US to tighten China chip squeeze with old Cold War rule – Asia Times

The United States plans to expand a Cold War-era rule to stop China from obtaining restricted chip-making tools and high-end chips from places including Israel, Singapore, Malaysia and Taiwan.

The Biden administration is set to expand the coverage of its Foreign Direct Product Rule (FDPR), which was first introduced in 1959 to control the trading of US technologies, by the end of this month, Reuters reported on Wednesday (July 31). 

However, the United States’ allies, including Japan, the Netherlands and South Korea, all key producers and suppliers of chip-manufacturing tools, will not be affected by the change, the same report said. 

The Biden administration may also use the FDPR to stop China from getting high-bandwidth memory (HBM) chips made by SK Hynix and Samsung Electronics and equipment capable of making those chips, Bloomberg reported, citing named sources. 

The report said the new FDPR, if enacted, would block the shipment of the HBM2 and more advanced chips including the HBM3 and HBM3E, all of which can be used as artificial intelligence (AI) accelerators.

It said US-based Micron Technology also produces HBM chips but it will not be affected by the new rule as the company has refrained from selling its HBM products to China after its memory chips were banned from being used in the country’s critical infrastructure in 2023. 

“Containing and going after China will not stop China’s development, but will only make China even more determined and capable in boosting our own strength in technology and innovation,” Lin Jian, a Chinese foreign ministry spokesperson, said in a media briefing on Wednesday. 

“We hope relevant countries will firmly resist the coercion and jointly uphold a fair and open international trade order to protect their own long-term interests,” he said.

Reuters also reported that the US plans to add about 120 entities to its restricted trade list. These entities include six chip foundries and their hardware and software suppliers. 

In March this year, Bloomberg reported that Washington is considering blacklisting Hefei-based ChangXin Memory Technologies Inc (CXMT), which produces DRAM for use in computer servers and smart vehicles, as well as five other Chinese chip makers.

In June, Alan Estevez, chief of the US Commerce Department’s Bureau of Industry and Security (BIS), visited the Netherlands and Japan to press their governments to put more limits on the China shipments of ASML and Tokyo Electron Ltd, respectively.

Chinese self-sufficiency

Chinese commentators have mixed views on the intensifying chip war between China and the US. 

“The strengthening US curbs against China showed that the US is worried that it will lag behind China in technological development,” Chen Fei, an associate professor at the School of Politics and International Studies, Central China Normal University, says in an article published on Thursday.

Chen says many Chinese companies are quickly developing their own AI models and related supply chains and have already in certain areas surpassed the US. He asserts the US wants to use sanctions and export controls to slow the growth of China’s AI development but its plan won’t succeed. 

Wen Yizhai, a Henan-based columnist, says in an article that China must increase its efforts to achieve self-sufficiency in high-end chips as import channels can be blocked one day if the international situation suddenly changes. 

”Why does China still have to spend more than US$300 billion to import semiconductors every year? It is because Chinese chip makers can’t compete with global chip giants in terms of product quality and production scale,” he says

“Although Chinese firms keep improving, it’s unlikely that they can achieve significant breakthroughs in the short term.”  

He points out that Chinese memory chip makers, including Yangtze Memory Technologies Co (YMTC) and CXMT, only have a combined 5% market share domestically as the sector is dominated by South Korea’s Samsung and SK Hynix. 

In the first five months of this year, China’s imports of integrated circuits grew 13.2% year-on-year to $148.4 billion while imports of chip-making equipment rose 64.4% to $18.2 billion, according to China Customs data.

During the period, Japan’s exports of chip-making equipment to China increased 21.5% to $10.55 billion, representing 58% of the total amount of tools imported by China. 

South Korea’s exports of chips to China surged 46.5% to $44.8 billion, accounting for 30% of China’s total chip imports.  

Closing a loophole

Sources told Reuters that the BIS wants to close a FDPR loophole by lowering the amount of US content that determines when foreign items are subject to US control. 

Since 2019, the Netherlands has stopped issuing licenses for ASML to export its extreme ultraviolet (EUV) lithography tools to China.

