Dott. Giulio Perrotta
Dott. Giulio Perrotta

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LA "RASSEGNA STAMPA QUOTIDIANA INTERNAZIONALE" (II PARTE)

Tutte le notizie dal "The Sun Daily" (Regno Unito)

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Business

CTOS Digital increases stake in RAM to 8.1% (Wed, 08 Dec 2021)
PETALING JAYA: CTOS Digital Bhd has acquired an additional 3.5% stake in RAM Holdings Bhd (RAM) for RM7.6 million, bringing the group’s total shareholdings in RAM to 8.1% to date. The group today announced the acquisition of 350,000 shares or 3.5% stake of RAM, the market leader in the bond rating industry, from Standard Chartered Bank Malaysia Bhd. The purchase will be fully funded by cash proceeds raised from the group’s recent initial public offering (IPO). The group had previously acquired 4.6% stake in RAM in July 2021. The exercise was valued at RM10.1 million, which was also fully funded by IPO proceeds. CTOS Digital group CEO Dennis Martin (pix) said: “We acquired this additional stake in RAM as we look to realise the strong synergies between both companies. With the larger shareholding in RAM, we will have more room to explore ways to collaborate, and subsequently co-develop a suite of products and services that cater to demand from our customer network.” The acquisition is not subjected to the approvals of CTOS Digital’s shareholders or other relevant regulatory authorities. The exercise is expected to be completed on the same day as the share purchase agreement.
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Australia to regulate crypto and BNPL in payments overhaul (Wed, 08 Dec 2021)
SYDNEY: Australia will create a licencing framework for cryptocurrency exchanges and consider launching a retail central bank digital currency as part of the biggest overhaul of its payments industry in a quarter of a century. The country will also broaden its payment laws to cover online transaction providers like Apple Inc and Alphabet Inc's Google as well as buy-now-pay-later (BNPL) providers like Afterpay Ltd, ending their run of operating without direct supervision. “If we do not reform the current framework, it will be Silicon Valley that determines the future of our payment system,“ Treasurer Josh Frydenberg said in prepared speech notes supplied to Reuters. “Australia must retain its sovereignty over our payment system.” Australia's conservative coalition government has been at the forefront of global efforts to rein in large technology companies as it prepares for a federal election by next May. The Liberal-National government, which is behind the left-leaning Labor Party in most polls, has already this year made Big Tech pay media companies for content and take legal liability for defamation on their platforms. The government will begin consultation early next year on establishing a licencing framework for digital exchanges, allowing the purchase and sale of crypto assets by consumers within a regulated environment, Frydenberg said in the prepared remarks. There would also be consultation on a regulatory regime for businesses that hold crypto assets on behalf of consumers, and on the feasibility of a central bank digital currency, he added, with advice to provided by the end of 2022. Australia's banks and other payments industry particpants have long campaigned for the rules to apply to all parties involved in processing transactions. A spokesperson for Afterpay, which has agreed to a buyout from Square Inc, the payments firm of Twitter Inc founder Jack Dorsey, said it supported “any approach that takes into account consumer benefits from the innovation and competition Afterpay has brought to the market”. Spokespeople for Apple and Google were not immediately available for comment. - Reuters
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OCR, Plytec to utilise innovative construction technologies (Wed, 08 Dec 2021)
PETALING JAYA: Integrated property developer OCR Group Bhd has signed a memorandum of understanding (MoU) with Plytec Holding Sdn Bhd to utilise its advanced technologies in selected OCR projects. Under the MoU, OCR agrees to utilise Plytec Formwork Sdn Bhd’s Self-Climbing Platform (SCP) technology in the construction of Yolo Signature Suites in Bandar Sunway, Selangor. The self-climbing platform is a protective screen with a controlled and synchronized climbing mechanism that prevents workers and objects from falling when working at a height. Requiring only one-time installation at low level, it is a more robust system compared to typical scaffolding and falsework systems. Furthermore, OCR would also collaborate with Plytec’s subsidiary BIM Engineering Solution and Technology Sdn Bhd to utilise the latter’s Building Information Modelling (BIM) system in the construction process of The Mate @ Damansara Jaya. By bringing architects, engineers and contractors on a single collaborative platform, the 3D architectural modelling service establishes intelligence from concept to construction – to reduce project risk, improve timelines and achieve desired project results. OCR managing director Billy Ong Kah Hoe said the utilisation of these industry-leading technologies reinforces OCR group’s pledge of voluntarily adopting innovative systems, as long as they ultimately bring value to the primary audience of its buyers. “For instance, BIM has yet to be made mandatory for private sector undertakings in Malaysia, but we have elected to utilise it as we recognise the tremendous benefits of harnessing design-to-delivery collaborations in our projects. This reassures buyers that they are indeed receiving the promised quality within the stipulated time.” Yolo Signature Suites feature small office-home office (Soho) suites of 440 to 1,018 sq ft within the thriving Bandar Sunway vicinity, complete with nearby educational and recreational amenities. It is slated for completion in 2023. The Mate @ Damansara Jaya is specifically designed as a co-living space ideal for co-sharing community living. Buyers may select studio or two-bedroom units, and enjoy the convenience of community-inspired living and working spaces. The project is targeted for handover in 2023.
