you look at the mid-year crimes brief released by the police force, they gave some statistics on the number of cases that the banks have referred to them, and they have gone out, tried to persuade people, and they haven’t succeeded.

They are thinking, “I need more time to persuade these people, to get family members on board, get social services on board.” They need a stopgap measure to buy them some time, which is why this Bill is being proposed.

Crispina Robert, host:
It does sound quite very restrictive because this is my money, it’s my day-to-day stuff. Some people argue, “Hey, are you taking away my personal responsibility by doing that?” Do you think (this argument) is very simplistic?

Mark:
As a matter of first principles, we should all be responsible for our money … our own actions. And if it were not necessary, the police shouldn’t have to intervene in daily life.

Crispina:
But the police shouldn’t intervene even if it’s a bad choice – it’s my bad choice.

Mark:
That’s right. I tend to fall personally on the side of personal responsibility, that it’s your money.

Severe flooding continues in South, trains disrupted

By: Barkar Nash

On: November 28, 2024

In: South-East Asia

More than 130,000 households affected, with heavy rain forecast for several more days

A man looks at the flooded Road 43 in Nong Chik district of Pattani on Thursday. The road serves as a main link between Songkhla and other southernmost provinces. (Photo: Pattani Public Relations Office's Facebook) — A man looks at the flooded Road 43 in Nong Chik district of Pattani on Thursday. The road serves as a main link between Songkhla and other southernmost provinces. (Photo: Pattani Public Relations Office’s Facebook)

More than 130,000 households in seven southern provinces have been hit by floods following downpours that are forecast to continue in many areas until Dec 3.

Heavy rain continues to pound all southern provinces along the Gulf of Thailand, and many train services have been suspended due to flooded tracks between Pattani and Yala.

The weather office issued another warning on Thursday about downpours until Sunday in eight provinces: Chumphon, Surat Thani, Nakhon Si Thammarat, Phatthalung, Songkhla, Pattani, Yala and Narathiwat. This could further exacerbate flooding.

Water levels in key southern rivers — Pattani, Saiburi, Kolok and Tanyongmas — are forecast to rise significantly in the coming days, overflowing the banks and surging by 1.5 to 2 metres, said Thanaroj Woraratprasert, director of the National Water Administration Center at the Office of the National Water Resources (ONWR).

The accumulated rainfall in vast areas of the South has been substantial, with Narathiwat recording the highest rainfall over the past seven days, totalling 1,100 millimetres.

On Tuesday alone, the province recorded 502mm of rain, followed by Pattani at 492mm and Yala at 405mm. Local officials in Yala said the floods were the worst in three decades.

Rainfall, however, is predicted to ease toward Dec 4. After that, water levels in flooded areas are set to gradually recede.

Flood water that accumulated from Tuesday to Wednesday is now flowing out to sea.

The ONWR has taken various measures to tackle the flood crisis, including preparing equipment for rescue and relief operations, establishing evacuation centres and offering assistance with utilities.

Interior Ministry spokeswoman Traisuree Traisaranakul said the heavy rainfall in the South has caused widespread flooding over a relatively short period of time. Landslide alerts have also been issued in communities close to mountains.

The Department of Disaster Prevention and Mitigation (DDPM) reported ongoing flooding in seven southern provinces, affecting 50 districts, 321 tambons and 1,884 villages in which 136,219 families live.

Tens of thousands more families are struggling to cope with floods in other districts in the region.

Racing against time, the DDPM has collaborated with the National Broadcasting and Telecommunications Commission (NBTC) and mobile network providers to issue flood warnings via mobile SMS to residents in Pattani, Yala and Narathiwat.

Santi Pailoplee, a professor of geology at Chulalongkorn University, said a lot more rainfall has triggered the southern floods than those that damaged Chiang Rai and Chiang Mai recently.

If the same volume had hit the upper North, the floods there would have been 10 times worse, he said.

So far, threats to people’s lives have been limited in the South as few communities live precariously close to waterways or flood-prone locations, the academic added.

Train services disrupted

The State Railway of Thailand (SRT) said on Thursday that all trains to Yala and Sungai Kolok stations are now stopping at Hat Yai in Songkhla, except for local trains 463 and 464, which run between Phatthalung and Sungai Kolok, stopping at Thepa station in Songkhla.

The service disruption was due to flooding on the tracks between Mai Kaen station in Pattani and Raman in Yala.

The SRT advised travellers to keep monitoring the latest developments.

Southern trains to Surat Thani, Nakhon Si Thammarat, Trang and Phatthalung have not been affected by the extreme weather.

DBS’ chief data and transformation officer on ‘human’ AI in banking | FinanceAsia

By: Marcus Ching

On: November 28, 2024

In: Asia, Finance, South-East Asia

Speaking to FinanceAsia at the 2024 Singapore Fintech Festival, Nimish Panchmatia, chief data and transformation officer at DBS, described how artificial intelligence (AI) could evolve beyond optimising individual tasks in banking,

Panchmatia noted: “Today, a lot of people are focusing on what I would call user-centered AI, but if you lift this up to the next level, is human-centred AI.”

This shift, Panchmatia explained, isn’t just about streamlining processes, but about building AI models that actively support customer well-being, financial literacy, and a positive societal impact

Going deeper into this human-centred AI (HCAI), IBM in a recent paper explained, “adhering to the core value that “human + AI” is better than either one individually, novel user experiences can be. developed that foster human-AI collaboration”.

HCAI is an emerging discipline and Panchmatia believes it is increasingly important for the banking sector. With AI-driven tools like virtual financial advisors and personalised education modules becoming more common, banks can reduce the transactional feel of interactions and establish themselves as partners in their customers’ financial journeys — a shift expected to drive stronger customer retention than models based solely on service speed or product sales.

Panchmatia also discussed adaptive feedback loops, which refine customer insights to continuously improve AI models.

For example, if a customer is given a “nudge” (such as an instalment option for a large purchase) and chooses not to engage, that feedback helps adjust future interactions.

“If you got a nudge and didn’t act, this went back into the model to say, ‘Okay, why didn’t this customer engage?’” he explained. By continuously learning from customer behaviour, banks can anticipate needs more accurately, aligning with the industry-wide shift toward hyper-personalised services.

According to a 2023 report by S&P Global, the potential for the new AI to reshape banking is vast with below being some common AI applications in banking.

The McKinsey Global Institute (MGI) estimates that across the global banking sector, generative AI (Gen AI) could add between $200 billion and $340 billion in value annually, or 2.8% to 4.7% of total industry revenues, largely through increased productivity.

In terms of commercial priorities, Panchmatia explained how DBS builds its AI models around customer understanding. The bank uses a variety of methods, including surveys and sophisticated anthropology studies, to gather insights. “We sit down with client groups and observe,” Panchmatia said. By understanding customer needs before making decisions, the bank can ensure that AI-driven offers are relevant and beneficial.

The human angle of transformation

A successful transformation requires looking at all the components—technology, people, and processes—and understanding their collective impact, according to Panchmatia.

“What does this mean for the people in the organisation? What does it mean for the tech stack? What does it mean for the customers, the regulators, and any other stakeholders?” Panchmatia emphasised the importance of stakeholder mapping, assessing both potential successes and failures.

It’s through this holistic approach that banks can find the right balance between technology and people.

He stated, “If you change your branch system… is it a big tech project? Yes. Is it a bigger people project? For sure.”

Data responsibility

With AI becoming a standard feature of banking, the question of data ethics has risen to the forefront. Banks are increasingly tasked with managing not only structured data but also unstructured information.

In the finance industry, unstructured data can be found in various forms such as emails, social media posts, news articles, customer reviews, legal documents, and multimedia files. Unlike structured data, which is neatly organised in tables with a predefined format, unstructured data is not systematically arranged. It often consists of large amounts of text or multimedia content, making it more challenging to analyse and interpret.

With the rise of unstructured data comes an increased risk of misinterpretation, requiring clear guidelines to ensure responsible use.

At DBS, a protocol known as “P.U.R.E” governs this process. This structure reflects a growing industry-wide movement toward transparency, especially as more countries tighten their data regulations.

“Whatever you do must fit all these (P.U.R.E) parameters,” Panchmatia explained, emphasising that “the unsurprising and easy-to-explain part (in P.U.R.E) became a little more dynamic” when working with unstructured data.

Globally, banks are establishing similar frameworks to foster transparency and accountability in AI applications, aligning with regulatory shifts that prioritise customer privacy.

In Singapore, where DBS is headquartered, stringent data privacy laws require financial institutions to be meticulous about data governance. In June 2023, the Monetary Authority of Singapore released a toolkit for the responsible use of AI in the financial system called the Veritas Toolkit version 2.0 that will help financial institutions (FIs) carry out the assessment methodologies for the Fairness, Ethics, Accountability and Transparency (FEAT) principles.