At the beginning of this year, the country also banned the export of two immersion deep ultraviolet (DUV) lithography machines, known as the NXT:2050i and NXT:2100i, to China. 

In July 2023, Japan added 23 items of chip-making tools and materials to its export control list. 

Due to these restrictions, Chinese foundries can only produce chips up to 7 nanometers, not the smaller ones used in more advanced applications. 

The US also banned the exports of certain high-end AI chips, including Nvidia’s A100 chips, to China in two packages announced in October 2022 and 2023. 

Media reports said Chinese chip makers are seeking to set up fabs in Singapore and Malaysia so they can use immersion DUV or even EUV lithography machines there. Some American chip makers also plan to make chips in Southeast Asia and sell them to China. 

Now Washington is drafting a new chip export control package that could undercut those plans. With the FDPR, the BIS can regulate the re-export and transfer of foreign-made items if their production involves certain American technology, software or equipment. 

The BIS can strengthen the FDPR by defining certain technology, software and equipment as subject to the Export Administration Regulations (EAR). For some years, the BIS has been using the FDPR to stop Chinese tech giant Huawei from obtaining high-end chips overseas. 

Read: US targets Hong Kong chip transshipments to Russia  

Follow Jeff Pao on X: @jeffpao3

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The ‘flying rivers’ causing devastating floods in India

Getty Images People rescue their cattle in a flood-affected area after a breach in river Beas in Sultanpur Lodhi on August 18, 2023, following heavy monsoon rains in India's state of Himachal Pradesh.Getty Images

Heavy rains and floods have affected several parts of India in recent weeks, killing scores of people and displacing thousands of others.

Floods are not uncommon in the country – or South Asia – at this time of the year, when the region receives most of its rainfall.

But climate change has made monsoon rains more erratic, with massive rainfall in a short span of time followed by prolonged periods of dryness.

Now scientists say that a type of storm, known as an atmospheric river, is making things worse with a significant increase in moisture because of global warming.

Also known as “flying rivers”, these storms are huge, invisible ribbons of water vapour that are born in warm oceans as seawater evaporates.

The water vapour forms a band or a column in the lower part of the atmosphere which moves from the tropics to the cooler latitudes and comes down as rain or snow, devastating enough to cause floods or deadly avalanches.

These “rivers in the sky” carry some 90% of the total water vapour that moves across the Earth’s mid-latitudes and, on an average, have about twice the regular flow of the Amazon, the world’s largest river by the discharge volume of water.

As the earth warms up faster, scientists say these atmospheric rivers have become longer, wider and more intense, putting hundreds of millions of people worldwide at risk from flooding.

In India, meteorologists say the warming of the Indian Ocean has created “flying rivers” that are influencing monsoon rains between June and September.

Atmospheric river graphic

A study published in the scientific journal Nature in 2023 showed a total of 574 atmospheric rivers occurred in the monsoon season in India between 1951 and 2020, with the frequency of such extreme weather events increasing over time.

“In the last two decades, nearly 80% of the most severe atmospheric rivers caused floods in India,” it said.

A team of scientists from the Indian Institute of Technology (IIT) and the University of California, who were involved in the study, also found that seven of India’s 10 most severe floods in the monsoon seasons between 1985 and 2020 were associated with atmospheric rivers.

The study said evaporation from the Indian Ocean had significantly increased in recent decades and the frequency of atmospheric rivers and floods caused by them has increased recently as the climate has warmed.

“There is an increase in the variability [more fluctuations] in the moisture transported towards the Indian subcontinent during the monsoon season,” Dr Roxy Matthew Koll, an atmospheric scientist with the Indian Institute of Tropical Meteorology, told the BBC.

“As a result, there are short spells when all that moisture from the warm seas is dumped by the atmospheric rivers in a few hours to a few days. This has led to increased landslides and flash floods across the country.”

A woman holding an umbrella walks on a street flooded with water due to heavy rain in Mumbai.

An average atmospheric river is about 2,000km (1,242 miles) long, 500km wide and nearly 3km deep – although they are now getting wider and longer, with some more than 5,000km long.

And yet, they are invisible to the human eye.

