Latest news with #Gurdip
The Sun
5 days ago
- Business
- The Sun
Banks, fintech players step up cross-border expansion and collaboration in Asean
KUALA LUMPUR: Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across Asean, adopting tailored strategies to strengthen their presence in the region's digital financial services landscape. Reflecting this regional shift, CIMB Bank Bhd and CIMB Malaysia CEO Gurdip Singh Sidhu said the bank is scaling its Asean presence through both physical expansion and cross-border digital offerings, a strategy that has enabled it to serve over 50 million users across Southeast Asia. 'We may historically be viewed as a legacy financial institution, but we are accelerating our digital transformation. At the same time, we are also the largest investor in Touch 'n Go Digital, which operates the largest e-wallet in Malaysia, and functions as a non-bank digital super app, facilitating smoother transactions. 'With Touch 'n Go eWallet now supported on the Alipay+ platform, cross-border payments are seamless for both foreign visitors and Malaysians abroad, while also enabling local small and medium enterprises to accept payments from international customers,' he said during a media panel session titled 'Going Beyond Borders: How Fintechs and Financial Institutions are Redefining Regional Scale' on Tuesday. On regional expansion, Gurdip highlighted CIMB's success in the Philippines, where the bank established a digital-first presence from the ground up in just six years. 'We partnered with the leading local e-wallet and initially offered banking products via their front end before launching our own app. Today, we serve nearly 10 million customers. All through digital,' he said. In support of broader regional integration, global digital payment and fintech provider Ant International is also strengthening cross-border infrastructure through its Alipay+ platform. Ant International general manager of global business services and support, Jake Xue, said the company is expanding its cross-border payment infrastructure and digital financial services to connect 1.7 billion users with over 100 million merchants worldwide. 'Malaysia is strategic to our global vision, not only as a gateway to Asean, but also as a source of diverse and digitally savvy talent,' he said, adding that the company plans to grow its Malaysian team to 1,000 employees by the year-end, up from 800 currently. On supporting startups with regional ambitions, Xue said Ant International forms strategic partnerships with both local and regional players. 'With startups, we co-develop solutions and provide global exposure through initiatives such as our 10x1000 Tech for Inclusion programme,' he said. Meanwhile Visa head of Products and Solutions for Regional Southeast Asia, Kim Hak, said cross-border payments remain complex and require careful planning and coordination, making interoperability and shared standards essential. 'It comes down to trust in the system. If a fintech enters the space without a proven track record, having consistent, recognised standards or interoperable frameworks helps build confidence – both for us as partners and for their ability to scale,' he said. Fintech Association of Malaysia president Anil Singh Gill said Bank Negara Malaysia (BNM) is now globally recognised as one of the most solid and competent regulators in terms of financial governance for both institutions and fintechs. 'BNM has clear guidelines like Risk Management in Technology, which help immensely. But what we may need next is open finance, this could introduce competition and transparency that further reinforces trust,' he said. Nexea CEO Ben Lim opined that corporate partnership can serve as a strong vote of confidence for startups, signalling they have passed due diligence and are ready to scale. 'For example, one of our other startups, Lapasa, grew 16 times – 1,600% in a single year – simply because it secured one large corporate client. Such clients can provide the leap needed for startups to go regional or even global,' he said. The media panel session was held on the sidelines of MyFintech Week 2025, which runs from Aug 4 to 7 and gathers nearly 1,000 industry leaders, regulators and innovators to explore the future of finance and technology. With the theme 'Ideate, Innovate, Co-create: Shaping the Future of Finance', the third edition of MyFW 2025 reinforces its role as Malaysia's flagship fintech event. The event is co-organised by BNM, the Securities Commission Malaysia, the Asian Institute of Chartered Bankers, the Fintech Association of Malaysia and the Malaysia Digital Economy Corporation. This year's programme features keynote addresses, panel discussions, masterclasses, workshops, and live demonstrations, spotlighting trends and solutions driving innovation and financial inclusion. – Bernama
The Star
5 days ago
- Business
- The Star
TNG Digital in no rush to go public, says CIMB
CIMB Bank Bhd chief executive officer Gurdip Singh Sidhu. PETALING JAYA: Touch 'n Go Digital Sdn Bhd (TNG Digital) has qualified as Malaysia's next unicorn, with CIMB Group confirming the homegrown eWallet operator has crossed the US$1bil valuation mark and turned profitable – but says there is 'no rush' to go public. CIMB Group, via 100%-owned Touch 'n Go Sdn Bhd, holds a 45.01% stake in TNG Digital, followed by Antfin Singapore Holding Pte Ltd at 23%, Alipay Singapore Holdings Pte Ltd at 11.62%, Lazadapay Holdings Pte Ltd at 11.38%, ASP Malaysia LP at 5.99%, and AIA Bhd at 3%. 