05/08/2025

BIZ & FINANCE TUESDAY | AUG 5, 2025 15 AIA Public Takaful makes record RM84m surplus distribution PETALING JAYA: AIA Public Takaful Bhd reported a record surplus distribution of RM84 million for the financial year ended Dec 31, 2024, benefiting about 617,000 certi ficate holders. This represents a 19% increase from RM70.7 million in 2023 – making it the highest surplus distribution by the takaful operator to date. In a statement, the company said eligible certificate holders were notified of their surplus distribution in phases beginning July through various communi cation channels. In line with the principles of takaful which promotes mutual assistance and community sup port, customers who participate in selected AIA Public Takaful plans are given the option to donate their surplus to charity. For the financial year ended 2024, nearly 11,000 certificate holders chose to contribute their surplus, totalling RM2.53 million to AIA Public Takaful’s Penyala Harapan Charity Fund, a 15% increase from the previous year’s contribution of RM2.2 million. Takaful surplus is a unique feature which is determined and declared by a takaful operator, if any, arising from the Participants’ Risk Fund after deducting all claims payable, statutory reserves and solvency capital requirement. The surplus amount which is distri buted annually, is shared pro portionately among eligible participants based on their contri butions, provided their certificate remains active and no claims were made during the financial year. Rubber output incentive activated for July KUALA LUMPUR: The Rubber Production Incentive (IPG) for cuplump and latex has been activated in Peninsular Malaysia, Sabah and Sarawak for July, the Malaysian Rubber Board (MRB) said. The IPG would be activated if the average monthly farmgate price for cuplump rubber is at RM3 per kg or below, with the incentive for latex activated concurrently. In July, the average farmgate price for cuplump was RM2.95 per kg for Peninsular Malaysia, RM2.60 per kg for Sabah and RM2.55 per kg for Sarawak. “The incentive rate for latex is fixed at 90 sen per kg for latex with 100% dry rubber content (DRC),” MRB said. It also said the activated IPG rate for cuplump and latex in Peninsular Malaysia is five sen for 50% DRC and 10 sen per kg for 100% DRC. Meanwhile, the rate in Sabah is 40 sen per kg for 50% DRC and 80 sen per kg for 100% DRC, while in Sarawak it is 45 sen per kg and 90 sen per kg, respectively. Smallholders are eligible to receive IPG payments this month, based on July rubber production. – Bernama

Sunway iLabs and Cradle unveil Deep Tech Ventures Lab

be invited to the final Demo Day showcase in October or early November, providing a public platform to spotlight breakthrough technologies and Malaysia’s deep tech leadership globally. “DTVL embodies our vision to drive deep tech innovation that delivers both commercial success and meaningful societal impact,” said Sunway Group chief innovation officer and Sunway iLabs CEO Matt van Leeuwen. “By empowering science- and engineering-led startups, we’re not just investing in technology – we’re investing in solutions that can shape a better future for Malaysia and the region.” Cradle group CEO Norman Matthieu Vanhaecke said, “This is exactly the kind of bold, future forward initiative our ecosystem needs. Deep tech is about solving real, complex challenges at scale. DVTL reflects the spirit of collaboration we need between government, academia and industry to push Malaysia’s innovation frontier.”

national innovation and commer cialisation agencies such as Malaysian Research Accelerator for Technology and Innovation and a diverse bench of industry mentors from Malaysia and the United Kingdom. Together, this multi-disciplinary coalition is building a launchpad for the region’s next generation of transformative deep tech ventures. Twenty startups were selected from a pool of 69 applicants, resulting in a 29% acceptance rate. These startups are tackling urgent global and regional challenges across seven key verticals: artificial intelligence and deep tech, food and water security, health and wellness, intelligent autonomy, semiconductor applications, energy transition, and decarbonisation through carbon capture, innovation, and storage. The programme will culminate in a Pre-Demo Day in September, where all participating startups will present their progress to a curated audience of regional venture capitalists, corporate partners, and policymakers. A short list of five to 10 standout ventures will

o Six-month co-creation programme supported by leading overseas public and private agencies, designed for developing and scaling high-impact startups

