In the wake of rising data breaches and cyber threats in Malaysia, TNG Digital is collaborating with the Malaysia Digital Economy Corporation (MDEC) to offer an innovative data protection service for Touch ‘n Go eWallet users. Called MyCyberShield, this service is a part of TNG’s #JagaDataKita campaign aimed at empowering Malaysians to live a secure digital lifestyle.

The Alarm Bells Are Ringing

According to Alan Ni, the CEO of TNG Digital, the data of an astonishing 22.5 million Malaysians, including critical details like full names, IDs, and home addresses, is up for sale on the dark web. With numbers like these, there’s a pressing need for robust data protection solutions, making campaigns like #JagaDataKita not just necessary but urgent.

What is MyCyberShield?

Supported by MDEC and powered by F-Secure, MyCyberShield focuses on critical aspects of online safety. It aims to raise awareness about data protection and data breach, increase understanding of cyber threats and scams, and encourage good cyber hygiene practices.

Timo Laaksonen, the President and CEO of F-Secure, elaborates that the first phase of MyCyberShield offers Identity Protection with the Cyber Help feature. This feature allows subscribers to safeguard multiple identities such as email addresses, credit cards, phones, MyKad, and usernames. If any breaches occur, subscribers will be notified and will also receive tips and recommended actions based on the severity of the data breaches.

The Future of MyCyberShield

Laaksonen further mentioned that the second phase will include more robust cybersecurity defenses and explore the potential of product bundling with TNG Digital Financial Services, such as Wallet Safe and other relevant insurance products.

Special Promo Alert!

From August 25 to September 30, 2023, MyCyberShield will be offered at a special rate of just RM9.99 for a three-month subscription. Users will also enjoy an RM3 cashback credited back to their eWallets. The Cyber Help feature provides personalized assistance, enabling subscribers to reach out to F-Secure for expert guidance in case of any identity theft incidents.

Conclusion

As our lives become increasingly digital, the need for robust data protection solutions like MyCyberShield has never been more critical. With collaborations like the one between TNG Digital and MDEC, it seems Malaysians are taking a step in the right direction to secure their online lives.

If you’re looking to fortify your data protection game, MyCyberShield may just be the safety net you need.

Source : https://soyacincau.com/2023/08/26/touch-n-go-ewallet-offers-mycybershield-personal-data-protection-service-rm9-99-for-three-months/

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Speaking at the Sabah Chinese Economic Conference on August 23rd, Hajiji emphasized the importance of technology and innovation in boosting productivity. What makes this even more significant is the all-encompassing approach that Sabah’s government is adopting, with artificial intelligence (AI) being highlighted as a game-changing factor.

As technology advances, so does the expectation for businesses to leverage it. Hajiji warns, however, that embracing technology isn’t just an opportunity; it’s a necessity. “Digital experience makes all the difference,” he noted, cautioning that businesses failing to invest in digital technologies would not stay competitive.

The numbers back him up, with projections suggesting that by 2025, the digital economy will contribute to an impressive 22.6% of Malaysia’s GDP and create half a million jobs.

But what sets Sabah’s approach apart is not just the focus on technological advancements. It’s the balanced view of integrating technology with human capital empowerment. The vision of competency, innovation, resilience, and integrity in human resources is commendable.

The state government is backing this vision with concrete steps. Sabah Economic Development and Investment Authority (Sedia) recently organized a Drone Seminar to explore the potential impact of drones on the state’s economy. With an eye on the Industrial Revolution 4.0, there’s a push towards Technical and Vocational Education Training (TVET) and the expansion of the Internet of Things (IoT).

What’s clear from this development is that Sabah isn’t simply jumping on the digital bandwagon. It’s creating a roadmap that encompasses technology, people, and innovation.

“Collaboration with industry on skills training needs to be improved to enhance the capacity and marketability of our human capital,” Hajiji said. This statement reflects the forward-thinking approach that intertwines technology with human potential.

