15/10/2025

BIZ & FINANCE WEDNESDAY | OCT 15, 2025

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Synology sees Malaysia as key growth market in SE Asia

KUALA LUMPUR: Malaysia’s takaful industry has notched a compound annual growth rate (CAGR) exceeding 10% over the past decade, more than double the 3% to 5% expansion seen in conventional life and general insurance, said Malaysian Takaful Association (MTA) chairman and Prudential BSN Takaful Bhd (Malaysia) CEO Wan Saifulrizal Wan Ismail ( pic ). This development, he added, reflects the demand for syariah compliant protection products and a rise in market share. “The takaful CAGR for the past 10 years is above 10%, both family and general. If you compare it to life insurance and general insurance, it’s between 3% and 5%. So it’s easily double or triple the growth rate over the 10-year period,” he said in a panel Paydibs and AhaPay in ‘Buy Now Pay Later’ tie-up PETALING JAYA: Paydibs, a long standing player in Malaysia’s digital payments landscape, has partnered with AhaPay, backed by Fingular, a global fintech holding headquartered in Singapore, to integrate “Buy Now Pay Later” (BNPL) services into Paydibs’ ecosystem. The partnership offers payment flexibility for merchants and con sumers across Malaysia, reinforcing Paydibs’ mission of driving financial inclusion through secure, future ready solutions. Through the partnership, AhaPay will introduce four- and seven-month instalment plans for essential categories such as in surance and healthcare. These options provide customers with greater flexibility in managing important expenses, while en abling merchants to meet growing demand for payment choices in high-necessity services. For merchants, the partnership ensures a straightforward path to adoption, which can benefit from full integration across Paydibs NEO and online payment gateways. “Our vision has always been to make payments more inclusive. This partnership with AhaPay goes beyond enabling BNPL by ensuring that flexible financing is accessible to more communities and mer chants across Malaysia. “With Paydibs NEO as the entry point, and our ecosystem supporting both online and offline needs, we see this as a significant step in building a more inclusive and sustainable financial landscape,” said Paydibs chief com-mercial officer Tee Kean Kang. “The partnership emphasises sustainability and inclusive growth, empowering underserved com munities by fostering responsible consumer financing practices throughout Malaysia. It reflects AhaPay’s ongoing mission to drive fintech and advance financial in clusion in the region,” said AhaPay CEO Harold Chen. Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

o Country’s digital transformation agenda aligns with Taiwanese network-attached storage specialist’s mission

Thachawan and Synology Malaysia country manager Jason Sin at the media briefing on Synology Solution Day 2025.

Ű BY JOHN GILBERT sunbiz@thesundaily.com

Hijrah 27 framework last year with the aim to upskill industry players and raise performance standards across the sector, guided by a vision to strengthen the takaful industry and make it “Takaful for All”. The framework is built around two core missions – to make takaful a household name and to accelerate quality growth across the industry. To track progress, the MTA has identified eight key performance indicators covering gross contri bution, customer retention, talent development, social takaful funds, penetration rate, MSME coverage, collaboration within the Islamic ecosystem, and internal transparency. “A comprehensive programme management structure has also been put in place to oversee progress towards delivering the Hijrah 2027 framework,”Wan Saifulrizal said. According to a Fitch Ratings report ble data solutions that meet the evolving needs of enterprises and public institutions alike. Further, she reaffirmed that Malaysia remains one of Synology’s key markets within Southeast Asia, underlining the country’s con sistent double-digit growth and rising demand for data manage ment solutions. “Our growth in Malaysia con tinues to be very strong, with the government sector showing the biggest expansion this year. We have also seen a significant increase in demand for backup solutions, as more organisations recognise the importance of data protection following a series of cyber incidents in the country,” Thachawan said. She noted that while awareness around data backup was limited just a few years ago, the situation has changed rapidly. “Two or three years ago, many businesses did not prioritise backup systems. Today, that has shifted — companies now understand that data protection is essential, not optional. This awareness has led to a surge in projects focused specifically on backup and recovery solutions,” Thachawan said. Beyond backup, Synology has observed a growing need for storage infrastructure, particularly within Malaysia’s manufacturing industry. “The manufacturing sector is one of the main drivers of storage demand, as businesses scale up operations and digitalise production processes,” Thachawan said. When asked about Synology’s plans for deeper local investment, she said the company continues to evaluate opportunities to strengthen

