Latest news with #Asean
The Star
an hour ago
- Business
- The Star
UPI-CIMB tie-up to improve payment services in M'sia
From left: CIMB Malaysia and CIMB Bank Bhd chief executive officer Gurdip Singh Sidhu, CIMB head of consumer banking Malaysia Daniel Cheong, UnionPay International (SEA) managing director Jian Jiangtao China UnionPay chairman Dong Junfeng and UnionPay International chief executive officer Larry Wang. PETALING JAYA: UnionPay International (UPI) and CIMB Bank Bhd have entered into a memorandum of understanding (MoU) to improve payment services in Malaysia. This strategic collaboration will enhance the payment experience for UnionPay cardholders, particularly in high-frequency sectors such as retail, transportation, medical care, and eCommerce. As part of this partnership, UPI will also equip CIMB's merchants with access to its proprietary security authentication service, thereby optimising Malaysia's eCommerce and digital payment acceptance environment. Dong Junfeng, chairman of UPI, said UnionPay has been operating in Malaysia for over 20 years. 'This collaboration with CIMB represents an important step in advancing UnionPay's payment network in Malaysia through inclusive, secure, and interconnected financial infrastructure. 'Malaysia continues to be a vital hub for regional payment innovation, and we are proud to deepen our cooperation to support seamless, cross-border commerce and digital transformation. 'Together, we aim to deliver greater convenience and trust to consumers and businesses across the region.' CIMB Malaysia and CIMB Bank chief executive officer Gurdip Singh Sidhu said the collaboration underscored the bank's commitment to enhancing payment solutions that enables its network of customers greater convenience and growth opportunities. 'The partnership with UPI allows for greater Asean – China as well as global solutions coverage, providing customers with enhanced access and security, especially during cross-border travel and trade.' To better serve the bilateral personnel exchanges, UnionPay continues to expand its payment acceptance environment in Malaysia, with over 90% of local merchants accepting UnionPay cards. The partnership will further expand and deepen the access of UnionPay solutions among CIMB merchants including selected gas stations, transportation ticket counters, major hospitals highway toll stations, vending machines, shopping mall parking systems, and other key payment merchants, effectively improving UnionPay's acceptance and customer experience.
Free Malaysia Today
5 hours ago
- Business
- Free Malaysia Today
Of Asean 2045, trade shifts, and Myanmar moves
Southeast Asian leaders met in Kuala Lumpur over two days for the 46th Asean Summit and related summits. KUALA LUMPUR : Southeast Asia took centre stage this week as leaders gathered for a rare convergence of three back-to-back summits – the 46th Asean Summit, the 2nd Asean-Gulf Cooperation Council (GCC) Summit, and the inaugural Asean-GCC-China Summit. From long-term roadmaps and economic resilience plans to deepening strategic alliances, the message was clear: Asean is laying the groundwork to future-proof the region. Prime Minister Anwar Ibrahim, chairing the 46th summit, warned that the very foundations of Asean were being tested by rising protectionism, the ongoing Myanmar crisis, and a fragmented global order. 'It is the sense of centrality and our conviction to forge our own future that will enable us to stay ahead of the curve,' he said in his opening remarks. From stalemate to strategy on Myanmar Asean's credibility continues to be challenged by the prolonged civil war in Myanmar, and this year's summit signalled a potential pivot in approach. For the first time, Asean foreign ministers broached the idea of appointing a permanent special envoy to Myanmar, moving away from the current rotating system that has struggled to yield results. Thomas Daniel of ISIS told FMT this showed that Asean was 'finally recognising the need to move beyond its ad hoc approach', though much would depend on how the envoy's role was defined. 'Asean has always demonstrated flexibility between principles and pragmatism, and the same ought to apply to how it approaches Myanmar; but there is no excuse for inaction,' Daniel said. A tripartite push for closer cooperation The 2nd Asean-GCC Summit reinforced growing Gulf interest in Southeast Asia, with both sides pledging to expand cooperation in trade, investment and energy. Two-way trade between Asean and the GCC is expected to hit US$180 billion (RM757 billion) by 2032, a figure that Julia Roknifard of Taylor's University described as a 'steady and incremental rise'. 'It is clear that the GCC is looking to trade and invest with safer bets than the US or European Union over the long-term,' she told FMT. On the ongoing Asean-GCC free trade agreement talks, Roknifard said 'Asean could see significant investment inflows', particularly if the Gulf states broadened their focus beyond energy and into key sectors for Asean's growth. The momentum carried into the first-ever Asean-GCC-China Summit, where Chinese premier Li Qiang pledged, in his opening remarks, to bring 'powerful momentum' to the partnership described as 'one plus one plus one is greater than three'. 