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Business Times
3 days ago
- Business
- Business Times
Malaysia's banks missed the digital moment, and now AI is forcing a reckoning, says veteran banker
[KUALA LUMPUR] Malaysia missed a crucial opportunity between 2018 and the Covid-19 pandemic to modernise its banking sector and become a regional digital leader. As that window closed, industry players now face greater challenges to achieve growth, said veteran banker Andrew Sheng. 'Between 2018 and the pandemic, that was the time for a huge transformation online. Especially during pandemic, everyone moves online – work, shopping and finance. That was when banks needed to go all in on digital, but we missed it,' the 79-year-old former central banker and currently an adjunct professor at the University of Malaya and Tsinghua University told The Business Times. He noted that while other markets were embracing rapid technological upgrades, driven by competition, user expectations and regulatory shifts, many Malaysian banks remained conservative, slow-moving, and hesitant to innovate. 'That was the time for a huge transformation online. But the digital offerings of Malaysian banks, in my view, are slightly dated,' he said. Sheng previously served as chairman of the Securities and Futures Commission of Hong Kong from 1998 to 2005, and held roles as a central banker with both the Hong Kong Monetary Authority and Bank Negara Malaysia. Sheng also acted as chief adviser to the China Banking Regulatory Commission. In recognition of the impact he made, Time magazine included him among the 100 most influential people in the world in 2013. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Sheng noted that some of the country's largest banks had previously shown ambition beyond national borders, particularly CIMB and Maybank with their regional expansion strategies. But even those forward-looking moves lost momentum in recent years. 'Since 2018, they have become more cautious… And then came the pandemic, when digital transformation should have been accelerated. But I don't see agentic offerings. My bank knows my spending patterns, but it's not giving me tailored investment advice or proactive digital tools,' he added. The shortcomings go beyond the lack of advanced digital products. Sheng points to fundamental failures in basic customer service – failures that expose the sector's resistance to modernisation. 'Some of the banks are still in this old-fashioned call centre model,' he said. 'When you call them in the middle of the night, you either get somebody in Bangladesh or the service just isn't available.' Even basic digital tools such as chatbots, which are widely deployed across South-east Asia, remain underused or poorly implemented in Malaysia. He described this as a systemic issue – one rooted not in technology, but in culture and governance. 'Getting a bank to move digitally when most of the staff are less digitally oriented is a major management challenge. The boards and CEOs need to be totally digitally focused. But most are made up of former bankers or businesspeople. They see the threat, but they don't internalise it. 'TechFin' is eating the bankers' lunch Former central banker Andrew Sheng said: 'Platforms using crypto, blockchain, and decentralised finance are eating the banks' lunch. And that trend is only going to accelerate.' PHOTO: ANDREW SHENG While Malaysian banks stagnated, technology platforms surged ahead, not just supporting finance, but redefining it, and Sheng believes the real disruption isn't traditional fintech, where banks adopt tech tools, but what he calls 'TechFin' – where tech companies disrupt finance from the outside. 'Since Covid, the dominant issue is not fintech – it's the financialisation of technology. It's TechFin rather than FinTech. The tech platforms overwhelm the finance industry,' he explained. The competitive imbalance is stark, with tech companies having better software, more data, less regulation, and far more agility than traditional banks. Furthermore, they do not carry much debts. Banks, on the other hand, are highly leveraged, highly regulated, and can't seem to compete, he said, noting that such a scenario isn't theoretical. Across Asia, consumers now use mobile-based QR code systems, which are operated by tech firms, not banks – to transact in real time, said Sheng, adding that the beneficiaries aren't the banks, but e-wallet providers such as Alipay, WeChat Pay, or even small fintech startups. This disruption extends far beyond payments. Sheng warns that even core financial activities, lending, wealth management, insurance, are being unbundled and digitalised by faster, leaner players. 