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Industry News

Economy

Johoreans demand jobs for JS-SEZ backing

Central Force International’s recent public sentiment study reveals that whilst there is broad support for the Johor Singapore Special Economic Zone (JS-SEZ), it is contingent upon tangible benefits for local residents. The study, released ahead of the JS-SEZ Master Plan announcement on 30 March 2026, highlights that 81.4% of Johoreans consider job creation for locals as the primary condition for supporting the initiative. Affordable housing follows closely, with 70.1% citing it as a key factor.

Despite the reported $7.9b (RM37.1b) in approved investments linked to the JS-SEZ within six months, 64% of Johoreans remain unclear about the initiative’s specifics or its direct impact on them. The study indicates that whilst there is optimism, it is pragmatic and outcome-driven, with concerns about traffic planning, environmental management, and public amenities also emerging.

See Toh Wai Yu, CEO of Central Force, emphasised the importance of effective communication, stating, “Investment figures alone do not automatically translate into public confidence.” The study also identifies cost of living as a core risk variable, with 21.6% of respondents concerned about increased living costs.

The findings suggest that Johor’s challenge is to convert investment momentum into sustained public confidence. As See Toh Wai Yu noted, “The Master Plan is not just a sectorial blueprint but a confidence signal.” The success of the JS-SEZ will depend on whether growth is inclusive and economically manageable for households, influencing Johor’s investment narrative for years to come.


Insurance

Allianz Life shifts recruitment to highlight talent diversification

Allianz Life Insurance Malaysia Berhad (Allianz Life) has reported a significant shift in its agency recruitment composition for 2025, with women comprising 53% of new recruits. This marks the first time female participation has surpassed male, reflecting broader changes in workforce expectations and career priorities. Between 2020 and 2023, female recruitment remained steady at 47%, achieving parity in 2024.

The trend highlights a growing demand for flexible, purpose-driven, and performance-based career pathways, particularly within the financial services sector. Allianz Life Chief Sales Officer Raymond Cheah noted that this shift is indicative of structural workforce changes rather than temporary fluctuations. “The growing participation of women amongst our new recruits reflects evolving career expectations and the increasing appeal of flexible and purpose-driven professions,” he stated.

In 2024, women represented 80% of Allianz Life’s top 10 performing agents, underscoring the importance of scalable development platforms. In response, Allianz Life launched the SheSecures programme in January 2025, aimed at enhancing leadership capabilities and building peer support networks. This initiative is part of the broader Kingmaker agency development framework, focusing on structured onboarding and long-term retention.

The SheSecures programme has been well-received by women seeking professional independence. Canon Lim from MB8 Agency shared that the programme helped her rediscover her confidence and connect with a supportive community. Similarly, Grace Lim from ACP Agency found renewed confidence to build a meaningful career.

Allianz Life views this recruitment milestone as part of a wider talent diversification strategy, aiming to build a resilient, performance-driven agency ecosystem. The company anticipates continued support for flexible and entrepreneurial career models, alongside stronger community engagement and recruitment initiatives.


Insurance

AmMetLife names Wan Ismail CEO amid industry shifts

AmMetLife Insurance Berhad has announced the appointment of Wan Saifulrizal Wan Ismail as its new Chief Executive Officer, effective 9 March 2026. Wan succeeds Rangam Bir, who has left the company to pursue other opportunities. With nearly three decades of experience in the insurance and takaful sectors, Wan has held roles as an industry regulator, actuary, and senior leader, and has served as chairman of the Malaysian Takaful Association.

Elena Butarova, MetLife’s Regional Head for Bangladesh, Malaysia, Nepal, and Vietnam, expressed confidence in Wan’s leadership, stating, “Wan brings a strong combination of actuarial insights, deep industry experience, and commercial leadership to AmMetLife, at a time when protection and health needs in Malaysia are evolving rapidly.”

Wan Saifulrizal commented on his new role, saying, “Now more than ever, Malaysians are looking to build a more confident future. I’m excited to be leading AmMetLife as we continue to share the benefits of insurance, health protection, and sound financial planning to millions of Malaysians.”

AmMetLife, established in 1973, is a joint venture between AmBank Group and MetLife, offering a comprehensive range of life assurance and wealth protection solutions. The partnership leverages MetLife’s international expertise and AmBank Group’s local strength to provide customer-centric life assurance solutions in Malaysia.


Financial Services

SME Bank faces leadership shift with new chairman

Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) has announced the appointment of Zulkiflee Hashim as its new chairman, effective 6 March 2026. Zulkiflee, who has been an Independent Non-Executive Director at SME Bank since 2019, has played a significant role in enhancing the bank’s governance and strategic oversight.

Zulkiflee’s extensive career in the banking industry spans over 35 years, with leadership positions at Citibank Malaysia, Deutsche Bank Malaysia, and Hong Leong Bank Berhad. He served as Executive Director at Hong Leong Bank from July 1998 to October 2011 and was Chief Operating Officer for Group Strategic Support until his retirement in 2015. Currently, he holds positions as an Independent Non-Executive Director at Hong Leong MSIG Takaful Berhad and Al Rajhi Banking & Investment Corporation (Malaysia) Bhd.

