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Sarawak Signs MoU with MEASAT to Support Space Industry Development

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Kuching, 15 October 2024 – The Sarawak Multimedia Authority (SMA) has signed a
Memorandum of Understanding (MoU) with MEASAT Global Berhad (MEASAT),
Malaysia’s premier satellite solutions provider to enhance Sarawak’s space industry
development. The signing, witnessed by YB Dato Sri Julaihi Narawi, Minister for Utility
and Telecommunication. The MoU exchange ceremony will follow during the
International Digital Economy Conference Sarawak (IDECS) 2024 on 16 October 2024,
officiated by YAB Datuk Patinggi Tan Sri Abang Johari Tun Openg, Premier of Sarawak,
at the Borneo Convention Centre Kuching.

Under this MoU, MEASAT will serve as a consultant to the Sarawak Space Industry and
Satellite Committee (SISCOM) and offer industry expertise to shape policies, guidelines
and the future of space and satellite industries in Sarawak. This also includes training
and talent development, leveraging MEASAT’s 30 over years of experience in satellite
management and service commercialisation.

As part of the collaboration, SMA and MEASAT will explore joint projects, including
satellite operations and management, the development of space, satellite, and launching
policies, guidelines, training, and industry development. The private-public partnership
will bring economic benefit to the State while enhancing Sarawak’s satellite capabilities.

“The collaboration between SMA and MEASAT marks a pivotal moment for Sarawak’s
ambitions in the space industry. By harnessing MEASAT’s satellite expertise, we are
paving the way for greater connectivity, particularly in rural areas, while laying the
foundation for Sarawak to manage its own satellite systems. This partnership is key to
achieving our 2030 goals of satellite self-sufficiency, which will also contribute towards
elevating our policymaking capabilities with advanced data collection and analysis,”
commented YB Dato Sri Julaihi Narawi, Minister for Utility and Telecommunication.

“SMA is committed to fostering open collaboration to explore innovative strategies for
enhancing Sarawak’s connectivity and strengthening its digital infrastructure. SMA’s
partnership with MEASAT is a significant step forward in building a robust space industry
in Sarawak. With MEASAT’s vast experience, this collaboration will allow us to undertake
joint projects, nurture local talent and expertise in Sarawak’s nascent aerospace sector,
and position the state as a leader in satellite technology, besides driving overall
economic growth,” said Dato Dr Anderson Tiong Ing Heng, General Manager, Sarawak
Multimedia Authority.

“MEASAT is honoured to be part of this initiative with SMA to advance Sarawak’s space
ambitions. By providing our industry expertise, we aim to contribute to the development
of satellite technologies that benefit Sarawak’s communities and government operations,
ultimately supporting the state’s broader objectives,” added Yau Chyong Lim, Chief
Operating Officer, MEASAT.

ESG Disclosure Assessment Report Sets Baseline for Reporting Practices

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The Securities Commission Malaysia (SC) and the World Bank have launched a joint
report, “ESG Disclosure Assessment of Malaysia’s Listed Companies and
Recommendations for Policy Development” at the SC-World Bank Conference 2024 today.

This report provides a baseline on ESG reporting practice in Malaysia, offering key insights
for companies and investors to enhance sustainability reporting to align with international
best practices and remain competitive.

It aims to analyse the current state of ESG disclosure amongst listed companies and
institutional investors, given the growing prominence of ESG and sustainability
investments globally.

It also provides reflections and recommendations for policymakers in the Malaysian
capital market to foster improved ESG reporting, ensuring relevance and consistency
globally.

Speaking at the conference, SC Executive Director of Islamic Capital Market Sharifatul
Hanizah Said Ali emphasised the importance of strengthening ESG disclosures amid
growing global demand for sustainable investments.

“This joint report reflects our ongoing commitment to fostering a more sustainable capital
market. Improved ESG disclosure practices are expected to strengthen investor
confidence and ensure that our market remains competitive and future-ready,” she said.

