KKB’s OceanMight completes first ECP project Kinabalu Redevelopment

Posted on : 31-05-2017 | By : sabah today | In : National

KUCHING: OceanMight Sdn Bhd (OceanMight) has officially completed its first Engineering Construction and Procurement (ECP) project – the Kinabalu Redevelopment Wellhead Topside and Jacket.

With its completion, the topside of the wellhead platform has been loaded out and is due to set sail while its jacket – which has been completed earlier this month –  is already undergoing installation at its location within the Kinbalu field located 55km west-north of Labuan.

The platform is expected to contribute to a combined production of 15,000 barrels of oil per day and non-associated Gas of 30 million standard cubic feet per day (MMscfd) for the Kinabalu field.

First oil is expected to be seen in the subsequent financial quarter.

According to OceanMight, which is the associate company of KKB Engineering Bhd (KKB), the project was awarded to their group back in July 2015 by Repsol Oil and Gas Malaysia Ltd (Repsol).

Subsequently, the group received another contract award from Repsol in May 2016 for the ECP works of its Bunga Pakma wellhead riser project.

Speaking during a ceremony held at OceanMight’s fabrication yard yesterday, Datuk Kho Kak Beng, chief executive officer (CEO) and director of OceanMight thanked Repsol for allowing the group to continue their foray into the oil and gas (O&G) industry which begun two years ago during OceanMight’s inception.

“I am very thankful to Repsol for their trust in us and their award of these two projects to us as the undertaking of the projects has allowed us to improve ourselves further within the O&G industry in a short amount of time.

“Additionally, the two projects have also helped us contribute to making Sarawak a developed state as we have hired over 800 local Sarawakians to work on the projects.”

Kho, who is also the group managing director of KKB, added that the subcontractors employed were also mostly Sarawak-based companies which further added to the enrichment of the local economy that the projects have brought.

Despite the ECP works for the Kinabalu Redevelopment project being new to OceanMight, the group was able to complete works on schedule with a commendable safety record of 1.3 million man hours with zero lost time injury.

OceanMight’s chief operating officer (COO) Ashram Assai Abdullah, explained that the group was able to achieve the impressive feat through proper project planning and development.

“There were no difficulties with the project and everything ran very smoothly. Prior to initiating the project, we crafted a very experienced project management team to help implement the project while leading and guiding the rest of our team.

“Our successful performance is also attributed to our facilities available at our fabrication yard.”

Ashram went on to add that the group has also been able to form a very good team of welders that have enabled them to achieve a very low reject rate of 0.002 per cent in duplex welding which is utilised in the Bunga Pakma ECP works.

Besides emphasis on human capital, Ashram guided that the group’s performance is also attributed to their facilities available at their fabrication yard.

“Our concept of fabrication yard is all weather work condition and automation and when compared to other yards within the country, we can be considered to be one of the top-notch in terms of facilities.”

Meanwhile, ECP for the Bunga Pakma is currently around 60 per cent in progress and is slated to be completed and loaded out by July 2017 to its installation site at Bunga Pakma fiel, Block PM-3 within the share Malaysia and Vietnam Zone.

The wellhead is designed a s minimum gas facility with a throughput capacity of 160MMscfd and first gas is expected to be seen in October 2018.

With the completion of Bunga Pakma in July, OceanMight will have no more on-going projects.

Koh, however, guided that the company is currently in the process of bidding for more projects and if successful, work at their fabrication yard is expected to commence once again by the end of the year.

SOURCE:- THE BORNEO POST

Local businesses to improve in 2Q17

Posted on : 31-05-2017 | By : sabah today | In : National Business

KUALA LUMPUR: Business in the second quarter of 2017 (2Q17) is expected to increase to 4.5 per cent as recorded by the confidence indicator compared to (-6.9) per cent in the preceding quarter, said the Department of Statistics.

The confidence indicator summarises the overall views on the short-term business situation in various sectors in Malaysia, the department said in a statement yesterday.

It said business performance for wholesale and retail trade and services sectors were expected to increase in 2Q17 with confidence indicators of 2.2 per cent, 3.3 per cent and 11.3 per cent, respectively.

In contrast, respondents in the construction sector expected their business performances to decrease (-8.3) per cent in the same period.

The forecast for gross revenue and number of employees in 2Q17 showed that 35.1 per cent of  establishments covered in the survey expected an increase in gross revenue while 19 per cent of the establishments anticipated an decrease.

