15/04/2026

BIZ & FINANCE WEDNESDAY | APR 15, 2026

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Airwallex rolls out full suite of financial products in M’sia

storage solutions accelerates amid the AI transformation, securing scalable, reliable and sustainable energy becomes even more critical. Micron has maintained 100% carbon-free electricity across our Malaysia operations since 2022, a key part of our commitment to achieving net-zero Scope 1 and Scope 2 emissions by 2050. “Together with our on-site solar initiatives in Batu Kawan and the green electricity tariff programme, this CGPP partnership demon strates how manufacturers can help accelerate the development of Malaysia’s clean energy ecosystem and support the nation’s transition to a low-carbon future.” As Malaysia’s national utility, TNB continues to play a key role in enabling the country’s energy transition by strengthening grid infrastructure, supporting renewable energy integration, and advancing market-based solutions such as CGPP and the Corporate Renewable Energy Supply Scheme. ISF Group wins residential, data centre contracts worth RM22.48m PETALING JAYA: End-to-end piping solutions provider ISF Group Bhd, via wholly owned subsidiary Yeo Plumber Sdn Bhd, has secured four new contracts with a combined value of RM22.48 million. The contracts, primarily from residential and data centre projects, are expected to contribute to the group’s earnings up to the financial year ending Dec 31, 2028. The scope of works involves the supply, delivery, installation, testing, commissioning and maintenance of old water and sanitary plumbing services. The contract wins reflect the group’s established track record and technical capabilities across both residential developments and data centre facilities. Following these contract awards, ISF’s unbilled order book has increased to RM148.1 million. The rising contribution from data centre-related projects highlights the group’s ability to secure technically demanding assignments. ISF managing director Jeff Ai Boon Chen said, “These contract wins reinforce our position in segments with sustained demand. While our progress in data centre projects is encouraging, given the higher technical requirements and execution standards involved, we continue to secure projects across a diversified client base, including resi dential and industrial developments.” He added, “As Malaysia’s digital infrastructure continues to expand, we are seeing a strong pipeline of opportunities. While we remain mindful of macroeconomic uncertainties, we will continue to adopt a prudent approach to project selection and cost man agement. This will allow us to sustain profit margins while building a resilient order book.” Following its successful listing on the ACE Market on Jan 28, ISF remains focused on capturing opportunities arising from the expansion of data centres in Johor and the Klang Valley. At the same time, the group continues to support Malaysia’s urbanisation through its established relationships with resi dential developers. With operations across seven states, ISF is well positioned to scale alongside Malaysia’s infrastructure and digital growth.

o Global fintech firm looks forward to ‘a few hundred per cent growth’ this year

Ű BY DEEPALAKSHMI MANICKAM sunbiz@thesundaily.com

KUALA LUMPUR: Global fintech firm Airwallex is targeting a sharp acceleration in Malaysia, projecting “a few hundred per cent” growth this year as it rolled out its full suite of financial products yesterday. The company’s expanded licence from Bank Negara Malaysia marks a turning point in its strategy, allowing it to move beyond cross border payments into a fully integrated financial platform for businesses in the country. “With these licences, we can now serve Malaysian businesses across all their needs, not just remittances but also FX (foreign exchange), cards and expense management,” said Airwallex Southeast Asia expansion head Andrew Chim. “That significantly increases our contribution per client and overall volumes.” Airwallex, valued at US$8 billion (RM38 billion), is positioning itself as a one-stop financial operating system, targeting companies expanding across borders amid rising digital trade. Malaysia’s growing pool of globally ambitious SMEs is central to that push. “We’re moving from a single-product company into a full financial platform,” said Asia-Pacific general manager Arnold Chan. “The goal is to enable businesses to operate anywhere, anytime, without the friction of traditional financial systems.” Founded a decade ago by four entrepreneurs in Melbourne, Airwallex began as a solution to simplify overseas payments for small businesses. It has since scaled into one of Asia-Pacific’s largest fintech firms, processing about US$260 billion in annual transaction volume and serving over 200,000 businesses globally. Its Malaysia expansion comes as cross-border business activity gains momentum, driven by digitalisation and e-commerce growth. However, fragmented financial systems and high costs remain key barriers for companies scaling internationally. Airwallex aims to address these pain points by consolidating financial operations into a single platform, allowing businesses to collect

From left: Malaysia Digital Economy Corporation industry and ecosystem senior vice-president Gopi Ganesalingam; Visa Malaysia head of clients Jason Phua; Chan; Chim; Airwallex Malaysia eMoney and strategy lead head Weng Hang San; Airwallex Asia-Pacific marketing vice=president Andrew Balint; and Airwallex communications head, Southeast Asia, Mae Loon.

