Business

Bank Negara Malaysia's international reserves rose to US$111 billion as of June 15, with foreign exchange reserves at US$99.6 billion, providing robust financial coverage for imports and short-term foreign debt.

GlobalFoundries is investing US$6 billion in new semiconductor manufacturing facilities, with a primary focus on Singapore. The expansion aims to address ongoing global chip shortages affecting industries like automotive and consumer electronics, while responding to strategic manufacturing priorities.

Singapore and Vietnam are moving forward to strengthen their digital economy collaboration. Foreign Affairs Minister Vivian Balakrishnan met with Vietnamese counterpart Bui Thanh Son to discuss joint initiatives and facilitate bilateral economic engagement in the digital sector.

SEA Ltd and Petronas are among key players exploring digital banking licenses in Malaysia. Other potential applicants include Genting, YTL Corp, and Grab Holdings, signaling a competitive race to enter the country's emerging digital financial services market.

Maybank Investment Bank (Maybank IB) has secured prestigious awards in 2021, including "Best Investment Bank", "Best ECM House", and "Best DCM House" from FinanceAsia, and "Best Bond House", "Best Equity House", and "Best Institutional Broker in Malaysia" from Alpha Southeast Asia.

IJM Corp has agreed to sell its entire 56.2% stake in IJM Plantations to KLK Bhd for RM1.53 billion or RM3.10 per share. The transaction, announced in July, requires shareholder and creditor approval. KLK intends to maintain IJM Plantations' listing on Bursa Malaysia.

Bank Negara Malaysia and The Bank of Thailand have launched a groundbreaking cross-border QR payment linkage, allowing seamless instant payments between Malaysian and Thai shoppers and traders. The project, initiated in June 2020, connects real-time retail payment platforms RPP/DuitNow and PromptPay, facilitating quick and efficient cross-border transactions.

Malaysia has maintained its Crude Palm Oil (CPO) export tax at 8% for July 2021, reflecting the commodity's market price above RM3,450 per tonne. As the world's second-largest palm oil exporter, the country's tax structure varies based on market rates.

HSBC and the Climate Bonds Initiative reveal ASEAN's sustainable finance market's resilience, with Malaysia's green bond and sukuk market reaching US $2.6 billion. The region is positioning itself as a key sustainable finance center, emphasizing green investment strategies despite pandemic challenges.

Luno Malaysia has processed approximately US$1 billion in crypto transactions this year, with over RM1 billion in digital assets stored. The company sees increasing cryptocurrency adoption as investors view digital currencies as a potential hedge against inflation and alternative investment class.