It’s
finally happened. A major worldwide government has just bestowed a huge vote of confidence and legitimacy onto the world of cryptocurrencies. China, in an unprecedented move, just announced that they are officially adopting a certain cryptocurrency as China's official coin!
The government of China just informed that they have chosen a
preferred firm for the purchase and marketing of their new coin - YuanPay Group. The sales of China's coin officially started Juny 12 of 2021 and currently these coins can be bought only from YuanPay Group.
In fact, China deputy minister of finances, Liu Kun, informed that their new official coin stating price is just CNY 0.12!
! 1 Chinese Yuan equals
0.13 EUR
That’s right, the coin is incredibly inexpensive in comparison to most other coins out there. Bitcoin, for example, trades at CNY 65,366.84 at the time of this writing and Ethereum trades at
around CNY 1,362.76.
We were able to get Sir Richards Bronson’s thoughts on China’s new coin and this is what he had to say:
Sir Richard Bronson stated (pic): "Everytime a major corporation
announces even a small partnership with an individual
cryptocurrency, that coin’s value skyrockets. I can't wait to see what
is going to happen when a government officially adopts a crypto. When
the name of China’s coin is released, many people will become
millionaires practically overnight."
A few of us at forbes were curious enough to buy a couple coins just to see how everything looks and what the reading fees are
like.
It was fairly easy to get the coins, but i will show you the whole process below for those that are interested.
First step was to fill out all the details. As you can see, nothing complicated so far.
Second step, I was taken to YuanPay Group's wallet, where they chose my country specific broker to buy China's
coins.
Third step, I was taken to purchase page and had to fill out
my details.
For CNY 1,921, I received 21,375 coins at CNY 0.12 cents each. You
can see current value of my coins on the same page.
PS: As an early investor they gave me 5,367 extra coins for
free!
The whole process was simple and I even received a phone call
from one of YuanPay Group's friendly agents, but
I didn't really need any help as the whole process was easy
enough.
After finishing this article, literally around 4 hours, I
checked my wallet again and to my surprise:
In only 4 hours, the price increased from CNY 0.12 to CNY 0.31. At
this point, I was positively surprised. I am not selling my
coins as of yet because all the experts predict that the
price will rise to at least CNY 9,192.63 per coin in matter of
months.
YuanPay Group was kind enough to give us
a 100% accurate coin movement price counter, so everyone can see
the increase directly on this page.
Official price currently
1 coin=CNY 0.33
(Note - price is being updated every 30 minutes)
With a story of this nature, news seems to be breaking every so often,
we’ll be sure to update the story as needed.
You can find their promo video as well as direct coin sales here:
Talk on trade: (from left) Interbase Resouces Sdn Bhd MD and
Lelong.com.my co-founder Richard Tan, Chong and SME Association of
Malaysia national deputy president Ong Chee Tat during a panel
discussion on Global is the New Local: The Changing International Trade
Patterns of Small Businesses in Asia Pacific, organised by FedEx.
More SME seen to be embracing technology
WHILE its been a constant lament that local small and medium-sized enterprises (SMEs) are not embracing digital technology, a new survey seems to suggest otherwise.
A recent FedEx-commissioned study on trends being adopted by SMEs in Asia Pacific (Apac) has revealed a high adoption of new technologies among local SMEs.
According to the study, Malaysia ranks fourth (among nine Apac countries surveyed) in digital platform implementation and third in adopting Industry 4.0 technologies.
Entitled “Global is the New Local: The Changing International Trade Patterns of Small Businesses in Asia Pacific”, the research revealed that an average of 88% of Malaysian SMEs are adopting digital economy platforms, such as e-commerce, mobile-commerce and social-commerce platforms.
FedEx Malaysia managing director S.C. Chong says it is critical for SMEs to take advantage of technological advancements as a catalyst to enter into new markets, improve customer service support and experience, and provide a more efficient end-to-end customer journey.
“SMEs are the engine of growth and form the backbone of Malaysia’s economy,” he says during a briefing on the survey, last week.
Chong adds that it is encouraging to see SMEs taking the initiative to grow their business through the adoption of new technologies, infrastructure-building, and expansion into international markets.
Citing the survey, he says that 61% of local SMEs are optimistic that the e-commerce platforms will help contribute to increased revenue growth in the next 12 months.
