Accenture Acquires Malaysian Firm Offering Financial Services, Aristal
The acquisition will see Accenture upgrading its core systems, improving operations, and managing large-scale changes like mergers and system transitions. Founded in 2006, Aristal offers advisory services and deep expertise in core banking transformation. The firm has built a strong track record of successfully delivering large-scale IT and business transformation programs for leading financial institutions across Malaysia, Indonesia, Singapore, and Thailand.
'With deep expertise in core banking systems, Aristal has helped banks upgrade outdated platforms, improve operations, and deliver better customer experiences—capabilities that will strengthen Accenture's financial services offerings,' said Paul Ng, Financial Services Lead, Southeast Asia at Accenture. 'Joining Accenture opens up tremendous opportunities for our team here in Malaysia to grow and contribute on a larger stage,' said Lin Kok Liong, Managing Director at Aristal. 'By integrating into Accenture's global network of innovation and talent, we're not only expanding our own capabilities, but also enhancing the value we can deliver to clients locally.' Related
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The Star
5 hours ago
- The Star
Trump tariffs leave costly China supply question unanswered; Indonesia among countries deeply affected
JAKARTA (Bloomberg): President Donald Trump's recent flurry of trade deals have given Asian exporters some clarity on tariffs, but missing are key details on how to avoid punitive rates that target China's supply chains. Trump unveiled tariffs of 20% for Vietnam and 19% for Indonesia and the Philippines, signaling those are the levels the US will likely settle on for most of Southeast Asia, a region that ships US$352 billion worth of goods annually to the US. He's also threatened to rocket rates up to 40% for products deemed to be transshipped, or re-routed, through those countries - a move largely directed at curbing Chinese goods circumventing higher US tariffs. But still unclear to manufacturers is how the US will calculate and apply local-content requirements, key to how it will determine what constitutes transshipped goods. South-East Asian nations are highly reliant on Chinese components and raw materials, and US firms that source from the region would bear the extra tariff damage. That's left companies, investors and economists facing several unanswered questions about Trump's tariffs that appear aimed at squeezing out Chinese content, according to Deborah Elms, head of trade policy at the Hinrich Foundation in Singapore. "Is that raw materials? All raw materials? Above a certain percentage?' she said. "How about parts? What about labor or services? What about investment?' In an agreement with Indonesia last week, the White House said the two countries would negotiate "rules of origin' to ensure a third country wouldn't benefit. The deal with Vietnam earlier this month outlined a higher 40% tariff rate for transshipped goods. And Thai officials, who have yet to secure a deal, detailed that they likely need to boost local content in exports to the US. Missing Details The Trump administration isn't providing much clarity on the matter right now. US officials are still working out details with trading partners and looking at value-based local content requirements, to ensure exports are more than just assembled imported parts, according to a person familiar with the matter, who didn't want to be identified discussing private talks. A senior Trump administration official also said this week that details on the approach to transshipment are expected to be released before Aug. 1, the deadline for when higher US tariffs kick in. Some factories are already adjusting their supply chains to comply with rules that will require more locally-made components in production. Frank Deng, an executive at a Shanghai-based furniture exporter with operations in Vietnam - and which gets about 80% of business from the US - said in an interview his firm is making adjustments as authorities appear to be more strictly enforcing country-of-origin rules. Vietnam has always had specific local content requirements for manufacturers, Deng added, including that a maximum of 30% of the volume of raw materials originates from China, and the value after production in Vietnam must be 40% higher than the imported raw materials. "We've been struggling to meet all the standards so that we can still stay in the game,' Deng said. "But I guess that's the only way to survive now.' For most of Southeast Asia, reducing the amount of Chinese-made components in manufacturing will require a complete overhaul of their supply chains. Estimates from Eurasia Group show that Chinese components make up about 60% to 70% of exports from Southeast Asia - primarily industrial inputs that go into manufacturing assembly. About 15% of the region's exports now head to the US, up about four percentage points from 2018. Local Content The US has become increasingly vigilant about China's ability to bypass US trade tariffs and other restrictions through third countries since Trump's first trade war in 2017. Thailand signaled its frustration over the lack of clarity for how much local content is needed in goods exported to the US to avert transshipment rates, but noted it will likely be much higher than a traditional measure of 40%. "From what we've heard, the required percentage could be significantly higher, perhaps 60%, 70%, or even 80%,' Deputy Prime Minister Pichai Chunhavajira said July 14. "Emerging countries or new production bases are clearly at a disadvantage,' he said, as their manufacturing capabilities are still at an early stage and must rely on other countries for raw goods. Vietnam, Thailand and Malaysia have all taken steps this year to address Trump's concerns, increasing scrutiny of trade that passes through their ports including new rule-of-origin policies that centralize processing and imposing harsh penalties on transshippers. Developing nations may still struggle to enforce Trump's rules or comply with the rules if it means going up against China, their largest trading partner and geopolitical partner. "The reality is it's not enforceable at all,' said Dan Wang, China director at Eurasia Group. "Chinese companies have all kinds of ways to get around it and those other countries have no incentive to enforce those measures, or capacity to collect the data and determine local content.' -- Reports from Patpicha Tanakasempipat, Skylar Woodhouse and Nguyen Dieu Tu Uyen. -- ©2025 Bloomberg L.P.