The report was based on an in-depth assessment, conducted between August and
December 2023, examining ESG disclosure practices of a representative sample of 90
companies listed on Bursa Malaysia, as well as processes among some of Malaysia’s
largest asset owners.

It highlights that most Malaysian listed companies had demonstrated good corporate
disclosures and solid overall approach to managing governance and social issues.
However, the report also points out gaps in specific environmental indicators, especially
those related to climate change and biodiversity.

Other findings from the report include:
1. Larger companies1 had significantly better ESG disclosure rates than smaller ones.
2. Regulatory compliance was the primary driver of corporate ESG reporting in
Malaysia.
3. On ESG disclosure practices among four large Malaysian asset owners, the
assessment indicated relatively low levels of ESG disclosure. However, interviews
suggested greater efforts to strengthen ESG practices and processes other than
currently publicly disclosed.

The report concludes with a set of recommendations, including continuous monitoring
along with consultations, to ensure effective implementation of the ESG disclosures in
line with the recently launched National Sustainability Reporting Framework (NSRF).

Other recommendations of the report include:
1. To further support widespread implementation of Bursa Malaysia’s guidelines for
sustainability reporting
2. To actively encourage development of ESG practices among domestic investors
to increase appeal for corporate ESG disclosures

This year marks the 5th installment of the SC-World Bank Conference, which was
officiated by Deputy Minister of Investment, Trade and Industry YB Liew Chin Tong.
The conference explores synergies within the capital market and Islamic capital market
to bridge funding gaps for micro, small and medium entrepreneurs (MSMEs) and mid-tier
companies (MTCs).

It aligns with the SC’s 5-year Roadmap “Catalysing MSME and MTC Access to the Capital
Market (2024-2028)”, which aims to support MSMEs and MTCs funding through the
capital market.

“Through our knowledge-based collaboration, we aim to support effective policy design
and implementation to address the MSME and climate financing gaps, and I look forward
to further leveraging the World Bank’s global expertise to support the Malaysian
government, financial regulators, and the private sector in developing a more robust and
resilient financing ecosystem for MSMEs,” said Dr. Zafer Mustafaoğlu, World Bank Country
Director for the Philippines, Malaysia, and Brunei Darussalam.

Over 200 industry players attended the conference, including entrepreneurs, government
agencies, venture capital and private equity firms, RMOs, financial institutions, and
Government-Linked Investment Companies.

The report is available at https://www.sc.com.my/resources/publications-and-
research/esg-disclosure-assessment.

UOB Malaysia launches Sustainable Vendor Financing Programme to support Malaysia’s OGSE sector

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KUALA LUMPUR, 14 October 2024 – UOB Malaysia today announced the launch of its Sustainable Vendor Financing Programme (SVFP) to support Malaysia’s Oil & Gas Services and Equipment (OGSE) sector in its decarbonisation and energy transition efforts. As part of the programme’s debut, the Bank is allocating up to RM1 billion for the purpose of financing OGSE suppliers participating in PETRONAS Suppliers Support Programme (PSSP).

The SVFP comprises transition financing solutions with competitive rates tailored for OGSE companies participating in PSSP. It also includes meaningful incentives for these companies to kickstart their decarbonisation initiatives such as the adoption of renewable energy, improvement of energy efficiency, emission reduction measures and fleet electrification.

Ms Ng Wei Wei, Chief Executive Officer of UOB Malaysia, said, “The launch of the Sustainable Vendor Financing Programme reflects our commitment to helping Malaysia’s OGSE sector transition towards sustainability. As PETRONAS is our valued partner, we are pleased to extend our support to their suppliers, which are predominantly small-and-medium-sized enterprises, to help them embark on their decarbonisation journey. This will also help the country’s OGSE sector stay competitive in the global value chain, with heightened expectations on ESG-related regulations being implemented across the world.”

The SVFP also introduces measures for OGSE companies to track and demonstrate progress in their sustainable practices. This includes completing capacity-building modules, establishing baseline greenhouse gas (GHG) reporting and demonstrating annual GHG reductions.