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‘Tremendous potential for Islamic capital market to expand reach’ (Tue, 07 Dec 2021)
KUALA LUMPUR: There is still “tremendous potential” for the Islamic capital market (ICM) to expand its reach to the broader stakeholder economy through sustainable initiatives. Securities Commission (SC) chairman Datuk Syed Zaid Albar (pix) said that with growing interest in investing responsibly, efforts will be made to enhance investor access to syariah-compliant companies with environmental, social, and corporate governance (ESG) practices. This is to encourage companies and the relevant stakeholders to consider their impact on society and the environment in their business decision, which will further elevate the socially responsible and ethical values of syariah-compliant companies. He said the guidance is essential to incorporate syariah requirements and ESG standards for investors and companies. This guidance will leverage on the SC’s syariah screening and internationally recognised screening methodologies. “To have a greater impact on Malaysia’s socio-economic development, the SC will look into expanding the use of the ICM framework as a reference point, and its products and services as funding sources for further development of the Islamic social finance sector,” he said in his keynote address at the inauguration of the virtual International Islamic Capital Market Summit 2021, organised by the Centre for Research and Training). Moving forward, Syed Zaid said, there may be opportunities to integrate impact assessments with Islamic social finance instruments to enable investors to measure whether the capital invested has achieved its desired outcome. “Impact investing is a model that Islamic markets can potentially expand on as it is a natural fit with Islam’s views on the nobility of doing permissible business and returning profits to society,” he said. “While ESG seeks to identify non-financial risks that may impact the valuation of a company, impact investing on the other hand seeks to make a measurable, positive environmental or social impact.” He noted that this entails knowledge sharing, research capabilities, and coordination with impact stakeholders through a facilitative regulatory and developmental environment for social finance innovation. Syed Zaid also shared that innovations in segments such as Sustainable and Responsible Investment (SRI) sukuk and waqf have demonstrated how ICM facilitates capital formation for commercial purposes, while also contributing to positive environmental and societal outcomes. These outcomes, he said, facilitated the first SRI social sukuk issuance to fund trust schools in 2015 and the world’s first green sukuk in 2017 to address global funding gaps in green financing. This was followed by an increase in the volume of SRI sukuk issuances for projects such as solar power plants, green buildings, hydropower, and affordable housing. “On Jan 21, 2021, the SC announced an expansion of the SRI Sukuk and Bond Grant Scheme to assist issuers in defraying up to 90% of the external review costs. “As of end-November, it has benefited 12 issuers with a total issuance of US$1.3 billion (RM5.5 billion),” said Syed Zaid. In addition, he said, the SC has taken steps to empower investors through a variety of strategies, one of which was to widen investment options through accessible and high quality investment advice. This is addressed through the use of robo-advisers or digital investment managers (DIM). Since the introduction of the DIM framework in 2017, and the issuance of the first Islamic DIM licence in 2019, he said DIM entrants have contributed significantly to the growth of asset under management. There are currently eight licensed DIMs, one of which offers dedicated Islamic fund management services. Collectively, they manage an estimated RM16 billion of funds. This year, the eight licensed DIM holders have opened 90% more DIM accounts compared to last year, he said. – Bernama
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Kronologi Asia bullish on FY22 performance (Tue, 07 Dec 2021)
PETALING JAYA: Kronologi Asia Bhd will focus on a shift towards “as-a-Service” to generate more profit, with other transformative higher revenue mixes being pay-per-use, consumption-based, and subscription-based offerings. “The financial year 2022 (FY22) key market indicators and recovery are going up to a post-Covid era, the new normal, and returning to pre-Covid growth. We are building an organisation that supports long-term higher level of revenue and higher revenue mix for recurring businesses. “The FY22 full-year guidance was raised by the established strong performance in the nine months. Our differentiated and diverse portfolio and geography generate enormous value for the company in business verticals such as data-driven, as-a-Service, and diversified geography,“ said Kronologi CEO Edmond Tay Nam Hiong at the virtual reporting of its operating results for its third quarter ended Oct 31 (Q3’22). Its net profit for Q3’22 increased 64.28% to RM8.04 million from RM4.9 million in last year’s corresponding quarter due to a continuation of positive trajectory from the group’s enterprise data management and as-a-Service businesses for hybrid and cloud segments. Its revenue increased 26.85% to RM75.15 million from RM59.24 million previously. For the nine months of FY22, it registered a net profit of RM17.17 million compared with a net loss of RM5.10 million previously. Revenue increased 36.74% to RM208.48 million from RM152.47 million. In a statement, Tay said Kronologi’s Q3’22 results were transformative financially and operationally. “We acquired our China associate entity, and with just three months of consolidated contribution, the group drove 64% profitability growth over the previous year. The group integration delivers synergies with improved contributions across some of our major markets such as China, India, and Hong Kong. It has provided us confidence to raise our 2022 full-year guidance. “The group performance reflects a maturing and new digital transformation age where data is the new gold with a comprehensive suite of products and services, especially as-a-Service. “Kronologi is poised to accelerate growth and extend cloud and data management enrichment into all industries that continue to embrace digital transformation in their operations,“ he said.
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Ireka awarded housing projects in Terengganu worth RM468m (Tue, 07 Dec 2021)
KUALA LUMPUR: Ireka Corp Bhd’s wholly owned subsidiary Ireka Development (Terengganu) Sdn Bhd (IDTSB) has been awarded proposed development projects with an estimated gross development value (GDV) of RM468 million by the Terengganu state government. A filing with Bursa Malaysia today indicated that these projects comprise affordable and mixed housing developments in Bandar Kerteh Jaya, Kertih, and Kampung Semayor, Kemasik. IDTSB will be the developer for the two projects. Ireka managing director Mohd Hasnul Ismar Mohd Ismail said: “We are excited about these projects. They represent another contract win to the group amid the Covid-19 pandemic. It is part of Ireka’s vision to be part of the development of affordable homes that can meet the needs of the underserved segments in Malaysia. The Covid-19 pandemic has had a severe impact on both the livelihoods of Malaysians and the country’s economy. As the economy gradually recovers from this pandemic and life returns to a new normal, we want to help people own homes.” The projects will be undertaken in two separate plots, one in Bandar Kerteh Jaya, Kertih, which covers 200 acres and the other of11.55 acres in Kampung Semayor, Kemasik. Ireka and the Terengganu state government are confident that the proposed development will help to drive the economic recovery in the state, as the development involves the allocation of works to local contractors. “These proposed developments will generate jobs and opportunities in Terengganu, with approximately RM120 million in development value being awarded to local contractors. These projects are also expected to generate employment opportunities for workers in the state. The projects will also contribute RM34.7 million in development funding to the Terengganu state government,” Mohd Hasnul said. He added that the bulk of the developments focus on affordable housing, with 90% of the homes being built priced below RM300,000. “The purpose is to provide affordable home ownership in Terengganu. Aside from these affordable home units, Ireka will also ensure that these projects come with amenities like suraus, shop lots, offices, petrol stations, and other essential needs.” Through these developments, Mohd Hasnul believes Ireka will emerge as the developer who pioneers the development of affordable and mixed housing in Terengganu. “This will put Ireka as one of the pioneers in the affordable housing segment. It is one area that the Group will continue to focus on, and we believe that the collaboration with Terengganu put us on a stronger footing in the affordable housing space. The mismatch of housing affordability and availability remains a serious issue in Malaysia, and we are confident we can meet the demand in this area. On top of that, the collaboration with Terengganu State Government on this proposed development is also envisioned to drive economic recovery for the state,” he said. According to Mohd Hasnul, the proposed development will drive earnings recovery for Ireka and provide earnings visibility for the property development segment over the next six years. Under the proposal, the development is expected to be completed in six years and will be undertaken in four phases. He noted that the new management has taken aggressive measures to secure more jobs in order to drive the turnaround of Ireka. The new management team has grown the company’s order book from RM470 million to RM1.3 billion, securing more than RM800 million in construction jobs over the past five months, an indication that Ireka is well on track with its turnaround strategy. “Going forward, Ireka is keen to seek more collaborative opportunities in mixed developments, especially in arrangements that also benefit the broader community. The award-winning team at Ireka has more than 50 years of experience and expertise in construction, engineering, and property development, and looks to leverage on this heritage while adopting new and innovative business approaches to win new projects. Ireka aims to be a significant contributor to the Malaysian property sector,” Mohd Hasnul said.
