08/08/2025

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FRIDAY | AUG 8, 2025

BIZ & FINANCE

Malaysian Islamic finance receives global attention

Itmax wins second smart parking deal in Selangor KUALA LUMPUR: Itmax System Bhd subsidiary Selmax Sdn Bhd, has been appointed by Shah Alam City Council (MBSA) as the operator for the Selangor Intelligent Parking (SIP) system. Under the SIP, Selmax will deploy, manage and operate all gazetted parking bays within MBSA’s jurisdiction. The contract has a tenure of 10 years, with an option for a 5-year extension. The contract will be executed under a revenue sharing model, with Selmax entitled to 50% of revenue generated from parking fees and compound col lections. Itmax System CEO William Tan Wei Lun said, “We are honoured to be appointed once again as the SIP operator in Selangor, marking our second smart parking contract in the state. Through the integration of advanced AI CCTV monitoring and Mobile Patrol Licence Plate Recognition technologies, we aim to improve parking compliance, operational efficiency, and public safety.” With a proven track record in delivering smart city infrastructure, he added they are confident in their ability to contribute meaningfully to Selangor’s broader Smart City agenda and accelerate the digital transformation of public services. KUALA LUMPUR: Ant International has obtained approval from Bank Negara Malaysia to carry out business under a Class A Money Services Business licence. The licence will empower Ant International’s WorldFirst—an all-in one digital cross-border payment and treasury account service for global businesses—to operate in Malaysia, adding to its 60+ global licences worldwide. The licence will enable WorldFirst to expand its product offerings and roll out new services in Malaysia, facilitating international payments, especially in receiving foreign currency payments globally, with a focus on supporting

to Southeast Asia. More importantly, it enables us to better serve Southeast Asian SMEs with secure, compliant cross-border financial services while contributing to the region’s digital ecosystem,” said Ant International vice-president and WorldFirst CEO Clara Shi. In 2025, WorldFirst leverages its experience serving over 1.2 million SMEs worldwide through products like the newly launched World Card with Mastercard. Currently available in other markets, the World Card provides the ease, security, and international reach SMEs need to scale globally while managing spending efficiently. investors. In the coming months we will be rolling out Islamic Repurchase Agreement product in Malaysia and ESG Margin Financing-i in Singapore and Indonesia. Through accessible, investor-friendly innovations, we aim to make syariah investing more inclusive and impactful for a broader segment of investors.” Globally, 80% of the Islamic finance industry assets remain concentrated in five markets: Iran, Saudi Arabia, Malaysia, the United Arab Emirates, and Kuwait. The industry continues to expand, with global assets projected to increase to US$7.5 trillion (RM32 trillion) by 2028, up from US$5.5 trillion in 2024, underscoring its global relevance and prominence. Malaysia remains ahead in Islamic capital market with RM2.6 trillion in Shariah assets, making up 63% of total market by end-2024. The country also holds the world’s largest sukuk market share at 36%, and over 80% of companies listed on Bursa Malaysia are syariah compliant.

ecosystem for Islamic capital market. We also have the depth and breadth of syariah products, assets and instruments to ‘export’ our products and solutions regionally and globally. Islamic capital market and syariah instruments provide a fundamental, value based approach that investors and businesses can trust. This is especially important in today’s environment, and their growing demand is proof of the propositions. “CGS MY currently offers 10 Islamic products, with more in the pipeline. This year, we launched several market firsts, amongst which was access to fractional share trading on Bursa Malaysia for the first time. Via our UP trading platform, investors can invest in the Exchange’s top 30 stocks in the FBM KLCI index, of which at least 70% are syariah-compliant stocks. Last month, CGS MY became the first broker in Malaysia to launch the Islamic Equity Linked Investment Notes and Islamic Autocallable Equity Structured Investment Notes structured products for sophisticated and treasury management in one single account. Sellers can effortlessly collect from 130+ marketplaces (including Amazon, Walmart, etc.), while buyers can gain easy payment solutions for international sourcing. WorldFirst said it has also established localised operations in Malaysia to provide tailored support for SMEs pursuing global expansion. This move aligns with its parent company Ant International’s strategic investment in the country, including the launch of a Digital Business Centre focused on harnessing local tech talent to drive global innovation. “The licence marks a significant milestone in WorldFirst’s commitment

o Syariah investing gains traction as country drives cross-border growth

KUALA LUMPUR: Bursa Malaysia Bhd in collaboration with CGS International Securities Malaysia Sdn Bhd (CGS MY) held the annual Invest Shariah Conference yesterday, highlighting the rising prominence of syariah-compliant investments as a form of value driven investing, in response to shifting global economic dynamics. In its fifth year, the 2025 theme “Innovating Islamic Finance: Unlocking Global Investment Potential”, brought financial leaders, Shariah scholars, and investors to discuss cross-border capital flows, innovation in syariah-compliant offerings, fintech developments, and investing opportunities in Islamic capital market. Bursa Malaysia CEO Datuk Fad’l Mohamed in his welcome remarks said, “Islamic finance is fast asserting its global prominence,

reshaping how markets align financial returns with ethical values. As investor expectations shift, Malaysia must strengthen its position through broader offerings, deeper connectivity and inclusive digital access. At Bursa Malaysia, we support Malaysia’s leadership by strengthening market infrastructure, expanding reach and driving innovation across syariah compliant product segments. In addition, we believe the future must be shaped through collaboration and that is why today’s Invest Shariah Conference matters. It brings together diverse perspectives to spark new ideas that will help shape the next chapter of Islamic capital markets.” CGS MY CEO Azizah Mohd Yatim said, “Malaysia has an established, globally recognised framework and end-to-end and adopting more diverse payment methods than regional peers. They prioritise these key factors: faster transaction settlement, competitive FX rates with hedging solutions and diversified financial product offerings. Recognising the specific demands of Malaysian merchants, WorldFirst aims to deliver tailored solutions featuring global coverage, secure transactions and operational efficiency—essential foundations for Malaysian SMEs’success in today’s digital economy. Central to this offering is the World Account, WorldFirst’s flagship product that combines global payments, collections, FX conversion, multi-currency solutions

Ant’s WorldFirst secures Bank Negara approval for business licence

small and medium-sized enterprises (SMEs) to manage their cross-border transactions more efficiently. It further strengthens WorldFirst’s capabilities in supporting businesses expanding both into and out of the Malaysian market. Malaysia’s digital economy is now a key growth driver, with e-commerce Gross Merchandise Value (GMV) projected to reach US$16 billion (RM68 billion) by 2025 and US$25 billion by 2030. The rapid digitalisation is fuelling demand for innovative financial services across Southeast Asia, with Malaysia emerging as a regional leader. WorldFirst finds Malaysian merchants more actively seeking

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