Money & Finance

Petronas and SEA Ltd are among several organizations eyeing Malaysia's digital banking licenses. Potential applicants include Genting, YTL Corp, Sarawak government, Grab Holdings, and Subway Bhd. Some companies like SEA and YTL are considering consortium applications as the country prepares to liberalize its financial industry.

Maybank Investment Bank (Maybank IB) has clinched top awards in investment banking categories, including "Best Investment Bank", "Best ECM House", and "Best DCM House" at the FinanceAsia Country Awards 2021. The bank also received "Best Bond House" and "Best Institutional Broker in Malaysia" at the Alpha Southeast Asia awards.

IJM Corp has agreed to sell its 56.2% stake in IJM Plantations to KLK Bhd for RM1.53 billion in cash, at RM3.10 per share. The transaction requires shareholder and creditor approval. After completion, IJM Plantations will no longer be a subsidiary, but IJM will retain a 10-cent per share dividend right.

Bank Negara Malaysia and Bank of Thailand have initiated a cross-border QR payment linkage, allowing shoppers and traders in both countries to make instant cross-border payments. The project, which began in June 2020, connects the real-time retail payment systems of RPP/DuitNow and PromptPay, enabling seamless financial transactions.

Malaysia has maintained its CPO export tax at 8% for July 2021, based on market prices exceeding RM3,450 per tonne. The Royal Malaysian Customs Department confirmed the rate, which applies to the world's second-largest palm oil producer and exporter.

Malaysia and Singapore are emerging as key regional centers for green and sustainable finance. The Climate Bonds Initiative, supported by HSBC, reports continued growth in sustainable financial markets. Malaysian securities and Sukuk market currently stands at US$2.6 billion, with 15 green bond and loan arrangements issued.

Pharmaniaga Berhad announced plans to supply Sinovac COVID-19 vaccines to state governments and private sectors, aiming to support national immunity goals. The company's share price surged to RM5.54 following the announcement, highlighting its strategic role in pandemic response.

Luno Malaysia has accumulated approximately US$1 billion in cryptocurrency transactions this year, significantly up from US$300 million in 2020. Country manager Aaron Tang highlights the early stages of crypto adoption, with only 2.5% of the global population owning digital currencies, while noting growing acceptance as an investment and inflation hedge.

As the labour market faces pressure from lockdowns, the unemployment rate is expected to recover in the short term. The Malaysian workforce shows resilience, with manufacturing operating at 60% capacity and companies adapting to strict standard operating procedures during the recovery phase.

Malaysia's Ministry of Finance plans to implement cashless payments for all government services by 2022. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz aims to improve transaction safety, reduce corruption, and enhance service efficiency through digital payment methods.