“The study also found that 69% of Malaysian SMEs have incorporated Industry 4.0 technologies into their operations such as mobile payments, automation software and big data / analytics in particular.”
Industrial Revolution 4.0 refers to the paradigm that machines are now able to autonomously adapt and coordinate their tasks to meet human needs.
The survey also shows a significantly high adoption rate of mobile payments among Malaysian SMEs at 90% (higher than the Apac SME average of 73%), with automation software and big data / analytics among the top Industry 4.0 technologies being used by SMEs at 84% and 77% respectively.
In addition, the survey also showed that 78% of respondents agreed that Industry 4.0 technologies have enhanced efficiencies in the supply chain and distribution channels, while helping reduce challenges brought by cross-border payments.
The results of the survey were based on interviews with 4,543 senior executives of SMEs in nine markets in Apac between March and April 2018. The markets included in the research were China, Hong Kong, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Vietnam.
The interviews were split equally by market with a representative mix of company sizes: micro (one to nine full-time employees), small (10 to 49 full-time employees) and medium (50 to 249 full-time employees).
Each market had an average of 500 respondents.
SME Association of Malaysia national deputy president Ong Chee Tat says SMEs and Industry 4.0 are key components towards the growth of the nation, as Malaysia works towards achieving a high-income economy.
“While technology may have reduced the gap between SMEs and larger industry players, SMEs still face various challenges in the adoption of the latest trends or tools in technology. Most SMEs may find that they lack sufficient finances, knowledge or workforce talent to adopt these new technologies.
“As such, we (the SME Association) are cognisant of the barriers to technology-adoption and continue to guide, empower and support SMEs by providing strategic advice or counsel and initiating networking platforms to facilitate knowledge exchange.”
Ong says that the SME Association is currently looking to set up an SME Academy to help provide training for local start-ups.
“We hope to be able to launch this academy by this year,” he says.
The survey also revealed that 95% of Apac SMEs have made use of digital platforms such as e-commerce (82%), mobile-commerce (72%) or social-commerce (74%) in their business operations.
“In Malaysia, the top social media platforms are Facebook, WhatsApp and Instagram,” says Ong.
According to the survey, the top social media platform used in Apac markets is Facebook, with the exception of China (WeChat) and Taiwan (Line).
In comparison, Malaysia has an overall higher adoption rate of e-commerce (90%), mobile-commerce (87%) and social-commerce (86%) compared to other markets in Apac.
Also, the survey says 61% of Malaysian SMEs expressed confidence that the digital economy will help reduce barriers to finding global customers beyond Apac.
Chong says the finding is strongly supported by Malaysia having 146% mobile penetration, 22 million internet users, 18 million active social media users, and seven million online shoppers, leading to Malaysia ranking 31st among the most tech-ready countries around the world.
Meanwhile, Interbase Resouces Sdn Bhd managing director and Lelong.com.my co-founder Richard Tan says that by educating SMEs and raising their awareness on the digital economy, there will be a rise in brick-and-mortar SMEs having an online presence to augment and complement their business.
“At Lelong.my, our integrated online platform which comes with services such as e-payment solutions and digital storefronts, has allowed us to extend our reach to capture the younger generation of increasingly digital savvy customers and merchants.
“As an online retail platform, we continuously evolve and transform ourselves to ensure that we fully understand the consumer journey and experiences to make it a seamless, pleasant one.”
He also says that the rise in digital platforms will not result in brick-and-mortar outlets becoming obsolete.
“I believe they will complement each other,” he says, adding that this is why it’s important for companies to have both a physical and online presence.
“I might see a product at a store somewhere, but may decide to purchase the item off of the company’s website. On the flipside, I might see something online that I might like, but would want to physically see it first, before deciding to buy.”
Tan emphasises that it is in a situation like this that SMEs need to have a presence online.
“You need to have your content displayed on the Internet. If people can’t find your product on the web, they may just decide not to buy it at all. That’s the behaviour of the new group of consumers today.
“You have to digitize your content.”
Chong admits that having products and services accessible via the web nowadays is a given.
“However, there are still products and services that you can’t get online. But it’s important to be able to have your product on the web, so that people can learn about it and either buy it or choose to view it physically at your store.”