'As China's differences with the US and the West persist, it understandably reaches out more proactively to Southeast Asia and the Global South, both of which have traditionally been close to China,' Oh Ei Sun of the Singapore Institute of International Affairs told FMT. Navigating turbulences better together Capping off the summit, Asean leaders unveiled the Kuala Lumpur Declaration on 'Asean 2045: Our Shared Future' – a forward-looking vision to steer the region through the next two decades of disruption and opportunity. 'We underscore the importance of enhancing Asean's resilience and promoting collective, efficient, effective and innovative responses to regional and global challenges and future shocks,' it reads – a rallying cry to secure the region's future. A five-year action plan was also adopted to boost regional trade, facilitate freer movement of goods and people, and attract foreign investment through regulatory reforms in industries such as mining, agriculture and manufacturing. In a separate joint statement, the leaders also pledged to upgrade the bloc's Asean+1 free trade deals and the Regional Comprehensive Economic Partnership (RCEP), a strategic shield against rising external headwinds and an effort to anchor the region firmly in the global economy. Together, these moves signal Asean's determination to not just survive global disruptions, but to shape the future with confidence, cohesion, and purpose.
The Star
8 hours ago
- Business
- The Star
Asean Sec-Gen hails 'twin successes' of 46th Summit with Vision 2045, Timor-Leste admission
Asean Secretary-General Dr Kao Kim Hourn speaks during an interview with media practitioners held in conjunction with the 46th ASEAN Summit at the Kuala Lumpur Convention Centre on May 25, 2025. - Photo: Bernama JAKARTA: (Bernama) Asean Secretary-General Dr Kao Kim Hourn on Wednesday (May 28) hailed the 46th Asean Summit in Kuala Lumpur as a success, citing the adoption of the Asean Community Vision 2045 and progress toward Timor-Leste's full membership as landmark outcomes. Held under Malaysia's 2025 Asean Chairmanship themed "Inclusivity and Sustainability', the two-day summit embodied the spirit of Asean's collective aspirations, he said. Kao highlighted the "twin successes' of the summit - the launch of the Asean Community Vision 2045 with four strategic plans, and the consensus to admit Timor-Leste as Asean's 11th full member, with formal induction expected at the October summit. "Leaders reached consensus on Timor-Leste's full membership during the summit's retreat session,' he said, noting that a dedicated Timor-Leste unit has been established within the Asean Secretariat to support the accession process. He made the remarks during a briefing on the summit's outcomes-including the 2nd Asean-Gulf Cooperation Council (GCC) Summit and the Asean-GCC-China Summit-attended by the diplomatic corps and media at the Asean Headquarters. Reflecting on the overall outcome, Kao said the summit was successful in terms of participation, substance, and organisation, achieving its intended goals, with a total of 22 outcome documents adopted during the summits. On internal challenges, Kao said Asean leaders engaged in "frank and candid' discussions, particularly regarding the crisis in Myanmar and regional economic pressures. "External meetings with China and the GCC also emphasised trust-building both within the region and with external partners,' he stressed. On Myanmar, he said leaders reaffirmed the validity of the five-point consensus and noted growing support for appointing a long-term special envoy to step up diplomatic efforts amid ongoing violence and humanitarian concerns. On impact of US tariffs, Kao said Asean countries face serious economic disruption but have agreed not to retaliate, instead opting for cooperative negotiations with Washington. He added that the bloc plans to upgrade its free trade agreements with South Korea, explore a potential region-to-region free trade agreement with the GCC. At the Asean-GCC meeting, Kao both sides agreed to deepen co-operation in areas such as trade, investment, tourism, air connectivity, people-to-people exchange, and energy transition as well as discuss the Palestine and Gaza issues. The inaugural Asean-GCC-China Summit was also held, where leaders underscored the importance of a rules-based multilateral trading system and explored synergies in trade, energy, and technology. When asked about the possibility of Papua New Guinea (PNG) joining Asean following Indonesia's expressed support, Kao stated that although the matter was brought up, there has been no formal discussion among Asean member states to date. "That is something that our officials would need to look into,' he said, adding that consensus among all current members would be necessary for PNG to join. - Bernama
