05/05/2025

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MONDAY | MAY 5, 2025

A legacy of reform, innovation and resilience

Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

PETALING JAYA: Tan Sri Abdul Wahid Omar Tan Sri Abdul Wahid Omar concluded his five-year tenure as chairman of Bursa Malaysia on April 30, bringing to a close a period defined by reform, innovation and resilience. Among the milestones that were achieved during his chaimanship of the exchange operator were the launch of Malaysia’s first syariah-compliant carbon market and a digital gold trading platform, besides overseeing a record-breaking year for initial public offerings (IPO). “I must say it has been an honour, privilege and pleasure to serve Bursa Malaysia as chairman for the past five years,” Abdul Wahid, reflecting on the impact and legacy of his time at the helm, told SunBiz in an exclusive written interview. His departure, first announced on March 27, took effect at the close of business on April 30. He previously served on Bursa’s board as an independent director from 2004 to 2011. Abdul Wahid guided the exchange through the Covid-19 pandemic Movement Control Order period, when Malaysia’s economy came to a near standstill. During that period, Bursa Malaysia maintained uninterrupted market operations. The exchange’s resilience during that time helped preserve investor confidence and ensured companies could still raise funds through the capital markets. The pandemic led to a spike in new Central Depository System account open ings, with many first-time investors entering the market. Bursa also experienced historic high daily trading volumes during the pandemic. It reported a 62.2% increase in operating revenue in 2020 compared to 2019 driven by high retail participation and market volatility. “The team at Bursa Malaysia ( Warga Bursa ) have certainly gone through a lot together navigating through the Covid-19 movement control order period and ensuring the market continues to operate in a fair and orderly manner notwithstanding the vola tility and surge in trading volume,” Abdul Wahid said in the interview. Just weeks before his departure, Abdul Wahid was honoured with the Saleh Kamel

“AI-powered chatbots, predictive analytics and dynamic content delivery ensure that users receive the right message at the right time. By continuously analysing user patterns and preferences, AI helps brands craft seamless and interactive experiences that evolve with each user. “This intelligent engagement fosters stronger customer relationships, increases app usage, and ultimately drives business growth in an in creasingly competitive digital landscape.” Lew said balancing digital and physical touchpoints is crucial for creating a seamless and engaging user experience. “While digital interactions provide con venience, speed and scalability, physical touch points add a layer of trust, emotional connection, and real-world engagement. “Brands that successfully integrate both can enhance customer journeys by offering a unified experience, whether through personalised app notifications that lead to in-store rewards, QR codes linking physical products to digital content, or AI-powered customer support that bridges online and offline interactions. “This hybrid approach ensures users stay engaged across multiple channels, fostering deeper loyalty and a more cohesive brand experience,” he added. globally connected marketplace,” he said. It is worth noting that Bursa Malaysia under Abdul Wahid’s leadership has maintained a firm and cautious stance towards cryptocurrencies, a position he voiced publicly on several occasions. At the 63rd World Federation of Exchanges general assembly and annual meeting on Nov 20, 2024, Abdul Wahid made an unscheduled intervention during a panel session on cryptocurrencies. Abdul Wahid, who was not listed as a speaker, stood up to express his opposition to supporting crypto assets. “At Bursa Malaysia, although we are moving to become a multi-asset exchange ... we choose which assets will be traded,” he said. “At the end of the day, we are clear about our purpose ... to serve as a marketplace where businesses come to raise capital to grow. “For other asset classes, there is this concept of creating opportunities and growing value. But we fail to see that in cryptocurrencies.” Abdul Wahid said cryptocurrencies lack any underlying value, and backed up his concern with internal data. An internal analysis made earlier in 2024 showed that while gold had a one-year volatility rate of 15% and bonds 11%, cryptocurrencies recorded a staggering 72.9%. “That’s gambling. Bursa Malaysia will not be supporting it, even if it means missing out on revenue because it causes more harm than good,” he said bluntly. Abdul Wahid also cited a case in Malaysia where a company was targeted by a ransomware attack, with the ransom specifically demanded in Bitcoin. “I’m just amazed that we spend so much time and effort on anti-money laundering, Amla, and all those in the real world. But yet, in cryptocurrency world, there’s that complexity that we overlooked.”