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Honda Malaysia launches all-new City Hatchback (Tue, 07 Dec 2021)
KUALA LUMPUR: Honda Malaysia today officially launched the all-new City Hatchback with a total of 2,000 bookings already in the bag since its marketing campaign began in October. Managing director and CEO Madoka Chujo said the company is set to create another key milestone by offering the popular City model in a hatchback body type. “This new model will be the trendsetting model with its first-in-segment advanced technology, premium features, versatility with ultra seats configurations, targeting the younger audience that prefers a sporty yet premium hatchback,” she said at the model launching here yesterday. She said Honda Malaysia targeted to sell 1,000 units of the City Hatchback monthly with deliveries of the petrol models to begin in January. Chujo said the City Hatchback is offered in four variants – petrol models V, E and S as well as the RS e:HEV hybrid model, with colour options including ignite red metallic, meteoroid grey metallic, platinum white pearl, lunar silver metallic and crystal black pearl. She said the V variant is priced at RM87,860 on-the-road without insurance, inclusive of the sales and service tax (SST) rebate, E variant at RM83,080 and S variant at RM75,670. “The price for City Hatchback RS e:HEV hybrid model, which will be made available in early 2022, will be announced closer to the delivery period,” she said. Honda Malaysia offers an eight-year unlimited-mileage warranty for its lithium-ion battery for the two-motor hybrid powertrain system in the RS e:HEV model. – Bernama
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MEF survey finds more employers raise wages this year (Tue, 07 Dec 2021)
KUALA LUMPUR: More employers are granting salary increases to their employees in 2021 compared with 2020, indicating a positive business recovery in the country, according to Malaysian Employers Federation (MEF) Salary Survey for Executives and Non-Executives 2021. Citing the 27th annual MEF Salary Surveys launched today, president Datuk Syed Hussain Syed Husman said 65.2% of respondent companies granted salary increases either to all or certain executive employees in 2021 versus 58.4% in 2020, while 66.4% granted salary increases to all or certain non-executives in 2021 against 61.7% in 2020. “The average salary increase for executives in 2021 was 4.4%, for the non-executives, the average salary increase in 2021 was at 4.43%,” he said in a statement today. Syed Hussain said the survey also forecast that the average salary increase for executives in 2022 is at 4.37%, while for the non-executives, the average forecast salary increase for 2022 is at 4.17%. “Approximately 60% of the companies determined salary increase based on the profitability or productivity level, while more than half of the companies determined the quantum of salary increase based on the market rate,” he said. In terms of bonus, Syed Hussain said the survey indicated that 68.3% of the respondent companies granted bonuses to executives and non-executives in 2021, and forecast that the bonus for 2022 was 1.82 and 1.66 months for executives and non-executives respectively. “A positive indicator was that the forecast bonus for 2022 was higher than the actual bonus in 2021 of 1.58 months and 1.44 months for executives and non-executives, respectively,” he added. On the employment of fresh graduates, he said the MEF Salary Survey for Executives indicated that 58.2% of respondent companies recruited fresh graduates as executives in the past 12 months. In terms of the type of jobs offered to newly-hired graduates, he said the survey showed 80.9% of the respondent companies offered skilled jobs compared to 51.8% of companies that offered semi-skilled jobs, while 5% of the respondent companies placed newly-hired graduates in low-skilled jobs. The MEF Salary Survey for Executives was participated by 212 companies from the manufacturing and non-manufacturing sectors, and covered 180 benchmarked positions of 23,448 executives, while 208 companies participated in the Survey for Non-Executives which covered 66,420 non-executives with 129 benchmarked positions. – Bernama
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OPR hike expected in H2’22 despite Fed’s hawkish stance (Tue, 07 Dec 2021)
KUALA LUMPUR: MIDF Research anticipates an overnight policy rate (OPR) hike to 2% from the current historic low of 1.75% in the second half of 2022, despite an overtly hawkish US Federal Reserve ahead of the Federal Open Market Committee (FOMC) meeting on Dec 14 to 15, according to its economist Abdul Mui’zz Morhalim. While the decision by the US Fed can be a factor, he relayed that Bank Negara Malaysia (BNM) has stated it will be weighing a list of indicators for any changes to the key rate during a briefing with analysts. Should the US regulator’s move impact market volatility, Mui’zz posits it may be something the central bank would take into account. Whatever decision to change the OPR will take into account the inflation situation for next year and pace of recovery of the domestic economy. “Perhaps, how strong in terms of lending for the household sector as well,” he said at MIDF Research’s 2022 Market Outlook Presentation today. “One of the reasons for BNM to consider normalising interest rates is to steady the destabilising risk from the country’s high household debt.” For 2021, the research house forecast economic growth to come in at 3.7% for the full year. Subsequently, the economy is expected to be stronger in 2022 delivering a 6% increase in GDP. The economist believes most economic sectors will see better growth next year, noting that the construction and plantation sector will see a stronger output backed by improved supply of foreign labour. “Moreover, the increased public sector investment and the execution of 12th Malaysia Plan infrastructure projects will also contribute to growth in construction activity,” he said. “The service sector will see stronger growth from increased domestic spending while stronger foreign and domestic demand will support the manufacturing sector.” Overall, Mui’zz believes the increased business activity will be a positive factor that will support job growth next year. In addition, employment growth will also be supported by government initiatives such as JaminKerja and MyStaff. With that, he had projected the unemployment rate to fall to 4% next year as more enter the labour market. On the equities front, MIDF Research has set a target of 1,700 points for the KLCI in 2022 which translates to a PER multiple of 16.5x. Its head of strategy Syed Muhammed Kifni Syed Kamaruddin attributed the figure to the index’s robust earnings performance, pointing out that some of KLCI constituents such as Public Bank Bhd is on track to deliver better earnings in the current compared to pre-pandemic levels. “Earnings came out comparatively okay. The current market weakness is more due to the weak sentiment attributed to the Covid-19 situation and other external factors,” he said. In 2022, he calculated, forward earnings are expected to rise to 103.25 points which should translate to a better year. With this outlook, MIDF Research’s head of research Imran Yassin sees a recovery theme at play for 2022, favouring sectors such as automotive, banking, media, consumer, oil & gas and plantation. He also had identified three main downside risks; the Omicron variant leading to a more restrictive lockdown that affects major economic centres in Malaysia, an earlier than expected (before June) end of quantitative easing or rate hike by the US Fed or a failure or bankruptcy of one or more major property developers in China. “If any of these triggering events happened, in isolation or any combination, investors should be more defensive-minded and look into more dividend plays and defensive sectors, just in case prospects turn sour due to the manifestation of one or multiple downside risk.” Apart from that the research house expects commodities prices to remain elevated despite normalising, with the Brent crude oil price to average at US$75 to US$80 per barrel and crude palm oil to average at RM3,300 per tonne. By end-2022, the ringgit is expected to appreciate to 4.09 against the greenback and inflation is anticipated to be at 2.1% year-on-year.