KUALA LUMPUR: Synology Inc, a Taiwanese network-attached storage specialist, has positioned Malaysia as a key market in Southeast Asia, driven by rising demand from both the private and government sectors amid the nation’s digital trans formation efforts. Synology regional manager Thachawan Chinchanakarn said Malaysia’s clear direction in ad vancing its digital economy aligns well with the company’s mission to empower organisations with secure and efficient data management solutions. “In Malaysia, the key driver of digital transformation is not only the private sector but also the govern ment. “The Malaysian Digital Trans formation Blueprint provides a clear framework, and I understand the country is now entering phase two – a stage where the government is encouraging every sector to embrace digitalisation actively,” Thachawan said in a media briefing yesterday. She added that this nationwide momentum presents significant opportunities for Synology. “When every business and organisation undergoes digital trans formation, the amount of data being generated increases exponentially. The first need that arises is reliable storage, followed by robust data protection – and that is where Synology plays a vital role,” she said. Thachawan noted that Synology remains committed to supporting Malaysia’s digital agenda by deli vering scalable, secure, and accessi session at the Global Islamic Finance forum 2025 yesterday. Wan Saifulrizal said takaful’s share of new business over the decade has doubled to 40% in 2024 from just above 20%. “So we can see that demand is there, momentum is there, and now we’re probably at a crossroads in terms of we still have challenges in relation to the business.” Wan Saifulrizal said the MTA, recognising the challenges, is assessing the next steps needed to strengthen the industry and align with Bank Negara Malaysia’s Financial Sector Blueprint 2022–2026. The association introduced its Value-Based Intermediation for Takaful initiative in 2022 to embed ethical and sustainable practices across the sector, he added. Taking all that into account, Wan Saifulrizal said, the MTA launched the

tember 2024 mandate for co-payment options to keep premiums affordable,” it said. Last week, Bank Negara Malaysia said it will finalise the design of a base medical and health takaful product by the end of 2025, with the launch now targeted for 2027 to improve access and affordability. The Basic Medical and Health Takaful Insurance, which supports a fixed-fee, diagnosis-based hospital payment model known as the Diagnosis-Related Group (DRG) system, was initially scheduled for rollout in 2026. Implementation of DRG, originally planned for the middle of this year, has been postponed to 2027 to allow time for system solution provider – one that em powers Malaysian organisations to manage, protect, and maximise the value of their data. Addressing affordability con cerns, Thachawan said Synology’s solutions are designed to be cost effective and accessible, especially for Malaysian and Asean SMEs that often face budget constraints when investing in IT infrastructure. “When we talk about budget limitations, it does not mean companies don’t have a budget, it’s just that many prioritise operational spending before IT. That’s why we developed our solutions to deliver enterprise-grade performance at a price point that’s attainable for SMEs,” she explained. Thachawan highlighted Syno logy’s integrated ecosystem as a key differentiator that helps reduce costs. She noted that Synology sim plifies this process by offering a complete all-in-one solution. “Our offering, such as Active Protect, combines hardware, soft ware, and storage in a single package. Instead of paying for three separate systems, you only pay once – making it far more efficient and affordable for businesses looking to strengthen their data protection without over spending,” Thachawan said.

in March, the industry’s momentum is expected to continue. Regulatory measures to streng then the takaful system, macro economic stability, digitalisation and increased awareness of takaful products will support sustained growth of Malaysia’s takaful sector in 2025, it said. Fitch reported that strong “Our local partners in Malaysia are very strong, and together we aim to deliver even better service experiences in the coming year,” she said, adding that their goal is to help the market understand that Synology offers complete data management solutions – not just storage devices. In 2026, Thachawan said, their focus will be on positioning Synology as a trusted data management its presence in Malaysia. “Southeast Asia is one of our flagship regions, and Malaysia is a critical part of that. While most of our research and development and investment still come from our headquarters in Taiwan, we have built a strong local ecosystem here through our trusted partners.” Thachawan added that Synology’s long-term commitment to Malaysia remains firm. “We have been in the Malaysian market for over 15 years, and our localisation strategy continues through our partners – ensuring that we stay close to customers’ needs and deliver solutions tailored for the local market.” Thachawan said Synology plans to strengthen its localisation efforts in Malaysia next year, particularly in enhancing service quality and expanding customer support through its local partners.

Takaful industry CAGR over past decade outpaces that of conventional sector

investment returns helped family takaful net income surge 60% in the first half of 2024, while general takaful profits rose to RM73.1 million, supported by fewer flood claims and steady investment income. “However, rising medical inflation has increased health takaful costs, prompting gradual

development, cost-model finalisation, hospital data integration and pilot testing.

repricing and the central bank’s Sep