OCM endowment fund set to boost Malaysian sports
OCM president Tan Sri Norza Zakaria said Malaysian sports can no longer expect the government to fund sporting initiatives and must look for more support from the corporate sector.
OCM held their first executive council meeting for the 2025-2029 term in Bukit Kiara today (July 19).
"The executive council unanimously approved the proposal to establish a National Sports Endowment Fund to serve as a long-term investment platform," said Norza during a press conference here today.
"The fund will draw contributions from the private sector which includes corporations, foundations and individuals who wish to provide assistance to national sports associations, athletes and coaches.
"The fund is also to help sports that require hand-holding, sports which find it hard to secure sponsorship.
"But to attract these contributors, we need to provide them incentives (such as tax incentives). We will need to come up with these incentives and propose them to the government for approval.
"There must be clarity when it comes to incentives, only then will the private sector come. Without clarity, it will not be easy to entice them."
Norza added that the management of the fund will be free of political interference.
"The fund must be run by professionals and be free of political interference. We will have a board of trustees," said Norza.
"We hope to get this fund up and running by the end of the year, or by the first quarter of next year at the latest."
OCM has also set up a committee - dubbed the Olympic House Project Steering Committee - to oversee the construction of their new headquarters in Bukit Jalil.
The committee is led by OCM secretary-general Datuk Nasir Ali with Squash Racquets Association of Malaysia (SRAM) president Gerard Monteiro as deputy chairperson.
Datuk Amarjit Singh Gill (cycling), Datuk Awalan Abdul Aziz (lawn bowls) and Akhramsyah Sanusi (chess) will serve as committee members.
"This committee will oversee the entire project to ensure that we get a new facility that is worth RM93 million (and not get shortchanged) and to also make sure that the entire process is transparent," added Norza.
The new OCM headquarters will be built on a 5.38 acre plot - leased from the government - by Malaysian Resources Corporation Berhad (MRCB), funded via a land swap deal with the latter.
MRCB will in exchange take the 0.73 hectare plot of land - valued at RM93 million - along Jalan Hang Jebat, Kuala Lumpur where OCM's current headquarters, completed in 1991, are situated.
OCM has also set up various standing committees to oversee different sectors for the 2025-2029 term.
OCM Standing Committees for 2025-2029 term:
Selection, membership, media (all chaired by Tan Sri Norza Zakaria), marketing and sponsorship, winter sports (both Datuk Nur Azmi Ahmad), East Malaysia (Azizul Annuar Adenan), general purpose and awards (Datuk Sumali Reduan), museum, hall of fame and welfare (Datuk Iruan Zulkefli), gender equity (Nurul Huda Abdullah), building and facilities (Datuk Dr Chong Kim Fatt), relocation of OCM headquarters task force (Datuk Nasir Ali), finance (Datuk Ahmad Feisal Ahmad Tajuddin), education and training (Moira Tan), medical and anti-doping (Datuk Dr S.S Cheema), legal advisory, rules and discipline (Datuk Seri Firuz Jaffril)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BusinessToday
3 hours ago
- BusinessToday
Elevated Volatility Anticipated For USD, MYR Pair
The Malaysian ringgit has displayed unexpected strength this week, hovering around the 4.22-4.23 mark against the US dollar as the Dollar Index (DXY) slipped below 98.0. This performance comes amidst shifting global currency dynamics and anticipation surrounding crucial trade negotiations. The US dollar faced downward pressure early in the week without a clear immediate catalyst. However, a stronger Euro, bolstered by defensive reallocations ahead of the August 1 deadline for potential US-EU tariffs, appears to have driven the greenback's weakness. Markets seem to be favoring the Euro in light of these trade uncertainties. Concurrently, the Japanese Yen also gained ground following a newly inked US-Japan trade agreement, further contributing to the US dollar's softening. These movements provided a tailwind for risk assets, prompting a rotation of investments from the US into emerging markets. From a data perspective, the US labour market remains firm, contrasting with emerging signs of weakness in housing data. Ahead of the Federal Reserve's upcoming policy decision – where a no-change in interest rates is widely expected – market attention will be fixed on key economic reports. These include the JOLTS (Job Openings and Labor Turnover Survey) report, ADP private sector jobs data, and the advance Q2 2025 GDP reading. A string of positive surprises from these indicators could reignite hawkish Federal Reserve expectations, potentially strengthening the US dollar. The outcome of the US-EU tariff deal, along with other pending negotiations, will also be closely watched in the run-up to Friday's deadline. Outlook for the Ringgit Kenanga Research indicates that softer US data will be necessary to support their call for a September Fed rate cut. For now, the consensus points towards a resilient US economy. A favorable US-EU trade deal is expected to further support the Euro and overall risk sentiment globally. For the Malaysian ringgit, a significant near-term risk remains the ongoing trade talks with the US. As Minister of Investment, Trade, and Industry Tengku Zafrul Abdul Aziz recently confirmed, negotiations are intensifying to reduce an impending 25% US import tariff to below 20% before the August 1 deadline. A 'no-deal' outcome from these discussions could exert considerable downward pressure on the ringgit. Given the data-heavy week and the politically sensitive trade negotiations, currency analysts expect elevated volatility for the USD/MYR pair, anticipating it to trade within the 4.20–4.25 range. Technically, the USD/MYR is currently anchored near its 5-day Exponential Moving Average (EMA) at 4.23, with immediate support at 4.22 and resistance at 4.23. Related