Developing relationship with PETRONAS 

In 2019, UOB Malaysia worked closely with PETRONAS on a Vendor Financing Programme that provided financial certainty to OGSE suppliers, enabling these suppliers to focus on delivering their projects on-time and on-target.

The relationship is further strengthened with the newly launched SVFP that comes under UOB’s Transition Finance Framework (TFF). Developed by the bank’s Sector Solutions Group, a dedicated team of sector and sustainable finance specialists, UOB’s TFF offers a suite of banking solutions to companies across hard-to-abate sectors working on reducing their carbon emissions or developing low-carbon projects, such as biofuel refineries and carbon capture & storage initiatives. 

UOB’s TFF has received a second-party opinion that verifies the framework is in line with internationally recognised climate finance principles, providing assurance of its alignment with global best practices for financing hard-to-abate sectors. With this framework, companies in the energy sector can establish resilient supply chains while meeting governance requirements.

FROM HERITAGE TO TOMORROW

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KUALA LUMPUR, 11 OCTOBER 2024 – Kuala Lumpur’s historic landmark, the Malaysia Tourism Centre (MaTiC) will once again light up in a whole new way as TERANG 2024 returns from October 11th to 20th, 2024, 8:00pm to 11:00pm. In its second edition, this 9-day exhibition will feature 34 competitive showcases of 1 to 1.5-minute projection mapping artworks, all inspired by the theme “Cultural Futurism”. 

When night falls against the timeless backdrop of the city’s oldest colonial architecture, TERANG 2024 takes the audience on an immersive visual journey, blending vibrant cultural heritage with futuristic elements and innovations, illustrating how our roots continue to evolve brightly in the modern era. 

TERANG, inspired by the Malay word for “bright”, is an initiative by Filamen, a forward-thinking platform focused on empowering and cultivating the new media talents of tomorrow. Through a projection mapping competition, TERANG encourages both international and local professional artists, as well as students, to exhibit their creations that breathe new life into heritage architectures, sparking public interest in the preservation of these landmarks.  

The latest edition of TERANG will feature a diverse array of creative submissions from professional artists from Malaysia, Indonesia, Singapore and across the globe. Lling Lling representing Malaysia, a finalist for SOULFEST 2023 and winner of Mapping from Home Malaysia 2021, collaborates with motion designer Brian Cha on “Future Nature”, a thought-provoking piece that juxtaposes nature with human-made environments. Visual artist and architect, Zafree Azhar’s “Halimunan: The Invisible Reverie“ immerses viewers in a melancholic dreamscape where unrequited love and the fleeting nature of existence converges, transforming the heritage site into ghostly reflections of memory and oblivion. Lunartic Studio, the 2023 TERANG Audience Choice Award winner, returns with “Main-Main,” a playful piece inspired by 80s and 90s arcade games, blending Malaysia’s cultural essence with local favourites like the Monopoly-style game, “Millionaire.” Jonathan Lim’s “Night of the Cultural Museum” brings Malaysia’s cultural heritage to life, imagining a vibrant fusion of traditions secretly unfolding after midnight in a museum. 

International highlights include Ari Dykier from Poland and C.L.V.X from Indonesia, both finalists in the world renowned 1minute Projection Mapping Competition in Japan. Bandung artist Eltria’s “Perseverance” captures the enduring spirit of Malaysian culture through the powerful symbolism of the Malayan tiger and the grace of the wau kite, blending tradition with futuristic elements in a world where both co-exist. Meanwhile, LIVEHUMANSUBJECT, led by Roger Ng and Qin Ai Xin from Singapore, inspired by Legend of Bujang Senang, examines the complex interplay between man, machine, and the cosmos through moving images and automated systems.

In addition to professional submissions, TERANG 2024 has attracted participation from students at leading institutions such as DASEIN Academy of Art, INTI International University & College, The One Academy, Universiti Teknologi MARA (UiTM), Universiti Tunku Abdul Rahman (UTAR), Bandung Institute of Technology, BINUS University, Multimedia Nusantara University, and Sampoerna University Jakarta. 

