Enterprise Explores

Why did EPF restructure its member’s accounts? Can we do recurring transfers from the Flexible Account to the other 2? Why can’t we opt out of the Flexible Account? We get into these and much more in this edition of Enterprise Explores with EPF’s Balqais Yusoff.Over the weekend, EPF’s new structure took effect bringing into play a new 3rd account known as Akaun Fleksibel. Enterprise Explores the strategy and rationale behind this move, what we should know about these new changes, and how to navigate them, with Balqais Yusoff, the Head of Policy and Strategy Department at The Employees Provident Fund (EPF).Effective earlier this week, EPF Member accounts have been restructured from the previous two accounts (Account 1 and Account 2) to three accounts with contributions split 3 ways – with 75% going to Akaun Persaraan, 15% into Akaun Sejahtera, and 10% into Akaun Fleksibel.Account 1 will be effectively known as Akaun Persaraan: This account will accumulate savings specifically for retirement income.Account 2 will be effectively known as Akaun Sejahtera: EPF has said that this is designed to address members’ life cycle needs during retirement.And now we have a 3rd account - Akaun Fleksibel: This new account is aimed at providing flexibility for short-term financial needs and savings in this account can be withdrawn as needed.On top of this, EPF members will have until August 31st to decide whether to opt-in to restructure your existing balance and transfer an initial amount from Account 2 into your Flexible Account. This one-off, initial transfer will be irreversible. Effectively, if you’ve never withdrawn funds from EPF, this move should restructure your EPF savings to follow the new 75:15:10 ratio.Join us as we dive into the rationale behind this move, what this says about the evolution of EPF’s role in our lives, what we should know about these new changes, and how to navigate them.See omnystudio.com/listener for privacy information.

In Malaysia, women entrepreneurs are carving a significant niche, accounting for around 20% of the more than 650,000 entrepreneurs in the small and medium enterprise (SME) sector. Despite their increasing influence on the economic landscape, these women often encounter distinct challenges, especially in accessing crucial funding and financial resources. This gap highlights the urgent need for targeted initiatives that support and empower female business leaders.To address these obstacles, the community group On The Rise is hosting the Rise Summit, an event specifically focused on enhancing financial literacy, fostering connections with funding partners, and exploring growth strategies for female founders and leaders. The Summit aims to be a transformative platform, offering masterclasses, workshops, and opportunities for direct engagement with investors.Kate Sarginson, the Founder of On The Rise, underscores the importance of the Rise Summit, emphasising its role in shaping the future of women entrepreneurship in Malaysia and beyond. This event not only aims to level the playing field but also strives to empower women entrepreneurs through education, networking, and direct support, making it an essential milestone for female empowerment in business.See omnystudio.com/listener for privacy information.

In a world where companies are staying private for longer, today Enterprise Explores the potential of Share Liquidity Programs and Tokenization to unlock illiquid shares in private companies with Kelvin Lee, CEO of Alta - a Singapore-based marketplace for alternative assets. Alta recently facilitated the inaugural trade of the first tranche of shares as part of their Income Insurance Share Liquidity Program. The program was established in January by Alta and Phillip Securities to provide a liquidity solution to almost sixteen thousand shareholders holding shares valued at as much as $840 million. On top of that, by enabling access to Phillip Securities to all Income Insurance shareholders to sell their shares, Phillip Securities is able to subsequently sell these shares on AltaX where it becomes available to investors for trading. Among other things, Kelvin will share insights on how Alta is addressing the opportunities in private markets in a landscape where companies are opting to stay private longer, we'll also discuss the intricacies of tokenization, dive into the value of share liquidity programs, and how these strategies are enhancing liquidity for private securities.See omnystudio.com/listener for privacy information.

In line with Mother's Day, Enterprise Explores dives into the collaborative efforts between the Autism Behavioral Center (ABC) and CookX Asia to empower mothers of children with autism. We explore the prevalence of autism in Malaysia, the essential role of mothers in imparting life skills, and the challenges faced in accessing support systems. ABC, Malaysia's largest ABA centre, and CookX, a social cooking app, are creating safe spaces for teaching life skills to the autistic community. The upcoming ABC x CookX event aims to instil valuable qualities like patience and teamwork while addressing issues such as food waste and social integration.See omnystudio.com/listener for privacy information.