The National
8 hours ago
- Business
- The National
Why energy should be at the centre of emerging countries' economic policymaking
Energy needs to be at the heart of policymaking if developing nations want to navigate the current geopolitical turmoil and tectonic shift in the global economy, experts at the World Utilities Congress told The National on Wednesday. The sector has emerged as a keystone of economic policy, and countries should realign their strategies to attain energy independence, which will help them cope with future uncertainties, they said. Emerging economies, in particular, should pay close attention to opportunities within the energy industry and attract more investment, said Roberto Bocca, head of the World Economic Forum's Centre for Energy and Materials. 'If you have a strategic view and approach, you can reposition yourself for the future of your country in line with the new energy system,' he said at the event in Abu Dhabi. Countries in blocs will benefit if they take a united front, he said, giving the example of the Asean Power Grid, which is being positioned as a resilient electricity infrastructure to drive regional economic growth. Such initiatives are strategic ways to 'make an opportunity out of this [sustainable energy] challenge', Mr Bocca said. Emerging economies need to strike the right balance between 'affordability and sustainability', while the developed world is more focused on sustainable energy, Karim Amin, executive board member of Germany's Siemens Energy, said. That balance will allow emerging economies to 'embark on their own journey of economic development and industrialisation', Mr Amin said. Data centres 'jumping the energy queue' The rapid growth of the data centre industry is making striking the right energy balance much more complicated. It is expanding at breakneck speed alongside artificial intelligence and cloud requirements. 'Data centres are making the discussion even more complex because they are jumping the queue,' Mr Amin said. 'They want to have all the energy that they can get as fast as possible, and money is not exactly the main hurdle,' he said, alluding to the major investment in data centres by some of the world's biggest technology names. In general, the bigger the data centres, the bigger their energy need. On a monthly basis, small, medium and large-size data centres are estimated to consume as much as 36,000kWh, 2,000MW and 10MW, respectively, according to industry tracker Data Centre World. Data centres were thrust into the spotlight again with the recent announcement of Stargate UAE, a mega data centre project to be built in Abu Dhabi by AI major G42, OpenAI, Oracle, Nvidia, Cisco and SoftBank Group. The one-gigawatt compute cluster will operate in the recently established five-gigawatt UAE – US AI Campus. 'When you look at data centres or the AI related to them, a lot of the conversation is around, indeed, the growing demand,' Mr Bocca said. 'The other side of the equation that is maybe less spoken about is [what kind of] optimisation AI can bring [to data centre systems]. There will be adjustments, but in the short run, definitely in some locations there will be increasing demand of energy for data centres.'
New Straits Times
9 hours ago
- Business
- New Straits Times
Autogate access at KLIA extended to more Asean countries, Timor-Leste
KUALA LUMPUR: The use of the autogate facility for immigration clearance at Kuala Lumpur International Airport (KLIA) Terminals 1 and 2 has been extended to travellers from six Asean countries and Timor-Leste, effective Feb 15. The Home Ministry said the autogate access is now available to citizens of Indonesia, Cambodia, Laos, Myanmar, the Philippines and Vietnam, as well as Timor-Leste. Currently, autogate access is granted to citizens of 63 countries, including two Asean members, namely, Singapore and Brunei. Autogate access is also allowed for passport holders from countries whose travel documents do not contain embedded chips, in line with International Civil Aviation Organisation requirements for secure and accurate identity verification. The ministry said the expansion aligns with the Madani government's aspiration to enhance public service delivery by prioritising speed, efficiency and compassion, both for Malaysians and foreign travellers. "This initiative also embodies the spirit of inclusivity and regional cooperation, particularly in strengthening diplomatic and tourism ties between Malaysia, Asean member states, and Timor-Leste. "The move is part of a broader strategic effort to improve the management of traveller movement at entry points, especially in anticipation of a significant rise in international arrivals in conjunction with Malaysia's Asean Chairmanship this year and Visit Malaysia Year 2026," the ministry said in a statement today.