The projection mapping artworks at TERANG 2024 will be evaluated by a distinguished panel of judges, including Fasyali Fadzly, researcher at My Art Memory Project, ASWARA (Malaysia); Ady Setyawan, Festival Director of ITB Light Festival (Indonesia); Pongamorn Olanrungsikul (TUA) Founder and Creative Director of MotionHouse, (Thailand); and Michiyuki Ishita, Creative Director of 1minute Projection Mapping, (Japan). In addition to this, visitors at MaTiC can be part of the creative process by casting their votes for the “People Choice Award”. Simply explore the illuminated MaTiC, scan the on-site QR codes, and vote for the artworks that resonate most with you! 

“Building on last year’s momentum, TERANG 2024 has gained even stronger support and enthusiasm from our community and partners, both locally and regionally. Alongside showcasing innovative works that are unique to the Southeast Asia narrative, we want to lead the way in creating opportunities for artistic exploration of how our cultural identity could evolve tomorrow through today’s technology,” said Abdul Shakir , organiser of TERANG and co-founder of Filamen.

TERANG SHOWCASE AT KREATIF KL

While MaTiC remains the heart of TERANG 2024, the experience extends to the Old High Court next to Masjid Jamek from October 30th until November 3rd, 2024, as part of the Kreatif KL Festival. This special showcase will feature a selection of award-winning and finalist projection mapping works from TERANG 2023, offering visitors a journey from colonial heritage to the Islamic architectural beauty of Masjid Jamek. The continuation reflects TERANG’s commitment to the sustainability and longevity of its artworks. Featured projection artists include Malaysia’s Seeing Arterlier, NEXMedia, Zhonkvision, Lunartic Studio, alongside Indonesia’s Story of Karana and Fearmos. 

TERANG 2024 is organised by Filamen and Pixel World, co-organised by the Ministry of Tourism, Arts and Culture, ASWARA and the Malaysia Tourism Centre (MaTiC) which has supported TERANG since 2023. This event is also made possible by projection partner EPSON Malaysia and MyCreativeVenture, Think City and RUBIX Communications. 

The TERANG 2024 is free and open to the public from 8:00pm to 11:00pm until 20 October 2024. Join us on a journey where history, art and innovation converge.  For the latest updates about TERANG, follow us @wearefilamen on Facebook and Instagram.

SC’s Flagship InvestSmart® Fest 2024 Focuses on Retirement Planning and Scam Protection

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The Securities Commission Malaysia (SC) today kicked off its annual investor education
event InvestSmart® Fest 2024, focusing on retirement planning and safeguarding
investors from scams.

A recent SC study found that 54% of respondents believe their savings are insufficient
for retirement with only 16% confident their funds will last over 20 years after retirement.
Alarmingly, 18% of respondents feel their saving can only be sustained for five years or
less.

Investor protection also remains a pressing issue, with 3,380 scam related complaints
and enquiries received by the SC as of the third quarter of this year. This trend has been
on the rise, with a 28%increase last year, proving the evolving sophistication offraudulent
schemes despite regulatory interventions.

As such, InvestSmart® Fest 2024 highlights SC’s efforts in increasing awareness and
knowledge on the benefits of safe investing as well as saving earlier in life.

The SC Chairman Dato’ Mohammad Faiz Azmi stressed that staying vigilant in an
increasingly digital world is no longer a priority for investors, but a necessity.

“The SC remains committed to safeguarding investors, but vigilance is key. Through
InvestSmart® Fest, we are equipping Malaysians with the tools to recognise threats and
make secure financial decisions,” he said.

SC Executive Director and General Counsel Yew Yee Tee warned of rising digital scams
involving deepfakes, fraudulent pre-IPO schemes and the mislabeling of Shariah
compliant products.

“The public must practice caution and ensure they deal with licensed individuals or
companies before making any investment decisions,” she said in her opening speech at
the event.

In response to the growing influence of financial influencers (finfluencers) on social
media, the SC has updated the Guidance Note on the Provision of Investment Advice.

