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The Sun
13 hours ago
- Business
- The Sun
Dusit Princess Melaka sets new benchmark for hospitality in Malacca amid robust tourism growth
KUALA LUMPUR: Malacca's tourism sector is poised for robust growth this year, fuelled by a remarkable 74% surge in visitor arrivals in 2024 that underscores the state's resilience and expanding appeal. This growth signals a vibrant market trajectory, positioning Malacca as a destination ready to capitalise on new tourism-related offerings and sustain its upward momentum in the hospitality industry. Dusit International representative Richard Suter said the hospitality industry in the state has responded effectively to this momentum, with a dynamic mix of boutique hotels and a robust presence of Airbnb properties now offering ample accommodation to meet the rising demand. 'However, while domestic tourism remains a strong driver, the international market, particularly from Singapore and neighbouring regions, has not yet reached its full potential. 'As Malacca positions itself on the global stage, hosting high-profile events and leveraging its Unesco World Heritage status, we anticipate a broader influx of international visitors. 'Initiatives such as the recent grand opening of the Dusit Princess Melaka, with its modern meeting and event facilities, further enhance our readiness to welcome large-scale conferences and business travellers,' Suter told SunBiz. Dusit Princess Melaka, a brand under Dusit International, celebrated its official grand opening on May 29, introducing a new standard of upscale Thai-inspired hospitality to the state. The hotel unveiled one of the largest meeting and event spaces in Malacca, enhancing the city's appeal as a regional meetings, incentives, conventions and exhibitions (MICE) destination. The hotel's official grand opening ceremony was officiated by Malacca Governor Tun Dr Mohd Ali Mohd Rustam and attended by Thailand's ambassador to Malaysia Lada Phumas and Dusit International chief operating officer Gilles Cretallaz. Suter said Dusit Princess Melaka is raising the bar for hospitality in Malacca by introducing the well-known Thai service standards of the Dusit brand, renowned for its warmth and attention to detail. With its attractive design and top-notch facilities, the hotel offers a unique experience that distinguishes it from others in the city. This approach, Suter said, improves guest comfort and sets a new benchmark for what visitors can expect from hotels in Malacca. 'Our unique selling points are clear: within our hotel, the MICE space stands out as one of the largest in the region, featuring 12 versatile rooms and a main hall spanning over 774 square metres. 'We offer live feed capabilities with four large screens for immersive event experiences at our Bunga Raya Grand Ballroom, alongside outstanding recreational facilities such as a 24-hour gym and a swimming pool, one of the deepest in the state. 'These amenities collectively elevate the standard of hospitality and guest experiences in Malacca,' Suter said. Touching on challenges, he noted that the most pressing issue facing Malacca's hospitality industry amid rapid tourism growth is the ongoing struggle to attract and retain skilled talent, a concern faced by the hospitality sector domestically and globally. 'Like every industry right now, finding the right people is our biggest challenge – there isn't a country that doesn't face this. 'We are utilising technology to optimise operations in the background, yet nothing can substitute the human element at the forefront. Coaching and engaging our team members is essential because hospitality requires real commitment and passion,' Suter said. With expected growth this year, Dusit Princess Melaka is ramping up operations and aims to secure its share of the market, buoyed by strong occupancy momentum and a positive outlook for Visit Malaysia 2026. Suter said, 'We're focused on growth and are still ramping up as a new player in the market. Securing our fair market share is a top priority, and initiatives like Visit Malaysia 2026 are a definite boost – there's real investment behind driving visitors here. 'Ultimately, it's up to us to deliver on expectations and ensure guests experience a memorable time in Melaka right from the start by staying with us. Our spacious rooms and great views add to the experience, and I'm encouraged by the positive direction we're seeing for both 2025 and 2026.' Meanwhile, Dusit International has confirmed plans to expand its presence in Malaysia, with a property under construction in Gamuda Cove, Selangor. 'Dusit International has firmly established its presence in Malaysia and is optimistic about its growth prospects here. The success of our current project, along with the strong efforts of our development team, has generated significant interest in the Dusit brand, and we expect this momentum to continue,' Suter said. To note, Dusit International operates several distinctive brands, including Dusit Thani (luxury), Dusit Devarana (wellness and retreats), Dusit Princess (upscale), D2 (lifestyle), and Dusitani (serviced apartments), enabling the group to cater to a wide range of traveller needs. 'Dusit offers remarkable flexibility through its diverse portfolio that allows us to address nearly every market segment. 'This is only the beginning for Dusit in Malaysia. Over the past few weeks and months, I've witnessed a strong and growing interest in our brand, and we are committed to bringing our signature Thai-inspired hospitality to this market,' Suter said.
