Privacy is Gone, It’s Only a Matter of Time: Here’s What Malaysian Bank Customers Should Do

“Based on our recent customer survey conducted during MCO, two-thirds of our customers prefer using online channels for account opening, while 60% indicated that they are less inclined to visit the branch to perform their banking transactions given the current pandemic” SPOKESPERSON AT ALLIANCE BANK MALAYSIA For instance, digital marketing currently contributes up to 20% … Read more

10 Mind Blowing Scenarios that Hypothetically Could Happen Due to Lack of KYC Procedures in Malaysian Banks

For solutions providers, this means an opportunity to partner with banks and other financial institutions to roll out e-KYC. Remittance service providers received regulatory approval to implement e-KYC as early as late-2017. And although the regulatory guidelines for banks came much later, banks already began to trial solutions with third-party vendors or started experimenting with … Read more

Regulatory Framework and Challenges that have given protection to well-entrenched incumbents

With the state-owned firm still to make the first move, private digital gold companies are in wait-and-see mode. This signals that they’re willing to comply, but they want it to be a level playing field. “Bappebti’s rules are acceptable for us,” says Indogold’s Sjuriah, who also points out the tough requirements set by the regulatory … Read more

Managing a Multi-billion Dollar Business in the Digital Age

Yeshab Giri, director of staffing and head of Randstad Technologies, says the demand for hiring has picked up in the past quarter. Randstad helps companies—both service providers and captive facilities—with IT staffing as well as IT projects on contracts. “After COVID-19, there is a lot of focus on offshoring because cost has now taken centre … Read more

This excerpt from Fast Company highlights the key points involved in my argument

First, the COVID-19 pandemic has caused revenue uncertainty across industries, potentially eroding the viability of development centres if demand weakens drastically in the US. On the other hand, the protectionist mood in the US in an election year could make development centres even more important. On 22 June, US President Donald Trump instituted restrictions on … Read more

What are the Legal Outcomes of Receiving a Tax Summons? A Seller’s Dilemma

Nevertheless, BIR’s Guballa wants to encourage small sellers to register. Tsai says this will help the government capture the information for “census” purposes. “Our gross domestic product is probably a lot understated because we have all these businesses that are not registered.” Speeding up the process Before, the BIR used to require small business owners … Read more

Why Local eCommerce Marketplaces are Causing More Trouble to Sellers?

To Lazada’s credit, it has put in place measures to push sellers to comply with tax laws over the past few years. For instance, Lazada sellers whose annual gross sales exceed Php 3 million (US$60,760)—the threshold for VAT filing—must become “corporate sellers” and submit: A certificate of registration from BIR a bank account that matches … Read more

The Case on Philippine Silk-Roaders and How to Avoid Being Caught

And there’s a lot that’s taxable. The Philippine e-commerce industry’s gross merchandise volume was forecast to grow by a compound annual rate of 36% to US$12 billion in 2025 – from US$500 million in 2015, according to a report led by Google. Online marketplaces—Lazada, owned by Chinese internet giant Alibaba, and Shopee, owned by Singapore-based … Read more

What is Into AMTD’s Singapore Spiderverse?  What Makes It Different from Other MMO Games?

Now, it’s spinning a similar web in Singapore. The island nation has long rivalled Hong Kong as the region’s pre-eminent financial hub. But with civil unrest sweeping Hong Kong and China looking to clamp down on the city-state’s autonomy, Singapore has emerged the clear favourite. In fact, Hong Kong dropped three places to sixth, just … Read more

Details on the new POSA-based Product offered by Singlife

“Growing an insurance business will need continuous capital over time and our current shareholders are fully on board with that” The investment into technology, and expansion into the Philippines and another new market, though, is eating into Singlife’s profits. 2020 will be another investment year for the company, which is in its growth phase and … Read more