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T7 Global secures contracts worth RM300m (Mon, 06 Dec 2021)
KUALA LUMPUR: T7 Global Bhd has secured three letters of appointment and award worth a combined value of about RM300 million under its energy division for the operations and maintenance (O&M) segment and the specialist products segment. In a filing with Bursa Malaysia today, the energy solutions provider said the letters of appointment and award were from Petroliam Nasional Bhd (Petronas) and Carigali Hess Operating Company Sdn Bhd (CHOC) to Tanjung Offshore Services Sdn Bhd, T7 Global’s wholly-owned subsidiary for the O&M segment. It said the appointment by Petronas would see Tanjung Offshore and its technology partner Siemens AG, work together to provide distributed control systems solutions for Package A: Downstream and Package B: Upstream and petroleum arrangement companies (PAC). “The coverage is for all of the Petronas group of companies and PACs’ onshore and offshore locations throughout Malaysia,” it said. It said the contract bagged from CHOC is for the provision of topside construction and maintenance services for their gas facilities located in Block A-18 of the Joint Development Area administered by the Malaysian-Thailand Joint Authority and located 150km northeast of Kota Baru. Meanwhile, it said the company’s sub-subsidiary, T7 Wenmax Sdn Bhd, secured a contract from Repsol Oil & Gas Malaysia Ltd for the specialist products segment. It said the contract is for the provision of sales gas metering upgrade for Bunga Raya A, which is related to the upgrading of instrumentation and equipment to ensure uninterrupted functionality of the existing system. “The awards are expected to contribute positively towards T7 Global’s earnings and net assets for the next five years,” it added. - Bernama
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Mah Sing gets FDA approval to market gloves in the US (Mon, 06 Dec 2021)
PETALING JAYA: Mah Sing Group Bhd has been granted approval to market nitrile examination gloves in the US by the US Food and Drug Administration (FDA). The group’s healthcare business, Mah Sing Healthcare Sdn Bhd, received the 510(K) premarket notification clearance from the agency on Dec 4. “With the 501(K) clearance, the recent issuance of a medical device licence from Health Canada and pending the completion of the European Union (EU) Medical Devices Regulation certificate, Mah Sing Healthcare will be able to export medical-grade gloves to a wider range of markets, including major markets such as the US, Canada and Europe,” Mah Sing said in a statement. Mah Sing views the approval as timely, given that it will complete the commissioning of all 12 of its production lines in December and has received numerous customer sales enquiries. Furthermore, it noted, industry sources believe global demand for gloves will continue to rise until 2023. Post-pandemic glove demand is expected to grow 15-20% each year compared to 8-10% annually during the pre-pandemic period. The group said its new high-speed glove dipping machines can produce 38,000 pieces of gloves per production line per hour, translating to a maximum production capacity of up to 3.68 billion pieces of gloves per year. It has plans for auto-boxing in the near future by collaborating with packing automation specialists. Apart from that, Mah Sing will implement the enterprise resource planning system and advanced supervisory control and data acquisition system. “Demand for gloves is expected to remain steady due to a structural increase in demand, fears of reinfection, increased health awareness and hygiene compliance requirements for both the healthcare and non-healthcare sectors,” it said.
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‘Islamic finance must look into supporting sustainability agenda’ (Mon, 06 Dec 2021)
KUALA LUMPUR: The Islamic finance sector must look into supporting climate change actions and the sustainability agenda, facilitating trade and investment and responding to Asia’s evolving consumer landscape going forward as these offer enormous value creation prospects for the sector, according to Bank Negara Malaysia (BNM). Assistant governor Adnan Zaylani Mohamad Zahid said, firstly, growing interest from private capital offers a silver lining to the region’s predicament and rising demand for sustainable investments spearheaded by increasing national commitments, shifting investment mandates and eco-consumerism have started to move the needle in private sustainability finance. “The maturity of the Islamic finance sector allows the industry to offer a wide array of solutions, of which some are the first of their kind. It is heartening to see key Islamic finance markets actively supporting this cause,” he said in his welcoming remarks at the IFN Asia Forum 2021 today. Adding to its innovative offerings are sustainability-linked Islamic financing facilities and with preferential rates offered upon meeting pre-determined sustainability targets, the Islamic finance industry is able to facilitate its customers to transition towards sustainable practices, he added. Secondly, Adnan Zaylani said, the Islamic finance sector should also focus on facilitating trade and investment as the region is an attractive foreign direct investment (FDI) destination. “As the world’s economic activity gravitates towards the east amid changing global geopolitical landscape, we have witnessed growth and expansion of the consumption market, formation of extensive trade networks, and the creation of a business-friendly environment within the region. “Positive FDI inflows despite suppressed global investor sentiment during the pandemic is a testament to the region’s economic strength and Asia’s proposition as a trade and investment hub. This trend is expected to continue when the Regional Comprehensive Economic Partnership agreement comes into effect in January 2022,” he said. Thirdly, he said, the sector must respond to Asia’s evolving consumer landscape, which would be driven by demographic changes and technological advancement. “New market-specific consumption trends offer enormous opportunities for Islamic finance to innovate solutions, leveraging the diversity of syariah contracts. “Islamic finance players can utilise alternative syariah contracts such as ijarah or wakalah to serve this emerging need,” he said. He emphasised that there remains ample opportunities in the micro, small and medium enterprise (MSME) segment for Islamic finance to support, with Asia accounting for 45% of the global MSME financing gap and is widening due to the pandemic. – Bernama
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IOI City Mall will be Malaysia’s biggest retail mall in 2022 (Mon, 06 Dec 2021)