'Platforms using crypto, blockchain, and decentralised finance are eating the banks' lunch. And that trend is only going to accelerate,' said Sheng, who is set to deliver the keynote address at MyFintech Week, Malaysia's flagship fintech event, scheduled for early August. Tokenisation is the next frontier With a population of just 33 million, Malaysia lacks the market size to build scale slowly. PHOTO: AFP Compounding the threat is the rapid evolution of tokenised digital assets, which Sheng believes is a development that will radically transform capital markets and trade. Yet again, Malaysia is playing catch-up. 'Practically anything can be tokenised today… Liabilities, assets, and even a scribble by the next Picasso can be turned into a digital asset and sold,' he said. Tokenisation, enabled by blockchain and decentralised infrastructure, allows assets to be divided, digitalised, and traded globally in real time. Gold, carbon credits, and even commodities such as palm oil are now being explored as tokenised products. 'If palm oil could be tokenised and made available to someone like me to buy a ton because I like the weather, why not?' Sheng said. 'But the reality is, I can't do it right now in Malaysia. Someone else will.' And that's the real danger. He noted that if Malaysia does not act, others will dominate the digital asset space, and consequently, Malaysian capital, investors, and talent will go elsewhere. 'If you're not going to do it, someone else will… The money and the flows will go elsewhere,' he added. With a population of just 33 million, Malaysia lacks the market size to build scale slowly. Countries such as Vietnam and the Philippines, with over 100 million people each, are better positioned to develop digital ecosystems quickly and able to attract regional liquidity. Power shift to asset managers Non-bank players such as Citadel and Jane Street, which have grown into trading behemoths that rival conventional banks in volume and influence. PHOTO: REUTERS Beyond Malaysia and South-east Asia, Sheng observed that the global financial system is undergoing a quiet but profound power shift, away from conventional banks and towards dominant asset managers and trading platforms. 'Technology tends to concentrate. The top five banks in any country dominate most of the banking business. But the top five asset managers, not necessarily banks, are now just as powerful, if not more,' he said. He noted that while large banking institutions such as JPMorgan and UBS remain influential, their growing strength lies less in traditional lending and more in their roles as global asset managers and market traders. He cited UBS' increasing weight in asset management and JPMorgan's dominance across the dollar market, investment banking, and trading. Sheng also highlighted the rise of non-bank players such as Citadel and Jane Street, which have grown into trading behemoths that rival conventional banks in volume and influence. He noted that such a trend is being accelerated by digitalisation and scale. Technology amplifies the advantages of incumbents with deep data, large capital bases, and global reach, pushing smaller or slower institutions further to the margins. At the same time, he warned, banks in emerging markets such as Malaysia are falling behind in digital transformation, leaving them vulnerable. 'Every bank needs to ask: how do we cut costs, improve productivity, manage risk, and create new value?' Sheng said. 'Those who don't ask that question now may not be around to answer it later.'
NBC News
15-07-2025
- Business
- NBC News
China's second-quarter growth beats forecasts but deflation fears fuel calls for stimulus, deeper reform
China's economy grew at a faster-than-expected rate in the second quarter, keeping the country on track to meet its full-year target of 5% and easing some pressure on policymakers to step up stimulus to underpin growth. China's gross domestic product expanded by 5.2% in the second quarter, according to China's National Bureau of Statistics on Tuesday. While the growth rate beat Reuters-polled economists' estimates of a 5.1% growth, it represented a slowdown from the 5.4% in the first quarter. In June, retail sales growth slowed to 4.8% from a year earlier, compared with the 6.4% year-on-year increase in May. That figure also disappointed Reuters-polled economists' forecast of 5.4%. Catering sales, including food and beverages, edged up by just 0.9%, its worst performance since December 2022 when the country grappled with a receding pandemic, according to Wind Information. Industrial output expanded by 6.8% from a year earlier, versus median estimates of 5.7%. Fixed asset investment grew 2.8% in the first half of this year against estimates of a 3.6% increase in a Reuters poll. The slump in real estate investment deepened, falling 11.2% in the first half of the year, compared to a 10.7% drop in the first five months, while investment in infrastructure and manufacturing also slowed. 