Meanwhile, 45.9 per cent of establishments predicted that gross revenue would remain unchanged.

SOURCE— BERNAMA

Perodua and Grab partner up to provide value added services for Grab drivers

Posted on : 31-05-2017 | By : sabah today | In : National Business

PERODUA and Grab Malaysia today signed a memorandum of understanding (MoU) to provide value-added services ranging from special price packages to competitive hire purchase rates for GrabCar drivers.

The MoU was signed at Perodua flagship 3S centre (Sales, Service and Spare parts) in Petaling Jaya by Perodua Sales Sdn Bhd managing director, Datuk Dr Zahari Husin and Grab Malaysia country head, Sean Goh. It was witnessed by Perodua president and CEO, Datuk (Dr) Aminar Rashid Salleh, and Grab Inc director, Nick Tan.

“This MoU is a totally new frontier, a blue ocean, for Perodua as it will highlight our products to the masses on a big scale through Grab. The items within the MoU include a special price packages through Perodua’s Corporate and Government Sales Department, allow for minimal time for car registration for Grab drivers, a one-stop centre for servicing and spare parts, insurance and road tax (issuance and renewal),” said Zahari, adding that the special price packages currently include the Bezza, Myvi and Alza.

Goh said: “As the region’s leading ride hailing and multiservice platform, we are constantly focused on how we can empower the 620 million people across Southeast Asiato have better access to safe, efficient and affordable transport.”

“At the same time, we are acutely aware of the role our driver-partners play to help us achieve this goal, hence we are continuously identifying mutually beneficial partnerships to help reduce the cost of driving; and the cost of car ownership is a major concern.”

Goh also went on to add that in view of the increase in cost of living and also the high number of local workers who have lost their jobs in 2016, Grab has been viewed as an intermediary step while seeking other job opportunities or as a viable source of income and the exclusive price package will definitely assist drivers to continue to earn a living.

Grab has the largest network in Malaysia, with a presence in 20 major cities and towns across the country, which includes Langkawi, Kuching, Miri and Kota Bahru, with more to come.

“We look forward to working alongside our driver-partners in these areas as well as extending the access to safe, reliable, efficient and affordable transport options to people in those areas,” he added.

SOURCE:- THE SUN DAILY

Malaysian F&B products gaining popularity in Thailand

Posted on : 31-05-2017 | By : sabah today | In : International Business

BANGKOK – Malaysian food and beverage (F&B) products have gained popularity in Thailand, accounting for 28.2 per cent of the nation’s total exports to the country, said Malaysia External Trade Development Corporation’s (MATRADE) Trade Commissioner in Thailand, Norman Dzulkarnain Nasri.

“Processed food was Malaysia’s fourth biggest export to Thailand last year, and the country has huge business potential that could be explored by Malaysian F&B companies,” he told Bernama here today.

He said this week, 63 Malaysian F&B companies were participating in the THAIFEX World of Food Asia 2017, Southeast Asia’s largest F&B exhibition, starting from today and ending on June 3.

As one of the world’s largest F&B exhibitions, THAIFEX will benefit the Malaysian participants as it will help to expose them to the business opportunities available in the F&B sector worldwide.

“Moreover, the halal certification by Malaysian authorities proves to be advantageous for the F&B products, as they would be able to penetrate the global market with the certification,” he said.

Norman said this year, THAIFEX organisers had invited 72 buyer companies from all over the world to meet with participating Malaysian companies, giving them the chance to market their products to international customers.

He added that MATRADE would continue to assist Malaysian companies to expand their operations in Thailand through efforts which included business-matching sessions with their Thai counterparts.

Thailand was Malaysia’s fifth biggest trade partner last year, with exports amounting to RM44.1 billion, comprising crude petroleum (66.7 per cent), transport equipment (47.2 per cent), steel products (36.8 per cent), processed food (28.2 per cent), and chemicals and chemical products (22.9 per cent).

During the first quarter of this year, the nation’s exports to Thailand increased 15.1 per cent to RM12.6 billion compared to the same period last year.

SOURCE– BERNAMA

Malaysia’s 2016 labour productivity up 3.5 per cent

Posted on : 31-05-2017 | By : sabah today | In : National Business

KUALA LUMPUR― Malaysia’s labour productivity grew by 3.5 per cent to RM78,218 in 2016 from RM75,548 previously, said International Trade and Industry Minister, Datuk Seri Mustapa Mohamed.