New Straits Times
4 hours ago
- New Straits Times
NST Leader: Low MyDigital ID sign-ups reflect public trust deficit
ONLY 2.8 million out of a possible 35.8 million Malaysians have registered for the MyDigital ID. This says a lot about their trust, or lack thereof, in digital platforms — particularly after breaches in hospital records and the recent Immigration processing chaos. With much-vaunted secure databases containing sensitive private information having been breached by ransomware hackers previously, it's understandable why the rest of the populace might be clinging to their MyKad as if it were the last vestige of their soul. Malaysian motorists have already surrendered their physical driving licences to MyJPJ, now carrying digital versions in their smartphones. And the Johor customs, immigration and quarantine complex chaos was caused by system integration issues. We shudder to think what a hack could do to the system. This won't help: AI chatbots, or the secretive technology behind these digital assistants, could exploit registered debit cards on pay platforms to "subscribe" without user consent. Add to this the billions bilked from victims of digital banking scams. Against this backdrop, the government is mulling mandatory MyDigital registration to address the limited voluntary sign-ups. MyDigital ID, designed for secure online identity verification, has been integrated into 82 digital systems, including 35 government platforms — with 17 more taking shape and 21 under deliberation. While the government maintains that these platforms do not store personal data, a successful hack remains a chilling prospect. Hackers, empowered by the unimaginable advances in generative AI, are resourceful enough to link breaches into relevant databases. While government digital security programmes are robust, aiming to safeguard national interests and citizen data, the most crucial element remains elusive: public trust. Mandating MyDigital ID, rather than addressing these trust deficits first, risks putting the cart before the horse. Recent breaches and system disruptions have scarred public confidence, making such a move unlikely to foster the very trust needed for widespread adoption. What's needed is a multifaceted approach prioritising enhanced security and unwavering transparency. First, to tackle the public trust deficit, focus on improving user experience and accessibility. This means creating intuitive and easy-to-use applications, reinforced with instant feedback mechanisms. Next, foster a culture of accountability and disclosure. This includes clear standards, methodologies and safeguards to anonymise mobile phone data, alongside strong governance protocols for sensitive information. Paramount are independent audits of data security and privacy practices, alongside vigorous reinforcement of the Personal Data Protection Act and the Cyber Security Act. Finally, raise allocations for cybersecurity measures and open data initiatives against data breaches and cyberattacks. These proposed initiatives can help build a stronger foundation of trust towards greater adoption of digital services.
New Straits Times
6 hours ago
- New Straits Times
No room for slow starts as Aaron-Wooi Yik eye China Open final
KUALA LUMPUR: World No. 2 Aaron Chia-Soh Wooi Yik believe they are getting back on track at just the right time after marching into the China Open semi-finals on Friday. The Malaysians looked sharp as they dispatched world No. 7 Man Wei Chong-Tee Kai Wun 21-16, 21-16 in just 33 minutes in their all-Malaysian quarter-final clash at the Olympic Sports Centre Gymnasium. Aaron-Wooi Yik, who suffered a shock first-round exit to independent pair Ong Yew Sin-Teo Ee Yi at last week's Japan Open, were back to their best, showing the kind of form that has won them three titles this season. "We're getting back on track at the right time, and we'll give our best shot tomorrow (Saturday)," said Aaron. "We used to train together, so it really came down to making the right changes at crucial stages." Yew Sin-Ee Yi had threatened to set up an all-Malaysian semi-final, but those hopes were dashed by world No. 12 and reigning Asian Games champions Satwiksairaj Rankireddy-Chirag Shetty. The Indian pair won 21-18, 21-14 in 40 minutes to book a meeting with Aaron-Wooi Yik. Wooi Yik said they must avoid the lapses in concentration that saw them fall 9-4 behind in the opening game against Wei Chong-Kai Wun. "It was a tight game, but we didn't overthink it. We just focused on our gameplay and rhythm," said Wooi Yik. "At the start, we lost concentration and allowed them to take a big lead. That's something we need to work on." Despite the defeat, Wei Chong gave credit to Aaron-Wooi Yik. "Their game plan was effective, and they were very clear about what they needed to execute. We couldn't break their rhythm." Kai Wun admitted that Aaron-Wooi Yik raised their level in Changzhou to improve their head-to-head record to 4-3. "Our service returns and defensive retrieving didn't work today," said Kai Wun. "That made it difficult, and we ended up making more mistakes. Even though we know each other's game, the pair who controlled the drift and shuttle flight had the edge." Aaron-Wooi Yik's commanding 10-3 head-to-head record against Satwik-Chirag should give them confidence heading into Saturday's semi-final of the Super 1000 tournament. In the other semi-final, China's world No. 6 Liang Wei Keng-Wang Chang face Indonesia's scratch pair Fajar Alfian-Rian Ardianto.
