03/02/2025

BIZ & FINANCE MONDAY | FEB 3, 2025

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pioneering Malaysian fintech and leader in the peer-to-peer (P2P) financing platform industry, has announced its participation in the newly launched Sarana scheme by the Securities Commission Malaysia (SC). This scheme, designed to support micro, small, and medium enterprises (MSME) and small contractors engaged in government contracts, further underscores CapBay’s commitment to providing innovative, flexible financing solutions that meet the unique needs of businesses across Malaysia. With over RM4 billion in financing Weststar Aviation bags US$40m helicopter services deal from Santos KUALA LUMPUR: Weststar-GAP Aviation LDA, a joint venture between Timor GAP Timor Gas Petroleo, EP and Weststar Aviation Timor, Unipessoal, LDA, has secured a helicopter transport services contract with an Australian energy company Santos NA (19-12) Pty Ltd worth US$40 million (RM175.6 million). In a statement, Weststar Aviation Group said the agreement solidifies Weststar’s position as a leading provider of offshore helicopter services in the region. “Operations under this contract are set to commence on Feb 1. “The contract, structured for an initial 12-month period with options for two six month extensions, will provide helicopter transport services supporting Santos’ offshore operations in the Bayu-Undan region,” it said. The group said this agreement marks a critical milestone in Weststar-GAP’s broader strategy to enhance offshore aviation services in Timor-Leste, with prospective growth into the Greater Sunrise field to support ENI and Sunda Gas. “The total potential value of Weststar GAP’s projected project pipeline over the next 10 years is estimated to exceed US$400 million, demonstrating the substantial long-term opportunities arising from this collaboration,” it said. To fulfil this contract, Weststar-GAP will deploy two state-of-the-art Leonardo AW189 helicopters renowned for their superior performance and reliability in offshore environments. It said these aircraft will be dedicated to crew change and Medevac (medical evacuation) standby services, operating between Dili, Timor-Leste and Darwin, Australia under the Malaysian (9M) aircraft registration, fully compliant with the Civil Aviation Authority of Malaysia regulations. “This initiative not only underscores Malaysia’s aviation excellence on the global stage but also strengthens regional aviation cooperation,” it said. Meanwhile, Weststar Group managing director Tan Sri Syed Azman Syed Ibrahim said the company is fully committed to developing Timor-Leste’s aviation capabilities. “Through comprehensive training programmes and skill enhancement initiatives, we aim to empower local talent and contribute to the country’s aviation self-sufficiency,” he said. According to the statement, Weststar GAP Aviation directors Syed Muhammad Azni Syed Azman and Vicente da Costa Pinto signed the agreement on behalf of the company. – Bernama

Jordan-Malaysia in halal ecosystem development

PETALING JAYA: Jordan has taken a significant step towards enhancing its halal ecosystem by partnering with Malaysia-based halal digital technology leader Serunai Commerce under the Reverse Linkage modality of the Islamic Development Bank (IsDB). This collaboration was conducted through an 11-day comprehensive Diagnostic Mission on Halal Ecosystem Development, marking a crucial phase in assessing Jordan’s existing capacities and formulating strategic enhancements to its halal certification processes. The diagnostic mission, led by IsDB and Serunai Commerce in collaboration with the Ministry of Planning and International Cooperation (MoPIC), involved extensive engagements with key Jordanian ministries and regulatory bodies. These included the Jordan Standards and Metrology Organisation (JSMO), the Ministry of Industry, Trade & Supply (MIT), the Ministry of Agriculture (MoA), the Jordan Food and Drug Administration (JFDA), Jordan Customs, and the Municipality of Greater Amman, Iftaa’ Department, Jordan Chambers of Industry (JCI) and the Embassy of Malaysia in Amman, Jordan. The high-level