PETALING JAYA: Payments Network Malaysia Sdn Bhd (PayNet) has become the sole Malaysian founding member of MIT CSAIL’s research initiative, FinTechAI@CSAIL, reinfor cing its leadership in artificial intelligence-driven financial inno vation. “The rise of AI presents both an opportunity and a responsibility. As Malaysia’s national payments infra structure provider, we’re committed to shaping technology that safe guards trust and financial sov ereignty. Collaborating with MIT CSAIL allows us to contribute to AI advancements that are ethical, inclusive, and resilient, which will define the next generation of financial systems globally,” said group CEO Farhan Ahmad. He added that FinTechAI@CSAIL reflects the growing importance of PETALING JAYA: In a strategic leap to supercharge innovation across South east Asia, Sunway iLabs, the innovation arm of Sunway Group, is partnering with Cradle Fund Sdn Bhd to launch the Startup Deep Tech Ventures Lab (DTVL) – a transformative six-month co-creation programme dedicated to building and scaling high-impact artificial intelligence (AI) and deep technology startups. The initiative aims to catalyse breakthrough solutions to some of the region’s most critical challenges, setting the stage for a new era of technological advancement and entrepreneurial excellence. DTVL which began in July and will run until December, is tailored for early-stage startups operating at the intersection of science, engineering and impact. Participants will undergo a rigorous and structured journey, including expert-led workshops, personalised mentorship through monthly office hours, investor readiness sessions, and access to global capital networks, geared towards turning ambitious ideas into market-ready solutions. The programme is backed by a strong coalition of global and local innovation leaders. Core partners include Cradle, Malaysia’s focal point agency for early-stage startups under the Ministry of Science, Technology and Innovation; Deep Tech Labs, a UK-based accelerator and venture capital fund backed by the University of Cambridge, ARM and Cambridge Innovation Capital; Investible, a venture capital firm based in Australia and Singapore focused on

climate-tech early stage investment; and CloudMile, an AI and cloud technology company with a strong presence in Malaysia, enabling digital transformation across industries. Further strengthening the pro gramme is a robust ecosystem network of collaborators and enablers. These include prominent venture firms such as Gobi Partners and The Hive Southeast Asia, alongside a consortium of Malaysia’s leading academic insti tutions, including Universiti Malaya, Universiti Teknologi Petronas, Uni versiti Teknologi Malaysia, Universiti Putra Malaysia, Universiti Kebangsaan Malaysia, Universiti Sains Malaysia and Sunway University. Additional support comes from

From left: Innovation and Technology Managers Association Malaysia president Prof Dr Mohd Shahir Shamsir, van Leeuwen, Sunway University director and Sunway iLabs COO Karen Lau, Sunway Group deputy president Evan Cheah, Vanhaecke, Investible partner Khairu Rejal and Tsuin AI CEO and founder Audrey Aui Yong.

PayNet joins MIT CSAIL’s research initiative to advance AI-driven financial innovation in M’sia

evident in local initiatives such as Program Akar , a collaboration with Microsoft aimed at equipping young Malaysians with skills in AI and data science. Within its DuitNow ecosystem, the company utilises AI-driven, real time risk monitoring to maintain robust security and performance at scale, demonstrating how strategic applications can deliver lasting value. In expanding its global research partnerships, PayNet has formed a partnership with Imperial College London to explore the ethical dimensions and governance of AI in the payments sector. This colla boration builds on PayNet’s practical experience with AI implementation, ensuring that a robust ethical and regulatory framework guides inno vation.

responsibly. Potential areas of study include efficiency and productivity, regulation compliance and governance, per sonalisation and customer ex perience, democratisation of gains and opportunities, fraud detection and cybersecurity, and data pro cessing and utilisation. “I am excited to work with our initiative members to advance the foundations of AI and enable new capabilities for the fintech industry,” said MIT CSAIL (Massachusetts Institute of Technology Computer Science and Artificial Intelligence Laboratory) director Professor Daniela Rus. “Together, we aim to develop intel ligent, trustworthy, and transformative fintech AI solutions that can shape the future of global finance.” PayNet’s commitment to meaningful AI innovation is also

AI across financial ecosystems, an evolution that aligns with their own trajectory at PayNet. “We’re integrating AI into the core of our national payments infra structure, strengthening fraud analy tics, enhancing operational resi lience, and accelerating digital isation. Our goal is to build intelli gent, secure, and future-ready financial platforms for all Malaysians,” Farhan said. FinTechAI@CSAIL will facilitate cross-sector collaboration by con necting researchers with regulators, startups and international financial institutions. The initiative builds on the successful track record of applied research and knowledge transfer between the Massachusetts Institute of Technology and global financial bodies, aiming to shape the next generation of financial technologies