“They can be seen with infrared and microwave frequencies,” says Brian Kahn, an atmospheric researcher with Nasa’s Jet Propulsion Laboratory.

“That is why satellite observations can be so useful for observing water vapour and atmospheric rivers around the world,” Mr Kahn added.

There are other weather systems like westerly disturbances, monsoon and cyclones that can cause floods as well.

But global studies have shown that atmospheric water vapour has increased by up to 20% since the 1960s.

Scientists have associated atmospheric rivers with up to 56% of extreme precipitation (rainfall and snowfall) in South Asia, although there are limited studies on the region.

In neighbouring Southeast Asia, there have been more detailed studies on the links between atmospheric rivers and monsoon-related heavy rains.

A 2021 study, published by the American Geophysical Union, found that up to 80% of heavy rainfall events in eastern China, Korea and western Japan during early monsoon season (March and April) are associated with atmospheric rivers.

“In East Asia there has been a significant increase in frequency of atmospheric rivers since 1940,” says Sara M Vallejo-Bernal, a researcher with the University of Potsdam in Germany, who led a separate study.

“We found that they have become more intense over Madagascar, Australia and Japan ever since.”

Getty Images Impacts of atmospheric rivers in West coast of the USGetty Images

Meteorologists in other regions have been able to link a few recent major floods to atmospheric rivers.

In April 2023, Iraq, Iran, Kuwait and Jordan were all hit by catastrophic flooding after intense thunder, hailstorms and exceptional rainfall. Meteorologists later found that the skies across the region were carrying a record amount of moisture, surpassing a similar event in 2005.

Two months later, Chile was hit by 500mm of rain in just three days – the sky dumped so much water that it also melted snow on some parts of the Andes mountain, unleashing massive floods that destroyed roads, bridges, and water supplies.

A year earlier parts of Australia had been hit by what politicians called a “rain-bomb”, with more than 20 people killed and thousands evacuated.

Given the risks of catastrophic floods and landslides they can trigger, atmospheric rivers have been categorised into five types based on their size and strength – just like hurricanes.

Not all of them are damaging though, especially if they are of low intensity.

Some can be beneficial if they land in places that have suffered from prolonged droughts.

But the phenomenon is an important reminder of a rapidly warming atmosphere that holds much more moisture than in the past.

At the moment, the storm is relatively under-studied in South Asia, compared to other weather events like western disturbances or Indian cyclones that are the other major causes of floods and landslides.

“Effective collaborative efforts among meteorologists, hydrologists and climate scientists is currently challenging as the concept is new in this region and difficult to introduce,” said Rosa V Lyngwa, a research scholar at IIT Indore.

But as heavy rains continue to pummel parts of India, it’s become more important to study this storm and its potential devastating impact, she adds.

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Indonesia to set up national suicide registry as part of prevention efforts

JAKARTA: The Indonesian government will set up a national registry to record statistics on suicide attempts and deaths as part of prevention efforts.

The registry is among several health policies in a new regulation issued by President Joko Widodo on Tuesday (July 30), reported news outlet Kompas. 

The registry is expected to include details such as the individuals’ gender, age, location, method, risk factors as well as motives.

The bulk of the information will come from the Indonesian National Police (Polri), population and civil records, agencies involved in gathering data as well as health services agencies. No timeframe was given for the establishment of the registry.  

The presidential order also outlines mitigation and prevention measures for suicide, which include responsible reporting of suicide by the mass media and on social media, as well as guidelines on mitigating thoughts of self-harm by developing life, social and emotional skills.

According to the guidelines, people with suicide risk should be restricted from access to tools, materials or facilities that can trigger attempts, for instance.

The government will provide access to counselling services through suicide prevention hotlines, support through survivor groups, and physical and mental health treatment for survivors.

The relevant government agencies will also prohibit the public from abandoning, shackling, or committing violence against people with mental disorders, or ordering others to do so, the health regulation states.

Netizens welcomed the new regulation but cautioned that data, especially for attempted suicide cases, must be handled carefully.

Indonesia suffered a crippling ransomware attack in recent weeks on its national data centres that affected 239 institutions, including 30 government ministries and agencies.

