• Malaysia’s GDP Can Grow At Least 5% This Year
  • Business Regulation Reviews Results In RM3.79 bln Savings
  • SC Joint Action Plan Increases Number Of Financial Planners
  • Cybersecurity still not a top priority for local enterprises
  • Deloitte IMPACT Day reaches out to 4,000 people
  • Singapore to grow 100 innovative enterprises to compete globally through IP commercialisation

Malaysia’s GDP Can Grow At Least 5 Percent This Year
Deputy Finance Minister, Datuk Othman Aziz said Malaysia’s gross domestic product (GDP) can grow at least by five per cent this year if the country maintains its momentum from the first half of the year. He said the government had to date, not revised the initial growth target of between 4.3 per cent and 4.8 per cent, but may do so, if there were indications of a better performance in the upcoming months. Malaysia’ GDP grew by 5.6 per cent in the first quarter and 5.8 per cent in the second. Though many independent reports suggested Malaysia could achieve at least five per cent growth this year, Datuk Othman said the government would not set an ambitious target, before being really convinced that it can be achieved.

Business Regulation Reviews Results In RM3.79 billion Savings
A review of 170 business regulations, involving 20 ministries between 2014 to 2016, may see savings of RM3.79 billion in compliance costs, said Malaysia Productivity Corporation (MPC) Director-General Datuk Mohd Razali Hussain. He said as of May 2017, the MPC reviewed a further 46 business regulations under the MPC Regulatory Impact Analysis Implementation assessment. Datuk Mohd Razali said there were regulations which have been rendered irrelevant to the current business environment due to technological advancements and, thus, needed to be reviewed in terms of relevancy and efficiency. “Several good and high-quality regulations will be tabled in Parliament for improvement, and once approved, they can be efficiently and effectively implemented,”, he said.

SC Joint Action Plan Increases Number of Financial Planners
The Securities Commission Malaysia (SC) Industry Three-Year Joint Action Plan, launched in 2015, has started to bear fruit as evident by the 23 per cent increase in the number of financial planners over the past three years. SC Deputy Chief Executive Datuk Ahmad Fairuz Zainol Abidin said since the action plan was introduced, the number of financial planning firms have grown by 45 per cent. “The initiatives under the action plan include streamlining the regulatory requirements for financial planning firms that deal in private retirement schemes (PRS) and unit trusts, as well as, obtaining funding from the capital market development fund (CMDF) to implement various measures to accelerate and shape long-term growth,” he said. He added that from a holistic perspective, the SC believed that such developmental initiatives would contribute to create a conducive environment for the industry to galvanize its growth momentum.

Cybersecurity still not a top priority for local enterprises
Cybersecurity is still not a priority for local enterprises with only 24 percent mulling transforming their cybersecurity solutions. IDC research showed that managed security services (MSS) in Malaysia are expected to grow to US$244 million in 2021. Over the last two years, Malaysia has witnessed a sharp increase in the number of data breaches and incidents of cybersecurity and the severity of these attacks has caused cybersecurity to become a critical business priority. The IDC business and IT services end-user survey revealed that IT security is considered the second choice of priorities, right after network transformation. Only 24% of enterprises are considering transforming their cybersecurity solutions in response to changes brought about by digital technologies.

Deloitte IMPACT Day reaches out to 4,000 people
More than 800 Deloitte Malaysia employees in eight offices across the country came together for an entire day of volunteering on IMPACT Day, Deloitte’s annual CSR initiative which took place concurrently across 11 geographies in Southeast Asia last week. Themed ‘Making an impact that matters’, IMPACT Day comprised various activities and programmes run by Deloitte volunteers nationwide that collectively impacted more than 4,000 lives, bringing joy, restoration, knowledge and replenishment to the local community.

Singapore to grow 100 innovative enterprises to compete globally through IP commercialisation
Enterprises in the biomedical and healthcare, manufacturing and engineering, and deep tech sectors in Singapore can soon look forward to receiving a boost to grow and scale up, and expand into overseas markets with the right innovation and intellectual property (IP) growth strategies. The Intellectual Property Office of Singapore (IPOS) and Deloitte Southeast Asia Financial Advisory Services (Deloitte) signed a Memorandum of Understanding (MoU) today to deepen cooperation to drive the growth of innovative enterprises, and enhance Singapore’s position as an IP and innovation hub.

The MoU brings together IPOS’ deep technical expertise in IP and Deloitte’ global business network and expertise in IP and financial advisory services. The partnership reflects IPOS’ ongoing efforts as an innovation agency to build a vibrant and globally-connected innovation ecosystem, strengthen innovative enterprises’ competitiveness through using IP as a strategic business asset, and help them take their products and services to international markets, in line with the key recommendations highlighted in the Committee on the Future Economy (CFE) Report. IPOS and Deloitte will target to build a strong base of 100 growth enterprises that are innovation-driven, and groom them to become future global market leaders.