He said the result, slightly lower than the 3.7 per cent annual growth targeted under the 11th Malaysia Plan (2016-2020), was mainly due to the financial market’s volatility and uncertain business confidence.

Two top sectors that contributed to the growth were manufacturing with a productivity level of RM106,647 (+1.4 per cent) and services at RM68,166 (+2.8 per cent).

“The agriculture sector registered an improved growth of 3.4 per cent at RM55,486 compared with ― 2.3 per cent in 2015,”  said Mustapa, when launching the Productivity Report 2016/2017 here today.

The report, themed,  “Challenging the Frontier, Empowering People”, was published by the Malaysian Productivity Corporation.

Among selected Asian countries, in terms of labour productivity per person employed in US$, Malaysia at US$21,564 (RM92,256) is ahead of Thailand (US$10,398), China (US$14,030), Indonesia (US$7,507) and the Philippines (US$7,536).

However, the report said, Malaysia’s productivity growth was behind China at 6.6 per cent, Indonesia (4.6 per cent) and the Philippines (4.4 per cent).

It is however, important to note, that Malaysia started from a relatively higher base.

To date, the country has achieved 84.7 per cent of the 11th Malaysia Plan’s targeted level of RM92,300 by 2020.

Moving forward, the report said Malaysia has to keep abreast of the latest developments and embrace the Fourth Industrial Revolution, which would transform the design, manufacture, operation and service of products and production systems worldwide.

“Initiatives focusing on the competitiveness of Malaysia’s exports, adaptation of new technology and capacity building towards a high-quality workforce are essential prerequisites in preparing for the future,”it said.

In striving for higher productivity growth, the report indicated that Malaysia must prepare for uncertain external factors, as shifts in economic policies could affect a diverse range of outcomes for the Malaysian economy and local labour market conditions.

It said such externalities can be mitigated by stronger collaboration among stakeholders through the establishment of various productivity nexus.

Meanwhile, asked if Malaysia can achieve its annual growth target for this year, Mustapa was optimistic in view of better growth prospects and the future outlook.

He pointed out that industry would be less labour intensive going forward as Malaysia looks towards automation.

“For that reason, if we are successful in fully embracing the fourth industry revolution, the chances of  growth will be higher,” he said.

SOURCE― BERNAMA

Najib announces 11 projects, initiatives to turn Cyberjaya into smart city

Posted on : 31-05-2017 | By : sabah today | In : National

CYBERJAYA— Datuk Seri Najib  Razak has announced 11 major projects and initiatives to turn Cyberjaya into a smart city model.

The Prime Minister said they were the Cyberjaya City Centre, the Cyberjaya Innovation Fund for the Future (CIFF), the Financial Technology (FinTech) Regional Hub, the Cyberjaya Futurise Centre, the Blue Ocean Entrepreneurs Township (BOET).

He said the others were the Asian Big Data Centre, the Klang Valley Data Centre (KVDC), high-speed internet facilities, the Cyberjaya Hospital, the Sensor Applications Innovation Centre (SONIC), and CBJ4Annex Data Centre expansion.

“The Smart City is an inclusive implementation in creating a comprehensive technology ecosystem in people’s lives.

“Undoubtedly, it is a development concept, which is very popular around the world, in line with the latest technological developments,” he said when launching the Cyberjaya Smart City with the motto “Innovation Drives the Smart City Transformation”, here today.

Najib, who is also Finance Minister, said the creation of a conducive digital ecosystem through the smart city in Cyberjaya could help connect people through their existing infrastructure with technology that could improve the quality of life, create more efficient urban management, and improve sustainability, and simultaneously stimulate continuous innovation.

He said the Cyberjaya City Centre project would be a game changer that would complement the transformation of Cyberjaya into a Global Technology Hub and smart city.

“The development should be in line with government’s aspiration to ensure empowerment in the use of technology among the people continues to be supported by improvements in technology infrastructure, as we can see in Cyberjaya today,” he said

On the CIFF, which will be managed by Cyberview Sdn Bhd, Najib said a RM100 million would be set up to support the creation and acceleration of innovation to provide solutions to the challenges in the Cyberjaya Smart City development.