The economic climate in Malaysia is dynamic and evolving, with a strong emphasis on digital skills and technological advancements. The career path in Malaysia is also not linear – it is not a straightforward path from point A to B, but rather a curving one that requires adaptability, continuous learning, and a willingness to pivot in response to changing market demands.Young professionals nowadays are increasingly navigating dual roles, balancing primary jobs with entrepreneurial ventures as backup plans. This shift reflects the uncertainty and opportunities of a post-pandemic world. Meanwhile, HR professionals are tasked with retaining and supporting this new shift in the workforce while redefining traditional concepts like loyalty. Our conversation today brings together a young entrepreneur and a seasoned HR specialist to explore how economic conditions, career flexibility, and changing values impact talent management and the modern workforce. Let's dive into their insights on managing this dynamic career landscape with Amanda Tan, the Founder of Cxpturing Souls Studios and Pawever Memories, and Gladys De Silva, a Talent Business Partner with Malaysia HR Forum.See omnystudio.com/listener for privacy information.

Enterprise Explores the importance of engaging with grassroots entrepreneurs and the role of community building here with Inbaraj Suppiah, Founder of JomHack, a familiar name to many in the ecosystem, given his community work both online and in the real world through in-person sessions, such as the KL Startup Summit in July.We’ll get into grassroots entrepreneurship, but also some key thoughts on the criticisms around KL20 and the perceived disconnect between grassroots entrepreneurs and government programs, as well as how we can better address this gap in the startup community.See omnystudio.com/listener for privacy information.

Should you opt-in for the one-off irreversible transfer to the new Flexible Account from EPF Account 2 and effectively restructure your current EPF savings? That’s a key question that Enterprise Explores with Rajen Devadason, Licensed Financial Planner with Manulife Investment Management (Malaysia) Berhad. On top of that we also dive into how EPF members should navigate this incoming change and the narrative that we need to build around Akaun Fleksibel and its uses.It’s no secret that EPF’s recently announced restructuring has been divisive to say the least, but love it or hate it, it’s coming later this week. Starting from Saturday May 11th 2024, EPF contributions will be split into 3 accounts, where 75% goes to Akaun Persaraan, 15% into Akaun Sejahtera, and 10% into Akaun Fleksibel. More importantly, EPF members will have until August 31st to make a big decision - whether to opt-in to restructure your existing balance and transfer an initial amount into your Flexible Account. This one-off, initial transfer will be irreversible. Effectively, if you’ve never withdrawn funds from EPF, this move should restructure your EPF savings to follow the new 75:15:10 ratio.See omnystudio.com/listener for privacy information.

Was there too much focus on attracting foreign unicorns, players and VCs at KL20? Was there not enough local support announced? We explore those criticisms as well as key aspects of the KL20 Action Plan with Dr Sivapalan Vivekarajah, Co-Chair of the Soonicorn Collective, and collective member Sharma Lachu, Founder and CEO of Accendo Technologies.We will get into their topline thoughts and impressions about KL20 and the action plan, some of the feedback and criticisms levelled at it, and what their respective impressions and hopes are for particular initiatives, including the Innovation Belt and Unicorn Golden Pass, as well as the VC Golden Pass, VC Launch Fund, and VC Academy. We’ll also spend some time on the importance of talent initiatives.KL20 was a summit organised by the Malaysian government held on the 22nd-23rd of April with the aim of helping stimulate Malaysia’s startup scene by addressing some of the challenges faced by startup founders in the country like access to funding, navigating regulatory barriers and attracting top talent.At the event, Prime Minister Datuk Seri Anwar Ibrahim launched the KL20 Action Paper, which is a roadmap outlining tangible reforms to achieve convergence among key stakeholders – founders, venture capitalists, talent, incubators and accelerators, to propel Malaysia's startup tech sector to new heights.See omnystudio.com/listener for privacy information.

The Cyber Security Bill 2024, passed by Malaysia's Dewan Negara in April 2024, aims to bolster the nation's cybersecurity. It requires entities managing critical national infrastructures — such as government, banking, transportation, defence, and healthcare — to adopt rigorous measures, standards, and processes to mitigate cyber threats. The legislation utilises a risk-based approach to protect against current and future technologies, including blockchain, and is crucial for safeguarding Malaysia’s vital sectors and enhancing cyber resilience. For more insights, we speak with Vicks Kanagasingam, a Business Transformation Coach and Startup Architect.See omnystudio.com/listener for privacy information.

On this episode, we look at Artificial Intelligence with a focus on Malaysia's journey towards global competitiveness in this field. We speak with Farouk Nurish, Co-Founder of TM8 Sdn Bhd, a pioneering tech firm renowned for its innovative AI platform, Team M8.Throughout the conversation, Farouk gives us insights into Malaysia's distinctive strengths and weaknesses within the tech ecosystem, and how they influence the nation's efforts to carve a niche in the fiercely competitive AI market. We also explore the pivotal steps required to foster greater recognition and support for homegrown tech enterprises in Malaysia. See omnystudio.com/listener for privacy information.