PETALING JAYA: IOI City Mall (ICM), located within the prestigious government enclave of Putrajaya and IOI Resort City, will become the biggest retail, entertainment-cum-shopping mall in Malaysia when its phase two is fully operational for business and tenanted by the second quarter of 2022. IOI Properties Group Bhd (IOIPG) CEO Datuk Voon Tin Yow said the construction on ICM phase two began in 2018 and has been progressing well despite the numerous lockdowns implemented due to the pandemic. “This new phase of ICM will add one million sq ft of tenanted space bringing the total net lettable area to 2.5 million sq ft. We have managed to secure around 70% of tenants for the new phase; and more and more tenants are signing up. Since the opening of ICM phase one in 2014, the mall has been enjoying a steady occupancy rate of around 98 to 99%,“ Voon said. ICM will house 11 anchor tenants with the new ones being AEON, GSC, Proton, IOI Sports Centre, IOI Grand Hall joining the current ones of Lotus’s, Harvey Norman, Homepro, Parkson, Icescape Icerink and District 21 indoor adventure theme park. Those which have signed up in the 70% group for phase two include current and trendy brands like Best Denki, Food Empire, MajuHome, Nitori, Objet, Valiram Group, and many others. Complementing the existing mall’s interior and exterior designs, ICM phase two’s central glass atrium filters natural light through the six-storied building. Besides the retail outlets, phase two also houses a 40,000 sq ft exhibition hall, a new cinema concept with an IMAX hall, a modern dining arcade, together with a new rooftop sports centre and gymnasium. “The mall observes strict SOP (standard operating procedures) rules and hygiene compliance from every visitor. Our luxurious hotels offer a great choice from Putrajaya Marriott Hotel, Le Meridien Putrajaya and Palm Garden Hotel, Putrajaya, a Tribute Portfolio Hotel, and Moxy Hotel – a new one being added in a few years. “In this new norm, we must be prepared for various types of eventualities arising from the Covid-19 pandemic. The situation will never be eradicated but as responsible citizens, all of us must do our part to keep healthy, be vaccinated to keep the cases as low as possible. Stay vigilant and observe all the SOP rules that can define the intensity and seriousness of any outbreaks,” he said. Located in the Southern Klang Valley corridor and connected with good access to major highways, the award-winning ICM enjoys a catchment customer population of a conservative figure of 3.1 million people, from the many townships mushrooming along the south corridor of the SKVE. IOI Resort City enjoys extremely good access to many other highways. Six major highways, with 12 ingress and egress points serve this development directly. It is also a 20 minutes’ drive time to the Kuala Lumpur International Airport.
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DNB offering MNOs free 5G services until March (Mon, 06 Dec 2021)
PUTRAJAYA: Digital Nasional Bhd (DNB) is offering wholesale 5G services to all mobile network operators (MNOs) in the country for a commercial trial from Dec 15 to March 31 next year at no cost, said its chief commercial officer Ahmad Taufek Omar. He said the offer was applicable for all 5G live sites that will be ready throughout Putrajaya, Cyberjaya and parts of Kuala Lumpur. “We call it commercial trial. When we start something new, we are talking about serving five to six big brothers, they need to experience it first,“ he told a media preview on 5G experience in Putrajaya on Sunday. On how many MNOs have agreed to sign up for the offer, he said so far only one has signed up and the rest were still in discussion. “We are aggressively following up with others, there are five more MNOs, so that we can bring them on board,“ he said, adding that the current discussions are pointing to positive development. DNB, wholly owned by the Minister of Finance (Inc), has been mandated by the government to be the single neutral party to undertake the deployment of 5G infrastructure and network nationwide. Media reports on Sunday said that Telekom Malaysia Bhd had confirmed it would be conducting 5G trials with DNB to optimise the services. Asked why the MNOs have yet to sign up with DNB for the trials, Ahmad Taufek said the 5G network is still a new thing in Malaysia and most of them have a lot of questions. “The industry sat down with us every week to make sure we address all the necessary issues. They need to make sure all their concerns or existing questions are answered because there has never been another situation of one company hosting five big brothers together,“ he said. Meanwhile, Ahmad Taufek said DNB, as a provider of wholesale 5G services, would not be competing with the industry in providing 5G retail services to end-users, but would instead be complementing efforts by the MNOs with a view to accelerate the adoption of 5G in the country. He said the availability of 5G services opened up new and exciting innovation with vastly improved connectivity speeds able to support the use of streaming and downloading of 8K quality video content, cloud-based gaming and augmented reality (AR) and virtual reality (VR) content. End-users with 5G-compatible devices will be able to enjoy speeds of 100Mbps and above, which means a user at the weakest point of 5G coverage would experience 100Mbps on a 5G-compatible device, he said. Last Friday, DNB said it expected to roll out 10% 5G coverage in Putrajaya, Cyberjaya and Kuala Lumpur by the end of this month, with a cumulative site count of 500 sites. This will increase to 4,018 sites or 40% coverage in populated areas of Penang, Johor, Sabah, Sarawak, Selangor, Negri Sembilan and Perak in 2022. DNB also aims to reach 80% of the populated areas of the country by 2024 with 7,509 sites. – Bernama
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Success: The Insight Story – Be bold, know your stuff inside out (Sun, 05 Dec 2021)
How has your life experience made you the leader you are today? The first 10 years of my career were the most formative. I was fortunate to have had a career that spanned multiple cities (London, San Francisco and Kuala Lumpur), multiple industries (investment banking, tech and media) and multiple fields (strategy, finance and operations). Being exposed to a varied set of experiences has definitely taught me the importance of being open to different perspectives and that there are always two sides to the coin. I’ve also learnt the importance of being adaptable and resilient, which are among the many life lessons that helped shape my leadership belief system. What traits do you look for in your talent or how do you decide who is right for a job? It really depends on the level of seniority I am hiring for but in general, the must haves for me are the ability to demonstrate passion, perseverance and growth. Everything else is secondary. Passion is a belief in the vision, mission and goals of the company which ultimately translates to taking pride in one’s work, and going above and beyond to drive success. Perseverance translates to a positive can-do approach and resilience in the face of challenges. Growth translates to having a natural curiosity and willingness to learn, along with an open mind to learning new things and new perspectives. How do you think the industry you are in will evolve in the future? I see three key trends driving the future of the video streaming industry – the prominence of Asian content rivalling that of Western content on a global scale, the convergence of premium and user-generated-content platforms, and the reimagining of the