“This is a unique geocentric fund for entrepreneurs, startups or small and medium enterprises (SMEs), either local and international, with the aim of becoming a catalyst for the creation of intellectual property through proof of concept (POC) and scale business development for the Cyberjaya Smart City projects,” he said.

In the quest to create a cashless society, Najib said Cyberview Sdn Bhd, Barrington Group Co Ltd and Beijing Fullrich Information Technology Limited had signed a memorandum of understanding for the establishment of fintech within the next five years.

“This hub will offer a range of services, including mobile payment, smart banking solutions, risk management and big data analytics.

“With the opening of this hub, about RM60 million will be invested, for which 300 high-value and innovation-oriented jobs will be created, here.

“It is estimated that a total of 3.2 billion transactions will be carried out in the fifth year of operation, equivalent to almost RM80 billion worth of transactions involving approximately 10 million fintech consumer products,” he said.

Najib said the Cyberjaya Futurise Centre, which will be set up at the Malaysian Global Innovation and Creativity Centre (MaGIC), will act as a hub of the country’s future innovation pioneer.

It will see corporate players, institutions of higher learning and entrepreneurs collaborate and generate products valued at RM100 million in the development of innovation initiatives effectively, he said.

On the development of BOET on a ​1.6-hectare site, Najib said it would strengthen the existing ecosystem in Cyberjaya in providing a conducive environment for entrepreneurs and startups.

It is not only physical infrastructure but also in terms of improved skills through entrepreneurship programmes and support systems and exposure to a wider business network, he said.

“With its strategic location in southern Cyberjaya, good infrastructure and ecosystem at present, the project is expected to have a major impact on the development of entrepreneurship in Malaysia.

“The BOET project targets more than 500 jobs and create more than 100 startups and 1,200 trained entrepreneurs,” he said.

Najib said the strategic alliance between Cyberview Sdn Bhd and Winhong Information Technology Co Ltd, a technology company from China, would see the establishment of the Asian Big Data Centre, equipped with a cloud-based operating system, in Cyberjaya, with an investment of RM100 million.

“The completion of this centre within the next five years is expected to provide about 500 jobs here,” he said.In addition, Najib said Telekom Malaysia through its subsidiary, VADS Bhd, would invest in the development of the Klang Valley Data Centre with the gross floor area of 400,000 square feet, 20MW (Megawatt) power output and green features. The centre is expected to open next year.

The data centre will be connected to the Iskandar Puteri Data Centre where both will form the largest data centre infrastructure of its kind in the Southeast Asian region, he said.

Najib said all houses in Cyberjaya would enjoy high-speed internet running one gigabit per second (1Gbps), which was previously only used by businesses, at reasonable prices.

Meanwhile, a hospital, which will be built in Persiaran Multimedia here, will complement the services of Putrajaya Hospital and Serdang Hospital upon its completion by 2020, he added.

Present were Urban Wellbeing, Housing and Local Government Minister Tan Sri Noh Omar, Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah and Cyberview Sdn Bhd Managing Director Datuk Faris Yahaya.

SOURCE— BERNAMA

Ministry, Huawei M’sia certifies 240 in Graduate Employability Program

Posted on : 28-05-2017 | By : sabah today | In : National Business

KUALA LUMPUR: The Ministry of Higher Education and Huawei Malaysia certified 240 local graduates as skilled technicians through the Graduate Employability (GE) programme yesterday.

To date, 94 per cent out of 163 ready-to-work participants have become employed or decided to further their studies.

In recognition of Huawei’s contribution to Malaysia’s ICT talent development, the Ministry of Higher Education presented Huawei a Best Strategic Partner for Talent Development award.

The ceremony was attended by Deputy Minister of Higher Education Datuk Dr Mary Yap and Huawei Technologies Malaysia CEO Abraham Liu.

The GE programme is one of the Ministry of Higher Education’s efforts to enhance industry-academia collaboration.

As part of the programme, the graduates were awarded the Huawei Certified Entry Networking Technician (HCENT), an internationally recognised entry level certification of fixed broadband network skills.

Over the course of five days and 12 training sessions, the programme equipped local graduates with industry-relevant practical knowledge and skills possessed primarily for the development and implementation of Fixed Broadband Backbone (FBB).

This includes demonstration of knowledge and familiarity with FBB architecture, installation, maintenance, network design, deployment technology and operational skills.

The trainees also had the opportunity to participate in a soft-skill session, which involved role play in customer management.