The hacker group Brain Cipher claimed responsibility and demanded US$8 million from the government to unlock the data, but later unexpectedly released the decryption key for free.

“Suicide attempts recorded by the government will have the potential for stigmatisation if it leaks,” commented a netizen on social media platform X. The netizen hoped more details on safeguards would be spelled out in the regulations.

Based on data from Indonesian police’s National Criminal Information Center (Pusiknas), there were 287 suicides in Indonesia from January to March this year. 

Of these cases, about a-third or 97 cases took place in Central Java.

UNDER-REPORTED BY 860 PER CENT

According to a groundbreaking study published in February, however, suicides are likely under-reported by about 860 per cent in Indonesia based on data from 2016 to 2018. Reasons include families asking for a suicide not to be reported, and suicide-related investigations that are not pursued by the police.

Through a national government partnership, the researchers from various institutions and universities in Australia and Indonesia obtained non-public data on attempts and suicides from 2016 to 2021, and put together Indonesia’s first suicide statistics profile. 

Indonesia’s national suicide attempt rate was 2.25 attempts per 100,000 individuals, according to the study, titled “Indonesia’s first suicide statistics profile: an analysis of suicide and attempt rates, underreporting, geographic distribution, gender, method, and rurality”.

The ratio of female to male suicides was found to be 1: 2.11.

The highest suicide rates were in Bali, Riau Islands, Yogyakarta, Central Java and Central Kalimantan. “Further investigation is needed to identify underlying patterns in these priority provinces,” stated the study, published in The Lancet Regional Health Southeast Asia.

The data provides “essential information which can allow for critical steps in suicide prevention, such as means restriction and allocation of resources between rural and urban areas, as well as certain geographic regions”, the researchers wrote. 

“Given the scarcity of resources for suicide prevention and mental health, resources must be used judiciously”, together with data-driven approaches to maximise effectiveness, they said.

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The Silicon Straits: How Malaysia Can Unlock ASEAN’s Digital Boom

  • Unlocking ASEAN’s Digital Boom & the path to becoming a regional hub
  • At the heart of Malaysia’s digital ambitions is the data center infrastructure

The Silicon Straits: How Malaysia Can Unlock ASEAN's Digital Boom
Southeast Asia’s digital economy continues its impressive growth. At its current rate, the region’s digital economy is expected to deliver US$1 trillion in value by 2030 – a massive opportunity Malaysia is well-positioned to capitalise on. With a population of over 700 million and rapidly growing digital adoption, ASEAN is quickly becoming a global powerhouse in the digital age.
The Top In Tech series recently aired its 40th episode, “The Silicon Straits: How Malaysia Can Unlock ASEAN’s Digital Boom”, which sought to discover Malaysia’s potential as a digital hub for ASEAN, exploring the role of robust infrastructure in driving regional innovation and economic growth, while also navigating the challenges and opportunities of cross-border data flow.

A lineup of experienced speakers, including MA Sivanesan, Deputy Secretary General (Digital Development), Ministry of Digital; Maciej Surowiec, Head of ASEAN Government Affairs, Microsoft; Dr. Endry Lim, Chief of Staff, PayNet; and Chiun Chiek Wong, Director, Bursa Intelligence at Bursa Malaysia shared their views. The discussion was moderated by Karamjit Singh, CEO of Digital News Asia.

Malaysia’s digital transformation journey

“Malaysia has long recognised the importance of digital transformation, laying the groundwork over the past two decades. Establishing Malaysia Digital Economy Corporation (MDEC) in 1996 was an early step in positioning Malaysia as a regional digital hub. Throughout the years MDEC has rolled out market access programs and assistance through grants, which support Malaysia Digital Hub startups that are ready to expand into ASEAN countries. From a policy perspective, the launch of Malaysia’s Malaysia Digital Economy Blueprint in 2021 provided a comprehensive roadmap to drive the country’s digital growth,” said Sivanesan.
Chiun Chiek drew attention to ASEAN’s emerges as the world’s 5th largest economy, where inter-regional collaboration becomes ever more crucial. Malaysia’s 2025 ASEAN chairmanship will spotlight the country’s regional leadership role and propositions. Government initiatives facilitating investments, particularly in data centers, deserve significant acknowledgment. With these infrastructures in place, the focus shifts to maximizing their utility, integrating AI capabilities to attract diverse workloads that align with global cloud computing trends over the past decade. This juncture offers a strategic moment for government bodies, private enterprises, and SMEs to collaborate. Together, they can pinpoint industry challenges, generate jobs, business prospects, and foster technological advancements.