Growth opportunities
In conjunction with the recent “Take E-Commerce to the Next Level” conference by DHL Express Malaysia, the logistics firm said in a statement last week that there is great potential for Malaysian SMEs to grow their business overseas through e-commerce.
“By 2020, it is expected that one out of five e-commerce dollars will be generated through cross-border trade. Business to consumer (B2C) e-commerce has grown at a faster pace than most other industry sectors in recent years, with premium cross-border shipments growing from 10% to more than 20% of the volumes of DHL Express.
“This is further boosted by various incentives the government has provided to ensure that the local e-commerce sector has the potential to lift Malaysia’s total trade to RM2 trillion this year.”
Over 100 local SMEs attended the conference.
Its speakers included those from Amazon Global Selling, Payoneer, Everpeaks, Malaysia Digital Economy Corp (MDEC) and Malaysia External Trade Development Corp (Matrade), who shared their insights on the importance of logistics, digital marketing, payment options and sales methodologies as part of the entire B2C ecosystem.
“These takeaways are meant to better equip local SMEs to meet the increasing demand of customers who seek faster fulfilment and more variety at cost-effective prices,” says DHL Express.
In the same statement, e-commerce conglomerate Amazon encouraged more Malaysian SMEs to expand their business by tapping Amazon’s global reach.
Amazon Singapore’s Amazon global selling head Gijae Seong says: “South-East Asia has quickly grown to be one of the most important regions for Amazon Global Selling.
“In the US alone, Amazon has over 150 million monthly unique visitors. We hope that more local SMEs will consider expanding their business globally on Amazon in the future.”
In addressing the challenges of SMEs to expand its presence on a global level, Matrade transformation and digital trade division director Noraslan Hadi Abdul Kadir points out that Matrade is Malaysia’s national trade promotion agency, and therefore has the mandate to promote local SMEs overseas.
“Our eTRADE Programme offers financial incentive valued at RM5,000 per company, which can be utilised to partially cover the on-boarding cost to be listed on world’s renowned e-Commerce platforms the likes of Amazon.com.
“We hope more SMEs can capitalise on the programme to kick-start their cross-border e-commerce business.”
Boost to property sector
The e-commerce boom is also set to be a boost to the local property market, with the industrial sub-sector being its biggest beneficiary.
According to the Valuation and Property Services Department’s (JPPH) Property Market Report 2017, the industrial sub-sector, though contributed the least to the overall property market last year , plays a significant role generating investments and employment opportunities.
“As Malaysia embraces Industrial Revolution 4.0 and the digital economy, a different ball game is expected of the industrial property sub-sector,” it says.
One initiative that is expected to support the sector’s performance, says JPPH, is the setting up of a Special Border Economic Zone in Bukit Kayu Hitam, which will be the new attraction for both domestic and foreign investors on the northern zone of Malaysia.
“Another is the establishment of a Digital Free Trade Zone (DFTZ), which will see KLIA as the regional gateway. The first phase of DFTZ is foreseen to have 1,500 small and medium enterprises participate in the digital economy and is expected to attract RM700mil worth of investment and create 2,500 job opportunities.
“On the same note, Cyberjaya will be transformed into a global technology hub and a smart city.”
In November, CIMB Research in a report said the industrial segment has a strong growth trajectory through acquisitions and organic growth, given the tight industrial space supply.
“Demand for new high-quality industrial assets will transform the segment, which has led to several new mega-distribution centres that carry high price tags as retailers start turning to logistics.
“Notably, UK-based retailer Marks & Spencer is building a 900,000-sq-ft distribution centre with one million products processing capability per day and will consolidate its 110 warehouses into just four.”
The sector is also expected to be bolstered by the growth of the e-commerce segment.
The growth in e-commerce, which in turn is spurring the online retailers sector, will lead to demand for larger warehouse spaces.
According to JPPH’s Property Market Report 2017, the industrial property sub-sector recorded 5,725 transactions worth RM11.64bil in 017.
“Compared with last year, the market volume increased by a marginal 2.1% but value declined by 3.1%. Most states recorded contractions in market activity but the commendable growth in Selangor and Johor at 19.5% and 9.5% respectively helped support the overall marginal growth.
“These two states accounted for 34.2% and 14% of the total market activity respectively. By type, vacant plots formed 31% of the total transactions, followed by terraced factory with 28.7% market share.”
