23/10/2025

BIZ & FINANCE THURSDAY | OCT 23, 2025

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‘M’sian economy set to stay resilient, post steady growth’

agencies. BlackBerry SecuSUITE, a Nato-certified, military-grade secure voice and messaging solution, protects sensitive conversations from interception and espionage targeting mobile communications. SILA head Raja Saifful Ridzuwan Raja Kamaruddin said: “Around 80% of our interagency communications are secured – and some are highly confidential and directly tied to the safety of heads of state and officials. With BlackBerry, we found an encrypted, open communications platform that protects sensitive information while improving coordination.” BlackBerry CEO John Giamatteo remarked: “As Asean Chair in 2025, Malaysia is setting a new standard for sovereign secure communications at scale. BlackBerry is honoured to support SILA and the government of Malaysia with advanced, military-grade solutions that safeguard people, protect sensitive conversations, and keep complex operations moving in real time.” During the 46th Summit, 100 liaison officers (LO) used BlackBerry AtHoc to send secure, location-based alerts and manage coordination. The upcoming 47th Summit will expand to 150 LO, all equipped with AtHoc and SecuSUITE on iOS and standard Android devices. This flexibility allows LO to securely communicate with visiting delegations and foreign teams, reducing the number of devices needed while maintaining end-to-end encrypted voice and secure messaging from anywhere. Pos Malaysia Group CEO Charles Brewer said, “At Pos Malaysia, we are passionate about building trust to connect lives and businesses for a better tomorrow. By embracing DuitNow QR, we are transforming our COD services to meet the evolving needs of our customers. This innovative cashless solution not only delivers effortless convenience but also reflects Pos Malaysia’s dedication to drive innovation and digitalisation, allowing us to enhance our services and deepen our connection with the rakyat in the digital age.” PayNet chief marketing officer Gary Yeoh shared, “Our partnership with Fiuu and Pos Malaysia further advances our mission to drive the nation towards a cashless society. This colla borative effort is a step forward in providing reliable, innovative digital payment experiences for all Malaysians.” Fiuu, Pos Malaysia and PayNet unveil cashless payment solution for COD transactions PETALING JAYA: Fiuu, a fintech platform in Southeast Asia, has partnered with Pos Malaysia, the national post and parcel service provider, and Payments Network Malaysia Sdn Bhd (PayNet), the national payments network, to introduce a transformative cashless solution for cash-on delivery (COD) transactions. This initiative is powered by Fiuu’s innovative payment platform and leverages PayNet’s DuitNow QR. It aims to redefine how Malaysians complete their COD transactions, providing a seamless and secure payment experience right at their doorstep. “Through this partnership, Fiuu is at the forefront of driving Malaysia’s digital economy forward. We are committed to delivering secure, innovative, and customised payment solutions that not only benefit consumers and merchants but also support Pos Malaysia in expanding its COD offering for e-commerce sellers. By converting to DuitNow QR, Fiuu can automate the cashless collection reconciliation process, paving the way for more seamless and efficient transactions. This is more than just a payment solution, it’s a significant step toward reshaping the future of the e-commerce industry,” said Fiuu CEO Eng Sheng Guan.

Ű BY JOHN GILBERT sunbiz@thesundaily.com

o On track to achieve targeted GDP expansion of 4.5% in 2026, underpinned by domestic demand: Hong Leong Bank

KUALA LUMPUR: Hong Leong Bank Bhd (HLB) remains confident that Malaysia’s economy will stay on a stable growth path in 2026, expressing optimism that the nation is on track to achieve its targeted gross domestic product (GDP) growth of 4.5% next year. HLB general manager of fixed income and economic research Choong Yin Pheng said the banking group attributed its optimism to two key factors – domestic demand is expected to remain resilient, supported by strong private consumption. “We are seeing stronger realisation of investment projects, which will continue to support the domestic economy. “Externally, while uncertainties remain, we expect conditions to stabilise as we move into next year – a development that should further drive Malaysia’s growth. “That said, downside risks persist, particularly with the unresolved impact of semiconductor tariffs, which could pose the biggest challenge ahead,” she told delegates at Hong Leong Bank’s roundtable entitled “Decoding Budget 2026: What It Means for Malaysia’s Growth” yesterday. The roundtable also featured insights from Taylor’s University adjunct professor Prof Dr Ong Kian Ming, Small and Medium Enterprises Association of Malaysia (Samenta) national president Datuk William Ng, and PwC Malaysia tax partner Ang Wei Liang. Choong said the total fiscal outlay of RM417 billion marks a steady improvement in fiscal management, narrowing the budget shortfall to RM75 billion in 2026 – down from RM77 billion in the revised 2025 Budget. She noted that the increased participation of government-linked investment companies and government-linked companies in development spending has helped ease pressure on government coffers, with operating expen diture at 81% and development expenditure at 19%. On revenue, Choong highlighted that Sales and Service Tax (SST) collection has risen steadily to nearly 2.8% of gross domestic product (GDP), comparable to the Goods and Services Tax era, while petroleum-related income has declined, a sign of reduced reliance on oil revenues. Subsidy reforms, she added, have led to more targeted cash assistance, with subsidies expected to account for 44% of social spending next year, down from 75% previously. “Malaysia’s fiscal consolidation is on track, with the deficit improving from 4.1% of GDP in 2024 to 3.5% in 2026,” Choong said, adding that this trend supports the country’s sovereign rating outlook. She projected GDP growth of 4% to 4.5% and inflation between 1.3% and 2% next year, aligning with the Ministry of Finance’s forecast. “Despite global uncertainties, Malaysia’s economy remains resilient, supported by stable growth, manageable inflation, and healthy fundamentals. We do not expect Bank Negara to cut the OPR (Overnight Policy Rate) further,” she said. HLB also expects the ringgit to strengthen gradually, forecasting RM4.20 to the US dollar by end-2025, and RM4.10 within 12 months, driven by narrowing rate differentials with the US, sustained growth, and continued invest ment inflows. Meanwhile, Ong said Budget 2026 strikes a generally balanced approach in encouraging both foreign direct investment (FDI) and domestic direct investment (DDI), while maintaining policy consistency under the