Maciej Surowiec, Head of ASEAN Government Affairs, Microsoft; Dr. Endry Lim, Chief of Staff, PayNet; Chiun Chiek Wong, Director, Bursa Intelligence at Bursa Malaysia; and MA Sivanesan, Deputy Secretary General (Digital Development), Ministry of Digital.

Collaboration and coordination for regional success

To fully unlock ASEAN’s digital potential, Malaysia recognises the need for greater regional collaboration and coordination.
“Malaysia’s historical position of neutrality in international relations is a significant strategic advantage. This neutral stance has allowed the country to maintain good relations with other nations, attracting diverse investments. Hence, the next steps should involve leveraging these relationships by accelerating policy development and implementation. Agility in policymaking is crucial to keeping pace with rapid technological advancements and protecting the interests of all stakeholders, including small and medium enterprises (SMEs),” said Dr Endry.

Harnessing the power of data centers

“At the heart of Malaysia’s digital ambitions is the data center infrastructure, connected to the global technology fabric. Data center investments bring broad economic benefits, serving as anchors for the digital ecosystem, attracting other businesses and fostering innovation. Malaysia’s strategic location, vibrant and diversified economy as well as commitment to sustainable energy positions the country as Southeast Asia’s data hub,” said Maciej.
Unlike manufacturing, where a new plant can rapidly create thousands of jobs, data centers serve as anchors for the technology industry, elevating Malaysia’s profile on the global stage, attracting data-driven investments, and potentially fostering silicon manufacturing plants.
 

Capturing the AI Opportunity
Malaysia’s digital transformation journey is well underway, and the country’s aspirations to become the digital hub of ASEAN are within reach. By continuing to attract investments, develop world-class digital infrastructure, cultivate talent, and drive collaboration across the region, Malaysia can unlock the full potential of the ASEAN digital boom and cement its status as a leading player in the global digital economy.

This episode is in-collaboration with Microsoft Malaysia.

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Xamble appoints Jason Thoe as CEO 

  • Presently the chief operating officer at ASX-listed Frontier Digital Ventures Ltd
  • Led ASX-listed Southeast Asian digital marketplaces to growth and profitability

Xamble appoints Jason Thoe as CEO 

Xamble Group Limited, a leading platform of influencer-centric digital marketing solutions, has announced the appointment of Jason Thoe (pic) as the company’s CEO effective from September 2024.

Thoe, a seasoned executive across digital businesses, brings to Xamble a wealth of commercial leadership experience together with a proven track record of undertaking change in ASX-listed Southeast Asian digital marketplace businesses for sustained growth and profitability, making him the ideal candidate to lead the firm into its next phase of growth and innovation.

Xamble executive chairman, Ganesh Kumar Bangah, said: “We are thrilled to have someone of Jason’s calibre joining the Xamble team as CEO. His experience and expertise in driving growth across a range of Southeast Asian, ASX-listed digital businesses, will be invaluable as we continue our strategy of growing and strengthening our creator base in existing and new markets across Southeast Asia and beyond.”

Currently, Thoe serves as chief operating officer at ASX-listed Frontier Digital Ventures Ltd where he has strategically led growth initiatives across Asia, MENA, and LATAM, to achieve revenues of US$52.5 million (RM239.7 million) in 2023, a CAGR of 32% since 2017. Under his stewardship, businesses within the FDV portfolio have undergone transformation and restructuring, resulting in consistently improving margins and achieving positive EBITDA across all operating regions in 2023.

Prior to FDV, Thoe held the position of general manager for Malaysia at formerly ASX-listed iCarAsia Ltd and was instrumental in building a strong platform for expansion which set iCarAsia on the path for exponential growth. During his tenure, he achieved highs in site traffic, customer engagement, and 71% year-on-year revenue growth for the Malaysian division, culminating in the division’s first profitable quarter and a 41% year-on-year improvement in EBITDA margins.

