Small and medium enterprises (SMEs) account for 97% of all business establishments in Malaysia and employ around 48% of the country’s workforce. While the pressure to provide sustainability-related disclosures and adopt relevant practices has thus far been on bigger companies, SMEs are increasingly affected as well. A special feature in the recent Bank Negara Malaysia (BNM) 2023 annual report, titled “Supporting SMEs transition to greener practices”, highlights the risks, opportunities, steps and toolkits for SMEs in this low-carbon transition.

Helping SMEs cope with climate change

The State of Southeast Asia 2024 survey by ISEAS - Yusof Ishak Institute (formerly Institute of Southeast Asian Studies) reveals that China has edged past the US to become the prevailing choice (50.5%) if Southeast Asian countries were forced to align themselves in the ongoing US-China rivalry. The US as a choice declined from 61.1% last year to 49.5%.

Majority of Southeast Asians would rather align with China than the US

The global offshoring industry is undergoing a significant transformation because of technological advancements. There has been a transition from basic functions in the early days of first-generation outsourcing to specialised services.

Global offshoring a catalyst for office space demand in Malaysia

Banks, irrespective of size or credit strength, are consistently ramping up their cyber spending because of an escalating number of incidents. Events such as the ransomware attack on China’s biggest lender, the Industrial and Commercial Bank of China (ICBC), demonstrate how critical cybersecurity can be and the potential damage to bank operations.

Banks raise budgets to fight rise in cyber threats

Since 2000, floods have been the cause of 85% of all natural disasters in Malaysia, with the frequency increasing since 2020. The catastrophic floods of December 2021 highlight the significant impact unabated climate change could have on the Malaysian economy and financial sector.

Building resilience against floods in Malaysia

One of Pakatan Harapan’s biggest priorities when it came to power in November 2022 was to address the revenue leakage the government faced while shrinking the size of the shadow economy of illegal and unrecorded income.