Barnama
5 hours ago
- Barnama
58th AMM Highlights ASEAN's Balancing Act Amid Superpower Rivalry
Analysts believe that the engagement by both powers reflects ASEAN's growing strategic importance amid shifting global dynamics, with China projecting a stable diplomatic approach and the US seeking to re-establish trust in the region. KUALA LUMPUR, July 25 (Bernama) -- The presence of China and the United States (US) at the 58th ASEAN Ministerial Meeting (AMM) and Related Meetings has reinforced the grouping's zest to maintain regional peace and neutrality amid rising superpower rivalry and heightened Malaysia's diplomatic credibility as a trusted partner and future bridge-builder among competing powers. Similarly, US Secretary of State Marco Rubio's presence at Kuala Lumpur signalled Washington's endeavour to re-establish ties with Southeast Asia as a security and economic partner, more so after the chaos caused by America's sweeping tariffs, most of which will take effect come August. Amid renewed geopolitical competition, an analyst opined that China's Foreign Minister Wang Yi's active engagement reflected Beijing's evolving foreign policy posture and its desire to align with ASEAN's principles of peace and neutrality. 'Wang's participation was a productive time for China. It was an opportunity to show its international standing and willingness towards dialogue,' said Dr Rowena Abd Razak, a historical consultant and an Associate with IMAN Research (A Kuala Lumpur-based think tank which focuses on the domains of protective security, peacebuilding and sustainable development). She noted that China's reiteration of support for the Zone of Peace, Freedom and Neutrality (ZOPFAN), along with Wang's meeting with Rubio, demonstrated Beijing's openness to working within international frameworks. Undoubtedly a feather in the cap for ASEAN, 'these moves undeniably showcased China's ability to play a savvy foreign policy game - one that is markedly different from perceived US aggression and the unpredictability of (Donald) Trump's presidency,' she said. Rowena added that Wang's conduct during the meetings reflected an alignment with ASEAN's aspiration to maintain peace and advance a nuclear-free Southeast Asia. Despite China being an economic superpower and Southeast Asia's dependence on the Chinese economy, Wang's approach also showed deference to ASEAN centrality and Malaysia's role as the regional bloc's Chair this year, she said. From an economic perspective, she said Beijing is capitalising on the region's growth potential, mainly as the US adopts increasingly protectionist policies. She cited the proposed upgrade of the China-ASEAN Free Trade Agreement (CAFTA 3.0) as reflecting Beijing's vision of deeper integration with the region. 'Beijing sees ASEAN as an important zone of trade and exchange, particularly amid growing US economic isolation,' she said, referring to the debilitating tariffs imposed on ASEAN member states. 'Wang is expressing Beijing's view of ASEAN's importance and positioning China as a champion for the region,' she added. WASHINGTON RECOVERS LOST GROUND Concurring with Rowena, Universiti Malaya (UM) Security and International Relations analyst Collins Chong Yew Keat said this year's AMM served as a platform for ASEAN to assert its relevance amid intensifying great power competition. Rubio's attendance reflected Washington's attempt to re-engage the region more consistently and rebuild strategic trust. He attributed this to the US attempting to recover lost ground and re-establish itself as a security and economic partner. 'This year's meetings marked a turning point in US efforts to restore credibility and demonstrate dependable support for ASEAN centrality, especially after years of transactional diplomacy. 'While China's rise has been structured and steady, the US is now working to show it remains committed to ASEAN's future,' he said. Rubio's reaffirmation of support for ASEAN principles – neutrality, regional autonomy, and freedom of navigation – was significant, especially amid tensions in the South China Sea and the Taiwan Strait. 'The emphasis on shared values, rules-based order and connectivity offered by Rubio provides a needed contrast to China's assertiveness,' he added. Still, Collins said ASEAN must balance engagement with both powers without eroding unity or compromising neutrality. MALAYSIA ACTS AS A BRIDGE-BUILDER Collins also said this year's AMM tested ASEAN's strategic maturity as the global order becomes more fragmented. It seemed to have passed with flying colours. He said Washington's clearer messaging and sustained high-level participation reflected an understanding that past diplomatic absences had created a vacuum increasingly filled by China. 