Thoe has also held various leadership positions in management, marketing, and sales at digital, technology, and consulting firms, including PropertyGuru and Malaysian-listed Cuscapi Berhad.

Thoe said, “I am excited to join Xamble at this pivotal moment in its growth journey. I look forward to collaborating closely with the talented team to build upon the company’s strong foundations and deliver successful financial outcomes as it continues to accelerate the growth of its unique influencer platform. With confidence, I believe we will fully capitalise on the vast growth opportunities ahead and create exceptional value for Xamble’s communities, customers, and shareholders.”

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How an Israel visit and a cancelled seminar put Indonesia’s largest Muslim bodies under public scrutiny

In his Instagram caption, Mr Zainul said they spoke about the Hamas-Israel conflict and relations between Indonesia and Israel.

The post went viral with public anger and condemnation that forced Mr Zainul to disable the comments section of his account. He has since deleted the post. 

Mdm Hurriyah, a political lecturer at the University of Indonesia, who like many Indonesians goes by one name, said that the trip provoked such strong reactions because it “was held amid Israel’s genocide, and the Indonesian government has condemned it.” 

About 39,000 people have been killed in Palestine since October, according to local health authorities.

Professor Asep Saepudin Jahar, chancellor of Universitas Islam Negeri (UIN) Syarif Hidayatullah Jakarta, who specialises in the sociology of Islamic law, said that the NU members had lacked sensitivity to the wider political situation.

“Even without war, a visit to Israel is a controversial matter (for Indonesians), let alone during war or attacks on Palestinian citizens. 

“And they do not understand that they are being used or the situation is being politicised as it appears Israel wants to get support from Indonesian Muslims (by having the NU members in Israel),” he said. 

On Jul 16, NU’s general chairman Yahya Cholil Staquf held a press conference at the organisation’s headquarters in Jakarta where he apologised for the uproar.

“Whatever happens, as the general chairman of NU, I apologise for the mistakes made by the NU members and on their behalf to the wider community. 

“Hopefully, they (the wider community) are willing to forgive. Hopefully, it will not happen again,” said Mr Yahya, who was the subject of public criticism in 2018 for meeting with Israeli Prime Minister Benjamin Netanyahu.

As the quintet has different roles within NU, Mr Yahya said he would let the relevant parties decide how to proceed with the individuals who went to Israel. 

Mr Sukron told CNA the trip was solely initiated by civil society and not sponsored by the (Israeli) government.

“We went to Israel not only to visit the president, but there were many other activities to help us better understand the situation and possibilities of how Indonesian civil society can help. 

“From our perspective, since Indonesia has no diplomatic relations with Israel, therefore civil society must render a concrete contribution to cease the war, or at least reach an armistice between parties in conflict because the victims are always civilians,” he said. 

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Govt welcomes praise for tiger protection

A tiger is captured on a camera installed in a forest in tambon Song Phi Nong of Tha Sae  district, Chumphon, on Aug 19, 2019. (Photo: Department of National Parks, Wildlife And Plant Conservation)
A tiger is captured on a camera installed in a forest in tambon Song Phi Nong of Tha Sae district, Chumphon, on Aug 19, 2019. (Photo: Department of National Parks, Wildlife And Plant Conservation)

The government has welcomed the notion that Thailand is now recognised as a leader in Southeast Asia’s efforts to protect wild tigers.

The recognition stems from the country’s achievement in protecting royal tigers (Panthera tigris), which has led to a significant increase in their population.

Adult royal tigers in Thailand are now estimated to number between 179 and 223, which is about 149 higher than the number recorded in 2022, government spokesman Chai Wacharonke said on Wednesday, citing Natural Resources and Environment Ministry figures.

These figures were presented at the Sustainable Finance for Tiger Landscapes Conference, held on Monday in Paro, Bhutan, and earned Thailand praise as a leader in tiger conservation, said Mr Chai.

