28/01/2026

BIZ & FINANCE WEDNESDAY | JAN 28, 2026

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Greentronics enters Thailand’s digital insurance market

KUALA LUMPUR:

Greentronics

yesterday marked a major milestone in Labuan’s energy development with the groundbreaking of a new 120-megawatt (MW) gas-fired power plant, strengthening the island’s electricity capacity and ensuring a stable and reliable power supply. The groundbreaking ceremony was officiated by Deputy Prime Minister Datuk Seri Fadillah Yusof, who is also energy transition and water transformation minister. In a statement issued by Petroliam Nasional Bhd (Petronas), Fadillah said the project is important to safeguard Labuan’s electricity supply. “Designed for flexible generation with an adequate reserve margin, the plant will deliver a reliable supply to meet residential, commercial, and industrial demand across the island,” he said. Petronas said the power plant would be developed within the Rancha-Rancha Industrial Estate, about 2km from the existing Stesen Janakuasa Patau-Patau, which currently serves as Labuan’s main power source and is scheduled to cease operations by Dec 31, 2027. “The Rancha power plant will ensure continuity of electricity supply and support Labuan’s future energy needs across residential, commercial, Technology Bursa Malaysia-listed company involved in property development and con struction, fleet management and financing services, announced that Mpire Mobility Sdn Bhd, its fleet management-focused subsidiary, has signed a partnership agreement with Thai general insurance firm Thai Paiboon Insurance Public Company Ltd (TPB), to capitalise on rising cross-border travel between both countries. Together, Mpire Mobility and TPB plan to provide a range of innovative digital insurance services for Malaysian motorists entering Thailand. TPB currently holds the largest general insurance portfolio for Malaysian cars entering the region south of Thailand. The partnership will see TPB’s Malaysian customers gain access to Mpire Mobility’s one-stop automotive service, repair and maintenance platform, which connects car owners directly to authorised workshops for service and repair needs. Customers will be able to utilise Mpire Mobility’s Jom MyServis mobile app to request roadside assistance and logistical support, including arrangements to return vehicles to Malaysia for repairs and claims. TPB will provide insurance related services for Malaysian motorists via Mpire Mobility’s digital platform, alleviating concerns related to language barriers, communication challenges, and the complexity of the claims process. Deepening economic ties and Thailand’s rising prominence as a tourism destination have contributed to increased Malaysia-Thailand cross-border travel, with planned Bhd, a

infrastructure improvements expected to boost this trend. Last year, Malaysians reportedly topped the list of foreign visitor arrivals into Thailand, with over 4.5 million visitors entering the country during the year. It has been reported that during peak seasons, more than 10,000 people cross into Thailand daily via the Bukit Kayu Hitam Immigration, Customs, Quarantine, and Security Complex in Kedah, Malaysia. “Since the inception of Mpire Mobility in 2024, we have achieved numerous milestones, including 1,000 vehicles equipped with telematics, and more than 10,000 end-users within our Jom MyServis ecosystem,” Greentronics executive chairman Datuk Billy Goh Soo Wee said. “Our new partnership with Thai Paiboon Insurance, one of Thailand’s largest general insurance companies, represents another breakthrough for Mpire Mobility and Greentronics. o Partnership with Thai general insurer aims to capitalise on rising cross-border travel

Goh and Foong with the signed partnership agreement.

motorists travelling in Thailand with greater clarity, confidence, and support in the event of an accident. “The integration of digital platforms and coordinated aftersales processes allows us to improve communication, streamline claims handling, and deliver a more seamless experience for customers when it matters most.”

