Money & Finance

Singapore and Vietnam are accelerating joint efforts to boost their digital economy through mutual agreements. Foreign Affairs Minister Vivian Balakrishnan met with Vietnamese counterpart Bui Thanh Son to discuss reciprocal arrangements and health certificate recognition for safe travel resumption between the two nations.

Major Malaysian corporations including Petronas, SEA Ltd, Genting, and YTL Corp are exploring digital banking license opportunities. Ride-hailing platform Grab and other firms are also expressing interest in Malaysia's emerging digital financial sector, signaling potential innovation and competition in the country's banking ecosystem.

Maybank Investment Bank secured prestigious awards including "Best Investment Bank", "Best ECM House", and "Best DCM House" at the FinanceAsia Country Awards 2021. Despite challenges in 2020, the bank demonstrated resilience and leadership in the financial sector, winning multiple accolades for its outstanding performance.

IJM Corp has agreed to sell 56.2% of IJM Plantations to KLK for RM1.53 billion in cash at RM3.10 per share. The transaction is subject to shareholder and creditor approval at an extraordinary general meeting. IJM will retain a dividend entitlement of 10 cents per share after the sale.

Bank Negara Malaysia and The Bank of Thailand have launched a cross-border QR payment linkage, allowing shoppers and traders in both countries to create and receive instant cross-border QR code payments. The project, initiated in June 2020, connects the real-time retail payment platforms RPP/DuitNow and PromptPay.

Malaysia has maintained its Crude Palm Oil (CPO) export tax at 8% for July 2021, following the market price exceeding RM3,450 per tonne. As the world's second-largest palm oil exporter, the country's tax strategy continues to influence international palm oil markets.

Malaysia and Singapore are positioning themselves as key regional centers for green and sustainable finance. The Climate Bonds Initiative, supported by HSBC, reveals the ASEAN sustainable finance market's resilience during COVID-19, with Malaysia's green bond market reaching US $2.6 billion and 15 sustainable financial arrangements.

Pharmaniaga Bhd announced plans to supply Sinovac COVID-19 vaccines to state governments and private sectors. The company aims to support national immunity goals and economic recovery, with shares rising to RM5.34 following the announcement.

Cryptocurrency exchange Luno Malaysia has processed approximately US$1 billion in transactions this year, significantly up from US$300 million in 2020. Country manager Aaron Tang notes that crypto adoption is still in early stages, with only 2.5% of the global population owning digital currencies.

As the Malaysian labour market experiences challenges during the pandemic, unemployment rates are expected to recover. Government-imposed conditional movement control orders (MCOs) allow businesses to operate at reduced capacities, with the workforce anticipated to gradually stabilize in the coming months.