The Sun
13-06-2025
- Business
- The Sun
Sunway Healthcare: Give us more time to prepare for revised SST
CYBERJAYA: Sunway Healthcare is evaluating the potential effects of the impending implementation of the expanded Sales and Service Tax (SST) as the company believes the announced timeline is insufficient for private hospitals to adequately prepare for the new policy. 'Given the relatively short notice ahead of the July 1 implementation date, we require additional time to assess the situation fully. 'Our team is reviewing the matter, but we are unable to provide further comment at this stage as we do not yet have complete data,' Sunway Healthcare president Datuk Lau Beng Long told SunBiz on the sidelines of the signing of a memorandum of understanding involving Sunway Medical Centre, University of Cyberjaya and Cyberjaya College Kota Kinabalu to develop nursing talent in Malaysia today. To recap, on June 9, the government announced the implementation of revisions to the SST rates and an expansion of the Service Tax's scope, effective July 1. Lau said Sunway Healthcare is aligning with the Association of Private Hospitals Malaysia's (APHM) call to delay the implementation of the expanded SST. 'APHM president Datuk Dr Kuljit Singh is reviewing this matter. The association has appealed to the relevant ministry to either review or defer the implementation date. As the appeal is under consideration, we are awaiting the outcome to determine whether the policy will be implemented and, if so, when it will take effect,' Lau said. APHM has called for a delay in the implementation of the expanded SST on private healthcare services for foreigners. In a statement on June 11, APHM stated that while it supports the government's broader policy objectives of broadening the tax base and stimulating economic growth, private hospitals require more time to make the necessary operational adjustments to comply with the new tax rule. The short implementation time frame presents significant operational challenges as private hospitals would need sufficient lead time to adjust administrative systems, billing processes, and compliance procedures, it said. APHM has submitted a written request to the Ministry of Finance for a more practical timeline beyond the current July 1 start date to minimise disruption to patient services and ensure full compliance. APHM has also sought further clarification on several aspects of the new policy, including its application to professional fees charged by doctors, treatment of foreigners residing in Malaysia and other implementation matters. 'Private hospitals are an essential part of Malaysia's health care ecosystem, delivering quality care to both local and international patients,' APHM said.
The Sun
09-06-2025
- Business
- The Sun
Bank Negara's participation in cross-border CBDC a sound move, says economist
KUALA LUMPUR: Bank Negara Malaysia's participation in Project Dunbar, a cross-border central bank digital currency (CBDC) initiative, is a sound move, said Professor of Economics Anella Munro. She said the participation demonstrates Malaysia's commitment to being at the forefront of regional financial innovation. 'Being part of this project certainly fits into the goal of understanding what it is, developing capacity, considering potential use cases, and collaborating with others, some of whom have experience and some who do not. From an outsider's perspective, I believe Bank Negara is doing all the right things,' she said in an interview with SunBiz. Munro said while there are other ways to facilitate cross-border transactions, CBDCs remain a superior option. 'None is really as good as a central bank digital currency because it's a safe settlement asset, like we use at the wholesale level, and I hope it would help potentially with transparency, speed, and cost.' She said cross-border payments have traditionally relied on correspondent banking systems, which are slow and expensive. 'What if we had a system that provided a safe settlement asset for cross-border transactions at the wholesale level?' However, Munro said, with cross-border CBDC implementation, there are a lot of issues about governance. 'It's more complicated than it seems, due to jurisdictional and legal issues, in addition to technological challenges. 'It's a sovereign currency, do you want it on the same platform? Do you want it to be used abroad? Borders become irrelevant once you're on some of these platforms.' She pointed to stablecoins which could provide a similar kind of service, although they are not as strong as central bank liabilities because they come with a different kind of counterparty risk. 'If stablecoins are very well backed, they could potentially serve as a settlement asset in the system,' Munro said. She said stablecoins were a disaster a few years ago as they were not properly backed and were considered the Wild West. 'They say they're stable, but often back themselves with questionable assets. This has changed a lot in the last few years, but the area is still an open question. The regulation has really come in to tame them and make them much more what they say they are.' The push for CBDCs dates back starting with China's e-yuan project in 2014. When Facebook Libra came around in 2019, it renewed focus on the area, driven by concerns over big tech potentially controlling global payment systems and private data from social networks. Munro also highlighted that the fear of privacy issues and the potential for unregulated payments within private networks has led to the current push for CBDCs. 'Not only were there privacy concerns, but if a payment system operated within a private network, it could avoid oversight for anti-money laundering and other regulations, which was a significant problem.'
