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MONDAY | SEP 30, 2024

Allana Group eyes further global expansion

Coworking spaces drive FDI growth: Infinity8 founder

Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

KUALA LUMPUR: Fintech solutions have the potential to expand credit access for small and medium enterprises in Malaysia by providing alternative lending options, such as peer-to-peer lending platforms. The Association of Chartered Certified Accountants (ACCA) portfolio head of maritime Southeast Asia Andrew Lim said this could have a particularly impactful effect on sectors such as agriculture or tourism, which are vital to Malaysia’s economy. “In the education sector, fintech can provide microloans or income share agreements that allow students to pay tuition based on future earnings, thus making higher education more accessible. “And, in supporting green finance initiatives, fintech applications utilising blockchain technology can facilitate carbon credit trading and PETALING JAYA: Coworking spaces are the driving force of foreign direct investment (FDI) growth in Malaysia, thanks to their corporate solutions, said coworking space Infinity8 founder Sheah Liang Lee. He said the service aligns with Malaysia’s Madani framework to foster economic growth by offering infrastructure and support tailored to the needs of both local and foreign businesses. “Coworking spaces are particularly important in the Malaysian economy as the country experiences an influx of FDIs fueled by geopolitical shifts, Southeast Asia’s growing prominence as a global investment destination, and the region’s cultural affinity with various parts of the world. This strategic importance extends globally, as coworking spaces continue to adapt to the changing landscape of work and business,” Sheah told Sunbiz. For local startups, he said coworking spaces act as incubators, providing an environment that allows new businesses to grow without the heavy costs associated with traditional office spaces. “They also serve as hubs for business networking, where entrepreneurs can meet potential co-founders or founding team members, fostering collaboration and innovation,” he added. Moreover, he said for foreign businesses, coworking spaces provide a soft landing by offering solutions and an entry point into the local market. “This helps foreign companies establish a presence with minimal investment and logistical challenges,” he added. Additionally, Sheah said coworking spaces promote cross-border collaboration by attracting both local and foreign enterprises. BY JOHN GILBERT sunbiz@thesundaily.com

Ű BY AIMIE SHAZRIE sunbiz@thesundaily.com

o Company operates across 70 countries, plans to increase number to 100

partnering with major platforms like FreshToHome and Licious in India, and encouraging international distributors to follow suit. “We are embracing the shift towards online platforms, and this approach is integral to our future growth,” he said. He further highlighted that Allana Group upholds sustainability as a core business principle. “All our operations are environmentally sustainable, from energy usage to waste management. This commitment to responsible production aligns with the growing global trend towards eco-conscious business practices, further enhancing Allana’s brand reputation among consumers and business partners alike,” he said. As the halal market continues to grow, both among Muslim and non-Muslim consumers, he noted that Allana Group sees this as an opportunity to educate the public on the ethical practices and health benefits of halal products. “Halal is not just about religious compliance, it is about humane animal treatment, ethical food production, and healthier eating. “We are confident that as awareness grows, so will the demand for halal products across the world,” said Afzal. Afzal expressed optimism that, with its legacy, innovation, and commitment to halal principles, Allana Group is set to maintain its leadership in the global halal market for years to come. He said collaborations with local schools and community centres can help disseminate knowledge effectively. “Adopting mobile-first strategies similar to India’s UPI can help cater to rural populations in Malaysia where mobile usage is prevalent. Fintech apps with user-friendly interfaces and local language options will make financial services more accessible. “Apart from that, public-private partnerships aimed at improving internet connectivity in remote areas are crucial. For example, initiatives like providing subsidised internet access or affordable smartphones can bridge the digital divide,” Lim said. To set Malaysian on par with global fintech space, Lim said Malaysia should create innovation hubs where fintech providers, regulators, and financial professionals can collaborate on developing new solutions and addressing regulatory challenges together.