Implementation of data integrity

In terms of data, Panchmatia explained that it is unsurprising for both the users who are handling it and the customers who are receiving it. Customers don’t have to question why they’re receiving certain information. “If you come to me and say, – why did you send me this notification – I need to be able to explain this to you.”

From a technical perspective, having the right tools and infrastructure in place for data is crucial, shared Panchmatia.

“If you’re going to build the model right, you’ve got to register it first.” This ensures accountability and traceability, allowing data management to kick into the workflow efficiently. If the necessary steps aren’t followed, such as completing a proper assessment, data cannot be used effectively for model training or testing.

The importance of oversight cannot be understated, either. “We have a senior committee in the bank that ensures that data initiatives align with the company’s strategic objectives and risk appetite. It’s not just about purchasing the latest tools—it’s about being thoughtful and deliberate in how data is handled across the organisation.”

Pace of change and societal impact

Looking to the future, AI’s rapid pace of development requires banks to build flexibility into their systems.

Panchmatia noted, “What was really novel eight months ago is now old school,” illustrating the speed with which AI advancements are transforming the landscape. This ongoing evolution is prompting banks to make continuous updates to their AI frameworks.

Statista predicts the banking sector’s spending on generative artificial intelligence (AI) to surge to $85 billion by 2030, with a remarkable 55.6% compound annual growth rate.

Elaborating on the scale of AI in DBS, Panchmatia shared some numbers.

For example, DBS has delivered over 370 AI/machine learning use cases spanning customer-facing businesses and support functions, and 1,500 AI/ML models to date (as of November 2024). It has also managed to compress time to value from 12 to 15 months down to two to three months, with the goal is to bring it down further to two to three weeks over the next few years; the bank said it has delivered a tangible economic impact of over S$370 million ($276.5 million) in 2023, S$700 – 800 million in 2024, and projected S$1 billion in 2025, working on its AI industrialisation approach.

Beyond technical agility, banks are grappling with the societal impacts of AI, particularly in terms of workforce transformation. While automation may streamline certain functions, new roles requiring specialised skills in AI and data analytics are emerging.

“It’s important to consider societal impact,” Panchmatia emphasised, adding that while AI might replace some roles, it will create others requiring upskilling and reskilling.

Beyond AI

Meanwhile, emerging technologies such as quantum computing and blockchain interoperability are also poised to expand the capabilities of banking AI. Quantum computing, with its potential to enhance complex risk assessments and fraud detection, is being tested through proof-of-concept initiatives in leading banks.

“We are doing some POCs with quantum,” Panchmatia explained, though he noted that large-scale banking applications may still be a few years away.

Blockchain’s progress hinges on interoperability; should these issues be resolved, decentralised finance (DeFi) could become a viable option for more banks, according to him.

Chancay megaport magnifies China’s presence in South America – Asia Times

By: Bolen C

On: November 26, 2024

In: Asia

The fresh deep-water port at Chancay, northeast of Lima, is open for business, signaling the start of a new era of effective, high-capacity transport between China and Peru, with a link to Brazil across the Andes. The US military and corporate managers are being driven out of their comfort zone by this, but they have nothing to sell and no way to stop it.

However, Caltrain, the rail services operating between San Jose and San Francisco, has sold its ancient diesel trains to the city of Lima. Caltrain itself has gone electronic.

On November 14, Xi Jinping, president of China, Xi Jinping and President Dina Boluarte of Peru attended the seaport’s opening meeting via video connection from the Lima Government Palace. Xi was also there to attend the annual APEC ( Asia-Pacific Economic Cooperation ) summit meetings, which began the following day.

The Chancay initiative, which Xi described as” the beginning stage for the creation of a new maritime-land passageway between China and Latin America and the connection of the Great Inca Trail,” was wax poetry.

Built by COSCO ( China Ocean Shipping Company ) and Peruvian mining company Volcan over the past three years, Chancay port has a maximum depth of 17.8 meters, deeper than Peru’s main port of Callao. The largest vessel boats in the world will be able to control them thanks to this.

Financed by Taiwanese businesses, with total funding exceeding$ 3.5 billion, Chancay is 60%-owned by COSCO. More than 8, 000 careers are expected to be created. Annual income is projected to reach$ 4.5 billion.

Starting at 1 million TEUs ( twenty-foot equivalent units ), the port’s annual throughput is scheduled to rise to 3.5 million TEUs when all the facilities are completed, making it the premier deep-water port on the west coast of South America.

In addition to the port, a warehousing, business, and industrial park will benefit both foreign investors and overspending in the crowded Lima-Callao area. According to reports, BYD is interested in setting up an automobile assembly grow it.

By eliminating trans-shipment via Manzanilla, Mexico, or Long Beach, California, Chancay may decrease travel time to and from China by more than a fourth, from 35 to 23 time, while reducing overall shipping costs by an estimated 20 %. Chancay is more than 4, 500 km from Manzanilla and more than 6, 600 km from Long Beach.

The Chancay port is fully automated, with Huawei’s 5G wireless control equipment, driverless electric container trucks, and unmanned cranes manufactured by Shanghai Zhenhua Heavy Industries ( also known as ZPMC). The bulk of the equipment is imported from China. BYD pickups are used by engineers to circle the port.

The port is connected to the north-south Pan American Highway, which passes through Cuzco, Porto Velho in the upper Amazon basin, and Sao Paulo and Porto de Santos on the Atlantic coast, and then travels to Brazil via the southern interoceanic highway.

In a new era, Xi claims,” We are witnessing the establishment of a new land-maritime corridor between Asia, Latin America, and the Caribbean.”

With this megaproject, Boluarte stated,” We are beginning a transformation that will strategically project us in the Asia Pacific region while consolidating our position as a top-notch technological and industrial logistics hub.”

This bothers the Americans. Chancay was built by the Chinese in what they refer to as their “back yard” and is also technologically advanced than any US seaport. From their perspective, it could turn out to be a strategic nightmare.

General Laura J. Richardson, until recently head of the US Southern Command, has warned that the Chinese navy might use Chancay at some time in the future. The risks to Peru are “at multiple levels,” according to professor Evan Ellis of the US Army War College. The Chinese are reaping the benefits of their abundant resources and geographic position, but risk number one is that they do not.

COSCO has the exclusive right to run Chancay for 30 years thanks to the Peruvian government. Although Peru’s minister of transportation claims that Chinese capital will be the same as American or British capital, Ellis calls this “previously unthinkable and against the very essence of Peru’s assertion of sovereignty over its own ports.”

In any case, Peru acquires a port that it is unable to construct on its own, which should result in significant increases in trade with China and Brazil. Additionally, goods are anticipated to be transported to Chancay by Ecuadorian and Chilean vessels for later shipment to Asia. Additionally, the Panama Canal would be bypassed by a proposed Brazil-Peru Transcontinental Railway that would travel to Chancay.

China is already Peru’s largest trading partner, ranking first in both exports and imports, and Chancay should expand its lead. The US ranks second, with Canada, India, South Korea, Japan, Chile, Spain, the Netherlands and Brazil well behind individually but ahead of the US in the aggregate. In 2023, Peru’s exports to China were 2.5 times its exports to the US.

Fruit were on board the first ship to travel from Chancay to China. Other Peruvian exports, including fish products, iron ore and copper, plus agricultural products from Brazil, will follow. Imports from China include autos and tires, computers and other electronic equipment, clothing and toys. How will this benefit Peru and its neighbors? It is the US that might not benefit.

Peru is a member of the CPTPP ( Comprehensive and Progressive Agreement for Trans-Pacific Partnership ), the free trade agreement put together after the US withdrew from the original TPP ( Trans-Pacific Partnership ) in 2017. The other members of the CPTPP are Japan, Vietnam, Malaysia, Singapore, Brunei Darussalam, Australia, New Zealand and, in the Americas, Chile, Mexico and Canada.

During Xi’s visit, Peru’s free trade agreement with China was strengthened. As a result, Peru’s foreign minister told Reuters, trade between the two countries should expand by at least 50 %. Xi was accompanied to Lima by 400 Chinese business representatives. Like most of the Asia-Pacific, Peru is committed to expanding international trade and investment, while the US retreats into protectionism.

If, as some Chinese commentators and US trade hawks fear, Chancay is used to dodge tariffs by assembling or refining Chinese goods for onward shipment to the US, then the US has a free trade agreement with Peru, which incoming president Donald Trump might override. There is no reason to believe that Peru would be any different from the US, which has already done this to Mexico. However, focusing on it detracts from Chancay’s significance and purpose.

Even if it had wanted to, the US could n’t have built Chancay. It simply does not have the required expertise. The International Longshoremen’s Association ( ILA ) is fighting tooth and nail to keep it that way because none of the world’s most advanced ports are located in the US.

