Aerospace sector to rake in RM55b in revenue by 2030

PETALING JAYA: The Malaysian Investment Development Authority (Mida) which is collaborating with Malaysia Airports Holdings Bhd (MAHB) to promote and facilitate economic activities to drive investments into the country, projects the aerospace sector to rake in some RM55.2 billion in revenue by 2030.

Speaking to reporters on Friday at the inking of a memorandum of understanding between the two parties, Mida deputy CEO Datuk N. Rajendran said the maintenance, repair and operations (MRO) segment is expected to contribute some RM20.4 billion, while aero-manufacturing and engineering and design services are expected to contribute RM21.2 billion and RM13.6 billion respectively.

This, he said, will cater to aviation players in this region.

Malaysia is home to more than 200 companies involved in MRO, aero-manufacturing, education and training, systems integration and engineering and design activities. For the first three months of 2018, the aerospace industry registered approved investments of RM175.4 million for four manufacturing projects and RM8.59 million from one MRO project.

The two parties have collaborated to explore the potential to promote and facilitate economic activities to drive investments into the country, through the KLIA Aeropolis and Subang Aerotech Park, the latter of which will be part of the Subang Airport Regeneration Initiative.

Mida will facilitate the entry of Tier 1 and Tier 2 companies which are well positioned in terms of automation and digitisation – from the manufacturing, research and development, logistics and warehousing and distribution segments – to operate here.

Malaysia’s first airport city, KLIA Aeropolis, which spans 100 acres of land, will focusing on three areas, namely air cargo and logistics, aerospace and aviation, as well as meetings, incentives, conferences and exhibitions and leisure.

The catalytic project under the air cargo and logistics cluster will be the development of a regional e-commerce and logistics hub by MAHB and Alibaba Group’s logistic arm Cainiao Smart Logistics Network (Hong Kong) Ltd on 60 acres as part of the Digital Free Trade Zone.

Subang Aerotech Park will serve as a hub for business aviation equipped with a complete aerospace ecosystem and is expected to see mature operations in 2025.

Malaysians confident of going cashless for up to three days: Visa study

KUCHING: Malaysian are increasingly confident of going cashless with six in 10 saying they can go without cash for an entire day and close to half of them (41 per cent) saying they could last three days without cash, according to the 2017 Visa Consumer Payment Attitudes study. Six in 10 Malaysians have tried going […]

HLB celebrates customers’ digital innovation and experiences with Digital Day 2018

KUALA LUMPUR: Hong Leong Bank Bhd (HLB) continues to see strong customer adoption of its digital platforms, with 48 per cent of its customers utilising digital and mobile platforms for banking transactions at the end of 2017, with digital transactions continue to grow at 73 per cent, lending strength to the Bank’s digital aspirations. “The […]

Hong Leong Bank allocates RM115m for digitisation

KUALA LUMPUR: Hong Leong Bank Bhd has allocated RM115 million or 50% of its capital expenditure (capex) to improve the bank’s offerings on the digital platform in the financial year ending June 30, 2019.

CEO and MD Domenic Fuda said the huge allocation was in line with strong customer adoption of its digital platform.

“We also expect strong continued growth in banking transactions as we increase our offerings of products and services on digital platforms,” he said after launching Hong Leong Bank’s Digital Day 2018 campaign today.

The bank had set aside RM30 million of its capex to convert 50 of its existing 250 branches to the new digital format in the current financial year, which would translate into savings in operational cost.

“This new format will provide more space for customer servicing area. Previously, 50% of the outlet’s space was dedicated for backroom (deposits machine, etc) operations but now it will be reduced to 25%,” he explained.

Fuda said Hong Leong bank’s branches, which currently occupy 4,000 sq ft each, would be reduced to 2,200 sq ft.

Commenting on the outlook for the domestic banking industry, he said this year was expected to be stronger than the previous years, riding on the growth in housing loans, small and medium enterprise loans as well as commercial loans. – Bernama

Hong Leong Bank launches digital biz solutions suite

KUCHING: The entrepreneurship journey for small and medium-sized enterprises (SMEs) in Malaysia can be daunting as market increasingly demands greater agility and speed from these businesses. Understanding their challenges, Hong Leong Bank Bhd has launched an innovative and comprehensive suite of digital business and financing solutions that will serve the need of SMEs from cash […]

Malaysia Airlines expects improvement in performance this year

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SMEs in Malaysia to invest more in tech to drive performance

KUCHING: Small and medium enterprises (SMEs) in Malaysia plan to invest more in technology in order to succeed under increasingly challenging conditions, according to the findings of the Asean SME Transformation Study by United Overseas Bank (UOB) and Dun & Bradstreet. The survey found that 65 per cent of Malaysia’s SMEs will focus their investments […]

CIMB pledges RM75 million to new 3D Academy to propel digital ambitions

KUCHING: CIMB Group Holdings Bhd (CIMB) has pledged RM 75 million over the next three years to the CIMB 3D Academy. The Academy – premised on digital, data and disruption – is aimed at helping CIMB embrace the Fourth Industrial Revolution (4IR) to propel its digital ambitions via a Group-wide people development initiative. The group […]

CIMB pledges RM75m to train talent to meet digital ambitions

PETALING JAYA: CIMB Group Holdings Berhad has pledged RM 75 million over the next three years to the CIMB 3D Academy, to enhance the digital quotient in all job roles; to enable the group’s digital transformation; and to build an agile, innovative, tech-savvy workforce across the board.

The Academy – premised on digital, data and disruption – is aimed at helping CIMB embrace the Fourth Industrial Revolution (4IR) to propel its digital ambitions via a group-wide people development initiative.

The group aims to equip its 36,000-strong workforce – across all levels and categories – with digital knowledge and skills appropriate to their jobs, by end-2019, through an estimated two million staff learning hours.

The group-wide people development initiative's competency framework will be anchored on various pillars including digital world awareness; agile & entrepreneurial thinking; and data science & analytics / data-driven decision making.

CIMB Group CEO Tengku Datuk Seri Zafrul Aziz said in a statement today, “As a leading ASEAN universal bank, CIMB has always prioritised our most valuable asset, our people. With the 4IR fast eclipsing existing digital revolution, we want to make CIMB the most powerful incubator possible for the development of talent, to propel the Group’s next growth phase. In tandem with the digitisation of our core with a data-first principle, the CIMB 3D Academy is a crucial component to help us develop a workforce with the right skillset to help achieve our digital ambitions.

Through the Academy, our staff will be trained for agility, adaptability, creativity and an open mind to, among others, think like an entrepreneur and disrupt conventional thinking, in order to identify and reap opportunities to improve the Group’s value proposition for our 13 million customers and stakeholders across Asean.”

The Academy will spearhead digital training with the goal of enhancing the group’s business powered by improvements in competency, mindsets and relationships within the workforce. A core group of roles to be developed include emerging ones such as agile leader, agile coach, scrum master, scrum product owner, and tech geek. Other digital-centric roles include data
scientist, data engineer, data analysts, design thinker, UI/UX designer, as well as digital marketer.

The 3D modules, which will be conducted primarily through a digital and interactive platform, will be developed both in-house and by external curriculum developers.

Asean urged to intensify skilled labour mobility

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