As the world rapidly shifts towards a new digital era, Sabah’s clear commitment to embracing both technology and human development positions it as a leader in this journey.

The message from the top is clear: To be competitive, creativity and pro-activity are crucial, and Sabah seems ready to lead by example. The question that remains is how other states will respond to this challenge.

Source: https://www.thestar.com.my/news/nation/2023/08/23/sabah-ramping-up-digitalisation-efforts-to-maximise-digital-economy-potential

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In what seems to be a carefully designed strategy, MDEC aims to cultivate a thriving ecosystem through a multi-faceted approach. The commitment to nurturing IDE companies is robust, with Syed Ibrahim detailing a comprehensive ecosystem of mentorship, funding, business matching, and market access.

“This is merely the first step towards formulating pilot projects,” he said, alluding to the ambition of commercializing successful proof-of-concept solutions.

A Strategy Unveiled

What makes this announcement particularly intriguing is how MDEC is positioning itself to play an instrumental role in bridging the gap between traditional Islamic industries and the digital sphere. By collaborating closely with halal certification bodies, Islamic financial institutions, and other stakeholders, MDEC is placing emphasis on enhancing efficiency, transparency, and compliance.

The result? An elevation in the quality of services and a strengthening of the halal ecosystem and the reach of Islamic finance.

An Ecosystem for Growth

The strategy goes beyond mere words. Through initiatives like Malaysia Digital, MDEC demonstrates its commitment to creating a digital ecosystem that spurs innovation, empowers businesses, and enables digital inclusion. The concept of “Pemangkin,” or Malaysia Digital Catalytic Programmes, is a standout example of this strategy to accelerate growth in the sector.

Digital Economy’s Robust Contribution

With the digital economy’s contribution standing at 23.2% to Malaysia’s gross domestic product, or RM348 billion in 2021, it’s clear that the digital wave is more than just a fleeting trend. Projections indicate that this contribution will surge to 25.5% by 2025, or over RM382 billion, signifying a continued strong momentum.

The Future of IDE in Malaysia

MDEC’s focus on the Islamic digital economy comes at a crucial juncture. With new foreign direct digital investments worth RM42 billion and domestic direct digital investments amounting to RM4.76 billion approved in 2022, the landscape is ripe for innovative, strategic moves.

As the digital economy continues to grow, the emphasis on the Islamic digital economy presents both an opportunity and a challenge. The opportunity lies in leveraging the unique characteristics of the Islamic finance, halal, and lifestyle sectors. The challenge is in executing a vision that requires collaboration, innovation, and commitment.

MDEC seems poised to meet this challenge, setting the stage for a future where the Islamic digital economy is not merely a segment but a vibrant, essential part of Malaysia’s digital growth story.

Source: https://theedgemalaysia.com/node/679627

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Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) jointly launched a cross-border QR code payment system that allows customers of participating financial institutions to make retail payments by scanning DuitNow QR and NETS QR codes. This payment linkage will support both in-person payments through the scanning of physical QR codes displayed by merchants and online cross-border e-commerce transactions.

The DuitNow-NETS QR code payment linkage marks a significant step forward in the collaboration between Malaysia and Singapore to enhance cross-border payments connectivity. With pre-pandemic annual traffic between the two countries averaging 12 million visitors, this payment linkage will provide merchants and consumers with a more seamless and efficient means to make and receive payments. It aligns with the ASEAN Payment Connectivity Initiative and the G20 Roadmap for Enhancing Cross-border Payments, demonstrating both countries’ commitment to improving the cost, speed, access, and transparency of cross-border payments.

The initiative is a result of strong collaboration between various industry players from both countries, including Payments Network Malaysia Sdn. Bhd. (PayNet), Network for Electronic Transfers (Singapore) Pte. Ltd (NETS), the Association of Banks in Singapore, and participating financial institutions from both countries.