regulatory and supporting local businesses in accessing international markets. The mission featured hands-on sessions, capacity gap analyses, and strategic discussions to develop an actionable roadmap for Jordan’s halal industry expansion. “Jordan is dedicated to enhancing its halal sector, and this collaboration with Serunai Commerce and IsDB is a critical step in achieving our national objectives,” said MoPIC Arab and Islamic relations section head Malek Breazat. He added that with Malaysia’s extensive experience in halal certification and digital innovation, they aim to fortify their halal certification ecosystem, ensuring global compliance and boosting economic opportunities for local businesses. This diagnostic mission marks the beginning of a long-term strategic partnership between Jordan and Malaysia. Moving forward, the collaboration will focus on implementing digital halal certification modules, harmonising local standards with international requirements, and unlocking new trade and investment opportunities to position Jordan as a key player in the global halal economy. frameworks

o Diagnostic mission helps assess capacities, identify gaps, and understand the needs of the recipient country

understand the needs of the recipient country, in this case Jordan – as it works towards developing a comprehensive and sustainable halal ecosystem. This initiative embodies the essence of South-South Cooperation, fostering expertise exchange and innovative solutions to drive economic growth and institutional strengthening.” The delegation from Serunai Commerce represented by its director of international partnership Intan Suriya emphasised the importance of capacity building in aligning Jordan’s halal certification standards with international best practices. They highlighted how this initiative would empower local agencies like JSMO and JFDA to streamline their processes and support local businesses in accessing global markets. Representatives from MoPIC and JSMO reaffirmed Jordan’s commitment to advancing its halal industry, highlighting the government’s efforts in boosting

discussions centred on identifying current challenges, capacity gaps, and opportunities for Jordan to strengthen its position in the global halal economy. Beyond ministerial meetings, a workshop coordinated by the IsDB and MoPIC delivered by Serunai Commerce provided a platform to exchange knowledge, discuss capacity building strategies, and explore innovative solutions to improve Jordan’s halal certification processes. The delegation also visited prominent manufacturing facilities such as Siniora Food Industries and BioEnergyTech to gain insights into Jordan’s halal production capabilities and explore avenues for enhancement in line with international best practices. IsDB reverse linkage lead technical specialist Aminuddin Mat Ariff said “A diagnostic mission is a vital step in the reverse linkage process, as it enables us to thoroughly assess the existing capacities, identify gaps, and

The Malaysian delegation with participants at the diagnostic mission in Jordan.

CapBay offers SC’s Sarana scheme for SME financing KUALA LUMPUR: CapBay, a

the and established ourselves as the leading platform for MSMEs, particularly those engaged in government projects.” Mahizan Mohd Nor, senior vice president of CapBay, Islamic Finance said, “With CapBay, we go beyond providing financing by creating new opportunities for Shariah-compliant solutions that cater to the diverse needs of Malaysian businesses. By leveraging the Sarana scheme and our extensive experience supporting government contract vendors, we empower MSMEs and contractors with fast, alternative, and tailored financing options.” financing landscape

project is executed. These flexible solutions allow contractors to meet the rigorous financial demands of government projects, contributing to business continuity and growth. “CapBay’s leadership in the alternative financing space is a direct result of our ability to blend experience with cutting-edge technology,” said CapBay chairman Datuk Seri Mohd Mokhtar Mohd Shariff. “Our innovative credit scoring system has allowed us to support underserved businesses often overlooked by traditional banks. By combining technology with our deep expertise in working with government contract vendors, we’ve transformed

trading. CapBay enables businesses to access Shariah-compliant working capital to fulfill government contracts, empowering them to scale their operations while adhering to ethical financing principles. As part of the Sarana initiative, CapBay offers two primary financing options designed to address the specific challenges faced by MSMEs and small contractors participating in government contracts: Invoice Financing, which supports cash flow post-contract delivery; and Financing for Contract Implementation (pre financing), which bridges contractors’ initial working capital needs before a

disbursed to date, including RM1.4 billion in Shariah-compliant financing, CapBay has been at the forefront of supporting MSMEs with an extensive range of financing options, tailored specifically to meet the needs of government contractors. CapBay, with its innovative product offerings in pre-shipment and post-shipment financing, provides tailored solutions for SMEs serving government contracts. This includes financing for the purchase of machinery, equipment, and technology, as well as support for manpower requirements in sectors like security, cleaning, catering and