08/09/2025

BIZ & FINANCE MONDAY | SEPT 8, 2025

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Lessons that shape modern leaders o Citi Treasury and Trade Solutions (Malaysia) head SP Mohanty ( pix ) tells SunBiz that today’s workforce values transparency and genuine work-life balance

SUCCESS: THE INSIGHT STORY

Truth is, both Malaysia’s RM190.3 billion in approved investments and the RM1.6 billion in FDI recorded in the second quarter of 2025 are complementary, as they represent different stages of the country’s investment journey, said SME Association of Malaysia, Future Sustainable Growth Corporate and National Council member Dr Anthony Dass. “Mida approvals reflect commitments on paper. These are projects that investors have submitted based on their proposals, vetted by authorities, and approved to proceed. “While gross FDI inflows, captured by DoSM, measure the actual money flowing into the country. This includes equity injections, reinvested earnings, and inter-company loans,” he told Bernama. Dass also said net FDI inflows go one step further as they deduct outflows such as profit repatriation and loan repayments. Approvals: Gross versus net inflows He pointed out that approvals are best com pared with gross inflows because both measure the “front door” of investment — the money committed versus the money actually coming in. How has your life experience made you the leader you are today? In my career, I have seen uplifting successes and debilitating failures. During this time, I had the good fortune of working with mentors who have been authentic, and have taken personal interest in my development. At the same time, they have challenged me, encouraging me to aim higher and question the status quo. I have always been grateful for these lessons. I look to emulate similar traits in my own leadership style. Working in a large organisation where we collaborate across teams present in various countries, to deliver for clients – I always encourage my team to be vehemently client centric, but at the same time be cognisant of how another colleague’s perspective and approach, for the same client, could be different from our own. A lot can be achieved when we treat these varying perspectives, and the people involved, with respect and create a space for colleagues to share their ideas without hesitation. A line that remains close to my heart is one that was narrated by my professor at Harvard Business School – “If I don’t know you as a person, I don’t know you as a leader”. That resonated deeply and I continue to embody this philosophy as I lead my team. Showcasing strength and vulnerability can be two sides of the same coin. What traits do you look for in your talent or how do you decide who is right for the job? My hiring decisions are guided by principles of meritocracy. In terms of skill set, along with technical know-how, I look out for candidates with a positive attitude and a quest for learning. I also want to be sure that they are team players and can collaborate well with colleagues. When scouting for mid to senior level talent, I encourage a cross-functional and diverse panel of interviewers to form our assessment of a candidate’s suitability. How do you think the industry you are in will evolve in the future? We are witnessing rapid change and advancements in technology in the banking and financial services industry. In my view, these three trends are critical to shaping the future of the industry: 0 Digital transformation, specifically Embedded Finance and AI-driven decision

of my mentors from the early part of my career, across India and Singapore. I still turn to them today for advice. What’s the best piece of advice you have ever received in your career? The saying “Logic leads to a conclusion, but emotion leads to action” continues to stand out for me. This can be applied to both professional and personal scenarios. If you look back, one seldom remembers the best bargain/deal they had, but one always remembers how a certain individual from a service-industry made them feel or helped navigate a difficult situation. For example, a compelling price-based proposal can clearly demonstrate that one service provider is more cost efficient on paper –but typically most clients make sure that the mandate is awarded to the provider who has developed the best relationship and gained trust over time (and they tend to reach a middle path on the “price” component through subsequent negotiations). Technical capabilities and competence are a given in leadership roles, building strong rapport and a personal/emotional connection is the real differentiator in winning business, as well as fostering a loyal team. If you could have an hour with any thought leader in the world, who would it be and why? It would either be Mo Gawdat, the famous author and happiness coach (featured on the Diary of a CEO podcast, and ex-CBO of Google X) or Simon Sinek – the famous author and speaker – I am forever fascinated with his take on human relationships and friendships.

