17/06/2025

BIZ & FINANCE TUESDAY | JUNE 17, 2025

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Xanderia, CXL Group roll out app to enable early wage access Ű BY MAHADHIR MONIHULDIN sunbiz@thesundaily.com KUALA LUMPUR: Syariah compliant financial solutions group Xanderia Services Sdn Bhd and human resource outsourcing solutions provider CXL Group have teamed up to produce Kanz PaydayNow, a financial app that will redefine earned wage access in Malaysia. The app is an innovative and secure solution that empowers employees with early wage access, providing a seamless way for them to access their wages before payday. CXL Group CEO Fariz Abdullah said they are targeting low- to medium-wage earners who require assistance with their daily expenses. “Without our salary advance ment feature, many of them would either use their credit card to pay for their daily necessities, which would increase their debt over time, and some would even resort to getting unlicensed loans, which traps them into a vicious cycle. “Our motive is to help this group of people and help them with their financing as well as increase financial literacy via the app so they can learn how to borrow money, calculate interest, and much more,“ he said after the official signing ceremony to commemorate the launch of the app. “Assuming an employee earns RM3,000 a month, and RM100 a day, the norm is that they get their salary at the end of the month. Assuming they would have earned RM1,500 by the middle of the month, the employee can request a 50% salary advancement and receive RM750 the next day. “We receive an income from a small transaction fee that will cover our revenue and cost of technology each time they take out the money,“ he said. Asked what separates Kanz PaydayNow from others in the market, Fariz said, “We are com bining the technologies of Xanderia and CXL to make it into one integrated system, so any organ isation that is already our customer will just have to switch on the feature and it will work. “That is the larger picture of our partnership – we are doing system level integration.”

Solarvest secures Brunei solar project via joint venture

Brunei Darussalam’s growing new and renewable energy sector – opening up job opportunities for Brunei citizens.” Solarvest executive director and group chief strategy officer Leon Liew Chee Ing shared, “In 2024, Brunei’s electricity consumption totalled 3,242 GWh, with 95% generated from fossil fuels, high lighting an urgent need for a clean energy transition. “The Brunei government’s commitment to renewable energy is truly commendable, given the nation’s abundance of fossil fuels. “This milestone marks a proud moment for both Solarvest and Serikandi as we support Brunei’s journey towards a more sustainable energy future. Leveraging our tech nical expertise and regional ex perience, we are honoured to play a part in delivering the nation’s largest solar initiative.”

environmental benefits, the SPVPP will generate new opportunities for local businesses and contribute to local economic development through related activities. Serikandi Oilfield Services chairman and managing director Shaikh Khalid Shaikh Ahmad said, “We applaud the Brunei govern ment’s forward-thinking measures and supportive regulatory frame work, which ensure the effective execution of the national clean energy transition plan. Alongside various initiatives introduced over the years, this project reaffirms our commitment to a progressive path towards a dynamic and sustainable economy, aligned with prevailing global economic trends. “With our extensive experience in providing engineering and con struction services in the oil and gas industry, Serikandi is well positioned to seize emerging opportunities in

o Company to build and operate plant with generation capacity of 30MW in partnership with Serikandi Oilfield Services and Khazanah Satu

PETALING JAYA: Regional clean energy infrastructure developer Solarvest Holdings Bhd, through wholly owned subsidiary Atlantic Blue Sdn Bhd, has secured Brunei’s largest national solar project via a joint venture company, Seri Suria Power (B) Sdn Bhd, in partnership with Serikandi Oilfield Services Sdn Bhd and Khazanah Satu Sdn Bhd. Seri Suria Power will invest, build and operate a 30MW solar photo voltaic power plant (SPVPP) on a 33.29-hectare remediated landfill in Kampong Belimbing, Mukim Kota Batu. Upon completion by the end of 2026, the project is expected to be the largest SPVPP in Brunei, generating an annual output of 64,473,000 kWh, with a potential to offset about 645,000 MMBtu of natural gas and 92 million tonnes of carbon dioxide. The project was formalised on Saturday, following the signing of three pivotal agreements – a joint venture agreement among Khaza nah Satu, Serikandi Oilfield Services and Atlantic Blue; a land lease agreement between Seri Suria Power and the Brunei government, represented by the Department of Energy, Prime Minister’s Office; and a 25-year power purchase agreement between Seri Suria Power and the Brunei government, represented by the Department of Electrical Services, Prime Minister’s Office. The project originated from a Request for Proposal (RFP) process launched in 2021, which attracted wide interest from local and international solar developers. As part of the RFP requirements, parti cipating developers were mandated to form joint ventures with KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has begun hedging 20–30% of its oil price exposure to manage market volatility, said CFO Liza Mustapha ( pic ). She said the hedging is a limited but useful insurance policy during the current fluctuations in oil prices. “It has proven to be quite useful over the last couple of months when oil prices fluctuate,“ she said at a panel session in Energy Asia 2025 yesterday. Liza explained the hedging is meant to ensure that the projects Petronas has taken to final investment decision are able to proceed without interruption. Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

government-linked companies to ensure national participation and capacity building. This exercise creates confidence in Brunei’s capability to achieve the national aspiration of 30% renewable energy mix. The initiative aligns with Brunei’s commitment to reduce greenhouse gas emissions by 20% from Business-As-Usual levels by 2030 and supports the country’s goal of diversifying fuel sources in the power sector while reducing reliance on fossil fuels. In addition to

The project was formalised on Saturday following the signing of three pivotal agreements – a joint venture agreement, a land lease agreement and a 25-year power purchase agreement. Petronas begins hedging 20-30% of oil price exposure

could become a topline business going forward,“ Liza said. She added there are many fields in Malaysia which are tied to carbon dioxide content, which, without CCS, would have just been left untapped. “What can you do with all these depleted fields? Actually bring CCS across to Malaysia as a business.” However, Liza pointed to a disconnect between capital availability and investment uptake despite growing interest in clean technologies. “People say there’s money out there, but those trying to secure funding often feel otherwise. We need clearer alignment between project risk, investor appetite, and project ownership. Investors need to know exactly what they’re buying into.”

changes, the oil price may or may not become a more prominent factor.” On carbon capture and storage (CCS), Liza said Petronas sees long term potential but only if the technology is integrated within broader value chains. “The Kasawari CCS project in Sarawak only makes sense economically if it’s part of a full system from upstream through LNG to monetisation. CCS as a standalone won’t fly.” Petronas is currently piloting CCS at the depleted Kasawari gas field, which holds an estimated 13,000 million tonnes of CO ĸ storage capacity which is more than twice Malaysia’s total annual emissions. “If we can make Kasawari work with our LNG infrastructure, then CCS

She said Petronas’ strong balance sheet has also helped the national energy company to weather market volatility. “We carry quite a lot of cash as opposed to liability. We’re in a net cash position. So it makes sure that the project is able to continue, despite the big fluctuations.” However, Liza acknowledged that some structural changes in the market require more significant adjustments. “Think back in 2016, we went through a huge capex cut. But hopefully, those are really, really periodic nuances of events.” On investment strategy, Liza said Petronas’plans are never based on the prevailing oil price as they are always anchored on the fundamental price. “Going forward, as our portfolio