'The real estate market is still in a process of bottoming,' Laiyun Sheng, deputy commissioner at the NBS, said at a press briefing following the data release, calling for 'stronger support' to stabilize the sector. Domestic consumption contributed to 52% of GDP in the first half of the year, Sheng said, highlighting that the share of consumption rose in the second quarter while the contribution of trade fell. He spoke broadly of plans to support retail sales, and acknowledged that policymakers need to boost income to sustain a rebound in spending. Sheng expected modest improvement in consumer prices in the second half of the year, citing Beijing's efforts to encourage spending while stopping disorderly price wars. The urban unemployment rate remained at 5% in June, after touching a two-year high of 5.4% in February. 'Although growth is likely to slow in the second half-year, the 5% government target may be within reach,' said Tianchen Xu, senior economist at Economist Intelligence Unit, who expected policymakers to refrain from rolling out additional stimulus measures at an upcoming meeting of the Communist Party's Politburo in late July. Beijing could hold off major stimulus until September to stage a final push to meet its growth target if momentum falters, Xu added. Tariff wildcard In April, U.S. President Donald Trump ratchet up tariffs on Chinese imports to a prohibitive level of 145%, spurring a round of stimulus measures from Beijing, including financial support for exporters struggling to take orders, subsidies for companies that hire fresh graduates and continuous expansion of a consumer goods trade-in program to boost demand. The two sides reached a truce in May, agreeing to roll back most of their tariffs on one another. Their respective trade negotiators later outlined a framework after a meeting in London in June, which involved China expediting approval for exports of rare-earth minerals and Washington walking back its restrictions on Beijing's access to advanced American technologies and Chinese students' visas to study in the U.S. Beijing faces an Aug. 12 deadline to work out a permanent deal with Washington. U.S. Treasury Secretary Scott Bessent told CNBC earlier this month that he expected a meeting with his Chinese counterpart 'in the next couple of weeks' to advance discussion on trade and other matters. 'If the threat of trade war diminishes at least in the short term, the chance of a large fiscal stimulus in China also declines,' said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management. Calls for stimulus China's economy has remained on a generally firm footing this year, buoyed by robust exports and support measures, but economists are largely cautious of more economic headwinds ahead, calling for the leadership to launch fresh fiscal stimulus. 'The above-target growth in Q1 and Q2 gives the government room to tolerate some slowdown in the second half of the year,' said Zhang. The Chinese leadership in May unveiled a slew of policy steps in its bid to shore up the tariff-hit economy, including cutting interest rates and injecting additional liquidity into the market. The stimulus measures have lifted parts of the economy. Both official and private surveys showed an improvement in the manufacturing activity. Exports have also remained largely resilient in the quarter as businesses accelerated to divert trade to alternative markets. Its U.S.-bound shipment shrank 10.9% this year as of June, while exports to Southeast Asia nations and European Union countries — the groupings China counts as its two largest trading partners — jumped 13% and 6.6%, respectively. However, that resilience was mainly driven by 'price discounting,' which was 'eroding' China's terms of trade and intensifying disinflationary pressures, Louise Loo, head of Asia economics at Oxford Economics, said in a note. China's GDP deflator, a broad measure of prices across goods and services, however, was still down 1.2% year-on-year, marking the sharpest decline since the global financial crisis, Loo added. PBOC advisor Huang Yiping, in a report published last week with two other economists, said that authorities need to add as much as 1.5 trillion yuan in fiscal stimulus to spur household spending and offset impacts from the U.S. tariffs, as well as cut interest rates further. 'Deeper indicators such as soft consumer price index, weak purchasing managers' index readings, cautious credit dynamics and elevated migrant worker unemployment point to underlying fragility,' the economists said. Structural reforms around China's fiscal plans, pension system and the financial sector are needed to ensure a more balanced, sustainable growth, the economists said.