SME Bank, a subsidiary of Bank Pembangunan Malaysia Berhad (BPMB) since May 2025, stated that Zulkiflee’s appointment underscores its commitment to robust leadership and governance. His vast experience is expected to steer the bank’s strategic priorities towards empowering micro, small, and medium enterprises (MSMEs) and fostering sustainable economic growth.

Founded in 2005, SME Bank focuses on advancing Malaysia’s SME sector through financing and high-impact initiatives aligned with the National Entrepreneurship Policy 2030, including digital transformation and Industrial Revolution 4.0 technology adoption. For further details on SME Bank’s offerings, visit their website.


Financial Services

AEON Bank app launch makes Zakat payments seamless

AEON Bank, Malaysia’s first digital Islamic bank, has introduced a new feature on its digital banking app to facilitate Zakat payments during Ramadan. This initiative is in collaboration with Tulus Digital, an Islamic social finance fintech platform. The partnership aims to provide a secure and seamless digital solution for Muslim customers to fulfil their Zakat Fitrah obligations directly from their smartphones.

The new feature allows users to pay Zakat without the need for physical queues or counters, supporting 11 types of Zakat, including Zakat Fitrah, income, and business. Each transaction includes a digital Aqad contract, ensuring compliance with Shariah principles. Customers receive immediate in-app receipts and notifications, with official tax-deductible receipts accessible via state authorities’ portals.

AEON Bank’s CEO, YM Raja Datin Paduka Teh Maimunah Raja Abdul Aziz, emphasised the bank’s commitment to integrating financial and religious obligations. “By enabling the Zakat feature in our app, we are fulfilling the amanah to make mandatory religious obligations as convenient and stress-free as possible,” she stated.

Tulus Digital’s Commercial Director, Ubaida Othman, highlighted the partnership’s role in strengthening Malaysia’s Islamic finance digital economy. The collaboration combines ethical technology with Shariah governance to offer purpose-driven financial innovation.

The Zakat feature is part of AEON Bank’s broader strategy to expand its digital utility services, with plans to include more state Zakat authorities in the future. This development underscores AEON Bank’s dedication to providing accessible and trusted digital financial solutions anchored on Shariah governance.


Financial Services

Malaysian women drive 50% rise in entrepreneurship

A recent survey by the Association of Chartered Certified Accountants (ACCA) reveals that 50% of women in Malaysia’s finance and accountancy sectors now aspire to become entrepreneurs, marking an increase from 43% last year. This data, part of ACCA’s upcoming Global Talent Trends 2026 report, highlights a growing confidence among women in leveraging their financial skills for business ownership.

The survey, which gathered insights from over 11,000 finance professionals across 175 countries, indicates that younger generations, particularly Generation Z and Millennials, are driving this entrepreneurial ambition. The findings align with the global theme for International Women’s Day 2026, ‘Rights. Justice. Action. For ALL women and girls.’

Helen Brand, chief executive of ACCA, commented, “Entrepreneurship represents economic empowerment in action. The number of women aspiring to business ownership is an encouraging signal that finance and accountancy skills are equipping women not only to lead within organisations, but to build enterprises of their own.”

The report suggests that accountancy serves as a robust foundation for future entrepreneurs, with many professionals viewing their finance background as advantageous for entrepreneurial careers. This trend is particularly strong in emerging markets, where entrepreneurship is often seen as a route to economic mobility and societal impact.

Andrew Lim, head of ACCA Maritime South-East Asia, noted, “The drive towards entrepreneurship is especially evident among younger finance professionals. They see accountancy as more than a technical discipline, it is a launchpad for innovation, independence, and impact.”

As International Women’s Day approaches, these findings underscore the importance of supporting women’s entrepreneurial potential, which has significant economic benefits, including increased job creation and innovation.


Healthcare

ProtectHealth fortifies operations with ISO 22301

ProtectHealth Corporation Sdn. Bhd. has achieved the ISO 22301:2019/AMD1:2024 Business Continuity Management System (BCMS) Certification, reinforcing its position as a key government agency in Malaysia. The certification highlights ProtectHealth’s commitment to maintaining strong governance and operational resilience, ensuring the continuity of critical healthcare financing initiatives and public-private partnerships.

The certification supports ProtectHealth’s initiatives, including PeKa B40, Skim Perubatan MADANI, Skim Perlindungan Insurans Kesihatan Pekerja Asing (SPIKPA), and the Hospital Services Outsourcing Programme (HSOP). These programmes are crucial for delivering reliable and uninterrupted healthcare services nationwide by safeguarding core operational, financial, and coordination functions.

Wan Mohd Hazwan Wan Mohd Najib, ProtectHealth’s CEO, emphasised the importance of the certification, stating, “This certification demonstrates our commitment to stakeholders by ensuring that robust systems are in place to protect operations, manage risks effectively and enable swift recovery, so that essential services continue without disruption.”