making reducing cost of doing business dramatically. 0 Faster data assimilation and validation, including in fraud detection. This will enable a safer environment for doing business both for B2B and B2C models. 0 The ongoing growth of digital assets including tokenisation that will further fuel real-time movement of funds, reduction in working capital cycles, which will expedite the pace of doing business. What advice can you offer those looking to start their career? My advice would be to do a lot of research, or indulge in short internships, to get a sense of what would be an area of interest for an individual, and then embark on a career in an industry or business that is exciting for them. The second important factor is culture-fitment, and if the target organisation’s perceived culture resonates with that individual. The workforce of today is more open to speaking up, has more risk appetite and could be potentially less patient. They also want transparency, and they prefer a culture that promotes true work-life balance. Thus, making sure there is an alignment with the nature of work, and the type of firm they want to work for, is key. Lastly, in the early days of a job, it is important to remember that the focus is on learning. Being curious, asking questions, and building rapport with colleagues should be prioritised. How has mentorship made a difference in your professional life? I have formed long term friendships with some To illustrate his point, he said that, for instance in 1H’25, Malaysia recorded RM106.8 billion in approved foreign investments and RM148.9 billion in gross inflows. This indicates that approved investments are indeed translating into actual capital inflows, although there may be differences in timing and scale. Dass said that comparing approvals with net inflows, however, tells a different story – one that reflects how much of that money Malaysia ultimately retains after accounting for outflows. “In the same period, net inflows were just RM17.2 billion. This does not mean approvals are ‘wrong’ or ‘empty’, but it does highlight how profit repatriation and debt repayments reduce the amount that stays in the country,” he said. Dass explained that approvals and inflows rarely match neatly due to four main reasons – namely timing lag, profit repatriation, quarterly volatility, and different scope. Timing lag: A semiconductor plant approved today may only record inflows in stages over several years. Profit repatriation: Multinationals reinvest some earnings locally but also send profits back to their headquarters. Quarterly volatility: A single large loan repayment or capital withdrawal can swing the numbers in one quarter. Annual data usually gives a steadier picture. Different scope: Mida measures projects approved (new or expansions/diversifications), while DoSM measures all financial flows including mergers, acquisitions, and profit transfers. He

faced and what did you learn from it? This question makes me reflect back to the time when I left India and moved overseas for my first international assignment more than a decade ago. When one works in a multi-cultural multi-jurisdictional organisation, the most important task is to adapt to a new culture and working style. Understanding how people think and behave takes keen observation skills. It’s important in the initial months to speak a little less and listen a little more. I was in a rush to make a mark – and my rough edges needed polishing. With time, I understood the power of taking a step back and observing first. The usual lessons of clear communication on expectations and deadlines, respecting others’ time, modulating tone, communicating a different point of view with acceptable assertiveness – were all key lessons. What man-made innovation confounds you and why? I think Artificial Intelligence is fascinating. The fact that man can now create and build intelligence is bewildering. I’m excited to see how the use of AI unfolds over the next five to 10 years and beyond. A must-read for every business owner or manager is? Collective Genius by Prof Linda Hill , Harvard Business School. A powerful read because it shows how to unlock your team’s full creative potential by leading in a way that fosters collaboration, experimentation, and shared ownership of innovation. Retaining more FDI in Malaysia If inflows are the front door, then outflows are the back door, said Dass, adding that some leakage is natural. “Malaysia can capture more value by encouraging reinvestment of earnings with tax credits and incentives; deepening local supply chains so multinationals source more from Malaysian small and medium enterprises (SME); and strengthening domestic capital markets, allowing firms to raise funds locally rather than rely on overseas borrowing. “More value can be obtained by building stronger local talent pools to reduce reliance on expatriates and associated remittances; as well as ensuring policy clarity and stability, which encourages companies to keep profits in-country,” he said. In conclusion, he highlighted that approvals show the pipeline of investor confidence; gross inflows denote the actual capital arriving; and net inflows are what Malaysia ultimately retains. “Seen together, these numbers provide a complete picture: intent, actual arrival, and retained value. “By focusing not only on attracting approvals but also on retaining more value through reinvestment, stronger supply chains, and local talent development, Malaysia can ensure that today’s strong approvals translate into sustainable, high-impact growth tomorrow,” said Dass.

What has been the biggest challenge you’ve

Approved investments, FDIs reflect Malaysia’s growth path KUALA LUMPUR: Some may argue that the approved investments reported by the Malaysian Investment Development Authority (Mida) and the foreign direct investment (FDI) figures from the Department of Statistics Malaysia (DoSM) for the first half of 2025 (1H’25) appear contradictory.

FDI reflects actual capital entering Malaysia, showing real economic impact beyond project approvals and highlighting the country’s investment momentum. - BERNAMAPIX emphasised that Mida approvals are not just statistics as they represent projects at different stages, particularly operational (logistic company – where it was first announced as an approved project, the facility is fully operational); while in progress (automation hub – is under development); and just starting (electrical and electronics products (E&E) company – is currently moving from paper approval to physical implementation, with capital beginning to flow). “This is why DoSM’s quarterly FDI figures may look modest while large projects are still ramping up,” he said.