Money & Finance

Malaysia's Ministry of Finance plans to implement fully cashless payments for government services by 2022. This initiative, part of the MyDigital strategy, aims to improve transaction safety, reduce fraud, and enhance government transparency through digital payment methods and electronic identification systems.

Despite Malaysia's ongoing COVID-19 restrictions and record infection rates, foreign direct investment continues to flow into the country. Economists like Lee Heng Guie suggest that while current shutdowns may impact investor sentiment, the long-term investment outlook remains promising for Malaysia's economic recovery.

The global semiconductor chip shortage is significantly affecting the automotive industry, leading to reduced production, higher prices, and supply chain disruptions. Caused by increased demand for electronics during the COVID-19 pandemic and compounded by natural disasters, experts predict the shortage will continue through 2022.

Serba Dinamik Holdings is under scrutiny after its auditor KPMG could not verify contracts worth 3.5 billion ringgits. The company's top shareholders, including PNB and EPF, have expressed concerns about potential irregularities, prompting a securities investigation and plans for an independent contract review.

Malaysia's trade performance hit a record high in April, with exports reaching RM 105.6 billion, representing a 63% year-on-year increase. The Department of Statistics reported a trade surplus of RM 20.5 billion, driven primarily by strong domestic exports.

Foxconn seeks minority stake in DNeX's SilTerra Malaysia after being outbid earlier, potentially collaborating to expand semiconductor capabilities in a strategic tech partnership.

Malaysia's economic landscape is showing resilience, with the Statistics department reporting positive March indicators. Despite ongoing COVID-19 challenges, the country witnessed growth in approved housing units, metal imports, and new company registrations, signaling potential economic recovery.

Amazon has added Pakistan to its sellers list in 2021, providing Pakistani businesses a platform to reach international markets. This move offers potential job opportunities and revenue growth through online selling, marking a significant breakthrough for Pakistan's digital trade ecosystem.

Singapore's economy showed unexpected strength in the first quarter, with MTI reporting a 1.3% growth. While the full-year GDP forecast remains unchanged, analysts anticipate potential revisions in August based on global and domestic economic conditions.

Malaysia's Petronas, a leading petroleum company, has pioneered a groundbreaking LNG transaction using Canadian pricing indexes for a Far East cargo shipment, demonstrating the company's innovative approach to international energy trading and resource development.