KUALA LUMPUR: Mumbai-based Allana Group, a family-owned business with a 159-year legacy, continues to set its sights on new international markets, bolstered by its commitment to halal products, said Allanasons Private Limited international business development president Afzal Aziz ( pic ). He said that since its establishment in 1865, the company has now operated across 70 countries, including Malaysia, with plans to increase this number to 100. Allana also has become one of India’s largest exporters of halal meat. “We have been exporting halal meat since 1969, and in Malaysia for 41 years. Our brand is deeply embedded within the Malay community, with generations trusting in our quality,” said Afzal in an exclusive interview with SunBiz . Afzal then said that the halal industry has seen exponential growth, and Allana Group is poised to capitalise on this trend by expanding into untapped markets, such as Turkiye, Nigeria, and more African nations. “We are currently exporting to 14 out of 54 African countries. There is immense potential in Africa, and we’re working on capturing more of the market,” he shared. Participating in the Malaysia International Halal Showcase (Mihas) for the past 20 years, Afzal highlighted that it has also been a

crucial part of the company’s strategy. “Mihas has significantly boosted our presence in the halal economy. It has provided a global platform to connect with key buyers and showcase our products,” he said. He then remarked that the c o m p a n y attributes its

Muslims. The non Muslims are increasingly recognising the ethical practices and health benefits of halal products,” said Afzal. He added that Allana Group is known for its commitment to quality, operating 12 plants in India and using the latest global technology to ensure its product excellence.

success to a combination of strong ethics, innovation, and technology. “We constantly look at innovations and new technology to remain relevant in the industry. Our main motto is supplying pure halal meat to the Muslim Ummah across the world,” he said, adding that the group also places an emphasis on maintaining competitive prices without sacrificing quality. As the company gears up for further expansion, he noted that it is also making strides in diversifying its product offerings. “We have added products like French fries, frozen fruits, curries, and even halal pet foods to our portfolio. “Halal is no longer just for

“Our abattoir lines come from France, refrigeration from Japan, and doors and handles from Turkey. We spare no expense in maintaining the highest standards,” he noted. Looking ahead, he stated that Allana Group’s long-term vision is clear that they aim to be the preferred supplier of genuinely slaughtered halal meat to the whole world. “Quality, service consistency, and competitive pricing will continue to be the key drivers of our leadership in the global halal market,” he noted. As e-commerce rises, he said that Allana Group has adapted to the changing landscape by anomalies indicative of fraud. This could significantly enhance security measures while maintaining transaction speed. He said Malaysian fintech could adopt AI-driven identity verification tools that comply with local data protection regulations, safeguarding customer privacy while enhancing efficiency. Local fintech companies should also develop comprehensive data management guidelines that align with international standards, such as the General Data Protection Regulation. “This would not only protect consumers but also build trust in AI driven fintech solutions,“ Lim said. Moving on, Lim said to promote fintech adoption in rural areas, Malaysia should implement digital literacy programmes that educate communities about the benefits of digital financial services. analyse transaction data for

Rapid adoption of fintech can democratise businesses, says ACCA

support sustainable investment initiatives in Malaysia’s energy sector,” he told SunBiz. When asked about lessons from India’s rapid fintech adoption and success that can be applied to accelerate fintech growth and financial inclusion in Malaysia, Lim said India’s rapid fintech growth is attributed mainly to its digital public infrastructure, including initiatives like the Aadhaar system and the Unified Payments Interface (UPI). “Malaysia could develop a similar framework by implementing a national digital ID system and a unified payment platform to streamline transactions and enhance accessibility for all citizens. “For instance, leveraging the existing MyKad system to create an integrated digital ID could facilitate easier access to financial services, especially for unbanked populations,” said Lim. He noted that India’s principles

based regulatory approach fosters innovation while protecting consumers, and Malaysia could adopt a similar model by creating clear, flexible regulations and sandbox environments to support fintech startups without heavy regulatory constraints. “This could involve collaboration with local universities to foster research and development in fintech solutions tailored for Malaysian consumers. “Malaysia can enhance financial inclusion by forming alliances with local NGOs and community organisations to reach underserved populations. “For example, fintech companies could partner with microfinance institutions to offer tailored financial products to rural communities,” he said. Touching on artificial intelligence (AI), Lim said Malaysian fintech firms can implement AI algorithms to