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Singapore, 29 August 2024 – UOB today signed a Memorandum of Understanding (MOU) with Invest Johor, the state’s investment agency, to drive investment opportunities into the upcoming Johor-Singapore Special Economic Zone (SEZ).

UOB also signed a second MOU today with China’s Lingang Group, an industrial park operator with more than 18,000 tenants across China. Under the partnership, UOB will facilitate Lingang Group and its tenants to expand into Southeast Asia.

Partnering to grow the Johor-Singapore SEZ

Under the partnership with Invest Johor, UOB will collaborate with the state investment agency to jointly promote and facilitate investment opportunities into the Johor-Singapore SEZ. This will be done by targeting high value, high technology and high impact investments from priority sectors such as electrical and electronics, advanced manufacturing and engineering, digital economy, green economy, life science and med-tech, electric vehicles, aerospace and port and logistics.

Notably, a “green lane” will be jointly established, with UOB designated as a partner to assist with foreign direct investments in these prioritised sectors to accelerate their investments. UOB will also provide advisory and banking services to companies looking to invest in Johor as part of the MOU.

The MOU was signed by Invest Johor’s CEO, Mr Natazha Bin Hariss and UOB Malaysia’s CEO, Ms Ng Wei Wei, at the ASEAN Conference held in Singapore today. The ceremony was witnessed by Johor’s Menteri Besar, Yang Amat Berhormat Dato’ Onn Hafiz bin Ghazi, and UOB’s Deputy Chairman and Chief Executive Officer, Mr Wee Ee Cheong.

Dato’ Onn Hafiz said, “From our engagements with key stakeholders of the Johor-Singapore SEZ, expectations are very high. This will require us to step up our game, provide excellent service and ensure that we not only meet, but exceed these expectations. Today’s MOU between Invest Johor, the state’s lead investment agency and UOB, one of ASEAN’s leading financial institutions with over seven decades of experience in assisting investors in Malaysia, is one example of our seriousness and focus in improving the investor experience in Johor.”

Mr Wee Ee Cheong said, “UOB is pleased to work with like-minded partners to support businesses in navigating the diverse ASEAN region. Our strategic partnerships with regional government investment agencies and trade associations have successfully connected enterprises such as Lingang Group to cross-border investment opportunities, benefitting businesses across multiple sectors. We remained committed to serving as an effective gateway to the region for companies expanding into the region.”

UOB is the only bank to have signed MOUs with all the government investment agencies in the key ASEAN markets.

Ms Ng Wei Wei, Chief Executive Officer of UOB Malaysia said, “The MOU with Invest Johor reinforces UOB’s commitment to facilitate foreign direct investment into Malaysia and support the success of the Johor-Singapore SEZ. Apart from bringing in investments, we will also connect foreign investors to the local ecosystem value chains with the aim to benefit our local businesses, particularly the SMEs. This is to ensure that foreign investors can tap into local resources and the investments can bring multiplier effect to the economy.”

MOU with China’s Lingang Group

In addition, UOB facilitated a meeting with China’s Lingang Group, Johor’s Menteri Besar and a delegation from Invest Johor at the sidelines of the ASEAN Conference.

This followed the signing of the second MOU today between UOB and Lingang Group, an industrial park operator with more than 18,000 tenants across China. Under the partnership, UOB will facilitate Lingang Group and its tenants to expand into Southeast Asia.

The MOU with Lingang Group was signed by Ms Yang Jing, Chief Financial Officer, Lingang Group, and Mr Leong Yung Chee, Head of Group Corporate Banking at UOB. It was witnessed by Mr Weng Kaining, Chairman, Shanghai Lingang Holdings Corp, and Mr Frederick Chin, Head of Group Wholesale Banking and Markets, UOB.

The state-owned enterprise has more than four decades of experience developing industrial parks and focuses on investment promotion and operation of industrial parks, professional enterprise services and sci-tech industrial investment. Lingang Group currently operates the China (Shanghai) Pilot Free Trade Zone (FTZ), a tech hub established in 2019 and have played a key role in the opening of China’s economy to global investors.