As reported by The Wall Street Journal, ILA President Harold Daggett and Executive Vice President ( and son ) Dennis Daggett told the union’s rank and file in September that” the ILA does not support any kind of automation, including semi-automation”.

The Yangshan Deep-Water Port in Hangzhou Bay south of Shanghai is ranked first by the World Bank’s” The Container Port Performance Index 2023: A Comparable Assessment of Performance Based on Vessel Time in Port,” which is based on this perspective. The Port of Salalah in Oman, the Port of Cartagena in Colombia, and many other ports outside the US also come first. The most efficient US port, the Port of Charleston, South Carolina, ranks 53^rd.

The US government views the automated ZPMC cranes as a cyber threat in particular. Last February, as reported by Material Handling &amp, Logistics, Rear Admiral John Vann, head of the Coast Guard cyber command, noted that Chinese ship-to-shore cranes “account for nearly 80 % of cranes at US ports. By design, these cranes may be controlled, serviced and programmed from remote locations”.

Why were there so many Chinese crane installations before he pointed out that Admiral Zain and others are concerned about the cranes being shut off during the war, paralyzing the US economy? Almost needless to say, the Chinese embassy in Washington, DC, called this paranoia.

The Biden Administration made plans to spend more than$ 20 billion on port security, including replacing Chinese cranes with American-made cranes by Japanese shipbuilding and engineering firm Mitsui E&amp, S.

Efficient, computerized remote control is, of course, key to building a fully automated port. Huawei noted that it optimizes loading and unloading and manages each piece of equipment while lowering costs and reducing energy by referring to the Smart Port Solution it created with China Mobile and the Port of Tianjin.

The Chinese are bringing this to South America, and the US would like to, but probably cannot, prevent it. The US is, however, doing its bit for Peru.

For less than$ 6 million, Caltrain announced on November 15 that it had sold 90 passenger cars and 19 diesel locomotives to the Lima municipality. The retired trains, according to the article,” will enable thousands of riders to benefit from a new regional commuter rail line that significantly reduces automobile traffic and greenhouse gas emissions.” &nbsp,

Michelle Bouchard, the executive director of Caltrain, traveled to Lima to celebrate this agreement at the APEC summit. Back in California, Caltrain was already operating what it calls a” 100 % renewable, zero-emission service with high-performance, state-of-the-art electric trains”.

The retired but still useful railroad cars, which Caltrain Chair Dev Davis describes as “hold a special place in the heart of train enthusiasts,” appear to be for sale in Lima. Still, the juxtaposition with Chancay is unfortunate.

Follow this writer on&nbsp, X: @ScottFo83517667

FinanceAsia Achievement Awards 2024: the winners | FinanceAsia

By: Marcus Ching

On: November 26, 2024

In: Asia, Finance, South-East Asia

FinanceAsia ‘s&nbsp, annual Achievement Awards recognise excellence across the divers financial markets of Asia Pacific ( Apac ) and the Middle East.

The Achievement Awards, which span five distinct categories, include Deal Honors for Apac and the Middle East, House Awards for Apac and the Middle East, and our Dealmaker Poll, show the achievements of major players in these areas as well as those who have shown commitment to their industry.

We’re pleased to announce that the judging process for this year’s awards has now come to an end after receiving almost 1, 000 submissions from our Advisory Board of external specialists and the help of our editorial staff.

Below are the types and winners’ respective links. &nbsp,

The logic behind success collection will get published in our upcoming&nbsp, FinanceAsia&nbsp, reports. Please call the&nbsp, FinanceAsia staff if you have any concerns. &nbsp,

You see all the winners below: &nbsp,

FinanceAsia Achievement Awards 2024: Apac’s best talks

FinanceAsia Achievement Awards 2024: Middle East’s best offers

FinanceAsia Achievement Awards 2024: Dealmaker Poll finalists

FinanceAsia&nbsp, Achievement Awards 2024: Apac’s best funding homes

FinanceAsia&nbsp, Achievement Awards 2024: Middle East’s best funding houses

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US bil in 2024

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024

By: Mary Blight

On: November 26, 2024

In: Technology

Online travel led sector growth with a 19 % increase, reaching US$ 8B GMV
E-commerce, M’sia’s leading online source grew 17 % to US$ 16B GMV in 2024

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024

Malaysia’s digital economy is set to reach US$ 31 billion ( RM138.48 billion ) in Gross Merchandise Value ( GMV) in 2024, marking a 16 % increase from 2023, according to the latest e-Conomy SEA 2024 report by Google, Temasek, and Bain &amp, Company.

Good growth patterns in all electronic sector are present.

Malaysia’s online business continues its development towards success while sustaining double-digit GMV development. The report shows deeper online membership, successful crowdfunding strategies, and healing in pandemic-impacted sectors as key drivers of this growth.

Online travel: Posting the fastest GMV growth among sectors, online travel expanded by 19 % year-on-year to US$ 8 billion ( RM36 billion ) GMV. In 2024, Malaysia’s strong growth in worldwide tourism is anticipated to exceed pre-pandemic levels. Spending on international travel has increased 330 % since 2020, with the Asia-Pacific place accounting for 38 % of outgoing expenses. Visitors from Southeast Asia ( SEA ) represent nearly half ( 49 % ) of Malaysia’s inbound travel spend, driven by enhanced air connectivity, strategic airline partnerships, and favourable exchange rates.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024

]RM1 = US$ 0.22]

The growth of Malaysia’s online media industry has been consistent, with its GMV projected to increase 10 % from$ 3 billion in 2023 to$ 4 billion in 2024, as a result of the growing demand for digital content, video games, and streaming services.
As a number of Malaysia’s online banks provide powerful features and are simple to accessibility, contributing to the rapid expansion of the DFS landscape, online financial services is on a roll. Digital wealth is expected to grow significantly, reaching an assets under management ( AUM) of about$ 80 billion by 2030, while digital payments are anticipated to increase by 5 % from 2023 to$ 172 billion by 2024.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024

Malaysia to capture the AI option

Artificial Intelligence ( AI ) is reshaping Malaysia’s digital economy. The government’s commitment to responsible AI development through the Malaysia AI Roadmap 2021-2025 and the upcoming launch of the National AI Office ( NAIO ) underpins this transformation. The report identifies Malaysia as one of the top ten states globally for AI research interest, especially in training, advertising, and entertainment, with Kuala Lumpur, Putrajaya, and Selangor leading the way.

The demand for AI infrastructure may increase as more businesses use it to develop, increase efficiencies, and enhance customer experiences as well as to create new concepts. Malaysia invested$ 15 billion in AI network in H1 ’24 to meet this demand. According to the report, Malaysia’s existing data center capacity is 120MW, and it anticipates an increase of 5X over the next few years.

Malaysia has seized the AI possiblity thanks to strategic activities like KL20, which will support Malaysia’s startup habitat by promoting high-tech industries, obtaining tax exemptions for foreign investments, and providing$ 1 billion in federal funding for startups in Malaysia and the location.

We want to get a local hero for modern policies that are forward-thinking and transformative, encourage a regulatory environment that encourages scientific advancement, and foster cross-border collaboration as Malaysia assumes the Asean Chairmanship next year. The e-Conomy report serves as a powerful affirmation of our efforts and is not just a report, it is a testament to Malaysia’s enormous potential, according to Gobind Singh Deo, minister of digital, who was represented by Fabian Bigar, minister of digital, at the event.

” It is a call to action for all of us – the government, the private sector, and the people of Malaysia to collaborate and realise our nation’s full digital potential. Let us seize this opportunity and together, build a digitally empowered Malaysia that is prosperous, inclusive, and sustainable”, he added.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 bil in 2024 Meanwhile, Farhan Qureshi ( pic ), country director for Google Malaysia said:” We have been seeing a consistent strong growth of Malaysia’s digital economy and this year is another strong testament of the potential of Malaysia’s digital economy. With the region’s focus on AI, it’s encouraging to see the country’s leaders are putting AI and semiconductors in the country’s priority list”.

By empowering the local workforce with AI-ready skills and tools, we at Google are committed to further supporting Malaysia’s digital economy’s growth. We are committed to keeping Malaysia at the forefront of the digital age, he added, from funding scholarships for young people to develop AI-ready skills through Google Career Certificate scholarships to deploying Google Workspace for public officers.

Amanda Chin, partner, Bain &amp, Company, noted:” Southeast Asia’s digital economy thrives on double-digit GMV and revenue growth and a surge in profitability across sectors led by key players. Likewise in Malaysia, we see a healthy digital economy driven by e-commerce, online travel and digital financial services”.