o Abdul Wahid’s 5-year tenure as Bursa Malaysia chairman was marked by milestones such as launch of syariah compliant carbon market and digital gold trading platform, record IPOs and steering the exchange through Covid-19

engage and inspire.” As the digital landscape continues to evolve, Lew said, S Ecosystem’s digital rewards ecosystem is at the forefront of innovation, helping businesses unlock new possibilities for engagement. “By combining technology, personalisation and seamless integration, we empower brands to create next-generation experiences that captivate users and drive sustained growth.” Furthermore, he added, AI-driven per sonalisation is transforming how businesses engage with users by delivering tailored experiences that adapt to individual preferences and behaviours. “By leveraging machine learning and real time data analytics, apps can create hyper personalised interactions that keep users engaged. “Whether it is recommending relevant rewards, optimising content based on user activity, or predicting future behaviors, AI ensures that every interaction feels meaningful and intuitive. This level of personalisation not only enhances user satisfaction but also drives higher retention and conversion rates,” Lew explained. Beyond personalisation, smarter AI-driven engagements enable businesses to automate and refine their engagement strategies, he said. including our Warga Bursa and the Malaysian Islamic finance fraternity,” he remarked. Other notable achievements during his tenure include the launch of the PLC Transformation Programme to boost corporate performance, the introduction of waqf -featured exchange traded funds, and the establishment of Bursa RAM Capital for debt market fundraising. In 2024, Bursa Malaysia emerged as the most vibrant IPO market in Southeast Asia, with 55 new listings raising RM7.4 billion and contributing RM31.4 billion in market capitalisation. This followed a joint initiative with the Securities Commission Malaysia to reduce listing application processing time to under three months. Abdul Wahid also oversaw the exchange’s transition towards a more independent regulatory structure with the formation of the Regulatory and Conflicts Committee, and initiated the payment of business zakat starting from the 2020 financial year. Abdul Wahid signed off with a personal, light-hearted yet pointed reminder: “No cryptos please.” “As I sign off, I urge the board and management team to continue doing their best for Bursa Malaysia, their families and the nation. And to continue fulfilling our mission of Creating Opportunities, Growing Value towards achieving our vision of becoming Asean’s leading, sustainable and

Award for Islamic Economy in Madinah, a recognition he dedicated to Bursa staff and the broader Malaysian Islamic finance community. “I am indeed honoured to have received the Saleh Kamel Award for Islamic Economy from HRH the Governor of Madinah two weeks ago on April 16, 2025. The award is indeed a recognition for the people in various organisations I have worked with Abdul Wahid maintained a firm stance against cryptocurrencies.

S Ecosystem takes digital rewards experience to new level

interaction feels rewarding, increasing long-term customer loyalty,” he told SunBiz . Lew said the company’s platform supports a wide range of digital assets, from in-app credits to tokenised rewards that users can redeem across multiple platforms.

Ű BY AIMIE SHAZRIE sunbiz@thesundaily.com

PETALING JAYA: In today’s fast-paced digital landscape, user engagement is the key to success for any e commerce app – traditional loyalty programmes and static incentives are no longer enough to retain users and drive meaningful interactions. The general manager of S Ecosystem (M) Sdn Bhd, a tech nology enabler specialising in

“This flexibility allows businesses to tailor incentives to their audience, fostering deeper connections and higher conversion rates. The seamless integration with existing apps ensures a frictionless user experience, eliminating barriers to engagement,” he explained. Security and transparency are at the core of S Ecosystem’s digital rewards ecosystem, Lew said. “Leveraging cutting-edge technology, we ensure that every transaction is secure, verifiable and trustworthy,” he added. Beyond rewards, Lew highlighted that the company’s ecosystem provides valuable insights into user behaviour and engagement patterns. “Businesses can leverage data-driven analy tics to refine their strategies, optimise reward structures and drive higher levels of interaction. By understanding what motivates users, companies can craft experiences that truly

customer relationship management and loyalty programmes for retail brands, Lew Wai Hoong ( pic ), said its digital rewards ecosystem redefines engagement by offering dynamic, personalised and seamless reward experiences that keep users coming back. “By integrating innovative reward mech anisms, our ecosystem empowers businesses to enhance user retention and boost app activity. “Whether through gamification, blockchain based rewards, or artificial intelligence-driven personalisation, we provide the tools to create compelling experiences that resonate with modern users. “These advanced solutions ensure that every