From left: Hong Leong Islamic Bank CEO Dafinah Ahmed Hilmi (moderator), Ang, Choong, Ng and Ong during a panel session at Hong Leong Bank’s post-Budget 2026 roundtable.

government’s ongoing economic reforms. He explained that new FDI requires greater confidence than existing investors, while DDI depends heavily on Malaysia’s economic and political stability. “Budget 2026 should be seen as a continuation of the government’s governance story since 2024, reflecting consistent policy direction and structural reforms.” Ong highlighted three key strengths: political stability under Prime Minister Datuk Seri Anwar Ibrahim, Malaysia’s balanced geopolitical positioning between global powers, and policy clarity through initiatives such as the National Energy Transition Roadmap and the New Industrial Master Plan. However, Ong noted areas for improvement, including stronger commitment to imple menting announced plans, avoiding policy surprises such as the recent SST expansion and sudden excise hikes on alcohol and tobacco, and maintaining predictable communication with the business community. He also cautioned against populist narratives that target the Mahakaya or wealthy groups, stressing that such rhetoric could backfire if not matched with well-calibrated subsidy and tax policies. “Overall, Budget 2026 continues Malaysia’s steady policy momentum, but execution and consistency will determine its real impact on investment confidence,” said Ong. Samenta described Budget 2026 as a “safe but modest” fiscal plan that addresses some SME challenges but falls short of easing rising business costs and compliance burdens. Ng said SMEs continue to face the “three Cs and two Ws” – rising costs, compliance and credibility, along with issues related to workers and wages. “While Budget 2026 introduces positive measures such as expanding the Syarikat Jaminan Pembiayaan Perniagaan credit guarantee from RM20 billion to RM30 billion, more can be done to tackle escalating operating and compliance costs,” he said. Ng pointed out that many hidden cost pressures stem from increased agency and state fees, citing, for example, expatriate visa charges that surged by 250% last year, as well as new fees from agencies such as the Malaysian

Investment Development Authority, Malaysia External Trade Development Corporation and TalentCorp. He added that under the 13th Malaysia Plan, greater efforts are needed to streamline government agencies and improve efficiency to reduce the cost of doing business. “Overall, it’s a stable and cautious budget, but SMEs were hoping for stronger measures to ease business costs and improve ease of doing business,” said Ng.

Malaysia expands deployment of BlackBerry tools for Asean summits

PETALING JAYA: BlackBerry Ltd yesterday announced that Malaysia has deployed BlackBerry AtHoc and BlackBerry SecuSUITE to secure communications and protect people during the Asean Summit-related events, including the 46th Asean Summit held in May, and the 47th Asean Summit taking place in Kuala Lumpur from Oct 26 to 28. The Asean summits are among the region’s most complex diplomatic events, involving more than 500 meetings and thousands of personnel across multiple government agencies. Coordi nated by the Ministry of Foreign Affairs through the Asean Main Logistics Secretariat (SILA), the summits bring together heads of state, ministers, and officials from Asean member countries and key partners across the Americas, Europe, Africa, and Asia. Following a successful deployment at the 46th Asean Summit, SILA has expanded its use of BlackBerry’s secure communications platform to protect command and control operations, both within the summit’s operations centre and on the move. As advanced signal intelligence capabilities become increasingly available to malicious actors, safeguarding mobile communications has never been more critical. BlackBerry AtHoc, a critical event manage ment platform, combines secure emergency notifications with incident response tools to enable real-time mobile coordination across