Weekly Digital News Roundup
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Welcome to another round of Morph Digital’s Weekly Digital News Highlights, where you will get the latest insights and news on the digital world throughout Malaysia, Asia, and the world. Keep checking in weekly to learn the latest news on the digital scene.
KAF Digital Bank Begins Operations as Malaysia’s Latest Islamic Digital Banking Service
KAF Digital Bank has received approval from Bank Negara Malaysia (BNM) and the Ministry of Finance to operate as a digital bank in Malaysia, beginning on 20 December 2024. Led by KAF Investment Bank in partnership with Carsome, MoneyMatch, Jirnexu, and StoreHub, the consortium will launch with an alpha testing phase before expanding to a beta phase. The bank aims to provide innovative, Shariah-compliant financial products and services. Established in 1975, KAF Investment Bank is a prominent financial services group in Malaysia. KAF joins other digital banks like GXBank, Boost Bank, and AEON Bank in reshaping Malaysia's financial landscape.
The Finance Ministry Approves YTL Digital Bank's AI-Driven Banking License in Malaysia
The Finance Ministry has approved a digital banking license for YTL Digital Bank Bhd, a joint venture between YTL Digital Capital Sdn Bhd and Sea Ltd. Operating as Ryt Bank, the next-generation digital bank began operations on 20 December 2024, with a phased public rollout planned. Backed by artificial intelligence (AI), Ryt Bank promises a seamless and inclusive banking experience, offering personalised financial insights, advanced savings strategies, and 24/7 assistance through its Ryt AI platform. Ryt Bank aims to redefine banking in Malaysia by empowering local talent and leveraging AI to deliver meaningful, customer-centric financial services.
Singapore Supports Malaysia’s Role in Advancing ASEAN’s Sustainability and Digital Economy in 2025
Singapore’s Foreign Affairs Minister, Dr Vivian Balakrishnan, expressed hope that Malaysia will prioritise advancing ASEAN’s sustainability agenda during its 2025 Chairmanship. Key initiatives include developing infrastructure, regulatory frameworks, and financial systems to support renewable energy transitions, such as the ASEAN Power Grid. Singapore also anticipates progress on the Digital Economy Framework Agreement (DEFA) to boost ASEAN’s digital economy to US$2 trillion by 2030. Dr Balakrishnan emphasised the importance of the East Asia Summit in fostering peace and stability amidst geopolitical challenges. He reiterated ASEAN’s focus on green and digital economies, reducing regional development gaps, and achieving inclusivity through the ASEAN Community Vision 2045.
ASEAN Prioritises Sustainability and Digital Transformation to Advance Community Vision 2045
ASEAN aims to strengthen its leadership in sustainability to advance the ASEAN Community Vision 2045, set to be finalised during Malaysia’s chairmanship this year. Secretary-General Dr Kao Kim Hourn emphasised aligning this vision with the UN 2030 Agenda for Sustainable Development and intensifying efforts in green value chains, decarbonisation, and the blue economy. The Vision 2045 roadmap focuses on peace, prosperity, and people, targeting sustainable growth and digital transformation. With ASEAN's digital economy projected to hit $1 trillion by 2030, finalising the ASEAN Digital Economy Framework Agreement could unlock $2 trillion in value, alongside investments in human capital and youth empowerment.
ASEAN Secretary-General to Discuss Advancing Digital Community Vision at Key Bangkok Meeting
Dr. Kao Kim Hourn, Secretary-General of ASEAN, will attend the 5th ASEAN Digital Ministers’ Meeting (ADGMIN) and related events in Bangkok, Thailand, on 16–17 January 2025. Hosted by Thailand as the ADGMIN Chair for 2025, the meeting will focus on advancing ASEAN’s vision of becoming a digitally connected community and economic bloc, aligned with the ASEAN Digital Masterplan 2025. Key topics include fostering secure and transformative digital services, technologies, and ecosystems. Dr. Kao will also hold bilateral discussions with ASEAN Member States, Dialogue Partners, and private sector representatives to strengthen collaboration in the region's digital transformation efforts.
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Malaysia Aims to Lead in Digital Finance with Focus on Innovation and Responsibility
The Securities Commission Malaysia (SC) has pledged collaboration with agencies like Bank Negara Malaysia (BNM) to advance Malaysia as an innovative and responsible digital finance hub. This follows Prime Minister Datuk Seri Anwar Ibrahim's call during his Abu Dhabi visit to prioritise blockchain and cryptocurrency as part of Malaysia's digital transformation. The SC stated the initiative aligns with its focus on global leadership in digital finance while safeguarding public interests. Since 2019, the SC has developed a regulatory framework for digital assets, fostering a diverse market that includes exchanges, fund managers, and custodial services.
Malaysia Aims to Strengthen Sustainability in Palm Oil Industry to Meet EU Standards
Malaysia plans to enhance sustainability in its palm oil industry to maintain competitiveness as the European Union's anti-deforestation law takes effect on 30 December 2025. The law requires proof that supply chains for products like palm oil and soy do not contribute to deforestation. Malaysian officials, including Deputy Plantation and Commodities Minister Chan Foong Hin, emphasised the importance of aligning domestic practices with the EU’s requirements to protect market access. Industry leaders highlighted green initiatives such as advanced agricultural technologies and sustainable farming as vital for balancing environmental protection with economic growth. Palm oil exports are projected to increase in 2025.
Malaysia Accelerates SME Digital Transformation with Targeted Support in Penang
The Malaysia Digital Economy Corporation (MDEC) has launched a nationwide initiative to fast-track the digital transformation of small and medium-sized enterprises (SMEs), beginning in Penang. Announced by Digital Minister Gobind Singh Deo, the programme equips SMEs with the tools and knowledge to thrive in the digital economy, improving efficiency and global competitiveness. At its new Zon Utara Office in George Town, MDEC collaborates with local SME associations to address industry-specific challenges and foster innovation. To date, RM30.96 million in grants has supported 173 Penang companies in achieving Malaysia Digital (MD) status, unlocking tax incentives, funding, and business opportunities.
Malaysian Tourism Experts Advocate Collective Action for Sustainable Travel
Malaysian tourism leaders are calling for united efforts to promote sustainable travel while addressing environmental and social challenges. At the ASEAN Tourism Conference, Kingston Khoo, founder of Eco-STEPS, highlighted the slow progress toward UN Sustainable Development Goals. Initiatives like the Sustainable Tourism Malaysia network, co-founded by Justine Vaz of The Habitat Foundation and Cher Chua-Lassalvy of Batu Batu, aim to strengthen collaboration among NGOs, businesses, and communities. Efforts include promoting eco-tourism, protecting biodiversity, and empowering local communities. Speakers emphasised learning from local knowledge, fostering wildlife conservation, and transitioning to regenerative tourism models to ensure long-term benefits and cultural preservation.
These are the highlights we found interesting last week. Do you have any news you want to share? What news caught your attention? Share your thoughts in the comments!
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