Money & Finance

Petronas and SEA Ltd are among prominent Malaysian companies exploring digital banking licenses. The potential applicants include Genting, YTL Corp, Sarawak government, and Grab Holdings. This development indicates Malaysia's strategy to modernize its financial services sector and attract innovative digital banking solutions.

Maybank Investment Bank secured multiple prestigious awards in 2021, including "Best Investment Bank", "Best ECM House", and "Best DCM House" from FinanceAsia, and "Best Bond House" and "Best Institutional Broker in Malaysia" from Alpha Southeast Asia, demonstrating its strong performance despite challenging market conditions.

IJM Corp has agreed to sell its entire 56.2% stake in IJM Plantations to KLK for RM1.53 billion, or RM3.10 per share. The transaction is pending shareholder and creditor approval. KLK intends to maintain IJM Plantations' listing on Bursa Malaysia and has valued the company at RM2.73 billion.

Bank Negara Malaysia and The Bank of Thailand have launched a cross-border QR payment system, allowing shoppers and traders in both countries to make instant digital payments. The initiative, initiated in June 2020, connects real-time retail payment platforms RPP/DuitNow and PromptPay, facilitating seamless financial transactions.

Malaysia keeps Crude Palm Oil (CPO) export tax at 8% for July, following market performance above RM3,450 per tonne. The Royal Malaysian Customs Department confirmed the tax rate, with the country setting a reference price of RM4,668.15 per ton for the month.

Malaysia and Singapore are emerging as key regional centers for green and sustainable finance, with Malaysia's green bond and sukuk market reaching US $2.6 billion. The Climate Bonds Initiative, supported by HSBC, reports continued growth in sustainable financial markets, emphasizing the importance of environmentally responsible investment strategies.

Pharmaniaga Bhd announced plans to supply Sinovac COVID-19 vaccines to state governments and private sectors. The company aims to support national immunity goals and economic recovery. Group Managing Director Datuk Zulkarnain Md Eusope highlighted the focus on government-linked companies, private firms, and local experts in the vaccination strategy.

Luno Malaysia reports substantial cryptocurrency growth, with US$1 billion in total transactions in 2021, compared to US$300 million in 2020. Country manager Aaron Tang notes cryptocurrency adoption is still in early stages, with only 2.5% of global population owning digital assets.

As Malaysia navigates through multiple Movement Control Orders (MCO), the labour market experiences significant pressure. The unemployment rate, which improved to 4.6% in April, remains volatile due to ongoing pandemic restrictions and business constraints affecting various sectors, particularly manufacturing.

Malaysia's Ministry of Finance plans to implement cashless payments for all government services by 2022 under the MyDigital initiative. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz aims to improve transaction safety, governance, and reduce potential fraud through electronic payment methods.