Thailand’s success was also lauded as an example of tiger conservation for other countries, he said. “The increase in royal tiger numbers in Thailand is also an indicator of how good the country’s ecosystem is,” said Mr Chai.

Prime Minister Srettha Thavisin gives all credit to all parties involved in the work which has led to this success in tiger conservation, said Mr Chai. “The PM believes Thailand will continue to succeed while improving its tiger conservation work so as to become a strong leader in this field and set the bar for royal tiger conservation in the region,” he said.

The rise in the royal tiger population in Thailand follows the implementation of the government’s second national operation plan, which began in 2022 and will continue until 2034, said Mr Chai. Three goals have been set, he said.

First, forest and wildlife protection standards in the Western Forest Complex (Wefcom) will continue and be raised to the next level. Wefcom covers about 18,000 square kilometres and is extended into Myanmar border along the Tennaserim Range.

Second, the government will continue raising its capacity to track the actual royal tiger population in Dong Phayayen–Khao Yai Forest Complex, a Unesco World Heritage site, through the continuous improvement of forest protection work.

Third, the royal tiger population in Kaeng Krachan, Phu Khieo-Nam Nao and Khlong Saeng-Khao Sok forest complexes will have to increase.

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Tokenize Xchange bolsters leadership team with strategic hire amid rapid growth

  • Previously led fintech and cryptocurrency projects at FXHB Asset Management
  • Tasked to spearhead Tokenize’s strategic initiatives across APAC, drive innovation

Tokenize Xchange bolsters leadership team with strategic hire amid rapid growth

Tokenize Xchange, a leading digital asset exchange headquartered in Singapore has announced the appointment of Carney Mak (pic) as chief strategy officer. This key addition to the leadership team comes as the company rides a wave of expansion fueled by recent fundraising success.

Mak, a veteran in the fintech and cryptocurrency space, joins Tokenize Xchange at a crucial juncture. The company recently secured an additional US$11.5 million (RM53.6 million) in Series A Phase 2 funding, bringing the total Series A to US$23 million (RM107.9 million). Mak’s expertise is set to catalyse Tokenize’s ambitious growth plans.

“Mak’s appointment is a game-changer for us,” said Hong Qi Yu, founder and CEO of Tokenize Xchange. “His strategic vision and deep industry knowledge are exactly what we need as we navigate the complex, evolving landscape of digital assets in Southeast Asia.”

Mak brings a wealth of experience to the role, having previously spearheaded fintech and cryptocurrency ventures at FXHB Asset Management. His track record of innovation and leadership in banking and payments positions him perfectly to steer Tokenize’s strategic initiatives.

“Joining Tokenize Xchange feels like catching a rocket mid-flight,” Mak enthused. “The company’s recent funding success and its commitment to regulatory excellence create a perfect launchpad for innovation. I’m thrilled to help shape the future of digital asset trading in this region.”

Mak’s arrival coincides with Tokenize’s aggressive expansion plans. The company aims to expand its Singapore team and focus on enhancing compliance and operations. This growth strategy reflects Tokenize’s commitment to fostering trust and transparency in the digital asset ecosystem, which is particularly crucial in light of recent sector-wide challenges.

With a strong presence across Southeast Asia, Tokenize Xchange has established itself as a regional leader in digital asset trading. According to the firm, its proactive approach to regulation distinguishes it in a rapidly evolving landscape. Tokenize operates under an exemption from the Monetary Authority of Singapore and has already received approval from the Securities Commission Malaysia, where it stands as the country’s second-largest digital asset exchange. The company is actively pursuing similar licenses in other Southeast Asian jurisdictions. This multi-jurisdictional strategy underscores Tokenize’s dedication to regulatory excellence and its ambition to set new benchmarks for secure, transparent, and compliant digital asset trading in the region.

Mak’s role will be pivotal in leveraging these strengths. His mandate includes spearheading Tokenize’s strategic initiatives across the Asia-Pacific region, driving innovation while ensuring alignment with the company’s commitment to regulatory excellence.

“The digital asset space is at a critical inflection point,” Mak noted. “Tokenize Xchange has the vision, the backing, and now the expanded leadership to not just participate in this new era but define it. I’m excited to roll up my sleeves and get to work.”

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