JPPH says the industrial overhang remained minimal though the volume kept growing since 2016.
“There were 999 units worth RM1.51bil in 2017, showing an increase of 11.4% and 27.1% in volume and value respectively. Johor also took the lead in the industrial overhang with 40.7% (407 units) of the national total.”
JPPH adds that the industrial development front was less active as shown by the marginal increase of 0.4% in completion to record 1,851 units, whilst starts and new planned supply decreased by 20.7% and 34.3% respectively to 850 units and 710 units.
“As at year-end, there were 113,173 existing industrial units, with another 5,675 units in the incoming supply and 7,513 units in the planned supply.
“Prices of industrial property were stable across the board. One and a-half storey semi-detached factories in the Petaling District fetched between RM4.1mil to RM5.7mil. In Johor Bahru, similar factories in Taman Perindustrian Cemerlang ranged from RM2.3mil to RM2.7mil.”
As for the other property sub-sectors, the residential property market recorded 194,684 transactions worth RM68.47bil in 2017, which were 4.1% lower in volume compared with 2016, but they increased by a marginal 4.4% in value.
By price range, demand continued to be in the RM200,000 and below price points, accounting for nearly 45% of the residential market volume.
Last year saw 77,570 units of new launches, higher than those recorded in 2015 (58,411 units) and 2016 (52,713 units).
Kuala Lumpur recorded the highest number of launches in the country with more than 22,000 units. Its sales performance was at a low 19.5%, followed by Selangor with 13,522 units and Johor, 7,926 units.
The commercial property segment, meanwhile, continued to decline but at a modest rate, says JPPH. There were 22,162 transactions recorded worth RM25.44bil in 2017, down by 6.7% in volume and 29.2% in value compared with 2016.
The retail sub-segment’s performance was stable at 81.3% in 2017 compared with 81.4% in 2016, recording an annual take-up of more than 6.78 million sq ft.
Kuala Lumpur, Selangor, Johor and Penang saw a significant take-up rate as their newly completed shopping complexes secured commendable occupancy.
Johor was leading with nearly 2.82 million sq ft followed by Selangor (1.17 million sq ft), Kuala Lumpur (1.01 million sq ft) and Penang (778,833 sq ft).
ALMOST everybody is addicted to the digital world of connectivity. Only a handful can dare say that they are not dependent on the Internet or the connectivity that comes with the digital age.
To those not convinced that they are addicted to technology and the Internet, they should try asking themselves a few questions.
When was the last time they accessed the computer to search for something through Google? When was the last time they accessed Facebook or Whatsapp to stay connected? How long have they gone without getting “an anxiety attack” without having their handphones with them?
If an uneasy feeling creeps into them without having their computers or mobile phones with them, then the chances of them being reliant on the digital world is high. If they are lost at work without “Mr Google” and feel handicapped, then they are hooked on the digital world.
From the hundreds of people I know, only two do not carry a mobile phone with them. One is a seasoned lawyer while the other is a retired factory manager. They are exceptions to the norm.
The digital age is here to stay and grow. The advantages of digital connectivity in terms of accessing instant information and staying in touch with others seamlessly are just too great to be without.
These days, even people in their late 50s and 60s are active users of Facebook, which they see as critical touch points of their lives with others. The instant response to their postings is a gratification of sorts.
These are new touch points that they would normally not be able to enjoy without digital connectivity. However, there is a downside to this digital addiction in both the social and economic sense.
There is a book going into the details of how more people are depressed without digital connectivity, how people have gone berserk without having access to Internet connectivity. This is one of the many social downsides of the digital age.
However, more shocking is the unconventional work ethics, sexual harassment and culture of idolising individuals that have become rampant with the rise of the digital economy.
Last week, the former chief executive of the Malaysian Global Innovation and Creativity Centre (MaGIC), Cheryl Yeoh, revealed that she was a victim of sexual assault by a venture capitalist, Dave McClure, three years ago.
The revelation only came after The New York Times reported that McClure had stepped down from 500 Startups following allegations of sexual harassment against him.
500 Startups is a Silicon Valley-based early-stage venture fund and seed accelerator. Generally, the principals of venture funds tend to exert their influence over those seeking their money.