Lingang Group’s cross-border expansion plans will leverage UOB’s extensive trade network as the preferred bank for all their banking needs. UOB, through UOB China, has successfully facilitated first-of-its-kind cross border transactions with Lingang Group, benefitting both onshore Chinese and UOB clients to route their capital and trading flows through the policies and concessions offered under the Pilot FTZ.

UOB’s Foreign Direct Investment Advisory Unit will also serve as a one-stop shop dedicated to helping Lingang Group through its close partnerships with regional government agencies, trade associations and professional service providers, providing customised solutions to fit Lingang Group’s expansion plans.

About UOB Malaysia

UOB Malaysia is rated among the top banks in Malaysia with a long-term AAA rating from Ratings Agency of Malaysia. It has over seven decades of presence in the country, and operates 55 branches nationwide, offering both conventional and Islamic banking services to its customers.

UOB Malaysia is a subsidiary of UOB, a leading bank in Asia with a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe, and North America. UOB has adopted a customer-centric approach to creating long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within and connecting with ASEAN.

The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to helping businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.

KUALA LUMPUR, 23 August 2024 — Merdeka celebrations are just a few days away, and Malaysians have something exciting to look forward to, thanks to homegrown Malaysian retailer MR D.I.Y. Group [M] Berhad [MR D.I.Y.].

MR D.I.Y is inviting Malaysians to its first-ever Merdeka bazaar – ‘Besama Satu Bazaar’ – at the PIAZZA, Pavilion Bukit Jalil from 30 August to 1 September 2024. to celebrate the country’s 67th Merdeka Day.

The Bazaar includes more than 100 booths, featuring some of Malaysia’s most popular food and product stalls, as well as booths featuring MR D.I.Y’s own range of products from its stable of brands –  MR D.I.Y., MR. TOY, EMTOP, and MR. DOLLAR.  There will be nasi lemak, laksa, burgers, noodles, snacks, desserts, and refreshing drinks, as well as handmade accessories, stationery, cosmetics, and crafts.

The three-day event will also feature fun and thrilling games, creative workshops, the works of local arts and artists, as well as cultural and contemporary performances, with the highlight being having celebrities Alif Satar & The Locos, Jaclyn Victor, and Priscilla Abby perform the patriotic anthem ‘Bersama Satu Suara’ live for the first time.  This will take place on 31 August 2024 from 8:30 pm onwards.

Commenting on the initiative, MR D.I.Y. Group’s Head of Marketing Alex Goh said, “This is MR D.I.Y’s first-ever Merdeka bazaar, and we’re thrilled to invite everyone to join us. This three-day event is all about celebrating our pride, unity, and joy as Malaysians. By bringing together Malaysian businesses, entrepreneurs, cultural and contemporary performers, as well as artists, we are celebrating the depth and breadth of Malaysia’s diversity and rich cultural heritage.  We are a proudly homegrown Malaysian brand and one of the country’s largest retailers; this is one way we can celebrate being true Malaysians.”

“The bazaar will be a place where Malaysians from all walks of life can come together to eat, shop, play games, and enjoy Malaysian entertainment while supporting local businesses, entrepreneurs, and talents. We look forward to celebrating this event with our customers, and I invite all Malaysians to join us in this memorable and historic celebration that unites us as one nation,” said Alex.

To celebrate the occasion, MR D.I.Y is giving away complimentary tote bags to the first 1,000 visitors daily when they complete the Bazaar passport challenge, an engaging and innovative initiative to help visitors enjoy everything the bazaar has to offer. Additionally, visitors stand a chance to win lucky draw prizes worth up to RM12,000.

To find out more about MR D.I.Y’s ‘Besama Satu Bazaar’ happening from 30 August to 1 September, 2024, visit https://www.mrdiy.com/promotion/mrdiy-bersama-satu-bazaar-2024.