CyberSecurity Malaysia’s Acting CEO, Roshdi Hj Ahmad, praised ProtectHealth’s proactive approach, noting that the certification reflects the organisation’s dedication to embedding business continuity as a core capability. This achievement underscores ProtectHealth’s responsibility to deliver accessible healthcare services to beneficiaries across Malaysia.

The ISO 22301 certification not only strengthens ProtectHealth’s governance but also ensures that its healthcare services remain resilient and uninterrupted, even in the face of potential disruptions.


Hotels & Tourism

Malaysians rank fourth among foodie travelers in Asia

Malaysians have been ranked fourth among Asia’s top foodie travellers, according to a recent survey by digital travel platform Agoda. The survey, part of Agoda’s 2026 Travel Outlook Report, highlights that one in three Malaysians prioritise discovering new culinary experiences when travelling. This trend underscores the increasing importance of gastronomy in travel decisions across Asia.

The survey reveals that food has become a significant motivator for Asian travellers, climbing into the top three reasons for travel, up from sixth place last year. Taiwanese travellers lead the list, with 47% citing culinary experiences as a primary travel motivator. Vietnam and South Korea follow, with 35% and 34% of respondents, respectively, emphasising their appreciation for diverse cuisines.

Malaysia, with 33% of respondents prioritising food, shares the fourth spot with Japan. Indonesian, Thai, and Indian travellers complete the top eight, showcasing their interest in global cuisines.

Fabian Teja, Country Director Malaysia and Brunei at Agoda, noted, “For many Malaysians, travel and food naturally go hand in hand. Whether it’s seeking out authentic street food or planning trips around trending dining spots, culinary exploration plays a big role in how Malaysians experience the world.”

Agoda supports this culinary enthusiasm by offering over 300,000 activities, more than 6 million holiday properties, and over 130,000 flight routes, all bookable through its platform. As food continues to be a driving force in travel, Malaysians are set to explore even more global flavours.


Residential Property

Lincotrade launches luxury project in Kuala Lumpur

Lincotrade & Associates Holdings Limited has announced the soft launch of its first property development in Kuala Lumpur, The Shang Residence. Situated in the established township of Kuchai Lama, this freehold residential project comprises 449 exclusive units. The development is strategically located near the proposed MRT Line 3 and major highways, providing easy access to lifestyle and retail hubs such as Mid Valley Megamall and Bangsar South.

The Shang Residence is designed as a modern urban sanctuary for multi-generational families, featuring a range of resort-inspired facilities. These include a 30-metre infinity pool, fitness and yoga studios, a Himalayan salt sauna, and various pavilions for dining and entertainment. The development also offers a co-working lounge and private meeting suites, catering to the needs of residents seeking a blend of comfort and functionality.

Jackie Soh Loong Chow, CEO of Lincotrade, expressed confidence in the project’s appeal, citing its strategic location and thoughtfully curated amenities. “The limited supply of freehold residential developments in a mature enclave like Kuchai Lama further enhances the attractiveness of The Shang Residence,” he noted.

Alan Tee Kai Loon, Managing Director of Linc Venture, highlighted the project’s design philosophy, which integrates Harmony, Vitality, Precision, and Stewardship. “The Shang Residence reflects our vision of creating well-located homes that combine thoughtful design with lifestyle-driven amenities,” he said.

The official launch of The Shang Residence is expected by June 2026, with completion anticipated by 2029. This development marks Lincotrade’s entry into the property development market in Malaysia, expanding its portfolio beyond interior fitting-out services.


Retail

MINISO advances its IP-driven retail strategy with Malaysia’s first MINISO LAND

Global lifestyle brand MINISO has launched Malaysia’s first MINISO LAND at Sunway Pyramid, Selangor, on 28 February. The 1,700-square-metre store features an immersive space with the most comprehensive IP product offering in the country, aiming to provide a joy-filled experience for local consumers.

Located on the first floor of Sunway Pyramid Mall, a prominent shopping destination, MINISO LAND is designed to attract both local and regional shoppers. The store’s strategic location and engaging design make it a popular spot for young consumers and families. It boasts over 8,000 curated stock-keeping units (SKUs), with IP merchandise accounting for more than 70% of the assortment.

The store’s interior, highlighted by gold tones and bulb-inspired elements, creates a lively atmosphere. Visitors can explore 15 themed zones offering a range of products, including IP-themed collections, home and lifestyle items, beauty and skincare products, and toys. Interactive installations, such as giant pyjama-Stitch figures and a Snoopy-themed zone, enhance the experience.

MINISO LAND also introduces several IPs making their debut in Malaysia, including Pac-Man, alongside popular names like Sanrio and Monchhichi. The store features MINISO’s proprietary IP lineup, the YOYO Cupid Ring series, with 10 character sculptures displayed throughout the space.

The opening was celebrated with appearances by MINISO’s Gift Bear and Friends mascots, engaging the crowd with interactive activities. Online campaigns and user-generated content challenges further amplified the launch’s success. As Southeast Asia’s largest MINISO LAND, the store underscores the brand’s expansion in the region, with more openings planned globally.


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