user viewing experience through the application of next-gen technology such as extended reality or machine learning driving hyper-personalisation. Leveraging on these trends is a key focus area for iQiyi as we seek to solidify our value proposition. What advice can you offer those looking to start their career/own business? > Be bold and don’t be afraid to make mistakes. You can only improve by trying and failing. If you haven’t failed, you haven’t learned, and the best time to make mistakes and learn from them is at the start of your career when you have room to make mistakes. You have plenty of time ahead to correct, and generally people will also be more forgiving. > Know your stuff inside out. Be it producing a piece of work, building a product, brand or business, having all the details at your fingertips will not only instill confidence but also impress those around you. Conversely, having only surface level knowledge and being unsure of the details will diminish your confidence and credibility. We all know about the industrial revolution, are we in for a technological revolution? Your thoughts. We are already in the technological revolution. The internet has permanently reshaped the way we live our lives. However, I do believe that we are definitely on the verge of another shift, what with new technologies like blockchain, AR/VR and the mass application of AI and machine learning. These are gaining significant momentum and fueling possibilities such as decentralised platforms, hyper-personalisation and of course, the promise of the metaverse. How has mentorship made a difference in your professional life? I’ve never had formal mentor relationships but have been fortunate to have close relationships with all the senior leaders I’ve worked with. Although I’ve benefited greatly from the exposure over the years, but two experiences stand out. The first is from the year I spent in London as a “chief of staff” role supporting the CEO at JPMorgan Investment Banking business for Europe, the Middle East and Africa. The second is from the couple of years spent in a similar role for the co-founder and CEO of Catcha Group here in KL. Being able to observe first-hand how they ran their businesses and also participating in high-level strategic and operational management discussions with them were immensely valuable. The interesting thing is that despite both leaders running very different businesses, the common thread between them is the relentless pursuit of excellence in whatever they do. What do you want to accomplish in the next five years? I want to establish iQiyi as the go-to entertainment service for Asian content in Malaysia and Southeast Asia. I also want to help develop and grow the local content ecosystem with the ultimate goal of making Malaysian content global. As a nation, we have a rich heritage and a unique diversity, making us Asia’s cultural melting pot. We also have amazing talent and a natural “can-do” attitude towards things. I see no reason why our content and storytelling can’t take centerstage on the global arena given the combination of all these elements. Of course, this is an industry wide effort and many local stakeholders are already driving towards this. I would love for iQiyi to be an additional force multiplier towards this goal. Best piece of advice you ever received on your career. “Don’t be afraid to speak up, as your opinion and perspective is likely more valuable and critical than you think.” Growing up as an introvert, I used to always overthink things or second guess sharing my point of views early on in my career. Even in instances where I could have likely been the most prepared or knowledgeable person in the room, I still shied away. Over time, with the advice and encouragement from supportive leaders and mentors I’ve worked with, I developed the confidence and courage to speak up. What I have also come to appreciate during that process is actually how not speaking up or sharing an important point of view is actually doing disservice to the team or business as the best decisions are made when all opinions and facts are on the table. Most-admired business leader? Why? Excluding the leaders I had the pleasure of working with, there are a couple of global business leaders I admire like Jamie Dimon, CEO of JPMorgan. He has been touted by many as the “face” of Wall Street, having built JPMorgan into the financial powerhouse it is today. How do you stay abreast of issues affecting your industry? Religiously keeping up with industry related news is a must – I subscribe to multiple relevant news portals and set up news alerts for key topics. I also have regular conversations with stakeholders and peers in the industry where we discuss ideas, issues and general observations we see in the market. The other thing I do is speak to our users and partners to get first-hand feedback on our content and product. If you could have an hour with any thought leader in the world, who would it be and why? I would love to have an hour with Chinese President Xi Jinping. His tenure is the embodiment of long-term thinking with the conviction to drive major reforms, resulting in China’s continuous accelerated ascent that has put it in prime position to become the world’s largest economy. What has been the biggest challenge you’ve faced? And what did you learn from it? The most recent challenge was actually at the start of my role at iQiyi, which was during the early days of the Covid-19 pandemic. I had to build a team from scratch, adapt to a new company and new culture, establish the brand in the local market from ground up and execute on core growth levers to deliver quick wins – all during the lockdown, in a virtual/remote working environment. What are the top three factors you would attribute your success to? > The first is most definitely hard work. When I started my career as an investment banker in London, I had a bad case of imposter syndrome seeing that the rest of my peers were highly accomplished finance majors from the best schools in Europe while I had zero grounding in finance. I decided that the only thing within my control was how hard I worked to catch up to my peers – ultimately that work ethic served me well and I do believe that the harder you work the luckier you get, and that hard work beats talent when talent doesn’t work hard. > The second is resilience. There is a famous quote by Mike Tyson that goes “everybody has a plan until they get punched in the mouth”. In life, there will be many instances where we will get metaphorically punched in the mouth – but with perseverance and resilience, one can only emerge stronger. > The third is to always take responsibility and to have an “owner” mindset. There will always be many things that don’t go our way in life and business, but how we choose to approach challenges and problems is important. We can either blame other people and external circumstances or we can take ownership and responsibility, and drive towards a solution or a better outcome. Tell us a joke Going to steal a joke from a sceptical fund manager who recently said to me that with recent market conditions, the letters in IPO really stand for “it’s probably overpriced”.