SOURCE:- THE BORNEO POST

Online traders under e-commerce must register with CCM (Companies Commission of Malaysia)

Posted on : 28-05-2017 | By : sabah today | In : National Business

MELAKA: The Companies Commission of Malaysia (CCM) will enforce all online traders who carry out businesses via marketplace or e-commerce companies such as Lazada must register with the commission within the next six months.

CCM Chief Executive Officer, Datuk Zahrah Abd Wahab Fenner said the move was aimed at protecting consumers from being cheated, give confidence to buyers, besides it was in line with the Registration of Businesses Act 1956.

“Initially, it will involve online traders who sell products through the Lazada platform and will be broadened to other market places including Fashion Valet and others.

“This initiative will be undertaken via a memoranda of understanding with e-commerce companies in the country in stages,” she told the media after CCM’s corporate zakat distribution presentation here, last night.

Also present were Tangga Batu Member of Parliament who is also Science, Technology and Innovation Deputy Minister, Datuk Dr Abu Bakar Mohamad Diah and Ministry of Domestic Trade, Cooperatives and Consumerism Secretary-General, Datuk Seri Jamil Salleh who is also CCM Chairman.

Elaborating further, Zahrah said CCM would give a 30-day period for the traders to register with it after their businesses on the e-commerce platform were profitable.

She said this would be monitored by the e-commerce firms involved and traders who failed to register their businesses would be dropped from participating in the online platform.

“Action will be taken under the Act on traders who did not register, and if convicted, may face a two-year jail term or fined RM50,000, or both,” she said.

SOURCE– BERNAMA

Siringan fully supports SEA (Sabah Employers Association)

Posted on : 26-05-2017 | By : sabah today | In : Local

KOTA KINABALU: Resource Development and Information Technology Minister Datuk Siringan Gubat fully supported the founding of Sabah Employers Association (SEA) because it can act as a platform for all employers in the private sector in Sabah.

He said apart from serving and representing all employers in Sabah, SEA can also assist the government both at federal and state levels by providing vital information and inputs as well as feedback when needed, because it would know better on matters and issues concerning employers in the private sector in Sabah.

“SEA should have been formed long ago, because I think it is good for all employers in the private sector in Sabah to have a platform to better serve and represent them at the state and federal levels,” he said when meeting a delegation from SEA, led by its president Datuk Seri Wong Khen Thau, who paid a courtesy visit to his ministry’s office at Wisma Bandaraya here , yesterday.

Siringan also supported that SEA be given a chance to take part in any state and national-level committee that is relevant to the association’s objectives and missions.

During the meeting, Wong also briefed the minister on SEA’s objectives and missions apart from exchanging views with him on matters and issues concerning employers in the private sector and on the situation in the state private sector itself.

Siringan was also pleased to note that SEA is very supportive of the federal and state policies on foreign workers and the Minimum Wage Policy.

SOURCE: THE BORNEO POST

Embrace innovation to move forward in digitised world – Raymond

Posted on : 26-05-2017 | By : sabah today | In : Local

KOTA KINABALU: Corporate bodies, businesses and government departments must embrace change and innovation in order to succeed in this digital world, said Sabah Deputy Chief Minister Datuk Seri Panglima Raymond Tan Shu Kiah.

Tan, who is also the Minister of Industrial Development, said the Internet and technology have changed business models and the way things were done.

He said organisations needed to catch up with technology or else they would be left behind.

Although adopting new technology could be stressful for the older generation, they had to embrace change for the future of their children and grandchildren, he said.

“There comes a point in time where we need to accept and decide to embrace technology in order to move forward in this digital world,” Tan said when officiating at the closing ceremony of the first National Corporate Innovation Index (NCII) workshop in Sabah here yesterday.

By digitising businesses, Tan said operators would be able to monitor their growth and track the progress.

He said the workshop yesterday, organized by the National Innovation Agency Malaysia (AIM) in collaboration with POIC Sabah Sdn Bhd as venue sponsor and Malaysian International Chamber of Commerce and Industry (MICCI) Sabah, aimed to introduce the NCII and providing a template for all organizations, including government agencies and departments.

“It is to encourage change, more effective delivery system, and upscale performance to provide better results.

“The results is not just measured by income or revenue for businesses, but also the ability to serve for government departments.”

