Enterprise Explores BFM Media

Was there too much focus on attracting foreign unicorns, players and VCs at KL20? Was there not enough local support announced? We explore those criticisms as well as key aspects of the KL20 Action Plan with Dr Sivapalan Vivekarajah, Co-Chair of the Soonicorn Collective, and collective member Sharma Lachu, Founder and CEO of Accendo Technologies.

We will get into their topline thoughts and impressions about KL20 and the action plan, some of the feedback and criticisms levelled at it, and what their respective impressions and hopes are for particular initiatives, including the Innovation Belt and Unicorn Golden Pass, as well as the VC Golden Pass, VC Launch Fund, and VC Academy. We’ll also spend some time on the importance of talent initiatives.

KL20 was a summit organised by the Malaysian government held on the 22nd-23rd of April with the aim of helping stimulate Malaysia’s startup scene by addressing some of the challenges faced by startup founders in the country like access to funding, navigating regulatory barriers and attracting top talent.

At the event, Prime Minister Datuk Seri Anwar Ibrahim launched the KL20 Action Paper, which is a roadmap outlining tangible reforms to achieve convergence among key stakeholders – founders, venture capitalists, talent, incubators and accelerators, to propel Malaysia's startup tech sector to new heights.
See omnystudio.com/listener for privacy information.

The Cyber Security Bill 2024, passed by Malaysia's Dewan Negara in April 2024, aims to bolster the nation's cybersecurity. It requires entities managing critical national infrastructures — such as government, banking, transportation, defence, and healthcare — to adopt rigorous measures, standards, and processes to mitigate cyber threats. The legislation utilises a risk-based approach to protect against current and future technologies, including blockchain, and is crucial for safeguarding Malaysia’s vital sectors and enhancing cyber resilience. For more insights, we speak with Vicks Kanagasingam, a Business Transformation Coach and Startup Architect.
See omnystudio.com/listener for privacy information.

On this episode, we look at Artificial Intelligence with a focus on Malaysia's journey towards global competitiveness in this field. We speak with Farouk Nurish, Co-Founder of TM8 Sdn Bhd, a pioneering tech firm renowned for its innovative AI platform, Team M8.

Throughout the conversation, Farouk gives us insights into Malaysia's distinctive strengths and weaknesses within the tech ecosystem, and how they influence the nation's efforts to carve a niche in the fiercely competitive AI market. We also explore the pivotal steps required to foster greater recognition and support for homegrown tech enterprises in Malaysia.
See omnystudio.com/listener for privacy information.

In response to the rising threat of online scams and slander, the Malaysian government recently (last week) announced that it is set to introduce an AI portal designed to help the public identify and combat digital fraud. This initiative, integrating advanced AI technologies with existing platforms, aims to bolster public safety and restore trust in the digital realm.

Although it is still in its early stages, the portal is seen as necessary to ensure the public can trust the content they encounter online. If any doubts arise, the public can consult the portal for verification.

The portal is an expansion of the special segment “Biar Betul!” featured on the national public broadcast station RTM channels. In addition, it will complement the functionality of existing platforms such as SEBENARNYA.MY, under the Malaysian Communications and Multimedia Commission (MCMC), and MyCheck.My, managed by the Malaysian National News Agency (Bernama). This effort is expected to streamline the process for the public to easily search and verify any received information.

Today, to shed light on the feasibility of this new AI portal, we speak with CF Fong, the Executive Chairman of LGMS Berhad, and a committee member of the Cybersecurity Chapter of PIKOM.
See omnystudio.com/listener for privacy information.

EPF Akaun Fleksibel - only ‘break in case of emergencies’.

Last week (25 April 2024), the Employee Provident Fund (EPF) announced a restructuring, which, among other things, will see the introduction of a third account known as Akaun Fleksibel effective May 11th. We speak with Economist Dr Geoffrey Williams to dissect what this potentially means for EPF members, for the economy, and the retirement crisis.

Among other things, we explore how Account 1 (now Akaun Persaraan) has been moved up from 70% to 75% of contributions, how material a move this is by the EPF, the potential stimulus effect, EPF’s limits on addressing the retirement crisis and what else the government can explore, and much more.

More info about the restructuring:

Account Restructuring:
Member accounts will be restructured from the current two accounts (Account 1 and Account 2) to three accounts:

Akaun Persaraan: This account will accumulate savings specifically for retirement income.
Akaun Sejahtera: Designed to address members’ life cycle needs during retirement.
Akaun Fleksibel: A new account that provides flexibility for short-term financial needs. Savings in this account can be withdrawn as needed.

Allocation of Contributions:
Starting from 11 May 2024, contributions will be allocated as follows:
75% into Akaun Persaraan.
15% into Akaun Sejahtera.
10% into Akaun Fleksibel.

Transfer Option:
Between 11 May 2024 and 31 August 2024, members can transfer part of their savings balance to Akaun Fleksibel as an initial amount.
If no transfer is chosen, the existing balance will remain in Akaun Sejahtera.

Access to the System:
Members can fully access the new system starting from 12 May 2024.
See omnystudio.com/listener for privacy information.

On the back of Earth Day earlier this week, Enterprise explores the 2024 Earth Day report that was released by market research firm Ipsos Malaysia with Arun Menon, Managing Director at Ipsos Malaysia.

This is the 4th edition of the report and is based on a 33-country survey conducted where 24,000 people were interviewed between January 26th and February 9th.

Below are the 6 key findings from the report, which we explore in more depth in the show.

Globally, across 33 countries, a majority think governments, businesses and individuals have a responsibility to tackle climate change. But conviction has dropped notably over the past three years.
Millennial and Generation Z men feel more apathetic and fatalistic about climate change compared with older generations and with women. Three in ten say it’s already “too late” to tackle climate change. And this sense that it’s too late to take action on climate change is particularly strong among young men.
A majority globally believe that developed countries, with historically high emissions, should contribute more towards climate action. Perhaps unsurprisingly, those in developed countries are less likely to agree with this.
Although awareness is improving, globally, people continue to misjudge which household actions would have the most impact on reducing their carbon footprint. People overestimate the effectiveness of low impact actions such as recycling.
Most are optimistic that transitioning economies away from fossil fuels will have environmental benefits, but views are mixed on the economic and affordability impacts.
Financial incentives and access to information are the leading motivators globally that could spur more climate action by individuals, followed by seeing climate impacts in their country.

See omnystudio.com/listener for privacy information.