” As the country’s DFS sector embraces digital disruption, new technologies such as AI are poised to accelerate growth. Businesses must move beyond experimentation and invest in fundamental elements in order to align AI initiatives with core business objectives to address real-world issues and create tangible value, strengthen AI talent, and create scalable, adaptable infrastructure for sustained growth, she added.

Geia Lopez, head of data, insights, and international growth at Google Southeast Asia, added:” Investments in AI and the growing interest in its applications signal a bright future for Malaysia’s digital economy. To maintain this momentum and foster trust in the changing digital landscape, it is important to prioritize digital security, though.

Click here to download the report.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US billion in 2024

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 billion in 2024

By: Mary Blight

On: November 26, 2024

In: Technology

Online travel led sector growth with a 19 % increase, reaching US$ 8B GMV
E-commerce, M’sia’s leading online source grew 17 % to US$ 16B GMV in 2024

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 billion in 2024

Malaysia’s digital economy is set to reach US$ 31 billion ( RM138 billion ) in Gross Merchandise Value ( GMV) in 2024, marking a 16 % increase from 2023, according to the latest e-Conomy SEA 2024 report by Google, Temasek, and Bain &amp, Company.

Good growth patterns in all modern sector are present.

Online travel: Posting the fastest GMV growth among sectors, online travel expanded by 19 % year-on-year to US$ 8 billion ( RM36 billion ) GMV. In 2024, Malaysia’s strong growth in global tourism is anticipated to exceed pre-pandemic levels. Spending on international travel has increased 330 % since 2020, with the Asia-Pacific place accounting for 38 % of outgoing expenses. Visitors from Southeast Asia ( SEA ) represent nearly half ( 49 % ) of Malaysia’s inbound travel spend, driven by enhanced air connectivity, strategic airline partnerships, and favourable exchange rates.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 billion in 2024

]RM1 = US$ 0.22]

The growth of Malaysia’s online media industry has been consistent, with its GMV projected to increase 10 % from$ 3 billion in 2023 to$ 4 billion in 2024, as a result of the growing demand for digital content, video games, and streaming services.
As a number of Malaysia’s online banks provide powerful features and are simple to accessibility, contributing to the rapid expansion of the DFS landscape, online financial services is on a roll. Digital wealth is expected to grow significantly, reaching an assets under management ( AUM) of about$ 80 billion by 2030, while digital payments are anticipated to increase by 5 % from 2023 to$ 172 billion by 2024.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 billion in 2024

Malaysia to capture the AI option

The demand for AI infrastructure may increase as more businesses use it to develop, increase efficiencies, and enhance customer experiences as well as to create new concepts. Malaysia invested$ 15 billion in AI network in H1 ’24 to meet this demand. According to the report, Malaysia’s existing data center ability is 120MW, and it anticipates an increase of 5X over the next few years.

e-ConomySEA 2024 report: Malaysia’s digital economy to hit US$31 billion in 2024 Meanwhile, Farhan Qureshi ( pic ), country director for Google Malaysia said:” We have been seeing a consistent strong growth of Malaysia’s digital economy and this year is another strong testament of the potential of Malaysia’s digital economy. With the region’s focus on AI, it’s encouraging to see the country’s leaders are putting AI and semiconductors in the country’s priority list”.

Click here to download the report.

FinanceAsia Achievement Awards 2024: Apac’s best deals revealed | FinanceAsia

By: Marcus Ching

On: November 25, 2024

In: Asia, Finance, South-East Asia

Excellence in Asia’s financial markets is recognized annually with our Success Awards. Our Achievement Awards, which span two crucial categories– Package Awards and House Awards– emphasize the achievements of key players in the Asia-Pacific and Middle East who have demonstrated dedication to their industry.

Please consider below a list of this week’s victors of the&nbsp, Deal Awards- Apac&nbsp, type.

The logic behind success collection will get published in our upcoming&nbsp, FinanceAsia reports. It is not a comprehensive list because we have listed the participants who participated based on research and awards entries. Please call the&nbsp, FinanceAsia group if you have any concerns. &nbsp,

North Asia = Japan, South Korea, Taiwan&nbsp,

South Asia = India, Pakistan, Bangladesh, Sri Lanka

Southeast Asia = Indonesia, Malaysia, Philippines, Thailand, Vietnam

&gt, BEST BOND DEALS &lt,

AUSTRALIA / NEW ZEALAND

CSL Financial’s$ 1.25 billion dual-tranche 144A/Reg S top giving

Members: Citi, Bank of America, JP Morgan, HSBC

Highly commended: AOFM’s invitational$ 7 billion efficient government bond

Members: &nbsp, Commonwealth Bank of Australia, Deutsche Bank, National Australia Bank, UBS, Australia Branch, Westpac Banking Corporation

Chinese- Abroad

3-year, responsible dim-sum bond issued by Jingzhou Municipal Urban Development Holding Group

Members: &nbsp, Bank of China, Caitong International, Industrial Securities, CSC Financial, CITIC Securities, CMB Wing Lung Bank, CMBC Capital, CNCB Investment, Guolian Securities, Guoyuan International, Haitong International, ICBC International, Shanghai Pudong Development Bank, Shenwan Hongyuan Securities, SPDB International, TF worldwide, CICC

Chinese- Inland

National Bank of Canada’s Rmb5 billion 2-year tiger relationship release

Members: Standard Chartered, Deutsche Bank, DBS, CITIC Securities, CMB Securities

Highly commended: China Baowu Steel Group’s Rmb10 billion business relationship release

Members: CITIC Securities, Guotai Junan Securities, Shenwan Hongyuan Securities, CICC

&nbsp, HONG KONG Radar / APAC

HKSAR’s USD&amp, EUR&amp, CNH multi-currency natural tie giving

Members: Crédit Agricole, HSBC, Citi, JP Morgan, BNP Paribas, BofA, Morgan Stanley, UBS, Mizuho, Bank of China Hong Kong, ICBC Asia, Bank of Communications, Standard Chartered

Highly commended: ILBS 2 by Bauhinia

Members: Hong Kong Mortgage Corporation, CICC, ING Bank, MUFG, Natixis, Standard Chartered

NORTH ASIA

LG Electronic’s$ 500 million 144A/Reg S 3-year and$ 300 million 5-year two round

Members: BNP Paribas, Citi, HSBC, JP Morgan, Korea Development Bank, Standard Chartered

SINGAPORE

Exams ‘$ 500 million unprotected fixed rate documents due 2029

Members: DBS, BNP Paribas, MUFG, OCBC, HSBC

Highly commended: Yinson Production’s$ 500 million older secured 5-year relationship release

Members: Standard Chartered, Holman Fenwick Willan, Stephenson Harwood, collaboration of 13 loans

SOUTH ASIA

Kashf’s PKR2.5 billion female connection release

Members: Infra Zamin Pakistan, Arif Habib, Pakistan Credit Rating Agency, Vellani &amp, Vellani, Pak Brunei Investment Company, Bank Alfalah, Bank of Pubjab, Standard Chartered Pakistan

SOUTHEAST ASIA

SOUTHEAST ASIA/ PHILIPPINES

Maynilad Water Services PHP15 billion orange ties

Members: BPI Capital, BDO Capital &amp, Investment, First Metro Investment, East West Banking

&nbsp, MALAYSIA / HIGHLY COMMENDED ( SOUTHEAST ASIA)

Asean Green moderate term papers under RM500 million Exio Logistics clean centers

Members: Hong Leong Investment Bank

HIGHLY RECOMMENDED ( SOUTHEAST ASIA) THAILAND

Minor International’s THB billion securities via private location

Members: Standard Chartered, Bangkok Bank, Bank of Ayudhya Public Company, Kasikornbank, Krungthai Bank, Kiatnakin Phatra Securities, The Siam Commercial Bank

INDONESIA

Republic of Indonesia$ 2.05 billion international bond giving

Participants: ANZ, BofA Securities, Deutsche Bank ( Singapore ), Morgan Stanley, UBS ( Singapore ), BRI Danereksa Sekuritas, Trimegah Sekuritas Indonesia, Mayer Brown

VIETNAM

Hai An Transport and Stevedoring JSC’s VND500 billion foldable relationship

Members: SSI Securities

&gt, BEST EQUITY DEALS &lt,

AUSTRALIA / NEW ZEALAND

A$ 1.435 billion block trade in Worley

Members: Citi, Goldman Sachs, Allens

Highly commended: Treasury Wine Estate’s A$ 825 million Paitreo to support get DAOU Vineyards

Members: UBS, Macquarie Capital

Chinese- Abroad / APAC

Alibaba’s$ 5 billion convertible bond &nbsp,$ 1.2 billion parallel stock purchase

Members: Citi, JP Morgan, Morgan Stanley, Barclays, HSBC

Highly commended: &nbsp, Lotus Tech’s company mixture with L Catterton, people listing in the US through a De-SPAC design, approximately$ 880 million of personal investment in public equity funding and convertible information