The SC also cautioned against mule account scams, where victims are persuaded to rent
out their bank accounts, leading to serious consequences.

In collaboration with Bursa Malaysia, InvestSmart® Fest 2024 will also participate in the
‘Ring the Bell for World Investor Week’ campaign.

This global initiative organised by the World Federation of Exchanges and spearheaded
by the International Organization of Securities Commissions, brings together stock
exchanges worldwide to promote investor education and protection.

InvestSmart® Fest 2024, expected to draw over 11,000 visitors to Mid Valley Exhibition
Centre (MVEC), will feature 40+ exhibitors and 600 free financial planning sessions under
#FinPlan4u. For the first time, an ‘Anti-Scam Zone’3 will educate the public on scam
prevention.

The event is supported by Bursa Malaysia, the Federation of Investment Managers
Malaysia, Financial Planning Association of Malaysia and Malaysian Financial Planning
Council.

For more information and the list of available exhibitors, visit https://investsmartsc.my/
or InvestSmart®’s social media accounts.

Singapore at a Discount: MITI Deputy Minister Highlights Malaysia’s Strategic Advantages at Rotary Club Event

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Kuala Lumpur — The Deputy Minister of Investment, Trade and Industry (MITI) was present at The Rotary Club of Malaysia’s Group 12 Interclubs Meeting, which seeks to promote a better and deeper understanding on Malaysia’s competitive economic landscape. Attended by more than 100 Rotarians and guests, the event focused on discussing the country’s economic landscape and future prospects, drawing on Liew’s latest publication entitled the Second Takeoff.

In his keynote address, Liew emphasised the country’s strategic advantages in the shifting global manufacturing paradigm as he pointed out that higher-end manufacturing plants are increasingly establishing operations in Malaysia, which positions the country as a competitive player in Southeast Asia.

Challenging the perceptions of Malaysia as merely “Vietname plus,” Liew suggested that it should be instead viewed as “Singapore at a discount” due to the country’s strong infrastructure, common law framework, and significantly lower costs of living and doing business compared to Singapore.

“Knight Frank recently reported that office rentals in Central Prime Territory Kuala Lumpur are just 15% of those in Singapore—an 85% discount,” Liew noted, illustrating Malaysia’s competitive edge.

Addressing concerns about talent availability in Malaysia, Liew acknowledged that the challenge lies not in a shortage of skilled workers but in wage competitiveness. He argued that as investment flows into the country, companies will be compelled to offer higher wages to attract and retain talent. “When you compete for workers, you’re prepared to pay more,” he stated.

Liew highlighted that discussions on talent often overlook valuable sources, such as women. With women comprising 65% of public university enrolments and holding a significant portion of civil service and leadership roles, he encouraged a broader perspective on talent cultivation.

The Deputy Minister also addressed the paradox of over a million Malaysians working in Singapore, often in roles that do not reflect their qualifications. He suggested that Malaysian employers could attract returning talent by offering competitive wages—around two-thirds of what is offered in Singapore. “If a 30-year-old engineer in Penang is offered a comparable salary, many would seriously consider returning,” he remarked.

The evening concluded with a lively Q&A session, allowing attendees to engage directly with Liew on various topics, reinforcing the Rotary Club’s commitment to fostering dialogue on national and economic issues.

VSTECS Unites Technology Leaders at Malaysia’s Premier AI + DC Conference

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Kuala Lumpur, 10 October 2024 – VSTECS Berhad (“VSTECS”or the “Company”, 偉
仕佳杰, Stock Code: 5162), Malaysia’s leading Information & Communications Technology
(“ICT”) distributor, today hosted the nation’s largest convergence of Artificial Intelligence (“AI”)
and Data Centre (“DC”) technology leaders. This landmark event gathered industry pioneers
and thought leaders from global technology giants – such as Nvidia, AWS, Microsoft, VMware,
AMD, Dell, HPE, Lenovo, IBM, Juniper, Cisco, Huawei, and Alibaba – alongside local
independent software vendors (“ISVs”) specialising in AI solutions, to share cutting-edge
advancements and opportunities in AI and DC solutions.

