10/10/2024

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THURSDAY | OCT 10, 2024

BFood to open Paris Baguette stores in Brunei and Thailand

Ringgit up 14.4% against US dollar in Q3, among top performers globally KUALA LUMPUR: The ringgit was one of the best-performing currencies globally in the third quarter of this year (Q3’24), strengthening 14.4% against the US dollar and 11.4 % on a year-to-date basis, said Bank Negara Malaysia’s (BNM) Financial Markets Committee (FMC). The local currency’s performance was primarily driven by the US Federal Reserves’50-basis point policy rate cut and greater clarity on the trajectory for further reductions, the FMC said in a summary of its Oct 1 meeting released yesterday. “Notwithstanding the stronger performance, the committee noted key developments that support the sustained positive performance of the ringgit, including the ongoing coordinated efforts by the government and BNM to encourage repatriation and conversion of foreign income proceeds by government linked companies, government-linked investment companies and corporates. “They have contributed to ample domestic foreign exchange (forex) market liquidity, which recorded an average daily volume of US$17.6 billion (RM75.4 billion).” The FMC said the current arrangement can be sustained to ensure better liquidity in the onshore forex market. It also noted that investor confidence in Malaysia has improved due to the nation’s robust economic growth and the government’s continued commitment to structural reforms. “Significant foreign portfolio inflows were observed in Q3’24 amidst the strong KLCI performance and normalising Malaysian Government Securities-United States Treasury spread,” it said. The committee members also opined that the frequent investor engagements by the authorities were beneficial in raising awareness about Malaysia being an attractive investment destination, and reaffirmed the importance of continued policy coherence and consistency. The committee also discussed strategies to enhance the domestic bond and sukuk market. – Bernama

PETALING JAYA: As part of its ongoing efforts to strengthen its presence in the Asean region, Berjaya Food International (BFI), a subsidiary of Berjaya Food Bhd (BFood), has inked a master franchise agreement with Paris Baguette Southeast Asia granting BFI the exclusive rights to introduce and operate Paris Baguette stores in Brunei and Thailand. The agreement marks a significant step in the brand’s regional expansion and signals the next phase in BFood’s strategic growth, following its successful launch of the first Paris Baguette store in the Philippines in April and its second store in September this year. BFood is now focused on replicating that success in Brunei

Following accelerated growth in fintech and online services over the past few years, progress in markets such as Thailand, Malaysia, Indonesia and Vietnam is tapering off. This may be a result of some developing markets’ inability to react quickly to tough economic conditions, but it could also suggest that these markets have reached a level of financial maturity. “What has remained consistent, and we see as a secular trend, is the continued advancement in the financial system based on ongoing investment into digitisation. In this area, Southeast Asian markets are standout world leaders,“ Munirah said. ensuring each store caters to the unique tastes of its customers. SPC Group president and CEO Hur Jin-Soo shared his enthusiasm for the brand’s growing global footprint. “Paris Baguette has become a symbol of excellence, with over 4,000 locations worldwide, and we are thrilled to partner with Berjaya Food again to bring our bakery café concept to Brunei and Thailand. Our commitment to quality, through our ‘Sangmidang’ philosophy of perfecting every product, ensures that customers in these new markets will receive the same exceptional experience that has made Paris Baguette a household name.” Paris Baguette’s signature blend of French-inspired pastries, cakes, and breads with a Korean twist has helped the brand achieve remark able success globally, boasting stores across the United States, Europe, and Asia. With its focus on artisanal craftsmanship and high quality ingredients, Paris Baguette is poised to make a lasting impression on customers in Brunei and Thailand. With the planned expansion into Brunei and Thailand, BFood is setting the foundation for long-term growth across the region. As part of their broader strategy, the company is also exploring new opportunities to introduce other international brands under its portfolio to global markets, further solidifying its position as a leader in the food and beverage industry. As Paris Baguette enters these new markets, customers in Brunei and Thailand can look forward to a world-class bakery café experience that fuses French-inspired elegance with local flavor, all while staying true to its heritage of quality and innovation.

o Group expands brand’s presence in Asean, marks next phase of strategic growth

the little moments over a cup of coffee or a fresh pastry. It’s this sense of connection that resonates with our customers, and it’s a core part of what makes Paris Baguette unique,” he added. The expansion into Brunei and Thailand reflects BFood’s commitment to establishing a stronger footprint in underserved markets, tapping into the rising café culture in these nations. The company aims to offer a blend of local flavours alongside Paris Baguette’s signature products,

and Thailand with plans to open several stores across both markets by quarter three of 2025. “We are excited to extend Paris Baguette’s reach into Brunei and Thailand, two vibrant markets with growing demand for premium café experiences,” said BFood group CEO Datuk Sydney Quays. “This expansion aligns with our long-term vision of introducing world-class dining concepts to the global market. We want our stores to be welcoming spaces where people can gather, work, and enjoy

Quays (left) and Hur at the master franchise signing event in Singapore.

Malaysia 20th out of 41 countries in latest Global Financial Inclusion Index PETALING JAYA: Malaysia is ranked 20th in the latest Global Financial Inclusion Index, a study examining financial inclusion across 41 countries, a slight drop from last year when it was at 18th spot. in Malaysia as it continues to navigate global economic challenges. The 2024 Global Financial China’s contraction. In recent years, the country has benefitted from taking on some of China’s labour capacity and, in addition, higher commodity prices have buoyed its export market. communities manage the harsh financial conditions. Developing Southeast Asian markets may be reaching a tipping point for financial inclusion.

Of 41 countries studied, 32 (78%) saw their financial inclusion scores improve compared to the previous year. Malaysia remained flat in the rankings at 16th for its financial system’s support. However, it saw improvements in digitised finance, notably improving its scores for the volume of real-time financial transactions and the presence and quality of its fintech companies. It also has improved its score for online connectivity. Malaysia’s rank fell overall by eight places to 13th in the employer supported financial inclusion pillar, but it registered score increases for employer pay initiatives and employer pension contributions.

Inclusion Index, conducted by Principal Financial Group and the Centre for Economics and Business Research, highlights the progress countries have made in improving access to financial services. The report shows that financial inclusion worldwide has been improving for the second year in a row, with every region making strides. The index measures how well employers, governments, and financial systems support greater access to financial services. Principal Asset Management Malaysia CEO Munirah Khairuddin said “Malaysia, alongside India, has been a relative economic beneficiary of

“Similarly to the US, its overall drop in the financial inclusion ranking is not indicative of the market moving backwards. Rather, it’s a function of an economy and population that requires less intervention than others,“ she said. Malaysia continues to perform well compared to many other markets, reflecting the country’s ongoing efforts to improve financial access for its people. The report said global economic pressures made it more difficult for businesses and households to access loans this year, so the public and private sectors stepped up to help

This suggests that the country needed less government intervention than others as its economy and population were more resilient. In terms of government-backed financial inclusion, Malaysia slipped one spot to 24th place. It fell 11 places to 16th for availability of government provided financial education. Despite these declines, Malaysia showed progress in other areas, rising one spot to 28th for education levels and climbing four places to 26th for financial literacy. The mixed results reflect the complex financial landscape