Members: Han Kun Law, Skadden, Kirkland &amp, Ellis, Fangda Partners&nbsp,

Chinese- Inland

Sinopec’s A-share personal position

Members: CICC, Guangfa Securities, CITIC Securities

HONG KONG Radar

Zhejiang Expressway’s HK$ 6.7 billion &nbsp, right issue

Members: BNP Paribas, DBS, CLSA, CICC, Zheshang International

Alibaba’s$ 5 billion convertible bond $ 1.2 billion parallel share buyback

Members: Citi, JP Morgan, Morgan Stanley, Barclays, HSBC

SINGAPORE

Personal position and preferred giving for CapitaLand Integrated Commercial REIT for S$ 1.1 billion

Members: United Overseas Bank, JP Morgan, Venture Law, Allen &amp, Gledhill

Highly commended: Reverse&nbsp, takover of 3Cnergy by DTP Inter Holdings Corporation for a consideration of approximately S$ 443.8 million &nbsp,

Members: PrimePartners Corporation Finance, Allen &amp, Gledhill LLP

SOUTH ASIA

JSW Energy’s$ 600 million qualified administrative position

Members: Jefferies India, Khaitan &amp, Co, Shardul Amarchand Mangaldas &amp, Co

Highly commended: &nbsp, Vodafone Idea’s$ 2.15 billion follow-on open offering of capital stock

Members: Axis Capital, Jefferies, SBI Capital, Sidley Austin, Cyril Amarchand Mangaldas &amp, Co, AZB &amp, Lovers

SOUTHEAST ASIA

Bursa Malaysia Offering for Johor Plantations Group

Members: RHB Investment Bank, AmInvestment Bank, CIMB Investment Bank, CLSA Singapore, CLSA Securities Malaysia, Affin Hwang Investment Bank

Highly commended: &nbsp, San Miguel Corporation’s PHP34 billion preferred shares&nbsp,

Members: &nbsp, SB Capital, Bank of Commerce, BDO Capital &amp, Investment, China Bank Capital, Asia United Bank, Bank of Commerce, BPI Capital, Land Bank of the Philippines, PNB Capital and Investment, RCBC Capital, Union Bank of the Philippines

&gt, BEST INFRASTRUCTURE DEALS &lt,

AUSTRALIA / NEW ZEALAND

Blackstone’s merger of Airtrunk

Members: Deutsche Bank, Morgan Stanley, RCBC Capital Markets, Macquarie Capital, Goldman Sachs

Highly commended: Contact Energy’s suggested merger of Manawa Energy

Members: UBS New Zealand, Cameron Partners/Rothschild &amp, Co, Lazard Australia, Bell Gully, Harmos Horton Lusk

Chinese- Inland

CAMC-China Resources TBEA Renewable Energy’s Closed-end Infrastructure Securities Investment Fund

Members: CITIC Securities, China Asset Management, Agricultural Bank of China, Zhong Lun Law Firm

HONG KONG Radar

ILBS 2 by Bauhinia

Members: CICC, ING Bank, MUFG, Natixis, Standard Chartered

SINGAPORE / APAC

Yinson Boronia Movie’s annual project relationship with a$ 1.035 billion Top Secured Notes expected 2042

Members: Santander, Citi, Norton Rose Fulrbright, Cescon Barrieu

Highly commended: Stonepeak’s very structured preferred corporate investment into AGP Sustainable Real Assets

Members: Sidley Austin, Clifford Chance, King &amp, Wood Mallesons, Shardul Amarchand Mangaldas &amp, Co, NautaDutilh, Burness Paull, WongPartnership, Setterwalls Advokatbyra&nbsp,

SOUTH ASIA

AdaniConneX’s$ 1.44 billion Sustainability-Linked Project Finance for an under-construction information centre investment in India

Members: ING Bank, Intesa Sanpaolo, KfW IPEX, MUFG, Natixis, Standard Chartered, Societe Generale, SMBC

SOUTHEAST ASIA

SOUTHEAST ASIA/ INDONESIA

ADIA and APG’s acquisition of a 53.5 % stake in Rafflesia Investasi&nbsp,

Members: Rothschild &amp, Co

&nbsp, PHILIPPINES / HIGHLY COMMENDED ( SOUTHEAST ASIA)

New NAIA Infrastructure Corporation’s PHP80 billion syndicated name loan service

Participants: Bank of Commerce, BDO Capital &amp, Investment, Asia United Bank, China Bank Capital, SB Capital Investment, BDO Unibank, China Banking, Development Bank of the Philippines, Security Bank

MALAYSIA

Worldwide Holdings ‘ RM999 million syndicated clean leasing facility

Members: Maybank Investment Bank

VIETNAM

Petrovietnam Power’s XNhon Trach 3&amp, 4 Energy Flower

Members: Citi, ING

&gt, BEST Offering &lt,

Chinese- Abroad

J&amp, T Express ‘$ 500 million identifying on HKEX

Participants: CICC, Morgan Stanley, Bank of America Securities, UBS AG ( HK), CCB International Capital, CMB International Capital, Huatai Financial, BOCI Asia, ABCI Capital

Chinese- Inland

Grandtop Yongxing’s Rmb2.43 billion Offering

Members: CITIC Securities, Guotai Junan Securities

HONG KONG Radar /APAC

Super Hi’s double list on Nasdaq

Members: Kirkland &amp, Ellis, Skadden, Arendt, Loyens, Freshfields, Linklaters and Fried Frank, White &amp, Event

Highly commended: &nbsp, QuantumPharm’s identifying on HKEX

Members: CLSA, CITIC Securities, CICC, Jefferies, Deutsche Bank, CMB International, Sidley Austin, Fangda Partners, Herbert Smith Freehills, JunHe, PwC

NORTH ASIA

Kokusai Electric ‘s&nbsp, ¥124.5 billion ($ 831.7 million ) &nbsp, listing on Tokyo Stock Exchange

Participants: KKR ( GP), Mitsubishi UFJ Securities

SOUTH ASIA

NRB Bank’s BDT1 billion naming in Bangladesh

Members: UCB Investment, Shahjalal Equity Management

Highly commended: OLA Electronic’s list in India

Members: Kotak Mahindra Capital, Citi, BofA Securities, Goldman Sachs, Axis Capital, ICICI Securities, SBI Capital Markets, BOB Capital Markets

SOUTHEAST ASIA

Speed Mart Retail Holdings RM13.9 billion Investor on Bursa Malaysia

Members: CIMB, Affin Hwang Investment Bank, RHB Investment Bank, Lee Choon Wan &amp, Co

Highlgy commended: Johor Plantations Group’s RM735 million Offering on Bursa Malaysia

Members: RHB Investment Bank, Latham &amp, Watkins, AmInvestment Bank, CIMBC Investment Bank, CLSA Singapore, CLSA Securities Malaysia, Affin Hwang Investment Bank

&gt, BEST ISLAMIC FINANCE DEALS &lt,

SINGAPORE

Wealthy Pink’s S$ 2.7 billion normal expression product and Muslim Murabahah features

Members: DBS Bank, Malayan Banking Singapore branch, Sumitomo Mitsui Banking Corporation Singapore branch, United Overseas Bank ( UOB), Allen &amp, Gledhill

SOUTH ASIA

Islamic Bank Bangladesh ‘s&nbsp, BDT8 billion Mudaraba convertible, non-convertible, unsecured subordinated bond

Members: UCB Investment

SOUTHEAST ASIA

SOUTHEAST ASIA/ APAC / INDONESIA

Republic of Indonesia’s$ 2.35 billion 144A sukuk offering

Members: MUFG, Citi, Dubai Islamic Bank, HSBC, Mandiri Securities, BRI Danareksa Sekurta, PR Trimegah Sekuritas Indonesia

Extremely RECOMMENDED ( SOUTHEAST ASIA)/ MALAYSIA

Gold Formula ABS’s sukuk, up to RM94.81 million in differenent tranches

Members: New Paradigm Securities, Silver Formula Capital, Public Investment Bank, Adnan Sundra &amp, Low

PHILIPPINES

Republic of Philippines ‘ Sukuk Trust’s$ 1 billion issuing

Members: Citi, Deutsche Bank, Dubai Islamic Bank, HSBC, MUFG, Standard Chartered

&gt, BEST M&amp, A DEALS &lt,

AUSTRALIA / NEW ZEALAND / APAC

Obayashi Corporation acquires 50 % of Eastland Generation for a$ 503 million implied business benefit.