'ASEAN is now in the spotlight to prove that it remains a relevant and cohesive force amid competing frameworks like the Quad, a grouping comprising Australia, India, Japan and the US and AUKUS, the trilateral security partnership between Australia, the United Kingdom and the US. 'There is now recognition in Washington that inconsistency has damaged trust in the region,' he said. Looking ahead, Collins said that Malaysia's ASEAN Chairmanship for the remainder of 2025, especially at the upcoming summit and with leaders of dialogue partners, possibly including US President Trump, will be pivotal in steering the bloc through a complex regional environment. He added that Putrajaya, Malaysia's federal administrative capital, has the diplomatic credibility to act as a trusted interlocutor between competing powers. 'Malaysia must step forward as a bridge-builder to ensure ASEAN remains cohesive while promoting inclusive, rules-based cooperation with all major powers. 'Malaysia's leadership will be critical in strengthening ASEAN mechanisms, advancing economic resilience and anchoring strategic convergence based on mutual respect and autonomy,' he said. Wang participated in key sessions during the AMM, including the ASEAN-China and ASEAN Plus Three (APT) meetings. Rubio, on his first official visit to Asia, participated in the ASEAN-US Foreign Ministers' Meeting and held bilateral talks with Wang on the sidelines. The meetings, held from July 8 to 11, were hosted under Malaysia's 2025 ASEAN Chairmanship, with the theme 'Inclusivity and Sustainability'. -- BERNAMA BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies. Follow us on social media : Facebook : @bernamaofficial, @bernamatv, @bernamaradio Twitter : @ @BernamaTV, @bernamaradio Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial TikTok : @bernamaofficial
The Star
8 hours ago
- The Star
Another legend calls it a day - Tamiya, the man who brought perfection to plastic race car models, dies at 90
Under the leadership of Shunsaku Tamiya, Tamiya Inc. gained worldwide popularity for producing kits that excelled in quality and historical accuracy. -- PHOTOS: TAMIYAUSA/FACEBOOK SHIZUOKA (Japan): Chairman of the Japanese plastic model kit maker Tamiya Inc., Shunsaku Tamiya, known for its radio-controlled cars and Mini 4WD models, has died, the company has announced. He was 90, Kyodo News reported. Tamiya, who died of undisclosed causes, was credited with raising the global profile of the Shizuoka-based toy maker. While the funeral was held privately by close relatives, the company plans to hold a memorial event. The Shizuoka native long served as the company's president, helping raise his hometown's standing in the plastic model industry through trade and hobby shows, according to the maker. After graduating from Waseda University in Tokyo in 1958, he joined Tamiya Shoji & Co., which was then operated by his father, Yoshio. Tamiya became president of the company in 1984 and was named chairman in 2008. For the record, Tamiya led the company that bore his family's name for more than four decades, turning it into one of the world's largest makers of build-it-yourself plastic model kits of race cars and military vehicles. Since producing its first such kit in 1960, of the Japanese World War II battleship Yamato, Tamiya Inc has become a globally known brand that also produces remote-controlled cars. Under the leadership of Tamiya, who replaced his father as the company's president, Tamiya Inc won popularity worldwide for making kits that excelled in quality and historical detail. In 1967, one of its miniature models so faithfully reproduced a Formula One racing car, down to the location of a starter battery beneath the driver's seat, that the maker of the original vehicle, Honda Motor, wondered if he had access to trade secrets but decided to let it pass. His pursuit of accuracy also once took him to the embassy of the Soviet Union in Tokyo, where he sought details about Warsaw Pact tanks. This drew the attention of Japan's public security bureau, which placed him under surveillance for a time. Tamiya was serving as the company's chair at the time of his death. According to the company, he still enjoyed standing at the entrance to an annual trade show near Tamiya's headquarters in Shizuoka, a city south of Tokyo, to watch the children come in. Although the company continues to produce model kits in Shizuoka, it also opened a factory in the Philippines in 1994. -- Agencies
