Malaysia's cross-border insolvency bill to boost investor confidence
The bill, approved by a majority voice vote in the Dewan Rakyat on July 29, will next be presented to the Dewan Negara. Azalina highlighted its significance for Malaysia's economic growth, stating, 'For many outside the business sector, cross-border insolvency may not be clear. But for businesses, it is crucial for a developing nation like Malaysia.'
Speaking at the Islamic Arbitration Conference 2025 at the Asian International Arbitration Centre (AIAC), she emphasised that the reform reflects Malaysia's dedication to keeping up with global standards. 'This bill reassures investors that Malaysia is keeping pace with international practices,' she added.
Azalina also noted Malaysia's leadership in Shariah-compliant sectors, including Islamic finance and banking. 'Given our strong foundation, we must expand our influence in Shariah-based Alternative Dispute Resolution (ADR),' she said, commending AIAC's new Islamic mediation rules.
AIAC CEO Datuk Almalena Sharmila Johan highlighted the growing need for culturally sensitive dispute resolution in cross-border commerce. The centre is preparing to launch the 2025 Suite of Rules, including updated i-Arbitration Rules, to provide Shariah-compliant solutions for global users. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Focus Malaysia
10 minutes ago
- Focus Malaysia
TunM challenges PMX to hold GE to prove his mandate but instead told to spend his twilight years in peace
THE nation's chief gauntlet thrower is at it again – Tun Dr Mahathir Mohamad has openly challenged his once protégé and current Prime Minister Datuk Seri Anwar Ibrahim to dissolve parliament and to hold snap elections. Posting on his Facebook page, the centurion sarcastically applauded PMX for his bravery in challenging the opposition to table a motion of 'no confidence' in the Dewan Rakyat. The twice former premier stated the reason for PMX's boldness was that the latter knew the motion would not succeed. This is simply because many parliamentarians feared reprisals if they did not back Anwar and the Madani government. The longest serving PM in the world also claimed that there were those who would end up behind bars if they withheld support for PMX, clearly referring to UMNO president Datuk Seri Ahmad Zahid Hamidi who was controversially granted a discharge not amounting to acquittal (DNAA) for his 47 graft-linked charges. The removal of budgetary provisions was also used as a weapon to intimidate MPs, hence the support within the Dewan Rakyat was based on fear. 'Retire for good, TunM' To further illustrate this climate of intimidation, Dr Mahathir also claimed that UMNO members were warned against joining the Turun Anwar rally on July 26. The elderly statesman who lost his deposit in the 2022 national polls went on to argue that PMX needs to seek legitimacy by dissolving parliament and seek a fresh mandate from the electorate. After all, his once-disciple-turned-nemesis is only in Putrajaya because he interfered with the trial of certain political figures to garner their party's support in Parliament. Moreover, it was argued that PMX has nothing to fear as his sycophants had reported a low turnout for the Turun Anwar protest. As expected, there were plenty of reactions to the post with it having already generated 14K likes, 1K shares and 7.3K comments at the time of writing. One commenter pleaded with Dr Mahathir who had administered Malaysia for '22 years and 22 months' to use his influence in nation-building instead by focusing on 'economy, peace and growth'. Others were less diplomatic, pointing out that Tun M would never be happy even if PMX won the 16th General Election (GE16) for a second term. It would then be an endless cycle of demands for national polls followed by calls for a no confidence ad nauseum, claimed one commenter. Another called for patience as polls were just two years away. Dr Mahathir could then set a new record in Langkawi by being the oldest electoral candidate ever. He also chided the former Bersatu and Pejuang founder that he could be the first ex-premier to lose a deposit twice! It was also pointed out that the electorate had already rejected both Dr Mahathir and his progeny in the last election when they both lost their deposits. But the centenarian's ultra-thick hide prevents him from acknowledging this. One commenter advised Dr Mahathir to let PMX carry forward the nation in a fast-changing digital world, believing the country is on good hands. He also contended that the wealth of the latter's offspring will be untouched so long as investigations show they are not ill-gotten. One netizen perhaps offered the best advice to the elder statesman – 'Tun's era has past, be aware that the country needs change'. – Aug 1, 2025
The Star
23 minutes ago
- The Star
Nvidia says no 'backdoors' in chips as China questions security
BEIJING: Nvidia chips do not contain "backdoors" allowing remote access, the US tech giant has said, after Beijing summoned company representatives to discuss "serious security issues". The California-based company is a world-leading producer of AI semiconductors, and this month became the first company to hit US$4 trillion in market value. But it has become entangled in trade tensions between China and the United States, and Washington effectively restricts which chips Nvidia can export to China on national security grounds. "Cybersecurity is critically important to us. Nvidia does not have 'backdoors' in our chips that would give anyone a remote way to access or control them," Nvidia said in a statement Thursday (July 31). A key issue has been Chinese access to the "H20" - a less powerful version of Nvidia's AI processing units that the company developed specifically for export to China. Nvidia said this month it would resume H20 sales to China after Washington pledged to remove licensing curbs that had halted exports. But the tech giant still faces obstacles - US lawmakers have proposed plans to require Nvidia and other manufacturers of advanced AI chips to include built-in location tracking capabilities. Beijing's top internet regulator said Thursday it had summoned Nvidia representatives to discuss recently discovered "serious security issues" involving the H20. The Cyberspace Administration of China said it had asked Nvidia to "explain the security risks of vulnerabilities and backdoors in its H20 chips sold to China and submit relevant supporting materials". China is aiming to reduce reliance on foreign tech by promoting Huawei's domestically developed 910C chip as an alternative to the H20, said Jost Wubbeke of the Sinolytics consultancy. "From that perspective, the US decision to allow renewed exports of the H20 to China could be seen as counterproductive, as it might tempt Chinese hyperscalers to revert to the H20, potentially undermining momentum behind the 910C and other domestic alternatives," he said. Other hurdles to Nvidia's operations in China are the sputtering economy, beset by a years-long property sector crisis, and heightened trade headwinds under US President Donald Trump. CEO Jensen Huang said during a visit to Beijing this month that the company remained committed to serving local customers, adding that he had been assured during talks with top Chinese officials that the country was "open and stable". - AFP
The Sun
2 hours ago
- The Sun
Financial sector crucial for SME growth in strategic industries says BNM
KUALA LUMPUR: The financial sector must actively support small and medium enterprises (SMEs) in strategic growth areas to align with Malaysia's national transformation goals, said Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour. Speaking at the CGC 30th Edition Award 2024, he emphasised the need for financial institutions to facilitate SME participation in high-potential industries such as semiconductors, aerospace, and renewable energy. 'These sectors are capital-intensive and technology-driven, often posing entry barriers for smaller businesses,' he noted. Abdul Rasheed outlined three key areas where financial institutions, including Credit Guarantee Corporation Malaysia (CGC), can contribute. First, unlocking SME opportunities in frontier industries through risk-sharing mechanisms and private capital mobilisation. 'Well-designed programmes with technical expertise can bridge information gaps, giving financial institutions confidence to support SMEs,' he said. Second, he stressed advancing data-driven SME development, citing CGC's shift towards analytical decision-making. 'We must broaden financing access not just for startups but also scalable firms,' he added. Third, he called for sustainable financing solutions, including green and Islamic finance, alongside deeper fintech and ecosystem partnerships. The governor's remarks align with Malaysia's policy frameworks like the New Industrial Master Plan and National Energy Transition Roadmap. 'The financial sector must evolve to support these reforms,' he concluded. - Bernama