Members: Forsyth Barr, Chapman Tripp

Highly commended: PSP Consortium’s A$ 2.5 billion merger of Costa Group

Members: Citi, JP Morgan, Allen &amp, Gledhill, Kirkland &amp, Ellis

Chinese- Abroad

Grifols ‘ Sale of 20 % stake in Shanghai RAAS to Haier for$ 1.8 billion

Members: Nomura Securties, CICC, Osborne Clarke, JunHe, Clifford Chance, King &amp, Wood Mallesons

Highly commended: &nbsp, Royal Golden Eagle’s CNH15 billion syndicated payment for the acquisition of Vinda International Holdings

Participants: Bank of China Macau, BNP Paribas, CICC, Linklaters

Chinese- Inland

$ 8.3 billion sale of 60 % stake in Zhuhai Wanda to PAG-led consortium

Members: Deutsche Bank

Highly commended: &nbsp, NISCO merger by CITIC Pacific&nbsp,

Members: CITIC Securities

HONG KONG Radar

Asia Pacific Resources International’s HK$ 21.6 billion volunteer public present for Vinda International Holdings

Members: HSBC, Norton Rose Fulbright, Bank of America, BNP Paribas, CICC

Highly commended: &nbsp, HKT price of 40 % stake in its silent community resources to China Merchants Capital

Members: Deutsche Bank, Clifford Chance

NORTH ASIA

Renesas Electronics ‘ 100 % merger of Altium

Members: &nbsp, Deutsche Bank, JP Morgan, King &amp, Wood Mallesons, Reed Smith, DLA Piper, Covington &amp, Burling, Nagashima Ohno &amp, Tsunematsu&nbsp,

Highly commended: &nbsp, WT Microelectronics ‘$ 3.8 billion merger of Future Electronics&nbsp,

Members: &nbsp, Citi, Canaccord Genuity Corp., Skadden, Arps, Slate, Meagher &amp, Flom, Osler, Hoskin &amp, Harcourt, Tsar &amp, Tsai Law Firm, Mintz, Levin, Cohn, Ferris, Glocsky and Popeo, P. C.

SINGAPORE

Purchase of Eu Yan Sang to a consortium led by Mitsui & Co. and Rohto Pharmaceutical

Members: Deutsche Bank, UBS, Wong Partnership

SOUTH ASIA

MHIL’s consolidation of Sahara Hospital

Members: Standard Chartered

Highly commended: &nbsp, Acquisition by Saudi Aramco Oil Company of a 40 % stake in Gas and Oil Pakistan&nbsp,

Members: Standard Chartered

SOUTHEAST ASIA

SOUTHEAST ASIA/ THAILAND

Acquisition of 65.99 % shares in Esso ( Thailand ) Public Company by Bangchak Corporation Public Company

Members: Kiatnakin Phatra Securities, JP Morgan, DLA Piper

Highly commended: ThaiBev return from home business via promote transfer

Members: DBS, WongPartnership

INDONESIA

&nbsp, Medco Energi Internasional’s$ 713 million acquisition of a 20 % interest in each of Block 60 and Block 48

Members: Standard Chartered

MALAYSIA

Purchase of Ramsay Sime Darby Health CA by Columbia Asset Healthcate and Sime Darby Healthcare

Members: Deutsche Bank

PHILIPPINES

Merger between Robinsons Bank and Bank of the Philippine Islands

Members: BPI Corporation

VIETNAM

Thomson Medical Group’s merger of FV Hospital

Members: Maybank Investment Bank

&gt, BEST PRIVATE EQUITY DEALS &lt,

AUSTRALIA / NEW ZEALAND / APAC

Blackstone’s merger of Airtrunk

Members: Deutsche Bank, Morgan Stanley, RCBC Capital Markets, Macquarie Capital, Goldman Sachs

Chinese- Abroad

Carlyle on sales of curiosity in McDonald’s China to McDonald’s Company

Members: &nbsp, Kirkland &amp, Ellis, JunHe, Jones Day

Highly commended: &nbsp, Advent International’s acquisition of a 29 % interest in Seek Pet Food

Participants: Boyu Capital ( investor )

HONG KONG Radar

PAG’s$ 8.3 billion Joint Investment in Newland Commercial Management

Members: Simpson Thacher &amp, Bartlett, A&amp, O Shearman

NORTH ASIA

Carlyle Group’s merger of KFC Holdings Japan

Members: Kirkland &amp, Ellis, Nishimura &amp, Asahi, Linklaters, Mori Hamada &amp, Matsumoto, Nagashima Ohno &amp, Tsunematsu&nbsp,

Highly commended: &nbsp, Blackstone’s sales of Geo-Young to MBK lovers

Members: &nbsp, Deutsche Bank, Morgan Stanley, Goldman Sachs, Samsung Securities, K&amp, C Cleary Gottlieb, Steen &amp, Hamilton LLP, Ropes &amp, Gray

SOUTH ASIA

ani’s Ispahani’s acquisition of a small interest in Tampaco Sheets

Members: UCB Investment, Farooq & Associates

SOUTHEAST ASIA

Asia Pacific Education Holdings ‘ sale of the APIIT Education Group to TPG’s The Rise Funds ( stake sold by KV Asia Capital )

Members: Rahmat Lim &amp, Partners, &nbsp,

Highly commended: BlackRock’s Climate Finance Partnership’s funding in Ditrolic Energy

Members: Clifford Chance

&gt, BEST PROJECT FINANCE DEALS &lt,

AUSTRALIA / NEW ZEALAND

MREH’s A$ 400 million debt funding

Members: &nbsp, Société Générale, Westpac, Standard Chartered, Export Development Canada, White &amp, Case, Ashurst

Chinese- Inland

CSPC’s$ 5.5 billion term loan and a$ 450 million working capital facility

Members: CNOOC Finance Corporation, Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, Zhong Lun Law Company

NORTH ASIA

&nbsp, ARE’s 20-year c. TWD8.25 billion job financing

Members: CTBC Bank, MUFG, E. SUN Bank, SMBC, Standard Chartered, KGI

SINGAPORE / APAC

BIC V investment size of approximately$ 508.3 million

Members: Citi, Standard Chartered, MUFG, Natixis, Overseas-Chinese Banking Corporation, &nbsp, Société Générale

SOUTH ASIA

Serentica’s venture funding of 200 MW RTC

Members: Société Générale, Cooperative Rabobank U. A., Export-Import Bank of India, India Infrastructure Finance Company, MUFG, YES Bank, KKR, Twinstar Overseas, Dentons, Luthra &amp, Luthra, Norton Rose Fulbright

SOUTHEAST ASIA

SOUTHEAST ASIA/ INDONESIA

Climmangis Citibung Tollways CDS hospital

Members: Indonesia Infrastructure Fund, BNI, &nbsp, Siahaan Indarmis, Andarumi &amp, Partners

Extremely RECOMMENDED ( SOUTHEAST ASIA)/ MALAYSIA

World Holdings ‘ spare to power project

Participants: Bank

HIGHLY RECOMMENDED ( SOUTHEAST ASIA ) PHILIPPINES

AltEnergy’s PHP8 billion top safe word product

Members: BPI Capital, Security Bank

VIETNAM

Petrovietnam Power Company’s Nohn Trach 3&amp, 4 Energy Flower

Members: Citi, ING

&gt, BEST PROPERTY DEALS &lt,

AUSTRALIA / NEW ZEALAND

Blackstone’s merger of Airtrunk

Members: Deutsche Bank, Morgan Stanley, RCBC Capital Markets, Macquarie Capital, Goldman Sachs

Chinese- Abroad

Bain Capital’s$ 250 million cooperative venture with DNE for China New Economy Network

Participants ( legal advisors ): Kirkland &amp, Ellis, King &amp, Wood Mallesons&nbsp,

Chinese- Inland

Link REIT’s acquisition of China Vanke’s 50 % stake in Link Plaza Qibao

Participants ( legal advisors ): Zhong Lun Law Firm, Cushman &amp, Wakefield

HONG KONG Radar

HK$ 14.438 billion sustainability-linked syndicated term and revolving loan facilities for 16 borrowers, sponsored by Gateway Real Estate Fund V L. P., Gateway V Co-Investment ( Doris ), L. P. (” Gaw” ), Great Wall Pan Asia Holdings Limited (” Great Wall” ) and GLQ Broad Street Holdings Ltd

Members: ANZ, Standard Chartered, UOB

SINGAPORE

Supreme JV Holding Pte Ltd | Lendlease &amp, Warburg Pincus ‘ S$ 1.065 billion top secured term loan and lender ensure features

Members: DBS, HSBC, UOB

Highly commended: &nbsp, Digital Core REIT’s$ 120 million personal location

Members: DBS, Citi, Bank of America, BNP Paribas, OCBC, UOB

SOUTHEAST ASIA

SOUTHEAST ASIA/ APAC / THAILAND

ThaiBev’s exit from the property business via a share swap with its parent for majority ownership in F&N

Members: DBS

&nbsp, INDONESIA / HIGHLY COMMENDED ( SOUTHEAST ASIA )

PT Putragaya Wahana has a top secured alternative payment service worth IDR 3.7 trillion and a term loan facility.