It is rampant in the world of the new economy where funding from banks is not easily available. Banks would want to see profits and a strong balance sheet before they lend money to start-ups. Start-ups in the digital economy rarely have both financial elements.
Yeoh said that she did not come public with the incident earlier fearing that many would not believe her. She also did not want to jeopardise the business venture between MaGIC and 500 Startups.
McClure is not the only venture capitalist who has faced the brunt of unethical work practices. Travis Kalanick, the founder and prime force behind ride-hailing app company Uber, has also been forced out by shareholders after a series of scandals in the company.
Among those who complained against the work culture of Uber was software engineer Susan Fowler Rigetti, who in her blog posting stated that the company’s work environment was hostile towards women, leading to many of them leaving.
The hostility went beyond sexual harassment. It was even to the point of the women not getting leather jackets as their numbers were small compared to the men who had received theirs from the company.
Because the number of women working in Uber was small, the company, which is touted as the most valuable unlisted new economy entity, could not get the discounts required and hence did not order the leather jackets.
In a company engaged in the old economy of brick-and-mortar businesses, such reasoning would not have been tolerated. But it has happened in Uber, where Kalanick held a position so strong that the way he managed the company was not questioned.
Hero-worshipping the founders is quite common in new-economy companies. Whatever the founders decide is not questioned. It has come to the point where even when deals are concluded at lofty valuations, hardly any murmurs are raised.
No questions asked: Jeff Bezos of Amazon purchased a grocery chain, Whole Foods Market, for US14bil two weeks ago and nobody batted an eyelid or raised any questions. – AFP
Jeff Bezos of Amazon purchased a grocery chain, Whole Foods Market, for US$14bil two weeks ago.
Nobody batted an eyelid or raised any questions as to why a new-economy heavyweight was buying into a matured company in an industry that was facing huge challenges because of Amazon.
Amazon, with its online shopping platform for anything from books to groceries and even movies, has disrupted the retail industry. The likes of Wal-Mart and Tesco are reeling from the growing dominance of Amazon.
So, why is Amazon buying into a grocery chain operating in the industry that it is destroying?
Nobody knows the answer. They only rely on the faith that Bezos can do no wrong. Blind faith is the biggest downside to the digital economy.
Digital economy companies tend not to give dividends and spend a lot on research and development under the excuse that the business is still growing and needs all the financial resources.
Investors believing that mantra follow blindly. They are encouraged by the rising share prices even though there are little fundamentals.
One day, such blind faith will lose its lustre and the price will fall. Only then will investors realise that the old-fashioned way of valuing companies is still way better.
Dec 10, 2014 ... This is the ninth article in a 10-part tie-up between Metrobiz and the Malaysian
Global Innovation & Creative Centre (MaGIC) to explore startup ...
Dec 17, 2014 ... This is the final article in a 10-part tie-up between Metrobiz and the Malaysian
Global Innovation & Creative Centre (MaGIC) to explore startup ...
Many of the negative responses over the deals with
China seem to be politically motivated, stemming from ignorance and, in
some cases, ethnic prejudice against all things Chinese.
YOU can be angry with Datuk Seri Najib Tun Razak but let’s not lose our objectivity. The Prime Minister brought in RM144bil worth of deals signed between Malaysia and China.
Many Asean countries are eyeing that kind of money from China but strangely, some Malaysians’ sense of rationality is becoming warped, even perverted, and they feel it is prudent to go into senseless name-calling and mindless smearing of China.
We have to be careful here – remarks like Malaysia indulging in yellow culture, selling our soul to China and comments which smacks of racism are surely not the way to treat a friendly superpower nation like China.
Those making such disparaging remarks are doing a disservice to Malaysia. It’s akin to throwing sand into our rice bowl.
Hate the PM as much as you want as this is how democracy works. But do some of us need to lash out with political rhetoric against China?
It is one thing to score points against our political rivals but surely, there must be a line drawn – let’s not bite the hand that is trying to help us at a time when Malaysia needs to secure more foreign investment to shore up our flagging revenue from oil and gas.
Many of the negative responses over these deals with China seem to be politically motivated, stemming from ignorance and, in some cases, ethnic prejudice against all things Chinese, whether it has to do with mainland China or Chinese Malaysians.
Let’s look at the numbers – foreign investors (including the US) are net sellers of stocks in Bursa Malaysia and have reportedly dumped RM948.1mil in stocks although some have said it is even more.