In his keynote address, JH Soong, CEO of VSTECS, emphasized the Company’s commitment
to driving digital innovation and enriching the technology ecosystem in Malaysia. He
highlighted VSTECS’s role in bridging the gap between cutting-edge technology and local
enterprises, contributing to the country’s digital transformation.

“AI and DCs are the foundation of the digital revolution, and we are proud to be part of this
transformation,” said Soong. “VSTECS is committed to fostering collaboration, sharing
knowledge, and enabling businesses to fully leverage these technologies. Malaysia is not just
prepared to participate in this global shift—we are poised to be a key player, emerging as a
regional hub for data centres, the key infrastructure to support and process the massive
amounts of data that fuel AI algorithms.”

During the conference, VSTECS also announced its appointment as the authorised server
partner for Supermicro in Malaysia, further expanding its portfolio of industry-leading solutions.
“This partnership further enhances VSTECS’s position as the leading distributor in Malaysia’s
ICT infrastructure space, allowing us to offer high-performance server solutions that meet the
increasing demands of the market,” added Soong.

In addition to featuring global tech leaders, numerous local AI ISVs were showcased at the
conference. This initiative aims to enrich the ecosystem by encouraging local developers to
market their AI solutions through VSTECS’s extensive channel network, reinforcing the
Company’s commitment to supporting local talent and innovation. The VSTECS AI + DC
Conference 2024 proved to be a resounding success, offering an invaluable platform for
industry leaders to connect, exchange ideas, and form strategic collaborations.

INSUREKU USHERS IN A NEW ERA FOR MALAYSIAN INSURANCE AND TAKAFUL WITH DIGITAL-FIRST AGGREGATION SERVICE, LAUNCHING WITH TRAVEL COVERAGE

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Kuala Lumpur, Malaysia, 10 October 2024 – insureKU, a brand under leading listed local technology company, Censof Holdings Bhd (“Censof”) and Malaysia’s first true end-to-end digital insurance and takaful aggregation platform, has officially launched its consumer-focused platform with a selection of curated travel related solutions. 

insureKU is redefining how Malaysians access and manage their insurance needs, starting with the convenience of securing travel coverage from digitally-forward insurance providers. This is part of its larger aspiration of a comprehensive expansion into general, life, and medical insurance in the coming months.

 

“We are challenging what the idea of insurance – how you research, understand, compare, and make an informed purchase – looks like. For too long, consumers have been faced with confusing, difficult to navigate, and unnecessarily costly insurance and takaful buying decisions, even with seemingly less complex types of insurance like travel coverage. With insureKU, we are democratising the entire

process, making it easier for consumers to understand and compare what they are buying, and then making informed decisions on which insurance provider they want to work with,” said Shadhana Sekaran, co-founder and Chief Executive Officer of insureKU. 

Choosing travel insurance as its debut product offering, insureKU has built a consumer-focused offering that identifies, addresses, and solves the pain points that consumers associate with understanding, selecting, picking and eventually purchasing the insurance and takaful products that their travel needs demand. 

With insureKU’s tailored travel insurance options, Malaysians can better safeguard their journeys immediately in a matter of minutes, and manage potential risks such as trip cancellations, medical emergencies, lost luggages, delays and much more. 

insureKU is a product of Censof Maal Sdn Bhd, a subsidiary of the leading financial management software solutions provider, Censof. It aims to revolutionise how Malaysian consumers access and benefit from their insurance policies by leveraging its technological capabilities and the collective knowledge and experience of insureKU’s founders and Censof’s technology development, system experience and regional reach. Through this process, savings from insurance companies are also passed back to consumers, leading to better real-world prices for products and services in a single website as well. 

A Seamless and Consumer-Centric Experience 

insureKU leverages cutting-edge technology to provide a comprehensive and personalised experience for users. The platform allows customers to compare travel insurance policies from a wide range of top insurance providers, ensuring they find the best coverage that suits their needs. With a focus on simplicity and user-friendliness, insureKU enables users to purchase policies in just a few clicks, offering instant access to coverage details and support. 