Participants: UOB

MALAYSIA

ESIM Capital’s green SRI sukuk

Participants: New Paradigm, UOB ( Malaysia )

PHILIPPINES

Vista Land’s$ 300million 9.375 % senior unsecured fixed rate notes due 2029

Members: DBS, HSBC, Union Bank of the Philippines

&gt, BEST STRUCTURED FINANCE DEAL &lt,

Chinese- Abroad

The acquisition of Hollysys Automation Technologies Ltd. by Ascendent Capital Partners&nbsp,

Participants: Industrial Bank HK

Chinese- Inland

CMB Financial Leasing Co., Ltd’s ( CMBFL ) Rmb1.6 billion Sustainable Development Loan&nbsp,

Participants: MUFG, SMBC, Fubon, Bank of China, Bank of Shanghai

Highly commended: &nbsp, Xinyue’s Rmb600 million Micro Business Loan ABN from Qifu Technology,

Participants: HSBC

HONG KONG Radar / APAC

ILBS 2 by Bauhinia

Members: CICC, ING Bank, MUFG, Natixis, Standard Chartered

Highly commended: The acquisition of Hollysys Automation Technologies Ltd. by Ascendent Capital Partners&nbsp,

Participants: Industrial Bank HK

NORTH ASIA

WT Microelectronics and Morrihan International Corp’s$ 3.8 billion Bridge Facility

Participants: Citi

Highly commended: &nbsp, Korean Airline’s$ 208 million-equivalent Samurai Sustainability-Linked Loan

Participants: MUFG, SMBC

SINGAPORE

CIS ‘ Senior Secured S$ 300 million Bridge S$ 280 million Take Out Term Loan Facility

Members: DBS, Deutsche Bank, UOB KayHian

Highly commended: &nbsp, The government of Singapore’s S$ 2.5 billion green bonds

Members: DBS, Deutsche Bank, UOB KayHian

SOUTH ASIA

Fund raise of Rs4.65 billion ($ 56 million ) for Aliens Developers Private Ltd&nbsp,

Participants: Azalea Capital Partners

SOUTHEAST ASIA&nbsp,

Ayala Land’s PHP6 billion Asean sustainability linked bond

Participants: BDO Capital, BPI Capital, China Bank Capital, Land Bank of the Phiippines, SB Capital, RCBC Capital )

Highly commended: &nbsp, Exsim Capital Resources ‘ tranche 5 Asean green SRI sukuk

Participants: New Paradigm

&gt, BEST SUSTAINABLE FINANCE DEALS &lt,

AUSTRALIA / NEW ZEALAND

Cromwell Property Group’s A$ 1.2 billion Green and Sustainability-Linked Loan&nbsp,

Participants: ANZ, Bank of China Sydney, Clean Energy Finance Corporation, CBA, Credit Agricole, ING Bank, NAB, Societe Generale

Highly commended: &nbsp, MCP Wholesale Investment Trust’s A$ 500 million Sustainability-Linked Revolving Credit Facility

Members: Standard Chartered

Chinese- Abroad

Bank of China’s CNH and USD multi-tranche BRI-partner sustainability notes

Participants: HSBC

Highly commended: &nbsp, China Construction Bank Financial Leasing’s$ 150 million Long Term Transition Shipping Finance

Members: Standard Chartered

HONG KONG Radar

West Kowloon Cultural District Authority’s HK$ 5 billion sustainability-linked term and revolving facilities

Members: Standard Chartered

NORTH ASIA

Posco’s$ 500 million 3-year Green 144A/Reg S senior unsecured bond

Participants: HSBC

Highly commended: Far Eastern New Century’s NTD2.5 billion Corporate Sustainable Exchangeable Bond

Participants: KGI Securities, SinoPac Bank, Oriental Securities

SINGAPORE

Impact Investment Exchange’s$ 88 million 4-year Women’s Livelihood Bond

Participants: ANZ, Standard Chartered

Highly commended: EJA’s$ 500 million Revolving Credit Facility

Members: Standard Chartered

SOUTH ASIA

AdaniConneX’s$ 875 million syndicated sustainability-linked loan

Members: ING Bank, Intesa Sanpaolo, KfW IPEX, MUFG, Natixis, Standard Chartered, Societe Generale, SMBC

Highly commended: Kashf’s PKR2.5 billion female connection release

Participants: &nbsp, Infra Zamin Pakistan, Arif Habib, Pakistan Credit Rating Agency, Vellani &amp, Vellani, Pak Brunei Investment Company, Bank Alfalah, Bank of Pubjab, Standard Chartered Pakistan

SOUTHEAST ASIA/ APAC / MALAYSIA

Exism Capital Resources ‘ special purpose funding vehicle ( RM3 billion )

Participants: NewParadigm Securities, United Overseas Bank ( UOB ) Malaysia, Adnan Sundra &amp, Lo

HIGHLY RECOMMENDED ( SOUTHEAST ASIA ) PHILIPPINES

partnership between Rizal Commercial Banking and Citicore Renewable Energy Corporation ( CREC )

Participants: Rizal Commercial Banking

INDONESIA

Republic of Indonesia$ 2 billion dual-tranche trust certificates

Participants: CIMB, Citigroup Global Markets, Dubai Islamic Bank, Mandiri Securities, Standard Chartered, White &amp, Case, Trimegah Sekuritas, BRI Danareksa Sekuritas, Thamrin &amp, Rekan

THAILAND

Thai Union Group’s Thb11.5 billion sustainability-linked loan

Participants: MUFG

&gt, BEST SYNDICATED LOAN DEALS &lt,

AUSTRALIA / NEW ZEALAND

Orora’s acquisition of Saverglass SAS

Participants: AFRY Capital, Citi, Macquarie Capital

Highly commended: &nbsp, Viva Energy A$ 1 billion Term Loan Facilities

Members: DBS, ANZ, Mizuho, MUFG, NAB, UOB, WBC, plus consortium of 22 lenders

Chinese- Abroad

Royal Golden Eagle’s CNH15 billion syndicated loan for the acquisition of Vinda International Holdings

Participants: Bank of China Macau Branch, BNP Paribas, CICC, Linklaters

Highly commended: Kuaishou’s 3-year CNH9 billion syndicated term loan facility

Participants: China Merchants Bank, Pudong Development Bank, CITIC Bank, Industrial Bank, Ping An Bank, HSBC China, Minsheng Bank, Bank of Beijing, Hang Seng Bank, Bank of Faba-Pakistan China, Standard Chartered China, Jiangsu Bank

HONG KONG Radar

United Asia Finance’s HK$ 3.9 million syndicated term loan and revolving credit facility

Members: Standard Chartered, China Zheshang Bank, KGI Bank, Bank Singpac, Nanyang Commercial Bank

Highly commended: &nbsp, ICBCIL Finance Company Limited’s$ 1 billion term loan facility

Participants: Industrial and Commercial Bank of China ( Asia ), Agricultural Bank of China Hong Kong, OCBC, Ping An Bank, Nanyang Commercial Bank, China Guangfa Bank, Bank of Communications, China CITIC Bank, Dah Sing Bank, DBS Bank, The Norinchukin Bank, The Korea Development Bank, Bank of China Frankfurt Branch, Chiyu Banking Corporation, Tai Fung Bank, Bank of China Rotterdam Branch, Banque Internationale a Luxembourg

SINGAPORE

Seatrium’s S$ 1.1 billion committed syndicated bank guarantee facility

Participants: Simmons &amp, Simmons, Standard Chartered, &nbsp, DBS Bank, Shanghai Pudong Development Bank, Mizuho Bank, Emirates NBD Bank, First Abu Dhabi Bank, Malayan Banking Berhad, Clifford Capital

Highly commended: &nbsp, Aircastle’s$ 600 million syndicated revolving credit facility

Participants: Bank of China, Caixa, CBA, SMTB, CUB, Taishin, plus lending consortium of 15 banks

SOUTH ASIA

JSW Steel Limited’s$ 900 million syndicated term loan facility

Members: DBS, BNP Paribas, CTBC, FAB, HSBC, Mashreq, Standard Chartered, SMBC, Intesa Sanpaolo, APICORP, CBD, DZ, BOT, CHCB, TIB, TBB, FCB, SBI Shinsei, BOK, LBT, TW Shin Kong, Taichung Commercial, TCB, San-in-Good, Hyakugo Bank

Highly commended: &nbsp, Beacon Pharmaceutical’s BDT3.768.8 billion syndicated term loan facility

Members: UCB Investment, Eastern Bank, Janata Bank, United Commercial Bank, Bank Asia, Jamuna Bank, ONE Bank, Rupali Bank

SOUTHEAST ASIA

SOUTHEAST ASIA/ APAC / INDONESIA

PT Mineral Industri Indonesia ( Persero )$ 1.5 billion senior unsecured term loan and revolving credit facilities

Members: DBS, Bank of China (Hong Kong), BNP Paribas, BNI, Citi, Maybank, Mizuho, MUFG, OCBC, SCB, SMBC, UOB

HIGHLY RECOMMENDED ( SOUTHEAST ASIA) THAILAND

Syndicated financing of Thb7.6 billion for Italian-Thai Development Public Company

Participants: Weerawong C&P, Bangkok Bank, Kasikornbank, Siam Commercial Bank, Krung Thai Bank

MALAYSIA

LQ Retail and LQ Hotel have secured green term loans worth MR2 billion.