To know more about MR D.I,Y, visit mrdiy.com, mrdiy.com.my, and follow the brand on Facebook, Instagram, and TikTok.

                   Visit more than 100 booths showcasing Malaysia’s favourite food and products at the ‘Bersama Satu Bazaar’

                     Catch Alif Satar and The Locos, Jaclyn Victor, and Priscilla Abby on 31 August 2024, 8:30pm-9:30pm at MR D.I.Y.’s ‘Bersama Satu Bazaar’

About MR D.I.Y. Group (M) Berhad

MR D.I.Y. Group (M) Berhad is a home-grown enterprise with more than 1,300 stores nationwide across three brands (MR. D.I.Y., MR. DOLLAR & MR. TOY) and in Brunei.  The retailer is also a master franchisee of the EMTOP brand in Malaysia. It has been dedicated to making a positive difference in the lives of its valued customers by offering convenience at all of its stores nationwide and online at mrdiy.com.my.

All MR D.I.Y. stores are managed directly, and the company often works in collaboration with other mass merchandise retailers or owners of malls or shopfront properties. MR D.I.Y. stores offer a wide selection of — approximately 17,000 SKUs — across 5 major categories, namely hardware; household and furnishing; electrical; stationery and sports equipment products; and others (comprising amongst others toys, car accessories, jewellery, cosmetics, food and beverage items, and health and personal care).

The company strives to always put customers first by operating an innovative business that is flexible when it comes to providing a wide variety of products, good quality, and value-for-money, holding true to its company motto: “ALWAYS LOW PRICES”.

 

By Jeannie Cotter

“The global AI market is projected to reach a staggering US$15.7 trillion by 2030.” – PwC (Global Artificial Intelligence Study: Exploiting the AI Revolution)

The boundaries between humans and artificial intelligence (AI) continue to blur, rendering the concept of soulless, impersonal machines as archaic notions of the past. Who would have ever thought that AI bots, once imagined as such, would bear whimsical and evocative names like Bard, Bing, ChatGPT or Claude, each moniker hinting at the vast potential and enigmatic nature of these technological marvels?

In today’s fast-paced digital landscape, innovation is the currency of success, and AI is the game-changer businesses can’t afford to ignore.

As the world becomes increasingly digitalised, businesses are facing unprecedented challenges and opportunities. To stay ahead of the curve, companies must embrace the transformative power of AI and harness its potential to drive innovation, streamline operations and gain a competitive edge.

The global AI market is projected to reach a staggering US$15.7 trillion by 2030, according to a report by PwC. This exponential growth is fuelled by the increasing demand for intelligent systems across various industries, from healthcare and finance to manufacturing and retail.

A recent Kaspersky study has revealed that nearly two in every three (61% and 64%) companies in Asia Pacific (APAC) have implemented artificial intelligence (AI) and Internet of Things (IoT) in their businesses’ infrastructures. Additionally, 28% and 26% are planning to adopt AI and IoT within two years.

The Rise of Generative AI

Beyond language models, generative AI tools like text-to-video and text-to-image technologies are opening up new worlds of visual storytelling and content creation.”

One of the most exciting developments in the AI landscape is the emergence of generative AI models like ChatGPT, text-to-video and text-to-image tools. These cutting-edge technologies are revolutionising the way businesses approach content creation, product development, and customer engagement.

ChatGPT, a large language model developed by OpenAI, has captured the imagination of the business world with its ability to generate human-like text on virtually any topic. From writing reports and marketing materials to generating code and analysing data, ChatGPT has the potential to significantly enhance productivity and creativity.

According to a survey by Statista conducted across four Southeast Asian countries in 2023, 62% of businesses would likely or very likely use AI-powered chatbots such as ChatGPT for online search purposes in the future. This adoption rate highlights the growing recognition of the value these tools can bring to organisations.