Malaysia can no longer depend on traditional foreign direct investments from the US and other Western countries.
The reality is that China invested as much as US$84bil (RM370bil) in 2012, establishing it as the world’s third largest outward investor after the US and Japan. China has aggressively eclipsed other nations.
The shift towards China, according to one study, is obvious as the republic emerged as Malaysia’s largest trading partner, enjoying a 13.8% share of Malaysian trade since 2012.
Malaysian firms (especially those owned and managed by Malaysians of Chinese descent) have also been actively investing in China since it liberalised its economy in 1979. Some of these firms played a crucial role in attracting mainland Chinese firms to invest in Malaysia, according to studies.
Everyone knows that China has the money. And Malaysia has an edge over other Asean countries because of the link between Chinese Malaysians and China that has given us an advantageous position, especially when China increasingly sees Singapore as a US ally.
There are some who are unhappy with China’s purchase of 1MDB’s energy assets in Edra Global Energy Bhd for RM9.83bil by the state-owned China General Nuclear Power Corp recently, suggesting that the republic was only helping Najib out in the 1MDB controversy.
But let’s look at other investments – even before the recent trip by the PM. China has put in a multi-billion ringgit purchase of a substantial equity stake in Bandar Malaysia via China Railway Construction Corporation.
China Railway Engineering Corporation has announced plans to set up its multi-billion regional headquarters in Bandar Malaysia, which will host the main terminal for the proposed KL-Singapore High Speed Rail project.
It has been reported that the Chinese government has started buying more Malaysian Government Securities (MGS) and this inflow of new money could possibly rise to RMB50bil (about RM30bil) in total or 8.5% of Malaysia’s total outstanding MGS as of early April.
Those who have been grumbling should answer if there’s any big money coming from the US, Australia or Britain.
And many of us are also wary about money coming in from the Saudis – some are alleging that they are exporting radical Islamic values to Malaysia. Do we need this?
Like it or not, China, apart from being Malaysia’s largest trading partner which takes up 19% of its exports, is presently one of the top five foreign investors in the country.
Investments from China in the manufacturing, construction, infrastructure and property sectors are at significant levels now.
According to official data, China’s investments in the manufacturing sector here from 2009 to 2015 totalled RM13.6bil, creating 24,786 jobs.
Malaysia also needs more Chinese tourists to visit our country and we hope to attract two million Chinese tourists by the end of the year. Our tourism industry has seen a growth of 23% in arrivals from China since the e-visa entry programme was introduced in March this year.
China is the third largest source of tourists for us after Singapore and Indonesia. Malaysia targets eight million Chinese tourists by 2020.
Only 10% of China’s population travelled out of their country and yet they have spent US$229bil (RM1tril) globally last year. They easily beat the number of many Western countries put together!
They spend more than other tourists and they travel in bigger numbers. We all know that in Western countries, Chinese-speaking shop assistants are specifically hired to engage with this segment of customers.
Malaysia is not on the radar of Chinese tourists but more young Chinese tourists have chosen to visit Sabah because of its beautiful sea and lush forests.
Chinese tourists spent US$215bil (RM948bil) abroad last year, 53% more than in 2014, according to a World Travel & Tourism Council report, a figure which is more than the annual economic output of Qatar. Chinese tourists are now spending way more than anyone else, including the Americans.
The number of Chinese tourists travelling globally has more than doubled to 120 million over the last five years, according to data from the China National Tourist Office and WTTC. That means one in every 10 international traveller now is from China.
Malaysia is missing out on this action, unfortunately. For a start, we can make travelling into Malaysia easier for them and having more direct flights will help.
Let’s give credit where credit is due. Najib has done well, from his recent trip to China.
It will even be better if our own Air Asia gets to fly into more Chinese cities as this will surely help boost Chinese tourist arrivals.
Let’s get real, all of us.
Certainly we have the right to express our concerns over the terms of some projects, and to seek clearer details, but let’s not drag in unnecessary elements which strain bilateral ties.
By Wong Chun Wai
Wong Chun Wai began his career as a journalist in Penang, and has served The Star for over 27 years in various capacities and roles. He is now the group's managing director/chief executive officer and formerly the group chief editor.