Company Ltd managing director, Eugene Foong said: “This partnership reflects TPB’s continued commitment to enhance customer protection via digital innovation and practical cross-border solutions. “By collaborating with Mpire Mobility, we are able to extend our insurance services beyond national boundaries, providing Malaysian

“Through

our

entry

into

Thailand’s insurance industry, we will continue to expand the Mpire Mobility business while capitalising on rising Malaysia-Thailand cross-border travel. “We look forward to a successful and fruitful partnership.” Thai Paiboon Insurance Public digital

Labuan launches new gas-fired power plant to bolster energy security LABUAN: Rancha Power Sdn Bhd

Bank Muamalat honoured with excellence award KUALA LUMPUR: Bank stage,” he said.

minister of investment, trade and industry and Lord Jonathan Marland, chairman of the Commonwealth Enterprise and Investment Council (CWEIC). Bank Muamalat’s selection for the global honour reflects its consistent financial performance, strong Shariah governance and innovative approach to Islamic financial solutions, particularly in strengthening sustainability practices and empowering underserved communities. The award panel cited the bank’s leadership in embedding ESG principles, advancing digitalisation and contributing meaningfully to Malaysia’s socioeconomic development agenda. Khairul, expressed his appreciation for the recognition, emphasising the collective effort of Bank Muamalat’s workforce, supported by disciplined management execution and strong Board oversight. “This prestigious global recognition reaffirms Bank Muamalat’s unwavering commitment to excellence, trust and innovation. “Beyond recognising the bank as an institution, the award also reflects Malaysia’s leadership and credibility in Islamic finance on the global

Muamalat Malaysia Bhd has been recognised on the global stage after being conferred the prestigious “World Outstanding Islamic Bank Excellence Award 2026” in London. The award underscores the bank’s rising international stature, its disciplined governance and continued leadership in advancing sustainable and inclusive Islamic finance. The award was presented during the high-level Conference on Asean at the Geopolitical Crossroads 2026, a closed-door forum co organised by LSE, the KSI Strategic Institute for Asia Pacific (KSI) and the Asean Economic Club (AEC). The conference convened world leaders, senior policymakers and global industry captains to discuss Asean’s strategic influence amid shifting geopolitical and economic landscapes. The recognition was accepted by chairman Tan Sri Tajuddin Atan, together with president and CEO Datuk Khairul Kamarudin, on behalf of the bank. The event featured keynote addresses by world leaders including Tengku Datuk Seri Zafrul Abdul Aziz, former

“It is a testament to the dedication of our people and the strategic stewardship of our board, as we continue to deliver responsible, inclusive and sustainable financial solutions while progressing towards our aspiration of becoming the strongest Islamic Bank in Malaysia.” Khairul added that the award further strengthens the bank’s resolve to accelerate its transformation agenda, noting that Bank Muamalat will continue to innovate, expand its capabilities and champion values-based finance. “This recognition motivates us to push boundaries, elevate our impact and further strengthen Malaysia’s presence in the global Islamic financial ecosystem,” he added. The accolade marks another significant milestone in Bank Muamalat’s growth trajectory as a full-fledged Islamic financial institution. It reinforces the bank’s expanding international profile and leadership in promoting Islamic finance anchored on integrity, resilience and long-term value creation,” Khairul said.

and industrial sectors,” it said. Meanwhile, Rancha Power chairman Abdul Aziz Othman said the establishment of the power plant represents a transformative step in strengthening Labuan’s energy resilience and supporting regional development. “Beyond enhancing energy security, this project will serve as a catalyst for economic growth within the surrounding industrial zone, strengthen state-federal collaboration, and accelerate the development of local industry capabilities,” he said at the groundbreaking ceremony. He said the project further reinforces Rancha Power’s role in advancing Labuan’s energy infrastructure and supporting Malaysia’s broader energy transition agenda, paving the way for a more reliable and future-ready power system for the island. Rancha Power is a three-party joint venture involving PG Energia Sdn Bhd, a subsidiary of Petronas Gas Bhd, SEC Power Sdn Bhd, a unit of Sabah Energy Corporation Sdn Bhd, and Sustainable Power Sdn Bhd, a subsidiary of Sabah Electricity Sdn Bhd. Construction of the facility is scheduled to begin in February 2026, with commercial operations targeted to commence on Jan 1, 2028. – Bernama