28/08/2025

BIZ & FINANCE THURSDAY | AUG 28, 2025

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KUALA LUMPUR: Affin Group expects to double its credit card receivables from RM500 million to RM1 billion within the next six to 12 months driven by its new partnership with Marriott International Malaysia and Visit Malaysia 2026. President & Group CEO Datuk Wan Razly Abdullah said yesterday the lender is banking on stronger spending from its affluent clients tied to travel, hospitality and lifestyle privileges for Visit Malaysia 2026. “Our ending net receivables today are about half a billion. We want to double that to a billion in the shortest possible time. “The plan was, if not by this year’s end, by the middle of next year,” he told a press conference after the signing ceremony. Wan Razly added that Affin’s private banking business has been its fastest-growing segment, with assets under management reaching RM20 billion across about 2,500 clients. Malaysia explores nuclear, wind and gas solutions BUSAN: Malaysia is actively exploring best practices and the capabilities of clean energy and power plants, including nuclear and wind turbines, to suit the country’s needs, said Deputy Prime Minister Datuk Seri Fadillah Yusof. He said that this is aligned with Malaysia’s plan to add 8,000 megawatts (MW) of efficient gas-fired capacity by 2030 to provide a stable, bridging energy supply during its transition to a low-carbon economy. Fadillah, who is also the minister of energy transition and water transformation, is in the South Korean city of Busan until tomorrow, in conjunction with the 15th APEC Energy Ministers’ Meeting (APEC EMM15) and a series of working visits. “We conduct visits abroad and to foreign companies to assess their capabilities in turbine manufacturing. “At the same time, it provides us with the opportunity to negotiate how they can support us, as Malaysia will also be building many more power plants. “We hope they can assist, given that obtaining turbines is quite challenging,” he told reporters after visiting Doosan Enerbility, a leading plant expert of the power and water industry, in Changwon yesterday. Under the National Energy Transition Roadmap, the government has set an ambitious target of 70% renewable energy capacity by 2050, which requires at least RM637 billion in investments to upgrade the grid, install RE capacity and enhance energy storage, among others. Fadillah emphasised that Doosan Enerbility has committed to finding ways to help Malaysia expedite the construction of power plants. “The challenge we face now is that if we wait to obtain a turbine, the earliest would be after 2029,” he said. – Bernama Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

AI overrated today, underrated for tomorrow

o World Digital Chamber board member says Malaysia must prepare now to unlock technology’s true economic potential

KUALA LUMPUR: While global debates continue about whether artificial intelligence (AI) will take jobs, create jobs, or fail to deliver at all, Georg Chmiel ( pic ), founder of Chmiel Global Advisory and Board Member of the World Digital Chamber, believes Malaysia must take a long-term view. “AI is overrated today – but massively underrated for the decades ahead,” said Chmiel. “As with computers and the internet, the real productivity gains only come when companies, and ultimately countries, rethink their processes, policies, and workforce skills. Malaysia must prepare now if it wants to capture AI’s full economic value.” Malaysia has

Chmiel

outlined

six

key

priorities for Budget 2026: 0 National AI Workforce Transformation Fund – retrain 200,000+ Malaysians in AI-related skills over three years, integrating AI training into TVET, universities, and professional certifications. 0 SME Productivity & Export Enablement – provide co-funding for SMEs in high-impact industries such as manufacturing, agriculture, logistics, tourism, and healthcare, with grants tied to clear ROI and export growth. 0 AI Governance & Legal Framework – support Malaysia’s first AI Bill, expected to be tabled by mid-2026, with allocations for a National AI Office to enforce transparency, data protection, and ethical AI use. 0 Regional AI Hubs – establish Centres of Excellence in Penang, Johor, and Kuala Lumpur to drive industry-specific AI adoption through public–private partnerships. 0 Performance-Linked Incentives – tie tax incentives and grants to measurable productivity gains, export growth, and job creation. 0 Central AI Policy Coordination – align skills development, SME support, governance, and national monitoring through a central coordinating body. Chmiel concluded saying: “If Malaysia acts now, it can get ahead of other economies in AI readiness. “But waiting too long is not an option – it poses more than just financial risk; we could also miss out on the next wave of global productivity.”

“The TD SYNNEX report on the AI skills gap makes it clear: the country must double down on talent development, reskilling, and preparing its SMEs. Otherwise, we risk importing solutions without building the human capital to make them work,” he said. Rather than mass job losses, Chmiel predicts Malaysia will see a shift in the nature of work and a net gain in the workforce with roles likely to shrink (repetitive customer service, routine coding, low-level content writing and roles likely to grow (AI governance, cybersecurity, compliance, product design, and human-in-the-loop services). “The big differentiator will be those who learn to work with AI tools. AI won’t take your job – but someone in Malaysia with AI skills eventually will,” Chmiel emphasised. Chmiel stressed that Malaysia has a crucial chance to move from ambition to execution as Budget 2026 approaches. “Budget 2025 set the tone, but Budget 2026 needs to deliver quantifiable outcomes,” he said. “This means focusing on SME competitiveness, workforce transformation, and a strong governance structure to serve as the foundation of Malaysia’s AI future.”

employee engagement remains low. Adoption without proper governance risks exacerbating issues around bias, data privacy, and cybersecurity, according to the Khazanah Research Institute. Furthermore, TD SYNNEX Malaysia cautions that bridging the AI skills gap is essential to the country’s competitiveness, particularly given the ongoing shortage of AI talent.

“Malaysia has the right idea, but talent is currently the largest obstacle. “AI adoption risks becoming little more than a catchphrase with no measurable productivity gains unless there is significant workforce upskilling, Chmiel said. He added that Ma l a y s i a m u s t

demonstrated a strong desire to take the lead in the adoption of AI. It is emphasised as a driver of national growth in the government’s MyDIGITAL Blueprint and Budget 2025 allocations. But challenges remain. Over 70% of businesses report interest in implementing AI, according to a Malaysia SME sur vey , b u t

a v o i d b e i ng caught in the short t e rm hype.

Affin Group to double its credit card receivables from RM500 million to RM1 billion

“These are largely affluent clients at the upper end of the M40 bracket, and they demand experiences beyond products with elements of curation, customisation and personalisation.” The partnership will deliver travel and lifestyle privileges to Affin customers and cardholders, particularly its Affin Invikta and Affin Divinitium private banking clientele. Wan Razly said it will connect Affin customers to 58 Marriott Bonvoy Hotels & Resorts in Malaysia, featuring over 20 brands. “Through this year-long collaboration, Affin customers will get curated stay packages at participating Marriott properties in Malaysia, along with dining privileges, F&B savings and wedding packages.” Customers who join Marriott Bonvoy or use their Affin cards at Marriott Bonvoy hotels across Malaysia unlock exclusive campaigns, curated around the pillars of travel, culinary discovery, and wellness. In addition, for its corporate clientele, the promotion offers exclusive rates for meeting rooms and ballrooms, for access to both

Wan Razly said Affin is banking on stronger spending from its affluent clients.

“We see strong numbers and opportunities here. “We are also proud to be a strategic partner with Tourism Malaysia for Visit Malaysia 2026,” he added.

Marriott Bonvoy Hotels & Resorts experience to a broader base of Malaysian customers. “The outlook is very positive, travel is growing, and Malaysia will be another catalyst for that growth.

leisure

and

business

travel

experiences. Marriott International Malaysia market vice-president George Varughese said the collaboration enables the group to extend the