'We are very confident TNG Digital is already qualified as a unicorn,' said CIMB Bank Bhd chief executive officer Gurdip Singh Sidhu, who also heads CIMB's group digital business. His comments follow Finance Minister II Datuk Seri Amir Hamzah Azizan's remarks at the MyFintech Week 2025 launch yesterday, where the government reiterated its goal of identifying five local unicorns by 2030. If confirmed, TNG Digital – Malaysia's largest financial technology company – would join the ranks of Carsome Sdn Bhd, which reached unicorn status in 2021, and Edotco Group Sdn Bhd, the regional telecommunications tower company 63%-owned by Axiata Group Bhd . With TNG Digital now profitable, Gurdip said there is no immediate urgency to list the company. 'The question of initial public offering (IPO) is something we will always assess, but it's not something we are rushing into,' he told reporters on the sidelines of a media roundtable at MyFintech Week 2025. 'At this point, the business is growing nicely. 'We have started making profit after a few years of incubation. 'So the business is in good shape, but we are not rushing into an IPO per se yet.' Last September, Reuters, citing sources, reported that TNG Digital was eyeing a Bursa Malaysia listing in two to three years that could raise over US$300mil. As at March 2025, TNG Digital had 29.8 million registered users, up 10% year-on-year (y-o-y), with average transacting users at 14.9 million. In a written reply to StarBiz, TNG Digital said it has been recording consistent quarterly profits since the third quarter of 2024, supported by more than 24 million users verified via electronic Know-Your-Customer (e-KYC). 'Our platform continues to expand beyond payments, with rapid growth in financial services and lifestyle offerings,' it said. TNG Digital said its flagship financial product, GO+, continues to drive growth, now serving nearly 3.6 million active users – a 10% y-o-y increase – while assets under management have doubled over the same period to more than RM1.5bil. GO+ is a micro-investment feature that lets users earn returns on their eWallet balance. 'As a privately held company, we are unable to disclose further financial or operational details at this time.' While financial specifics remain limited, Gurdip highlighted the growing usage of the platform beyond payments. He noted that with over 24 million e-KYC verified users, the TNG eWallet is reaching 'almost every adult Malaysian.' He added that payment usage – where users load and spend via the wallet – remains the primary measure of market share. 'Then we look at what other financial services. That part is still relatively early days, but the trajectory is very, very positive.'
The Star
06-06-2025
- Business
- The Star
Mission to rebuild hockey in Selangor
Selangor Hockey Association (SHA) is undergoing a quiet reset under the leadership of its new president. Gurdip Singh Mann took office earlier this year with a mandate to restore stability and structure. A long-time club administrator and co-founder of Synergy Hockey Club, Gurdip took on the role with the intention of only serving one term until 2027. His focus is on laying down systems that future leaders can build on, rather than attempting a rapid turnaround. For years, Selangor's presence in national-level hockey has waned, with inconsistent performances, limited youth talent and declining district engagement. While the state still boasts pockets of passionate players and clubs, it lacks match opportunities and has struggled to build and maintain a reliable development system, especially when compared with neighbouring states like Perak. Selangor women's team ahead of the Malaysian Hockey Federation's National Hockey 5s tournament at the National Hockey Stadium. SHA wants to get more women in the state involved in hockey. The lack of a centralised calendar, limited funding and insufficient match exposure have contributed to the dip in competitiveness in competitions like the Tun Abdul Razak Cup and Malaysia Games (Sukma). 'Many district associations have been inactive and club- level activities have become sporadic due to financial constraints and a lack of coordination. 'These conditions led to a slow erosion of talent and participation, especially among women and younger age groups,' Gurdip, 56, told StarMetro. SHA's top priority is to rebuild its financial base because running state leagues, training sessions and pitch rentals come with significant costs. 'We can't raise the funds overnight but we have to put in the effort. We have already started, so hopefully we can slowly build up our coffers,' said Gurdip. 'Running a state league for a few weeks can easily cost about RM100,000. 'Venue cost alone can be half of that. 'We have been busy setting up meetings with the Selangor Sports Council, Youth and Sports Ministry, local councils and potential sponsors. These are crucial stakeholders who can help us move forward.' To help rebuild the association's foundations, Gurdip has brought in a team of former state and national players as well as seasoned officials who have been to the top of their fields. Gurdip (second from right) with (from left) Kuganeson, Brian and Stephen at the committee's first council meeting. Among them are deputy president Brian Gerard Fernandez, vice-presidents P. Kuganeson, Nishel Kumar, Stephen Asecalin Fernandez, Nor Azuairi Che Sidik and Universiti Kebangsaan Malaysia (UKM) sports director Dr Nur Shakila Mazalan. 'We want to encourage more women to join the association. It is not just a men's team that we have,' said Gurdip. Among SHA's challenges are reactivating lapsed affiliates and supporting school-level hockey to feed the talent pool. Currently, only two out of nine district associations – Hulu Selangor and Kuala Selangor – are affiliates of SHA and active. 'Some of them are inactive or have been deregistered, so we have started reaching out to the remaining seven districts to get things back on track.' Selangor women's team performance has been commendable. Gurdip also pointed out the importance of restoring Selangor's standing in major national competitions like the Tun Abdul Razak Cup, which the state last won in 1996. 'We were giants at one time. The Razak Cup was where everyone looked out for Selangor. 