Hans India
08-06-2025
- Sport
- Hans India
Global shooting stars gather in Munich as ISSF World Cup kicks off June 10
The global royalty of Rifle/Pistol sport shooting, is set to descend on one of its most hallowed turfs Munich's Olympic Shooting range for the third International Shooting Sport Federation (ISSF) World Cup (Rifle/Pistol) stage, set for June 10-15. A massive 695 athletes, among them a constellation of Olympic and World champions and legends of the sport from 78 countries, will make feature in Munich World Cup. There are 10 finals on the roster and competitions begin on Tuesday. The season began with a double-header in South America where Indian Rifle and Pistol shooters picked up 15 medals, including six gold, helping the team finish a creditable second and third respectively on the standings. The Munich leg will, however, present a much tougher challenge given the much wider presence of the world's best shooters. While many stars like Li would be making their first appearance on the ISSF circuit in Munich after the Paris Olympics last year, India, who have fielded a 22-strong team across the 10 events, including the two mixed team events, will also look forward to a few anticipated comebacks. Prominent among them will be Swapnil Kusale, the Paris bronze medallist in the men's 50m rifle 3 positions (3P), who has fought his way back into the team with some great scores on the domestic circuit. Two-time Olympian Elavenil Valarivan will also be seen in international competitive action for the first time since Paris, although she did make the trip to Buenos Aires and Lima as an RPO shooter. Reigning Asian Games champion Palak in the women's air pistol, also makes it back to the team and a few world cup debuts, like that of newly crowned women's air rifle national champion Ananya Naidu and the two new faces at this level in men's air pistol-Aditya Malra and Nishant Rawat, are also to look forward to, as India look to continue to explore their depth in the two disciplines, ahead of bigger challenges later in the year. Among the constellation of stars, none shines brighter than two Chinese marksmen, the legendary Li Yuehong, reigning Olympic champion and three-time Olympic medalist in the 25m rapid-fire pistol (RFP) and Sheng Lihao, the reigning Olympic, World and Asian champion, world-record holder and a 20-year-old air-rifle sensation. In fact, in his last outing in Munich last year, Sheng set a new finals world record in his pet 10m air rifle and is coming off yet another World Cup win, in Lima. Li would be appearing at this level for the first time after his Paris Olympics gold. The Munich World Cup, set at a time when international shooters are generally nearing their peak and given its legacy and favourable location, like always has attracted the who's who of Rifle and Pistol shooting. Every strong shooting nation has sent its strongest available squads. China, outright winners of the first two legs, besides Li and Sheng, are also bringing their men's air pistol Olympic champion Xie Yu, in what is also a 22-member squad. Sheng, by the way, is also the mixed air rifle Olympic champion but his partner in Paris, Huang Yuting, will be missing in action. Hosts Germany have also fielded a strong 27-member contingent led by their pistol legend and former Olympic and World champion Christian Reitz. Anna Janssen, their women's air rifle qualification world record holder, would also be starting on home soil. Another RFP legend Jean Quiquampoix, part of a 16-member French squad, will help complete the troika of legends who have completely dominated the RFP event over the last decade or so. The Koreans will also be there in full force with 19 shooters, among them two of their three reigning women Olympic champions Yang Jiin (25m pistol) and Oh Yejin (10m air pistol). Reigning mixed team air pistol Paris champions Damir Mikec and Zorana Arunovic will headline a 15-member Serbian squad, while women's 3P exponent Chiara Leone, will complete the line-up of reigning Olympic champions in Munich. She will accompany an equally high-quality 11-member Switzerland team. Among former Olympic champions who have entered to start for their respective nations are Javad Faroughi (Iran-10m air pistol), Nina Christen (Switzerland-women's 3P) and Greek women's pistol legend Anna Korakaki. Several Paris Olympic medallists like the USA's Sagen Maddalena, Italy's Paolo Monna and Danilo Sollazzo and Alexandra Le of Kazakhstan, are also set to start in Munich. The USA's former world champion Alison Weisz also shoots in Munich, highlighting the strong US presence. Other legendary shooters in attendance will include the likes of Ukrainian rifle specialist Serhii Kulish (two-time Olympic medalist), who is part of a 21-member squad, the Czech Republic's Petar Gorsa, Hungary's Istvan Peni and Turkiye's Yusuf Dikec. A group of 25 individual neutral athletes (AIN) are also expected to pose a strong challenge in the 10 events on the schedule.