“Our goal is to empower Malaysians to make informed decisions about their insurance needs, starting with travel coverage,” added Shadhana. “We are committed to simplifying the insurance process, making it more transparent, and providing consumers with the tools they need to protect themselves and their loved ones when travelling.” 

Looking Ahead: Expanding Insurance Offerings 

Among the earliest authorised participants under Bank Negara Malaysia’s Financial Technology Regulatory Sandbox, insureKU is setting a new standard for what is undeniably a critical area for many consumers – financial planning for their future. 

While travel insurance is the first product available on InsureKU, the platform is designed to accommodate a wide range of insurance needs. Over the coming months, InsureKU will introduce

additional insurance and takaful products, including life, general, and personal accident. This phased approach ensures that consumers can gradually familiarise themselves with the platform while gaining access to a broader selection of insurance products. 

“InsureKU is not just a platform for purchasing travel insurance – it is the beginning of a new era in how Malaysians interact with insurance,” explained Ashveen Chakravarthy, Chief Operating Officer of InsureKu. “As we expand our offerings, our vision is to create a one-stop solution for all insurance needs, where consumers can easily compare, select and purchase their policies online.” 

insureKU has been under development and testing for the past 6 months since its entry into the Sandbox. Incubated within Censof, it is today, the first native end-to-end industry integrated insurance and takaful aggregation and solutions platform in the country. 

For more information and to explore insurance options, a visit to www.insureku.com promises valuable insights and resources. 

 

Ouch! Secures RM5 Million Amid Extended BNM Sandbox Approval

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KUALA LUMPUR, XX October 2024 – Malaysia’s pioneering digital takaful operator — Ouch! — has successfully secured RM5 million in its recent fundraising round from PPB Ventures Sdn Bhd (PPB Ventures). Alongside this financial boost, Ouch! has also received an additional 1-year extension to operate under Bank Negara Malaysia’s (BNM) Regulatory Sandbox, strengthening its goal to provide accessible takaful solutions. PPB Ventures joins a long line of Ouch!’s key investors including OSK Ventures, RHL, and Vynn Capital in the company’s efforts to provide unique, accessible takaful solutions. 

 

With Malaysia’s takaful market showing significant growth — specifically, a 7.55% increase in Family Takaful gross contributions, and total contributions reaching almost RM9 billion as noted by the Malaysian Takaful Association — this strategic funding will propel Ouch!’s mission in meeting the rising demand for accessible, Shariah-compliant financial protection. Fundamentally, Ouch! aims to establish a secure, digital platform to meet the needs of every Malaysian, considering approximately 30 million Malaysians are still underserved in terms of financial protection. 

 

In this vein, the funds will be invested to expand market share, enhance technology infrastructure, and drive product innovation to better serve the community. One of Ouch!’s primary objectives lies in the transition from its current reliance on a third-party core system to a proprietary, independent system using  a suite of cutting-edge technological innovations. Ouch! is also working towards securing a DITO licence from BNM, which will enable the company to close critical protection gaps for Malaysians, especially young families.

 

“We are thrilled with the support from PPB Ventures as we push forward with our mission to redefine financial protection in Malaysia through Shariah-compliant, digital-first takaful solutions,” said Shazy Noorazman, CEO of Ouch! Protect Berhad. “With the support of our investors, we’re poised to strengthen our technological capabilities and drive innovation in the digital takaful space. The sandbox extension and DITO licence will both be major game-changers, enabling us to offer even more personalised and accessible Takaful solutions for Malaysians.”

 

A small percentage of the funds will also be earmarked as Ouch!’s reserve capital for BNM’s Sandbox testing and support for the DITO licence process, enabling Ouch! to offer a broader range of customised takaful products. Ouch! will continue to build on its growth with plans to initiate a subsequent fundraising round later this year to meet the minimum capital requirements for the DITO licence, reinforcing their commitment to advance the needs of Malaysian households and families.