The Sun
08-06-2025
- Business
- The Sun
Steady, robust growth in Malaysia's P2P financing sector: Funding Societies
KUALA LUMPUR: Malaysia's peer-to-peer (P2P) financing sector has grown steadily since 2016 and is likely to continue its strong growth trajectory, driven by supportive government policies and an increasingly robust investor ecosystem. Funding Societies Malaysia country head Chai Kien Poon said the government prioritises micro, small and medium enterprises and mid-tier companies, recognising their key role in the country's gross domestic product growth and employment. 'This national focus is reflected in various strategic initiatives aimed at improving access to financing for these businesses,' he told SunBiz. Chai said that to enhance financing access, the Securities Commission Malaysia (SC) launched the MSME and MTC Roadmap (2024-2028), which focuses on expanding market-based funding options, with P2P financing playing a central role. Additionally, the Strategic Co-Investment Fund (CoSIF) under the New Industrial Master Plan 2030 (NIMP 2030), alongside MyCIF, forms Asean's first blended financing framework to support high-growth MSMEs. Another key initiative is Skim Sarana, a collaboration between the SC and the Government Procurement Division (GPD). This programme enables P2P platforms to help MSMEs and small contractors secure working capital for government contracts, improving cash flow management and procurement efficiency. Chai said these initiatives create a more conducive financing environment for business growth. By December 2023, P2P financing had raised RM5.96 billion through 85,793 campaigns, benefitting 14,715 MSMEs. In 2023, funds raised surged 32% to RM2.09 billion, with projections exceeding RM2.4 billion in 2024, up from RM1.58 billion in 2022. Campaigns increased to 31,002 in 2023 from 24,455 in 2022. Key institutional investors back Funding Societies Malaysia, reinforcing their confidence in the P2P financing model, Chai pointed out. Its equity shareholders include Maybank Group, Khazanah Nasional Bhd and CGC Digital, while Bank Pembangunan Malaysia, Malaysia Debt Ventures, SME Corp and Teraju have actively participated as institutional investors and capital providers. Chai said the involvement of these agencies supports SME growth through P2P financing initiatives. 'With a growing ecosystem of both public and private stakeholders supporting P2P financing, the sector in Malaysia is well-positioned to continue its strong growth trajectory within the Asia-Pacific market. As digital financing solutions become more widely adopted, P2P platforms like Funding Societies will play an increasingly pivotal role in ensuring SMEs have the capital they need to thrive.' Chai said Malaysia's P2P financing regulatory framework is designed specifically to serve businesses, focusing on productive financing that drives economic growth, creates employment opportunities and ultimately enhances the standard of living for Malaysians. 'Unlike other markets where consumer lending dominates the P2P landscape, Malaysia's framework ensures that P2P financing remains a key enabler for MSMEs by providing them with much-needed working capital and financing. 'While other licences in Malaysia and across the region allow us to serve consumers through consumptive loans, Funding Societies Malaysia remains focused on MSMEs. 'This is fully aligned with our vision, contributing to Southeast Asia's economic growth and increasing financial inclusion by supporting the underserved and underbanked, closing the financing gap for SMEs that often face challenges in securing funding from traditional financial institutions but are yet creditworthy,' he added. Chai said Malaysian SMEs face persistent financing challenges due to stringent collateral requirements, lengthy approval processes and financial products that often do not meet their needs. Funding Societies Malaysia addresses this gap by providing fast, flexible and collateral-free financing solutions, with syariah-compliant and conventional offerings. The platform's key products include term financing for business expansion and working capital, payables financing to manage supplier payments, receivables financing to unlock cash flow through invoice advances, and revolver financing, a flexible credit line for ongoing business needs. 'To strengthen our services, we have acquired CardUp, a payments company that enables SMEs to make and collect payments digitally via credit cards, bank transfers and other non-traditional methods. Beyond financing, SMEs require efficient payment and cash flow management solutions, and CardUp enhances our ability to serve MSMEs holistically by improving their liquidity and operational efficiency,' Chai said. He disclosed that MSMEs that secured financing from Funding Societies experienced an average revenue growth of 13% and added new jobs to their businesses. Notably, more than 50% of MSMEs served by Funding Societies in Malaysia obtained their first business financing through the platform. 'As our disbursements have grown manyfold since 2020, we are currently refreshing this study to capture the continued impact of our financing solutions on SME growth. 'By addressing financing challenges with speed, accessibility and innovation, Funding Societies remains a key enabler of SME success, helping businesses scale, supporting job creation and contributing to Malaysia's overall economic growth.' Looking ahead, Chai said Funding Societies' key growth priorities in Malaysia revolve around deepening SME financing solutions, expanding non-financing services such as payments, integrating advanced digital capabilities and driving impact and sustainability financing for future-proof MSMEs. 'Funding Societies Malaysia helps MSMEs grow while enabling them to adopt ESG-friendly practices through its Environmental and Social Management System. 