'Now, we struggle to even field a proper team. But if we can get the foundation right – the clubs, the schools, the districts – then, competing at that level will become realistic, ' he said. On the state's showing in last year's Malaysia Games (Sukma), Gurdip described the performance of Selangor men's side, which placed 11th, as 'disappointing'. The women's team, he said, performed respectably, finishing 5th last year and emerging runner-up in 2022. 'Sukma is critical for identifying young talent and measuring the strength of development programmes at the state level. 'We have proposed a full review of selection, training methods and preparation ahead of the next edition,' he added. Selangor men's team training at the MBPJ Hockey Stadium in Petaling Jaya. — Photos: IZZRAFIQ ALIAS, KAMARUL ARIFFIN, GLENN GUAN/The Star SHA recently participated in the Malaysian Hockey Federation's National Hockey 5s tournament – its first major competition under the new leadership. Despite limited preparation, the women's team delivered a commendable third-place finish while the men's side placed eighth. 'We had an open trial as we don't yet have a fixed pool for the Hockey 5s format. But this gave us a good idea of what's out there,' said Gurdip on preparing the men's and women's squads for the tournament. The committee is also reviewing SHA's internal constitution and updating its governance framework. Gurdip said current rules needed to be revised to reflect present-day challenges and ensure that responsibilities were clearly defined. He noted that clear roles and responsibilities were important to avoid confusion and ensure accountability. SHA has five voting affiliates – Star Hockey Club, Synergy Hockey Club, Selangor Indian's Association as well as the district associations of Kuala Selangor and Hulu Selangor. Non-voting associate affiliates include Petaling Jaya City Council (MBPJ) Sports and Culture Club, Universiti Kebangsaan Malaysia (UKM), Universiti Teknologi Mara (UiTM), Universiti Tenaga Nasional and Kelab PJ. One of SHA's key long-term goals is to revive inter-district competition and strengthen the base of coaches, umpires and technical officers. For that, Gurdip said SHA would look at adopting development models from other successful states such as Perak. He hopes to revive inactive clubs and encourage new ones to register. 'The clubs are the engine room. Without them, there is no development. 'I told the council that our purpose should be developing the young. 'In another three years, we must have a pool of young players. 'We need to focus on building players, not just fielding teams.' He said SHA was widening its outreach to ensure rural and small-town clubs were not left out. 'Even if one boy from Tanjung Karang makes it to the state team, it matters. That's how you grow the game.' With Selangor set to host Sukma next year, SHA is also working with local councils to improve the hockey stadiums of Klang Royal City Council and Petaling Jaya City Council. Lighting and maintenance are key concerns, especially at the MBPJ hockey stadium which is in need of upgrades. 'We have presented the Sukma secretariat with a technical report and had a thorough site visit,' said Gurdip. 'Now we are waiting for feedback and follow-up. If the venue is upgraded in time, it will benefit not just us but all hockey users beyond Sukma.' He said the association also needed to train more umpires, judges and match officials. 'We cannot always depend on the same few people. We need to train more umpires, judges and match officials.' To ensure continuity and long-term improvement, Gurdip aims to improve documentation and processes within the association. 'Everything should be in writing. There should be manuals, standard procedures, and timelines. 'That way, the next committee doesn't have to start from zero. 'My term as president is for one year and we have a lot on our plate, so it will take one year just to settle in. 'Hopefully, we can prepare well enough for the next best person to take over and that is why we need to build a system that can stand on its own.'
Hindustan Times
28-05-2025
- Hindustan Times
Duped by travel agents, 3 Australia-bound Punjabi youngsters stuck in Iran
Duped by illegal travel agents, three Punjabi youngsters belonging to Hoshiarpur, Sangrur and Shaheed Bhagat Singh (SBS) Nagar, have been held captive in Iran allegedly by traffickers who are demanding hefty sums from their families for their release. In her complaint to the police, Bhagowal resident Gurdip Kaur said that Piplanwala-based agent brothers Dheeraj and Kamal Attwal lured her 23-year-old son, Amritpal Singh, with the promise of procuring a work permit visa to Australia and took ₹18 lakh in advance. On May 1, Amritpal and two other youngsters, Husanpreet Singh from Sangrur and Jaspal Singh from SBS Nagar, took the flight from Delhi international airport. Gurdip said that on May 2, her son called up to inform her that he had reached Iran from where he would be sent to Australia. 'An hour later, Amritpal called again and said that he and the other two youngsters had been held captive and the captors were demanding money saying they had not been paid by their agents,' Gurdip said. She said the accused made video calls from the phones of her son and the other two youngsters while mercilessly beating them. They want the three families to transfer ₹18 lakh each via money gram, she said. Gurdip said when her family approached the travel agents for help, they found they had fled their houses and their phones were switched off. On her complaint, a first information report (FIR) was registered at Model Town police station against the accused agents and one of their employees but so far no arrest has been made. Station house officer Gursahib Singh said that efforts were on to arrest the absconding agents.