Beyond language models, generative AI tools like text-to-video and text-to-image technologies are opening up new worlds of visual storytelling and content creation. These tools enable businesses to generate high-quality videos and images from simple text prompts, revolutionising the way they engage with customers and communicate their brand narratives.

A study conducted in 2023 by the software firm HubSpot found that video was the most popular and effective media format for companies, with 50% of marketers leveraging video in their marketing strategy, followed closely by images at 47%.

Improving Operational Efficiency with AI

While generative AI tools are capturing headlines, businesses are also leveraging AI to optimise their internal operations and streamline processes. From predictive maintenance in manufacturing to fraud detection in finance, AI is playing a crucial role in enhancing efficiency, reducing costs and minimising errors.

According to a report by Accenture, high-performing organisations that have successfully implemented AI in their operations have seen a 50% increase in revenue by using AI. On the other hand, fintech companies that implement chatbots were projected to realise cost savings of US$7.3 billion in 2023, according to a report by Juniper Research.

AI-Powered Customer Experience

“A study by Salesforce found that 76% of customers expect consistent interactions across all channels, and AI can enable businesses to meet this demand by providing seamless, personalised experiences across multiple touchpoints.”

Beyond operational excellence, AI is transforming the way businesses interact with customers. Intelligent chatbots and virtual assistants are revolutionising customer service, providing 24/7 support and personalised experiences. Additionally, AI-powered recommendation systems are enhancing e-commerce platforms, offering tailored product suggestions and increasing customer satisfaction.

A study by Salesforce found that 76% of customers expect consistent interactions across all channels, and AI can enable businesses to meet this demand by providing seamless, personalised experiences across multiple touchpoints.

KFC exemplifies how brands can use AI to deliver personalised shopping experiences. The fast-food chain teamed up with Chinese search engine Baidu to develop facial recognition technology capable of predicting customer orders. The system analyses estimated age and mood to recommend menu items tailored to each individual.

For instance, a 20-year-old male might be offered a crispy chicken sandwich, roasted wings and a coke, while a 50-year-old female could receive suggestions for porridge and soybean milk. This approach streamlines ordering while providing a level of personalisation that resonates with many patrons.

In the cosmetics industry, Sephora enhances its customer experience through an AI-powered Virtual Artist app. Leveraging augmented reality, the app scans users’ faces, allowing them to virtually ‘try on’ various makeup products before purchasing. This interactive feature guides informed buying decisions while injecting an element of fun into e-commerce.

These use cases across the food and cosmetics industries exemplify how AI can significantly elevate customer experiences within diverse sectors by enabling personalised, seamless engagement.

Maximising AI in Customer Service

By incorporating these practices, businesses can harness the power of AI to optimise customer service while maintaining a human touch.

AI as Support, Not Replacement: Utilise AI to enhance customer service, focusing on streamlining processes rather than replacing human interaction. Identify areas for automation, such as handling routine queries, while reserving human intervention for emotionally charged situations.

Reducing Wait Times: Employ AI to swiftly address simple queries, minimising wait times and ensuring prompt customer engagement. By allowing AI to handle basic tasks, human agents can focus on more complex issues, fostering a seamless customer experience.

Automating Communication: Leverage AI to automate various aspects of customer communication, including follow-ups, email drafting and CRM data retrieval.

Crisis Detection and Alerts: Utilise AI’s natural language processing to detect shifts in customer behaviour or emotions, enabling proactive crisis management. Set up alerts to notify service teams of potential issues and intervene when necessary, maintaining customer satisfaction.

Ethical and Responsible AI

While the potential benefits of AI are undeniable, businesses must also grapple with the ethical and responsible deployment of these powerful technologies. Issues such as data privacy, algorithmic bias, and transparency are critical considerations that cannot be overlooked.

The 2024 Edelman Trust Barometer: Insights for Tech report reveals that AI stands at a critical juncture. Worldwide, 30% of participants welcome the innovation, while 35% oppose it. Over the last five years, trust in AI companies has declined globally, dropping from 62% to 54%.