 

To find out more about Ouch!, please visit ouch.my or download their application from the Google Play Store and Apple App Store.

About Ouch!

Ouch! is an approved participant in the BNM Regulatory Sandbox dedicated to making Shariah-compliant family takaful more accessible to all Malaysians. As a comprehensive one-stop platform, Ouch! empowers users by providing education on coverage and risks, simplifying the purchase and management of digital takaful products, and streamlining the claims process. With Ouch!, financial protection is made easy and transparent, bringing peace of mind to every household. For more information, visit http://ouch.my/.

 

Social Enterprises: Proven, Effective Poverty Eradication Partners, Ready for Nationwide Rollout

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4 October 2024, Kuala Lumpur –

Over the past five years, social enterprises have been working closely with the government to
address absolute poverty in Malaysia, with rates has dropping from from 8.2% in 2021 to 6.2% in
2022.

Government initiatives including grants and programmes such as the MRANTI Impact Challenge
Accelerator (MICA), Social Enterprise Accreditation certification and the zero-interest loans from
the Hasanah Social Enterprise Fund (HSEF) and social procurement initiatives – are among the
key instruments that have enabled social enterprises to grow and strengthen their offerings to
serve the needy.

For example, since 2019, accredited social enterprises such as Pepper Labs have been entrusted
with piloting several B40 community projects – which have generated measurable, high impact.
To date, Pepper Labs has re-invested over RM 7 million in social projects, impacting over
4,000 beneficiaries. Over this period, we have grown to be a trusted partner and effective
operator and a creative social innovator, bridging the gap between policy and grassroots
economic enablement.

Pepper LabsCaption: Dapur Digital at PPR Wangsa Sari, refurbished with fully-fitted kitchen

Dapur Digital: Cloud Kitchen Pilot Programme Ready To Scale Nationwide

Recently, we rolled out a unique initiative called Dapur Digital – Malaysia’s first public-private-
philanthropy project in partnership with the Ministry of Finance, Jabatan Wilayah Persekutuan,
DBKL and Yayasan Hasanah.

Famous Ayam Gerepek From Dapur Digital Scaled 1Dapur Digital’s pilot programme involves several aspects of economic enablement. In addition to
refurbishing five PPR flats in Kuala Lumpur into cloud kitchens within six months, 50
individuals have been trained with a Micro-Credential Programme on how to operate a cloud
kitchen business. Each of the five Dapur Digital locales which have a high concentration of the
urban poor, have been given a target of RM10,000 in monthly sales. Within a week from its launch,
Kampung Limau Kitchen participants under the Dapur Digital programme made RM3,000 in
business. Their products are promoted and delivered through three food delivery platforms –
altogether making this a uniquely designed programme for transforming livelihoods.

Dapur Digital Trainees At PPR Kerinchi 1 Scaled 1With Budget 2025 coming up, we would like to put forward some considerations to the
government, given Dapur Digital’s potential to serve in closing the gap on poverty nationwide:

1) Tax Incentives for Public-Private Partnership Investments
a) Tax exemptions to GLCs or corporations which invest in social enterprises such
as Dapur Digital which will enable it to scale to more locations, accelerate the
equipping programme, while reaching and benefiting more underserved
communities nationwide.
b) Tax reliefs are extended to organisations and individuals making bulk
purchases from Dapur Digital and other social enterprises which have
demonstrated their capability and capacity to deliver to requirements. This
provides a means for enterprises to track and report the impact of their social
contributions – particularly with Scope 3 ESG reporting requirements already
coming onstream.

2) Social Procurement Acceleration
The government could also include accredited social enterprises in its e-procurement
database and list, particularly as Malaysia takes on the ASEAN Presidency in 2025, with
an expected hike in commercial, tourism and social activities. Many social enterprises
serve in these areas to equip and enable underserved communities.

Stronger public-private-philanthropy partnerships and collaborations can turn the MADANI
aspirations and RMK-12 goals into reality for the rakyat. We have demonstrated this is achievable,
measurable, timely – and ready to scale.