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TM confirms signing up for 5G trials with Digital Nasional (Sun, 05 Dec 2021)
KUALA LUMPUR: Telekom Malaysia Bhd (TM) has confirmed it will be conducting 5G trials with Digital Nasional Bhd (DNB) to optimise the services. “During this pilot trial, unifi mobile postpaid customers with certified 5G devices will be able to experience 5G services in selected areas within Kuala Lumpur, Putrajaya and Cyberjaya,” the telecommunications firm in a statement today. TM noted that technology and digital connectivity have become a necessity in today’s ecosystem. It said the rollout of 5G will further advance value creation for consumers, micro-SMEs and corporate businesses. “We will continue to support the government’s aspiration to deliver 5G for the nation and accelerate society, businesses and industry’s leap towards a Digital Malaysia,” TM said in response to a news report on the company signing up for 5G trials with DNB. DNB, which is wholly owned by the Minister of Finance (Incorporated), has been mandated by the government to be the single neutral party to undertake the deployment of 5G infrastructure and network nationwide. On Dec 3, DNB said it is expected to roll out 10% coverage in Putrajaya, Cyberjaya and Kuala Lumpur by the end of this month, with the cumulative site count of 500 sites. This will increase to 4,018 sites or 40% coverage in populated areas of Penang, Johor, Sabah, Sarawak, Selangor, Negri Sembilan, and Perak in 2022. DNB also aims to reach 80% of the populated areas of the country by 2024 with 7,509 sites. – Bernama
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Cryptocurrencies – with volatility comes opportunity (Sun, 05 Dec 2021)
PETALING JAYA: Cryptocurrencies’ volatility is not without opportunity, stressed Sinegy’s co-founder and managing director, Kelvyn Chuah (pix). In November, bitcoin – the flagship cryptocurrency – reached an all time high of US$68,521 (RM289,878) on Nov 5, 2021 before plunging roughly 20% to US$54,321 on Nov 26. Volatility notwithstanding, Chuah pointed out that local digital asset exchanges (DAX) have engaged in educational outreach programmes to expose this asset class to the average consumer. “As the public become savvier, they will ultimately know what a good percentage of their net worth is to put into this asset class,” he told SunBiz. “We normally recommend between 1% and 3% but I have come across active traders who will put in more depending on their trading strategy.” Chuah gave the example of arbitrage trading employed by some crypto trades, which simply involves taking advantage of the price differences between local DAX. He explained that due to the mechanism of supply and demand, every platform has its own price. As for criticism over cryptocurrency’s carbon emission, the Sinegy co-founder gave his take on the matter, noting that the first question in this equation is whether the source of energy can be green. Towards this endeavour, he pointed out a local company, Bitfarm-Asia, is collaborating with Sarawak Energy to pursue green energy mining of cryptocurrencies. “Despite the criticism, the demand for crypto isn’t affected. In fact, we have seen a lot of interest in the mining space this year from locally established companies, especially since China banned crypto mining.” Chuah disclosed that he recently found out Malaysia is one of the top 10 countries for crypto mining. While there have been cases of electricity theft for such purposes, there are others that have planned to establish proper mining operations. Eventually, as society embraces greener and more environmentally friendly sources of energy, he believes crypto mining will become a more mainstream activity. From its initial objective as a secure, instantaneous and anonymous means to electronically transfer money across the globe, the asset class has found its stride in non-fungible tokens (NFT), an application of crypto which entails the minting and trading of art utilising blockchain technology. With the advent of NFT, Chuah said, Sinegy recently onboarded a corporate account for a local NFT marketplace, Pentas.io. He also said he believes that savvier local traders are using regulated local DAX as a first fiat on-ramp to overcome restrictions relating to access to NFT marketplaces. “This is also true when they are exiting or withdrawing their assets back to the local currency, the ringgit.” “On-ramp” is a process or service that allows for the exchange of fiat currencies (example, US dollar, ringgit) for cryptocurrencies (example, bitcoin, ethereum). On the other side of the coin, “off-ramp” allows for the exchange of cryptocurrencies for fiat. Asked for his insight into the latest developments on crypto, Chuah revealed that there are more companies locally setting up corporate accounts to hold digital assets on their balance sheets, similar to what is happening in the West. Chuah said there has been growing interest leading to more signups. “There are clear benefits to trading with an entity and, slowly but surely, people are starting to realise that. One can have a corporate account even when owning a sole proprietorship business.” For the convenience of its clients, Sinegy has introduced a feature called Quick Trade which allows clients to convert their ringgit quickly into digital assets without having to interact with the order book of the exchange. Chuah said while the feature for this order type is generally higher in trading fees, there will be no additional charges levied on the clients. The same low fee is like performing a taker trade on the exchange. “Moreover, we should be seeing more coins being permitted for trading in 2022. I personally will be looking forward to that as well,” he added.
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Highlights of the Employment (Amendment) Bill 2021 (Sun, 05 Dec 2021)
THE Employment (Amendment) Bill 2021 to amend the Employment Act 1955 was recently tabled in Parliament. A summary of the proposed amendments are: Penalties There will be an increase in the general penalty imposed from RM10,000 to RM50,000 for any offence where there is no express penalty prescribed under the Act. Wages A formula is proposed for the calculation of wages where an employee has not completed a whole month of service: Monthly wages _______________________________________ x Number of days eligible in the wage period Number of days of the wage period Foreign employees Employment of foreign employees will require the prior approval of the Director-General of Labour (DG) and will require the employer’s compliance with laws related to social security, minimum wages, housing standards, human trafficking and forced labour. Where there is termination of such employee, the employer must inform the DG within a prescribed time. Contractor for labour The Bill requires a contractor for labour (a manpower service provider) to enter a written contract and to make such contract available for inspection. Statutory presumption In the absence of a written contract, a person will be statutorily presumed to be an employee where: > his manner or hours of work are subject to control by another person; > he is provided materials or equipment to execute his work; > his work constitutes an integral part of another person’s business; > his work is performed solely for the benefit of another person; or > payment is made to him for work done at regular intervals and it constitutes the majority of his income. Working hours and sick leave Normal working hours will be reduced from 48 hours to 45 hours per week. Employees will be entitled to 60 days of paid annual hospitalisation leave – separate from and in addition to the annual sick leave which is part of their employment contract. Work arrangement Employees may apply for “flexible work arrangements” to vary their hours, days or place of work, subject to the terms of their contracts. The employer must approve or refuse the application within 60 days. Discrimination The DG can inquire into disputes relating to discrimination in employment. Failure to comply with any order made is an offence. Forced labour Any employer who threatens, deceives, or forces an employee to do any activity or work, and prevents that employee from leaving the place or area where such activity or work is done, will commit an offence. Inquiry on wages Currently, the DG may inquire into disputes relating to wages due to an employee who earns a monthly wage of up to RM5,000. The proposed removal of Section 69B will limit such inquiry only to employees covered under the First Schedule (EA Employees) and not all employees. EA Employees include employees whose monthly wages do not exceed RM2,000 and other limited categories of employees including those involved in manual labour, etc. irrespective of their monthly wages. There is some concern that this will narrow the scope of assistance that the DG will be able to provide to those in need. Does this Bill benefit women? The Bill seeks to lift any prohibition on employing females for night work, underground work, etc. Further, maternity leave benefit will be extended from 60 to 90 days, and it will be an offence for employers to terminate the employment of a pregnant employee except on grounds of misconduct, breach of employment contract or business closure. Such narrow grounds may affect businesses that wish to pursue a genuine redundancy exercise which may involve a pregnant employee. Section 44A which currently provides maternity benefits for all female employees irrespective of the amount of their wages will be deleted. The implication is that female employees with monthly wages exceeding RM2,000 (or who are not EA Employees) will no longer enjoy statutory maternity benefits. There is some concern about the removal of this provision as it may disadvantage an entire group of individuals. Paternity leave Married male employees will be entitled to three days’ paid paternity leave. Sexual Harassment Employers are required to exhibit notices in the workplace to raise awareness about sexual harassment. Section 81G of the Act, which currently extends sexual harassment protection provisions to every employee (irrespective of their wages) will be deleted. This will limit the protection conferred at law to only EA Employees and not to all employees. Conclusion The proposed deletions of Section 69B (inquiry on wage disputes), Section 44A (maternity), and Section 81G (sexual harassment) are points of concern. The Bill ought to be revised to expand existing protection to all employees irrespective of the amount of their wages, rather than limit them to only EA Employees. This article was contributed by Kelvin Kho (with assistance of Larissa Teoh) of Christopher & Lee Ong.