In the next phase, BNM and MAS plan to expand the payment linkage to enable cross-border account-to-account fund transfers and remittances, allowing users to make real-time fund transfers between Malaysia and Singapore conveniently using just the recipient’s mobile phone number via DuitNow and PayNow. The service is expected to go live by the end of 2023.

According to Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus, this payment linkage is a significant step forward in realizing the vision of an ASEAN network of fast, efficient, and interconnected retail payment systems. It will benefit millions of commuters and businesses in both countries and boost retail businesses’ growth. He also highlighted their commitment to accelerate their digitalization agenda for increased regional economic and financial integration.

Managing Director of the Monetary Authority of Singapore, Mr. Ravi Menon, emphasized that this QR code linkage between Singapore and Malaysia is a crucial milestone in ASEAN’s journey towards seamless regional payments connectivity, boosting cross-border commerce and enabling small businesses to tap into a wider pool of consumers.

Source: https://www.bnm.gov.my/-/qrcode-connectivity-my-sg

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SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.
SETEL, a company that revolutionized the fueling experience at gas stations, is determined to redefine mobility by providing a seamless payment experience for its users throughout their daily journeys. In order to enhance user acceptance of cashless transactions, the Setel Pay feature within the app has been integrated with DuitNow QR. This integration offers benefits not only to Setel users but also to existing DuitNow merchants who will have access to active Setel users.

With the integration of DuitNow QR, Setel users can now scan and pay at any retailer. Additionally, within a year, Setel users will be able to send and receive money through DuitNow, and create their own DuitNow QR to make money transfers to their e-wallet more convenient.

Mazlin Erawati Ab Manan, Chief Executive Officer of Setel, emphasized that the company is committed to meeting the demands of its customers by making the Setel app more convenient and inclusive for a wider range of customers. The integration with DuitNow QR is a clear demonstration of this commitment, as it expands the use of the Setel app to retail purchases and other needs.

Setel users will be rewarded with Mesra points for every payment made through DuitNow between March 30, 2023, and May 31, 2023. These points can be redeemed for fuel and other exciting rewards. Overall, the integration of DuitNow QR is a significant step for Setel in its mission to redefine mobility and provide a seamless payment experience for its users.

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The focus of the CCOB in Phase 1, from 2024 to 2025, will be on non-bank credit providers and service providers that are currently unregulated. This includes businesses that offer Buy Now Pay Later (BNPL) services. Non-bank credit providers that are already regulated by a Regulatory and Supervisory Authority (RSA) will not be required to seek authorisation from the CCOB in this phase.

In assessing an application for authorisation, the CCOB will examine four criteria: organisational structure, shareholding composition, financial resources, and qualification and competencies of key personnel. The proposed regulations also require credit providers and credit service providers to have sufficient financial resources commensurate with the nature, complexity, and scale of their business. The proposed minimum financial requirement for BNPL firms is RM2 million of shareholder funds.

Industry players are expected to submit their data digitally via a one-stop portal that will take into consideration the different consumer credit business requirements. This will be an integrated complaints system driven by an Application Programming Interface (API) that will be freely accessible to industry players to ease regulatory costs and reporting obligations. The API-powered platform will also publish information on regulated industry players, allowing the general public to validate their credibility.

The CCOB is also seeking to ensure that advertisements and promotional material on credit or credit services are clear and not deceptive. Credit providers will have to conduct an affordability assessment on consumers before entering into an agreement with them or increasing the amount of credit provided. They will need to obtain information such as their financial means, outstanding debt obligations, and repayment history from reliable sources such as registered credit reporting institutions.

Interested parties and members of the public are invited to provide feedback and comments on the consultation paper to CCOB Task Force by 15 May 2023. To do so, you can visit the CCOB website to use the feedback form feature or email CCAConsultation@bnm.gov.my. This is an opportunity for the public to have a say in shaping the regulatory framework for credit businesses in Malaysia, which will help ensure responsible lending practices and protect consumers.

Source: https://ccob.my/wp-content/uploads/2023/04/Consultation-Paper-Pt-2_FINAL_ENG-1.pdf

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