banking partners worldwide, Airwallex said it is able to secure favourable foreign exchange rates and pass those savings on to customers. “Because of our scale, we are effectively a top tier client for major banks,” Chan said. “That allows us to deliver better economics to businesses in Malaysia.” Despite its expansion, Airwallex acknowledged it is not seeking to replace traditional banks but rather complement them within the broader financial ecosystem. “We are part of the system,” Chim said. “For larger transactions or regulatory limits, we work alongside banks to ensure compliance while still enabling efficient cross-border operations.” On the regulatory front, the company emphasised its investment in compliance and risk management, supported by more than 80 licences globally and AI-driven fraud detection systems. “Every transaction and customer goes through strict KYC and monitoring processes,” Chan said. “Maintaining regulatory compliance across markets is critical to our business.” Looking ahead, Airwallex plans to deepen its footprint in Malaysia, including expanding its local workforce and strengthening its role as a regional operations hub. “Malaysia is a very important part of our Southeast Asia strategy,” Chim said. “As local businesses grow and go global, we expect to grow alongside them.”

payments, hold multicurrency balances, convert foreign exchange and manage expenses seam lessly. Against traditional banks, the firm is pitching speed and cost efficiency as its main differ entiators. “About 94% of our transactions are processed almost like local transfers, even if they are cross border,” Chim said. “Banks typically rely on the Swift system, which can take three to five days and involves significant fees.” He added that hidden foreign exchange charges and transfer costs often make small transactions disproportionately expensive for businesses using conventional banking channels. At the same time, Airwallex is positioning its comprehensive product suite as a competitive edge against other fintech players. “We are one of the only providers in Malaysia with full licences across e-money issuance, merchant acquiring and money services,” Chim said. “Many fintechs focus on a single use case, but we can offer everything from payments and FX to cards and AI-powered expense management in one platform.” This integrated approach is designed to reduce operational complexity for businesses, particularly SMEs that often juggle multiple providers for different financial functions. The company also leverages its global scale to offer competitive pricing. With more than 100

TNB, Solarvest and Savelite celebrate completion of CGPP solar projects PETALING JAYA: Tenaga Nasional Bhd (TNB) through wholly owned subsidiary TNB Renewables Sdn Bhd (TRe), Solarvest Holdings Bhd and Savelite Engineering Sdn Bhd have completed their respective solar photovoltaic plants under Malaysia’s Corporate Green Power Programme (CGPP) via Setia Kawan Energy Sdn Bhd (SKE) and Selarong Pertama Energy Sdn Bhd (SPE). Under these agreements, corporate con sumers offtake clean energy generated by the respective solar farms, bundled with renewable energy certificates, over a tenure of 21 years from the commercial operation date. TNB president/CEO Datuk Shamsul Ahmad said the successful completion of these CGPP projects is more than a project milestone – it is clear proof of Malaysia’s readiness to accelerate its energy transition.

“CGPP represents a structural shift in how renewable energy is delivered in Malaysia, enabling corporate consumers to directly participate in decarbonisation through market based mechanisms. Through strong partner ships and a robust ecosystem, we are not only expanding renewable energy capacity but also strengthening Malaysia’s position as a competitive and sustainable destination for next-generation industries.” Micron Technology assembly and test NAND operations corporate vice-president Amarjit Sandhu said:“The completion of the SKE and SPE solar projects reflects Micron’s continued efforts to drive carbon-free electricity adoption in Malaysia. As demand for advanced memory and

The SKE solar farm, located in Manjung, Perak, is jointly developed by Atlantic Blue Sdn Bhd, a wholly-owned subsidiary of Solarvest (70%) and TRe (30%). The project supplies renewable electricity virtually to Micron Semiconductor Malaysia Sdn Bhd (Muar), Texas Instruments Malaysia Sdn Bhd, Bursa Malaysia Bhd and NTT Global Data Centers CBJ1 Sdn Bhd. Meanwhile, the SPE solar farm, located in Kulim, Kedah is developed through a joint venture between Blazing Solar Sdn Bhd, a wholly owned subsidiary of Solarvest (30%), Savelite Engineering (40%), and TRe (30%). Renewable energy generated by SPE will be supplied virtually to Micron Memory Malaysia Sdn Bhd (Penang).

The completion of both CGPP solar farms was commemorated at a ceremony yesterday, attended by Deputy Prime Minister and Minister of Energy Transition and Water Transformation Datuk Amar Fadillah Yusof. The two CGPP projects, with a combined export capacity of about 60MWac, are developed under the New Enhanced Dispatch Arrangement framework, enabling the virtual supply of renewable energy to corporate consumers through long-term corporate green power agreements.