On The Beat made its debut on Feb 23 1997 and Chun Wai has penned the column weekly without a break, except for the occasional press holiday when the paper was not published. In May 2011, a compilation of selected articles of On The Beat was published as a book and launched in conjunction with his 50th birthday. Chun Wai also comments on current issues in The Star.
China-Malaysia Promising relationship: Najib delivering his speech in Beijing. ‘A digital economy with e-commerce is Malaysia’s next growth strategy,’ says the PM.
Alibaba founder Jack Ma agrees to be advisor to Malaysian Govt on digital economy
BEIJING: Alibaba Group founder Jack Ma has agreed to act as an advisor to the Malaysian Government on its digital economy aspirations, says Prime Minister Datuk Seri Najib Tun Razak.
"We will be in partnership with Jack on the path and route to the future," said Najib.
He said that Ma had also agreed to come to Malaysia to attend the launch of its E free trade zone in March.
Najib said this before he launched Alitrip Tourism Malaysia together with Ma Friday to lure Chinese tourists to Malaysia.
"You can see that China is the place to be. It has 300 million middle-class people, larger than US population.
"We hope, together with Alibaba, we can make Malaysia and China more prosperous," he said.
In his Budget 2017 speech on Oct 21, Najib announced the setting up of a Digital Free Zone.
He also unveiled the Digital Maker Movement and the Malaysia Digital Hub to help nurture talents and create innovators to build a fully sustainable digital economy.
The digital economy is said to account for 16% of Malaysia's GDP and is expected to rise.
By Ho Wah Foon The Star
Adviser Jack Ma to start with e-FTZ
Digital push: Najib with Alibaba Group executive chairman Jack Ma (left) during launching ceremonyjof the Alitrip Malaysia Tourism Pavilion. Looking on is Tourism and Culture Minister Datuk Seri Mohamed Nazri Addul Aziz - Bernama.
BEIJING: Alibaba founder and executive chairman Jack Ma will kick-start his role as adviser to the Malaysian Government on its digital economy at the launch of a e-free trade zone (e-FTZ) in March.
Ma, a global business icon, has ideas on the set up of the e-trade zone, Datuk Seri Najib Tun Razak said.
“I had a (30-min) meeting with Mr Jack Ma. He has agreed to be adviser to our Government on the digital economy,” said the Prime Minister.
“Jack Ma did not ask for payment. I don’t think we can afford to pay him,” Najib said in jest later to a reporter’s question.
In his Budget 2017 ( see related posts below) speech last month, Najib announced that a digital economy that includes e-commerce would be Malaysia’s next growth strategy as this could bring about double-digit growth.
Alibaba is the largest and most well-known e-commerce giant in China and the world.
“We will be in partnership with Ma on the path and route to the future,” said Najib before launching the Alitrip Tourism Malaysia Pavilion in collaboration with Alibaba Group.
Najib said Malaysia would have to act fast to implement Alipayment, further develop online banking and online commerce as “we don’t want to miss the boat”.
On the pavilion, Najib said: “You can see that China is the place to be. It has 300 million middle-class people, larger than the US population.
“We hope, together with Alibaba, we can make Malaysia and China more prosperous,” he said.
Ma, before launching the pavilion jointly with Najib with the premier’s mobile phone, urged Chinese tourists to visit Malaysia and enjoy the culture there.
“We have a long history between these two countries. About 2,000 years ago, Chinese went to Malaya to make a living. Now, we should go there to enjoy life – not to survive,” said Ma.
He took the opportunity to pay tribute to the Prime Minister’s father for having the foresight to be the first leader in Asean to establish diplomatic ties with China when others shunned the republic for being a communist nation.
“Today, we are benefiting from this decision made 42 years ago. Malaysia is China’s largest trading partner in Asean and China is Malaysia’s biggest trading partner.”
On Malaysians, he noted that on average each Malaysian has 230 friends on his social network.
“This means Malaysians are friendly, trusting and inclusive. This is an excellent culture.
“I love Malaysia… you have the culture, environment, food and hospitality and inclusiveness.”
Oct 22, 2016 ... Here are the highlights of the 2017 Budget proposals announced on Friday by
Prime Minister Datuk Seri Najib Tun Razak: Lower corporate tax
Pivotal moment: The PM in talks with President Xi Jinping during a meeting at Diaoyutai state guesthouse in Beijing.