Among those who harbour reservations about the increasing adoption of AI, their primary concerns include privacy issues, fears of AI dehumanising society, insufficient testing and evaluation and the potential for harm to individuals and communities.

In response, businesses must prioritise the development of robust governance frameworks and invest in AI ethics training to ensure their AI systems are fair, transparent and aligned with societal values.

As businesses integrate AI and other interconnected technologies, cybersecurity emerges as a critical concern. According to Adrian Hia, Managing Director for Asia Pacific at Kaspersky, “Undoubtedly, new technological tools play a vital role in improving the efficiencies and productivity of enterprises in the region. However, there are loopholes, particularly in cybersecurity, that need to be addressed.

“Our recent study showed more than half of the companies are using AI and IoT in their organisations, but 21% of them think AI and IoT are somewhat difficult to protect. It shows that there is a skills and knowledge gap that needs to be patched with urgency.”

Ivan Vassunov, Vice President, Corporate Products at Kaspersky, echoes this sentiment, stating, “Interconnected technologies bring immense business opportunities, but they also usher in a new era of vulnerability to serious cyberthreats. With an increasing amount of data being collected and transmitted, cybersecurity measures must be strengthened.

“Enterprises must protect critical assets, build customer confidence amid the expanding interconnected landscape, and ensure there are adequate resources allocated to cybersecurity so they can use the new solutions to combat the incoming challenges of interconnected tech.”

The Road to Unlocking AI’s Full Potential Responsibly

The AI revolution is here, and businesses that fail to embrace it risk being left behind. As the world becomes increasingly interconnected and data-driven, the ability to harness the power of AI will be a defining factor in determining long-term success.

However, the journey towards AI adoption is not without its challenges. Companies must navigate the complex ethical and security landscapes that come with these powerful technologies. Building a robust AI governance framework, prioritising responsible and ethical AI practices and investing in cutting-edge cybersecurity solutions are crucial steps in mitigating risks and ensuring the safe and trustworthy deployment of AI systems.

Ultimately, the true competitive advantage lies not just in adopting AI, but in doing so in a way that aligns with societal values, respects privacy and fosters trust. By striking this delicate balance, businesses can unlock the full transformative potential of AI, driving innovation, enhancing efficiency and delivering exceptional customer experiences.

Those who approach it with foresight, responsibility and a commitment to ethical practices will be the ones who truly unleash the power of this revolutionary technology and secure a lasting competitive edge.

Securing the AI Revolution

Given the scale of change that interconnected technologies like AI are likely to bring, organisations must develop a strategy to implement and protect them. Based on research findings, Kaspersky recommends four effective ways to ensure organisations are prepared to protect interconnected technologies:

1. Adopt secure-by-design principles. By integrating cybersecurity into each stage of the software development lifecycle, secure-by-design software and hardware become resilient against cyberattacks, contributing to the overall security of digital systems. Cyber immune solutions allow companies to minimise the threat surface and significantly decrease the ability of cybercriminals to perform a successful attack.
2. Train and upskill your workforce. Building a cyber-aware culture requires a comprehensive strategy that empowers employees to gain knowledge and put it into practice. With the right cyber-security training, IT professionals can advance their skills and defend their companies against attacks.
3. Upgrade your cybersecurity solutions. As companies adopt interconnected technologies like AI, they need cybersecurity solutions with advanced features, enabling them to collect and correlate telemetry from multiple sources and provide effective threat detection and rapid automated response. For AI solutions built on containers, it’s important to secure the infrastructure with container security solutions, which allow companies to detect security issues at every stage of the app lifecycle.
4. Meet regulations. Avoid legal problems or reputational damage by ensuring your cybersecurity practices meet changing standards and legal requirements.

By following these recommendations, organisations can harness the power of AI and interconnected technologies while mitigating the associated cybersecurity risks.