Technology

Singapore and Vietnam's foreign ministers meet to accelerate digital economy partnerships and mutual health certificate recognition, marking the first ministerial visit since COVID-19 pandemic began.

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.

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.

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.

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.

The global semiconductor chip shortage is severely affecting the automotive industry, leading to reduced production, plant closures, and rising prices. Caused by increased demand for electronics during the COVID-19 pandemic and compounded by natural disasters, experts predict the shortage will continue through 2022.

Amazon has added Pakistan to its sellers list in 2021, creating new opportunities for Pakistani entrepreneurs to access international markets. This move enables local sellers to showcase products globally, potentially boosting online trade, creating jobs, and generating revenue for the country's digital economy.

Tesla Inc. has secured a 9 billion yuan ($1.29 billion) term loan facility from Chinese lenders to finance its Shanghai Gigafactory. The electric car manufacturer also obtained an additional 2.25 billion yuan unsecured revolving loan facility for its first international manufacturing site outside the United States.