'If MSMEs fail to comply with tightening sustainability regulations, they risk exclusion from key supply chains. To support this transition, Funding Societies Malaysia collaborates with government agencies, industry partners, and investors to develop financing solutions for sustainable business practices,' Chai said. He added that Funding Societies Malaysia improves underwriting accuracy and expands financing access for underserved, creditworthy businesses by leveraging artificial intelligence-driven onboarding, credit risk assessment and collections. Automated collections and repayment tracking help reduce defaults and enhance SME financial discipline. Aligned with NIMP 2030, Chai said, Funding Societies focuses on financing high-growth and strategic sectors, including electric vehicles, renewable energy, high-value manufacturing, supply chain financing, digital economy and technology startups. 'By prioritising these key areas, Funding Societies aims to remain at the forefront of Malaysia's rapidly evolving economic landscape and fintech ecosystem, ensuring we continue empowering MSMEs with accessible, technology-driven financing solutions while contributing to the country's economic and industrial growth,' he said. Regionally, he explained, as Funding Societies expands its presence across Southeast Asia, Malaysia remains a key strategic market due to its large SME base, progressive regulatory landscape, and strong government support for SME financing initiatives. 'Currently, our focus is on strengthening operations in our existing markets – Malaysia, Indonesia, Singapore, Thailand and Vietnam – while remaining open to exploring new opportunities in other Asean economies, particularly through strong local partnerships.' Chai said Malaysia plays a vital role as a centre of excellence within the group, driving key innovations and capabilities that can be scaled regionally when relevant. It leads in areas such as instant approval and acceptance financing, which leverages alternative data and AI-powered underwriting to provide faster, digital-first solutions for MSMEs. 'Additionally, Malaysia is at the forefront of expanding syariah-compliant digital financing to cater to its large Islamic finance market and beyond. The country also plays a key role in strengthening supply chain financing for SMEs through strategic collaborations with key ecosystem players in target industries,' Chai said.
The Sun
02-06-2025
- Business
- The Sun
Leading digital payments shift in Southeast Asia
KUALA LUMPUR: NTT Data Payment Services is strategically positioning itself at the forefront of transformation in Malaysia, the Philippines, and Thailand, as digital payments continue to reshape the economic landscape across Southeast Asia. The company aims to lead the evolution of digital payment solutions in the region by building an integrated ecosystem that blends global best practices with the demands of local markets. This forward-looking approach involves significant investment in next-generation payment platforms designed to enhance efficiency and security. Executive director and group CEO Sean Hesh (pic) said NTT Data Payment Services is expanding its cross-border payment capabilities to support growing regional commerce and facilitate smoother financial interactions. 'With a clear focus on meeting the diverse needs of small and medium enterprises (SMEs), large corporations, and government-linked initiatives, we are setting the stage to become a trusted partner in driving digital inclusion and economic growth across these dynamic markets,' he told SunBiz. Sean said with over 500,000 payment touchpoints, the company leverages data insights to enhance both customer experience and merchant performance. Its data platforms deliver actionable information – such as transaction patterns, customer preferences, and peak business hours – enabling merchants to optimise their operations. Additionally, by using predictive analytics, the company helps merchants personalise their services and increase customer engagement. 'We invest heavily in real-time fraud monitoring and maintain strong, multi-layered cybersecurity frameworks to safeguard our systems and customers. 'Compliance with regulations like Payment Card Industry Data Security Standard (PCI DSS) and the General Data Protection Regulation (GDPR) is fundamental to our operations. 'Additionally, we collaborate closely with cybersecurity experts and regulators to stay ahead of emerging threats, ensuring safe and trusted transactions throughout the region,' he said. Sean said NTT Data Payment Services actively collaborates with banks, regulators, and fintech partners to advance cross-border payment integration across Asean. He said these efforts focus on aligning payment standards, promoting interoperability, and streamlining onboarding and compliance processes. 'By working together, the goal is to build a more connected and inclusive payment ecosystem that enables seamless, secure, and scalable transactions throughout the region,' Sean said. Further, in supporting SMEs and microbusinesses in Malaysia's growing digital economy, Sean said NTT Data Payment Services is introducing a range of tailored solutions, including simplified onboarding, instant merchant approval, SME financing, and affordable payment acceptance options like QR pay and mobile POS systems. Touching on new technologies, Sean said: 'Artificial intelligence and machine learning are set to fundamentally transform the future of payments in Southeast Asia. 'They will enable real-time fraud detection, dynamic risk assessment, and highly personalised customer experiences. 'As digital adoption continues to grow, these technologies will play a crucial role in building trust, reducing friction, and ensuring secure, scalable transactions across the region.' Sean also noted that sustainability is becoming a core part of the company's technology and corporate roadmap. He said green fintech initiatives are being explored, including paperless onboarding, digital receipts, and energy-efficient infrastructure to minimise environmental impact. Internally, the company is also adopting eco-friendly workplace practices, such as reducing single-use materials and promoting responsible energy consumption.
