09/08/2025

BIZ & FINANCE SATURDAY | AUG 9, 2025

/thesuntelegram FOLLOW / Malaysian Paper

ON TELEGRAM m RAM

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Ascott to manage five-star hotel within JS-SEZ

GX Bank strengthens role in financing underserved segment KUALA LUMPUR: GX Bank Bhd is strengthening its role in advancing financial inclusion, with around 60% of its customer base comprising underserved segments, including individuals from the bottom 40% (B40) income bracket and 10% from the gig economy. CEO Kaushik Chowdhury said the figure reflects the bank’s core focus on underserved communities, a number that is expected to rise as the bank enters its next phase, which centres on productive economic financing. GX Bank’s reach spans nearly all states, with strong traction in East Malaysia – Sabah and Sarawak represent its second-largest customer base – and broad geographical presence in East Coast states such as Kelantan and Terengganu. “We’re not complacent about the 60% figure, but it’s a clear indication of whom we are serving, and this number is only expected to grow, especially as we shift into the next phase focused on productive economic financing,” Kaushik told Bernama in an exclusive interview recently. Apart from that, he said GX Bank is uniquely positioned to serve the gig economy, particularly drivers and merchants in the Grab ecosystem, thanks to the availability of ecosystem data that provides deeper insights into user behaviour and financial needs. He noted that the bank is now focused on transitioning from short-term consumption and fast credit to a more sustainable, productive lending. “Our priority moving forward is to shift from offering consumption and fast credit to providing economically productive financing that meets users’ real financial needs. This not only benefits our customers but also contributes to the bank’s long-term sustainability. “Banks are meant to survive for centuries, not just decades – and to do that, we must create a sustainable business model that ensures we can continue serving this segment,” he said. GX Bank is also in the beta stage of rolling out financial services for micro merchants, starting with sole proprietors and merchants within the Grab ecosystem. – Bernama Mida, MUFG Bank to accelerate high-value investment in Malaysia KUALA LUMPUR: Malaysian Investment Development Authority (Mida) and global banking subsidiary MUFG Bank (Malaysia) Bhd have entered into a strategic partnership to accelerate high-value investment in Malaysia. Mida said the memorandum of under standing focuses on attracting global invest ment in semiconductors, speciality chemicals, aerospace, pharmaceuticals, medical devices, electric vehicles, digital sectors and green technology. CEO Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid emphasised the partnership’s role in strengthening Malaysia–Japan economic ties. “This strategic alliance will actively promote investment opportunities in high-value and competitive sectors by facilitating bilateral investment. By leveraging our extensive business networks and ecosystems, we seek to foster joint ventures and strategic partnerships between Malaysian and Japanese companies,” he said in a statement. He added that Mida and MUFG Malaysia will also work together to position Malaysia as a welcoming destination for Japanese investors. Meanwhile, MUFG Malaysia CEO and country head Motohide Okuda said the MoU reflects a shared vision to support Malaysia’s economic growth by leveraging its global network to promote high-quality inbound investment from global and Japanese corporates, and further contribute to the sustainable development and long-term success of Malaysia. – Bernama

PETALING JAYA: The Ascott Limited, the lodging business unit wholly owned by CapitaLand Investment, has been appointed by Coronade Properties Sdn Bhd to manage the hotel component of the Coronation Square integrated development in Johor Bahru. The development is located in the Ibrahim International Business District (IIBD) within the Johor-Singapore Special Economic Zone (JS-SEZ) and will be directly connected to the upcoming Rapid Transit System Link ((RTS Link). Operating under Ascott’s namesake brand, Ascott Coronation Square Johor Bahru will serve as a flagship hospitality development in the JS-SEZ, catering to rising demand from increased cross-border business, tourism and investment activities. The collaboration represents the first major hospitality partnership since the landmark JS-SEZ agreement between Malaysia and Singapore in January, highlighting the zone’s emerging appeal for cross-border business ventures. The project also marks the debut of the premier Ascott brand in Johor Bahru and will be the sixth Ascott-branded property in Malaysia. The other five Ascott-branded properties are in Kuala Lumpur and Penang. This represents a strategic milestone in Ascott’s continued expansion in Malaysia, where it now manages a portfolio of over 40 properties, both operating and in the pipeline. The hotel management agreement between Ascott and Coronade Properties was signed yesterday in Singapore, witnessed by Johor Menteri Besar Datuk Onn Hafiz Ghazi, and Singapore Minister of State, Ministry of Trade and Industry and Ministry of National Development, Alvin Tan. Ascott Coronation Square Johor Bahru will be a five-star hotel with 207 rooms housed within Tower 1 of Coronation Square, strategically located in the IIBD of the JS-SEZ and scheduled to open in the second half of 2029. o Deal covers hospitality component of Coronation Square in Ibrahim International Business District, Johor Bahru