Participants: UOB&nbsp,

PHILIPPINES

San Miguel Corporation’s$ 2 billion five-year syndicated term loan facility

Participants ( according to sources cited by Bloomberg ): Standard Chartered, ANZ, Bank of China ( Hong Kong ), CTBC Bank, ING, Maybank Kim Eng Securities, Mitisubishi Financial Group, Mizuho Bank, Rabobank, Sumitomo Mitsui Banking&nbsp,

VIETNAM

Techcom Securities ‘$ 175 million syndicated loan facility

Members: Standard Chartered, CTCB Bank, Taipei Fubon Commercial Bank, Taishin International Bank, KGI Bank

&gt, BEST VENTURE CAPITAL DEALS &lt,

SINGAPORE

YouTrip’s$ 50 million Series B fundraising

Participants: Lightspeed Ventures ( lead investor ), Allen &amp, Gledhill

SOUTHEAST ASIA/ APAC

Fano Labs investment by Openspace Ventures

Participants: Openspace Ventures ( lead investor )

&gt, MOST INNOVATIVE DEALS &lt,

AUSTRALIA / NEW ZEALAND

&nbsp, Alcoa’s$ 3 billion acquisition of Alumina

Participants: BofA Securities, Flagstaff Partners, JP Morgan, UBS

Highly commended: &nbsp, CRH’s A$ 2.9 billion acquisition of Adbr

Participants: UBS, Macquarie, Barrenjoey, Morgan Stanley, Gilbert &amp, Tobin, HSF

Chinese- Abroad

The acquisition of Hollysys Automation Technologies Ltd. by Ascendent Capital Partners&nbsp,

Participant ( s ): Industrial Bank Hong Kong

Highly commended: Alibaba’s$ 5 billion convertible bond &nbsp,$ 1.2 billion parallel stock purchase

Members: Citi, JP Morgan, Morgan Stanley, Barclays, HSBC

Chinese- Inland

Nanjing Iron and Steel Group’s acquisition by CITIC Pacific&nbsp,

Members: CITIC Securities

Highly commended: State Grid Overseas Investment’s Rmb1 billion panda bond issuance

Members: CITIC Securities, ICBC, Bank of China

HONG KONG Radar / APAC

Privatisation of L’Occitane

Participants ( legal advisors ): Kirkland &amp, Ellis, Skadden, Arendt, Loyens, Freshfields, Linklaters and Fried Frank, White &amp, Case&nbsp,

Highly commended: Super Hi’s double list on Nasdaq

Participants ( legal advisors ): Kirkland &amp, Ellis, Skadden, Arendt, Loyens, Freshfields, Linklaters and Fried Frank, White &amp, Case

Highly commended: HKSAR Government’s$ 750 million equivalent digital green bonds

Participants: Bank of China Hong Kong, Credit Agricole CIB, Goldman Sachs, ICBC Asia, UBS, HSBC

NORTH ASIA

SK Bioscience’s acquisition of 60 % stake in IDT group

Participants: Deutshce Bank, Commerzbank, Norddeutsche Landesbank, Sullivan &amp, Cromwell&nbsp,

SINGAPORE

STT GDC’s issuance of S$ 450 million 5.70 % sustainability-linked perpetual securities

Members: Standard Chartered

SOUTH ASIA

Refinancing for East India’s LNG Regasification Terminal Project in Dhamra, Odisha

Members: Standard Chartered

Highly commended: Kashf’s PKR2.5 billion female connection release

Members: Infra Zamin Pakistan, Arif Habib, Pakistan Credit Rating Agency, Vellani &amp, Vellani, Pak Brunei Investment Company, Bank Alfalah, Bank of Pubjab, Standard Chartered Pakistan

SOUTHEAST ASIA

SOUTHEAST ASIA/ THAILAND

ThaiBev’s property exit and share swap

Members: DBS, WongPartnership

Highly recommended: the Filipino Aquino International Airport’s rehabilitation project, which offers PHP 80 billion syndicated term loans.

Participants: BDO Capital

HIGHLY RECOMMENDED ( SOUTHEAST ASIA ) PHILIPPINES

Ayala Land’s PHP6 billion sustainability-linked bonds

Participants: BDO Capital, BPI Capital, China Bank Capital, Land Bank of the Philippines, RCBC Capital, SB Capital Investment

INDONESIA

PT Charoen’s$ 200 million and IDR7.5 trillion senior revolving credit facilities&nbsp,

Participants: Citi, DBS, plus consortium of other banks

MALAYSIA

Bursa Malaysia Offering for Johor Plantations Group

Participants: CIMB, AM Investment Bank, Affin Hwang Investment Bank, CLSA Singapore, CLSA Securities Malaysia

Ex-PM proposes reforms amid global shifts

By: Barkar Nash

On: November 22, 2024

In: South-East Asia

Central company’s focus’ stalled development ‘

Thaksin Shinawatra, former prime minister, at the Forbes Global CEO Conference 2024. Forbes Asia

Thailand should be prepared for political change, according to former prime minister Thaksin Shinawatra, who has proposed financial reform.

At the Ritz Carlton in Bangkok on Thursday evening, Thaksin gave a speech at the Forbes Global CEO Conference.

Now in its 22nd season, the meeting convenes world-leading CEOs, tycoons, entrepreneurs, investors, and thought leaders to discuss important issues of global issue and develop new partnerships.

During the episode and Gala Dinner Session, Thaksin was invited to have a one-on-one speech with Steve Forbes, Chairman and Editor-in-Chief of Forbes Media.

The former prime minister suggested that the Thai government be prepared for upcoming political conundrums by proposing a number of economic reforms to boost Thailand’s market.

Thailand’s central bank was extremely concerned about the country’s economic problems, according to Thaksin, who claimed the government’s business had not improved significantly over the previous ten years.

He claimed that as a result, some commercial lenders under the control of the central bank did not lend to small businesses and those in need, leading to a lack of cash flow in the nation.

Thus, the central bank is simply duty-bound to oversee the commercial lenders, he said.

They should n’t have been overly protective, he claimed, which might have helped to boost foreign currency.

The central banks is an independent body, but it occasionally needs to speak up and interact with business interests to understand their problems.

” Besides, the central bank requires practical solutions to increase the cash flow in Thailand”, he said.

Thaksin said Thai businesses, regardless of size, want to reassess their business model.

Because of the increased competition in the economy, he claimed they may have fresh ideas, like using technology to support their work. The Taiwanese e-commerce program Temu and how it gained popularity were finally given as examples.

Plus, the government must safeguard local businesses as it seeks to attract more foreign investment. For instance, the government lately instituted a taxation policy for foreign investors who invest in Thailand, he said.

When Thaksin inquired about Thailand’s plan to construct a land bridge to connect the Andaman Sea and the Gulf of Thailand, Thaksin said that the country should prioritize constructing a area bridge otherwise.

‘ ‘ We need to have engagement from the exclusive market in the building ]of that land bridge], in which they need to be concerned about the business validity while worried about the government’s benefit”, he added.

In politics, Thaksin was asked his opinion about what would happen if US President-elect Donald Trump imposed 10 % taxes on imported goods to the US and up to 60 % tariffs on Chinese products.

He claimed that US consumers may be forced to spend more for imported goods if Mr. Trump raises these taxes.

At the same time, if the US-China business war intensifies, Thaksin suggested that Thailand does expect more companies to come to the country.

He argued that Thailand needs strong tax incentives to entice more foreign investments from different global markets.

Additionally, he claimed that this financial union would help rebalance international funds within the next five times as Brics become more prevalent.

Brics is an international organisation comprising nine nations– Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.

Brics was founded to recognize different investment opportunities at its beginning.

He noted that Asean needs to be more unified by having the same level of consensus as” One Asean,” despite Thailand’s participation in the regional frameworks Asean and Asia-Pacific Economic Cooperation ( APEC ).

‘ ‘ Apec may allow small economic people to have the opportunity to obtain larger areas ]which may help them to grow faster], “he added.

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