Time of India
30-05-2025
- Time of India
2 Chinese nationals caught for illegally entering India from Nepal
Madhubani: Two Chinese nationals, who were apprehended by the jawans of the SSB 48th batallion for attempting to illegally enter into the Indian territory from Nepal through Papraun-Jatahi international border under Harlakhi police station in Madhubani, were brought to the district headquarters on Thursday for further investigation and legal action. Tired of too many ads? go ad free now Briefing the press on Thursday, Madhubani superintendent of police (SP) Yogendra Kumar said that no valid visa/travel document were found on the apprehended Chinese nationals, identified as Wu Helong (38) and Sheng Jun Yong. Both individuals are presently under the custody of Harlakhi police. An FIR was lodged against them at Harlakhi police station on Thursday under section 14/14(b) of Foreigners Act, 1946. The SP said the security agencies are investigating the unauthorised entry of the Chinese nationals into the Indian territory, and if needed, help from the central agencies would also be sought. Harlakhi station house officer (SHO) Anup Kumar said that as per the SSB's forwarding report, the two individuals were caught while they were making videos along the Papraun-Jatahi international border. He said, according to the documents seized, Wu, a resident of Dalian City in Liaoning Province, was born on Feb 24, 1987. "His passport number is EL9961400, and his father's name is Shen Zhong Ming. Initial investigations revealed that Wu arrived in Kathmandu on March 14 on a tourist visa, valid until June 11, 2025, with an extension till July 11, 2025. After visiting Kathmandu and Pokhara, he reached Janakpur on May 26 and was staying at a hotel. Sheng met Wu during his visit to Pokhara, after which the two travelled together to Janakpur. Sheng arrived in Kathmandu from Shanghai via a connecting flight from Chengdu on Feb 27. His tourist visa, initially valid until May 27, 2025, was extended until June 26, 2025. Sheng had previously visited Nepal between March 27 and May 29, 2024, to meet his girlfriend," said the SHO. Tired of too many ads? go ad free now During interrogation by the SSB and Harlakhi police, Wu disclosed that he was a video blogger, and created content for social media platforms. Wu also admitted to borrowing 10,000 yuan from Alibaba to support his vlogging endeavours. A search of Wu's phone, however, revealed over 50 anti-India and pro-Khalistan videos, all downloaded from internet after May 7. While no evidence has been found so far indicating that Wu posted these videos on his social media accounts, he claimed they were downloaded to boost his viewership and followers, said police sources.
Yahoo
29-05-2025
- Climate
- Yahoo
Jefferson Parish officials discuss 2025 hurricane preparations
GRETNA, La. (WGNO) — Jefferson Parish President Cynthia Lee Sheng and other officials will hold a hurricane preparedness press conference 2 p.m. on Thursday, May 29 at the Emergency Operations Center. According to parish officials, this is an opportunity for parish leaders to inform the public about preparations they and others have taken, and to encourage residents to prepare as well. Sheng said it was important to for individual families to make preparations for their individual circumstances. Sheng said Jefferson Parish prepares all year for hurricane season. Sheng said they have reviewed and updated emergency plans and have The NOAA is predicting above normal hurricane activity in the Atlantic basin. You can watch the conference live at increased to $50k per remaining 2 fugitives still on the run Jefferson Parish officials discuss 2025 hurricane preparations U.S. warns Americans not to travel to Venezuela citing risks of torture, kidnapping Trump's Qatar jet deal not finalized even as Pentagon has taken possession Morehouse Parish investigator to not face charges in fatal 2024 officer-involved shooting Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