SOURCE:- THE BORNEO POST

Thailand’s largest oil and gas firm plans new Asia investment

Posted on : 24-05-2017 | By : sabah today | In : International Business

Thailand’s largest oil and gas explorer PTT Exploration and Production Pcl (PTTEP) is planning new investments or an extension of its operations in fields in Thailand, Malaysia and Myanmar, it said on Tuesday.

In Thailand, state-owned PTTEP would bid to extend its concession to operate the Bongkot gas field beyond the existing expiry date of 2023, Executive Vice President Yongyot Krongpanich told an investor briefing.

“We are confident that we will win the concession as we have expertise from operating in this field for two decades,” he said, adding the result was expected in the first quarter of 2018.

PTTEP was also in talks for a joint bid with Chevron Group for Thailand’s Erawan gas field concession, but was ready to compete against the U.S. major when the tender opens in September if no agreement for a joint bid was reached, he said.

The existing concession for Erawan, which is now operated by Chevron, expires in 2022.

Yongyot also said PTTEP planned investments in Malaysia and Myanmar, but did not give details.

PTTEP had $4.4 billion cash and had no plans to issue bonds, he said.

PTTEP said earlier this month it was suspending investment in Indonesia after the Indonesian government filed a $2 billion lawsuit against the Thai state-owned energy firm for alleged damage from an oil spill eight years ago.

The firm said it expected an average sale of about 300,000 barrels of oil equivalent per day (BOED) in the second quarter, compared with 304,000 BOED in the first quarter.

Parent firm PTT Pcl, Thailand’s largest energy firm, plans an initial public offering (IPO) in 2018 of its spin-off company, PTT Oil and Retail (PTTOR), Investor Relations Manager Pichin Apiwanaphon told another investor briefing.

PTTOR will include service stations, petroleum products, and lubricant products. It will also oversee non-oil retail businesses such as Café Amazon, the coffee franchise, and Fit Auto, the vehicle maintenance service.

After the IPO, PTT will remain a major shareholder of PTTOR but with less than 50 percent. (Reporting by Chayut Setboonsarng; Editing by Edmund Blair)

SOURCE:- REUTERS

Malaysia’s GDP growth is beyond expectations of many, says Wahid

Posted on : 24-05-2017 | By : sabah today | In : National Business

SHAH ALAM— Malaysia’s robust economic growth of 5.6 per cent in the first quarter of 2017 is beyond the expectations of many, said Permodalan Nasional Bhd Chairman Datuk Seri Abdul Wahid Omar.

He said the government’s resolve by focusing on the fundamentals has been proven to be the right strategy.

“It is underpinned by broad-base growth in all sectors. I encourage all quarters to play their respective part to grow the economy,” he said.

He was speaking to reporters on the sidelines of the launch of the National Transformation Programme Annual Report 2016 prepared by the Performance Management Delivery Unit by Prime Minister Datuk Seri Najib Tun Razak, here tonight.

Meanwhile, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the endorsements of international firms such as Forbes, BAV Consulting and the Wharton School of the US, reflected investor confidence in the country.

“They ranked Malaysia as the best country for investors in 2017 and a top destination for foreign direct investments among Asian countries,” he said.
He said Malaysia had done well in trade, as well as tourism, this was indicated by the influx of Chinese tourists into the country.

“We need to sustain this momentum, we need to ensure peace and stability as this is one of the hallmarks of Malaysia, our ability to live together in peace and harmony,” he added.

SOURCE— BERNAMA

BID-IT (Business in Digital Programme) aids young entrepreneurs

Posted on : 24-05-2017 | By : sabah today | In : National Business

KUALA LUMPUR – SME Bank has launched the Business in Digital Programme (BID-IT) funding programme to assist young entrepreneurs aged between 20 and 35 to expand their small businesses and ventures into the digital and e-commerce platform.

Nineteen companies have been selected to be a part of the initial stage of the overall development programme before receiving funding from SME Bank.

SME Bank Group Managing Director Datuk Mohd Razif Mohd Yunus said the main selection criteria included the use of technology for business development, financing needs and a strong business model.

“This programme is continued yearly to achieve the target following the growing trend among young entrepreneurs doing business through digital platforms,” he told reporters after the launch of BID-IT by Deputy International Trade and Industry Minister Datuk Ahmad Maslan here, today.