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Opportunity to come clean (Sun, 05 Dec 2021)
THE government has come up with another special voluntary disclosure programme (SVDP) dealing specifically with indirect taxes to be administered by Royal Malaysian Customs Department (RMCD). The previous SVDP in 2018 and 2019 dealt only with direct taxes. When businesses think of taxes, they tend to veer towards income tax rather than indirect taxes. What is forgotten is, indirect taxes collected by the government are not insignificant. In 2021, RMCD is expected to collect RM41.8 billion versus the Inland Revenue Board’s expected collection of RM120 billion. RMCD is actively auditing taxpayers on sales tax, service tax, Custom duty matters and past GST matters. Once an audit has been initiated, the time and effort spent in resolving these issues is significant and, in many cases, it results in RMCD issuing additional assessments (bill of demand) which can subsequently lead to litigation. SVDP will avoid these problems. Coverage of the SVDP Penalties will be totally waived in Phase 1 of the SVDP, which is expected to commence in January 2022. There will be a 50% remission on penalties in Phase 2. Although no guidelines or announcements have been made on the actual protocols or how this program will be implemented, the government has indicated that they will also consider remitting taxes in certain cases. At the moment, many issues need to be clarified: what is the period of the first phase and second phase; the criteria to qualify for the SVDP and circumstances under which the SVDP will be rejected; the procedures and the information to be provided. Will an audit be conducted or will RMCD accept the SVDP submission in good faith and in the event there is an audit, what is the extent of the audit; will the participation into the program be recorded as an offence which may have ramifications on other subsequent applications for facilities relating to customs matters; how far should the taxpayer go back – should it be confined to the time bar period of six years or go back indefinitely? There are more questions that need to be clarified by RMCD in their coming guidelines. The taxes covered SVDP is expected to cover sales tax, service tax, digital tax, Custom duties, excise duties, tourism tax and past GST matters. What businesses should do? There are three type of taxpayers who may not have accounted for their taxes correctly; the first group are those who intentionally avoided or under declared their taxes and generally this group have committed fraud, where RMCD has the power to raise assessment without any time limit. The second group would be majority of taxpayers who may not have intentionally or knowingly incorrectly declared their positions or may not have accounted for the taxes. The third group would be those who have taken aggressive positions, who may now want to change them. All taxpayers need to review their affairs and determine whether they need to “come clean”. It is advisable that in quantifying the potential liabilities, the taxpayers should build up the documentation and rationale in arriving at the understated or non-disclosed taxes so that upon submission, the SVDP will be easier for both taxpayer and RMCD to conclude. Examples of issues to be declared Exemptions may not have been properly adopted; export of goods through intermediaries may be subject to sales tax; misunderstanding between reimbursement and disbursements; incorrect use of the B2B exemptions in Paragraph G and I of the SST regulations; use of incorrect HS codes and use of exemptions from sales tax and custom duties; Services provided from Special Area (SA) or Designated Areas (DA) to customer outside SA/D; intragroup exemption; etc. The SVDP provides an opportunity to close the past and have a fresh start. Please do not miss this opportunity. This article was contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai.
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Public Bank steps up digital initiatives with tech partners (Sun, 05 Dec 2021)
THE business environment continues to evolve due to the Covid-19 pandemic and Public Bank has been at the forefront in assisting small and medium enterprises (SME) to deal with the new normal. The PB enterprise Digital SME Assist programme launched since mid-April this year has been supercharging digitalisation initiatives for SMEs. Collaborating with tech companies, the programme offers SME multiple tools that makes doing business easy by giving decision makers the information they need at their fingertips while allowing them to focus on big picture ideas for scalability and expansion plans. This programme also helps to support the nation’s homegrown tech companies including cloud accounting system Biztory; online human resources system Kakitangan.com; e-commerce solution provider EasyStore; workforce and property management solution provider TimeTac; as well as digital marketing platform Exabytes. The programme is also done in collaboration with telco Digi. Such triple wins for our nations’ SME, tech companies and Public Bank is an epitome of the future of doing business where collaboration is pivotal and digitalisation is critical. To further offer SME an edge in digitalisation, Public Bank offers the PB enterprise Virtual Account service. This simplified cash management service enables companies to quickly and accurately trace and reconcile payments at various scale. A huge advantage from the traditional bookkeeping and payment reconciliation practices which requires a lot of time and physical eyeballing effort, the PB enterprise Virtual Account service addresses all this, mitigating omission errors and inaccurate records in the process. Public Bank’s PB enterprise Virtual Account service also helps to modernise business payment operation and improve cash collections through real-time cash consolidation and effective accounts receivable reconciliation. Hence, with SME being increasingly tech savvy and digitally capable, conventional banking solutions are no longer sufficient and Public Bank’s PB enterprise Virtual Account service is the simplified cash management solution that SME have been waiting for – supporting them to do business in the new norm and digital era with increased profitability and efficiency. For further details and enquiries, customers may visit any Public Bank branches, log on to Public Bank’s website www.pbebank.com or email cms@publicbank.com.my.
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