Ascott Coronation Square Johor Bahru, set top open in 2029, will anchor premium hospitality offerings with direct RTS Link connectivity, serving the fast-growing cross-border corridor.

allows us to introduce our namesake Ascott brand to this market, positioning us at the heart of this transformation to capture rising demand from corporate, long-stay and leisure segments. This reinforces our long term commitment to Malaysia’s hospitality landscape and cross-border prosperity.” “Ascott’s presence in Malaysia continues to deepen, with over 40 properties in operation and in the pipeline. They span diverse brands including Ascott, Citadines, lyf, Oakwood, Somerset, Crest Collection, Unlimited Collection, Fox and Harris, catering to a wide range of guests and market segments. “From key urban centres like Kuala Lumpur and Johor Bahru to fast-growing leisure destinations such as Penang and Sabah, Malaysia remains a core growth market for us. We are committed to expanding our footprint with high-quality developments that meet the evolving expectations of discerning travellers visiting the country,” she added.

Currently development, Coronation Square is a RM5 billion integrated development by Coronade Properties and the first project to kick-start the 250-acre IIBD, positioned as a catalyst to transform Johor Bahru into a world-class metropolis. The 9.6-acre development comprises hotel, medical, office and residential components, as well as the 1.2 million-square-foot Coronation Square Mall. Construction of the mall will begin in 2026, with completion targeted for 2030. Coronade Properties corporate relations director Datin Paduka Alinah Ahmad disclosed that Coronade Properties is planning the launch a residential project, Coronade Twins, in the fourth quarter of this year. Ascott chief strategy officer and managing director for Southeast Asia Wong Kar Ling said: “With the JS-SEZ catalysing greater cross-border investments and the RTS enhancing connectivity, Johor Bahru is entering a dynamic new phase of growth. Ascott Coronation Square Johor Bahru under

Bursa CDS statements, notices fully electronic from Aug 25 KUALA LUMPUR: Bursa Malaysia Bhd will implement the full adoption of electronic Central Depository System (CDS) account statements and notices (eStatements) for individual depositors effective Aug 25. printed statements, and no action is required on their part. Those aged between 65 and 69 may submit a written request to their stockbrokers. This option is also available to depositors with disabilities. prefer to continue receiving hardcopy CDS statements and notices may subscribe at any time through their respective stockbrokers. “A monthly fee of RM10 will apply, which will be channelled towards charitable purposes administered by Yayasan Bursa Malaysia, the exchange’s charitable foun dation,” it said.

“Depositors residing in areas with limited internet connectivity or those facing difficulties in accessing eStatements, as may be recognised by Bursa Malaysia on a case by-case basis, may continue to receive printed copies,” it said. It said that those specified depositors who qualify and wish to opt in to receive hardcopy CDS statements and notices may approach their respective stockbrokers with sup porting documents. Bursa Malaysia said other depositors who

The exchange said in a statement yesterday that the transition aims to enhance investor experience by providing faster and more secure access to CDS account-related information, while also reflecting its broader commitment to environmental sustainability. Notwithstanding this, Bursa Malaysia will continue to issue hardcopy CDS statements and notices to specified depositors at no cost. “Depositors aged 70 and above (born in 1955 or earlier) will continue to receive

It said depositors who have not made the transition to eStatements should do so through any of the related Bursa Malaysia platforms. “Depositors who currently receive their eStatements via email can also access the eStatements through the MyBURSA portal and the ‘Bursa Anywhere’ mobile application,’ it added. – Bernama