Mohd Razif said under the programme, SME Bank worked with nine other organisations, namely Cradle Fund Sdn Bhd, Malaysia Global Innovation & Creativity Centre, Malaysia Digital Economy Corporation, Microsoft Corporation, New Entrepreneurs Foundation, Payoneer Inc, Dewan Perniagaan Usahawan Siber Malaysia, Rave Technologies, and Universiti Malaysia Kelantan.

“These organisations act as the selection committee and determine the kind of assistance to be given to the 19 selected companies,” he added.

SOURCE– BERNAMA

CIMB bags 5 awards for innovative e-payments solutions

Posted on : 23-05-2017 | By : sabah today | In : National Business

KUALA LUMPUR: CIMB Bank Bhd emerged as the biggest winner at the recently-held Malaysian e-Payments Excellence Awards 2017 (MEEA), after clinching five awards for its contribution to the growth of e-payments in the country.

The five awards it bagged were: Best JomPAY Bank, Best Customer Experience for JomPAY, JomPAY Innovative Award, Best Interbank GIRO (IBG) Bank, and Financial Process Exchange (FPX) Innovative Award.

“CIMB is committed to driving e-payments by providing our customers and the public alternative channels to transact reliably, securely and efficiently at their convenience,” said CIMB group chief executive Tengku Datuk Seri Zafrul Aziz on the wins.

“We are focused on migrating more businesses and organisations to e-payments by being the key enabler in Malaysia’s journey to embrace a digital economy,” added Zafrul in a statement today.

The awards it secured reflected CIMB’s efforts to increase JomPAY transaction volume and engagement with clients, said the bank.

“The JomPAY Innovative and FPX Innovative Awards are a result of CIMB’s innovative bundling of JomPAY and FPX with other products and services, including the award-winning CIMB EVA app, to provide a comprehensive suite of Cash Management solutions in meeting the evolving needs of customers,” the statement read.

As for being named Best IBG Bank, that was based on the bank’s significant share of IBG transaction volume, strong year-on-year volume growth and high conversion volume from cheque payments to IBG payment, it added.

The MEEA is organised annually by the Malaysian Electronic Clearing Corp Sdn Bhd (MyClear), a wholly-owned subsidiary of Bank Negara Malaysia that operates Malaysia’s key payment systems and financial market infrastructures.

SOURCE:- THE EDGE MARKETS

Palm oil & rubber NKEA (New Economic Area) to pursue new, existing initiatives to enhance productivity

Posted on : 23-05-2017 | By : sabah today | In : National Business

KUALA LUMPUR– The Palm Oil and Rubber New Economic Area (NKEA) will continue to pursue new and existing initiatives to increase productivity and improve the livelihood of stakeholders in the upstream industry, as well as further add value in the downstream.

Under the Palm Oil NKEA for upstream section in 2016, a major initiative driven by the government was the full roll out of the Malaysian Sustainable Palm Oil (MSPO) certification, which saw 122,521 hectares and seven palm oil mills being certified.

Outlining the initiatives in the National Transformation Programme Annual Report 2016 released today, the Performance Management Delivery Unit (Pemandu) said a substantial pipeline had also been built for certification in 2017.

“From 2017 onwards, the MSPO development and certification would be carried out by the Malaysian Palm Oil Certification Council, even though the Malaysian Palm Oil Board will remain involved in the development of smallholder certification.

“This would ensure streamlined certification processes and demonstrate Malaysia’s commitment to achieving environmental sustainability in palm oil plantations,” said Pemandu in the report.

On the downstream side, integration continues to gain momentum with more new projects in the commercialisation of high-value oleo derivatives, food and health products, as well as clinical trials globally to support the use of palm phytonutrients as health supplements.

“Under the 11th Malaysia Plan, RM280 million worth of grants have been allocated to support these initiatives,” said the report.

As for the Rubber NKEA, it said the focus had been to increase demand, as well as enhance the quality of supply, hence the Malaysian Rubber Board was aggressively exploring new uses of rubber domestically and abroad, especially in the areas of green rubber for transportation and other industrial use.

“This was undertaken in collaboration with stakeholders in the public and domestic sectors to create true demand-driven growth,” said the report.

The report said RM5.129 billion has been allocated to the Palm Oil and Rubber NKEA from 2011 until 2020.

Up until 2016, all allocations have either been spent or committed to be spent on new and existing initiatives, while the remaining funds will be staggered and released in stages until the projected completion of this NKEA in 2020.

SOURCE– BERNAMA