GLIC/GLCs’ crucial role in post-pandemic economic recovery and growth — Tengku Zafrul Tengku Abdul Aziz | Malay Mail

16/4/2022 5:26:00 AM

GLIC/GLCs’ crucial role in post-pandemic economic recovery and growth — Tengku Zafrul Tengku Abdul Aziz

GLIC/GLCs’ crucial role in post-pandemic economic recovery and growth — Tengku Zafrul Tengku Abdul Aziz

APRIL 16 — 1. Excellence is a journey rather than a destination. This is how I approached my role as Finance Minister (MoF) in March 2020, when Covid-19 first began wreaking havoc on our economy and public health. 2.         Over the last two years, while...

GLIC/GLCs’ crucial role in post-pandemic economic recovery and growth — Tengku Zafrul Tengku Abdul Aziz Saturday, 16 Apr 2022 10:04 AM MYT APRIL 16 — 1.A KUALA LUMPUR (April 15): The RM300 million ePemula programme, launched on Friday, is expected to contribute to the cultivation of cashless transactions in the country, especially among the youth and students of higher learning institutions.× Copy URL PAC chairman Wong Kah Woh says the PAC’s focus is on the awarding of the MySejahtera app development contract to KPI Soft Sdn Bhd and the awarding of a contract through direct negotiation to MySJ Sdn Bhd.Telegram channel for the latest updates.

Excellence is a journey rather than a destination.This is how I approached my role as Finance Minister (MoF) in March 2020, when Covid-19 first began wreaking havoc on our economy and public health.4% to 1.2.PAC chairman Wong Kah Woh said also present in the three-hour proceedings, which began at 10am, were Treasury secretary-general Asri Hamidon and Health Ministry (MOH) secretary-general Harjeet Singh a/l Hardeev Singh as well as senior officials from the Finance Ministry (MOF) and MOH.Over the last two years, while implementing various aid packages totalling RM530 billion — the majority of which were short-and medium-term measures — I also discussed longer-term reforms with my colleagues at the MoF.“Through the ePemula programme, the government hopes to maintain the momentum of electronic cash or e-tunai, as it hopes to drive the use of digital financial services.This is because Covid-19 has highlighted and exacerbated a number of structural issues in our economy.He said during today’s proceedings, the PAC’s focus was on the awarding of the MySejahtera application development contract to KPI Soft Sdn Bhd in April 2020 as well as the awarding of a contract through direct negotiation to MySJ Sdn Bhd by the government in November 2021 and the status of government negotiations with the company.

3.E-wallet companies involved in the Pemula initiative are BigPay, GrabPay, ShopeePay, and Touch ‘n Go eWallet.In order to accomplish this, I have always requested my MoF colleagues to use the concept of ‘systems thinking’, which is a holistic analytical approach that focuses on how a system’s constituent parts interrelate and how systems work within the context of larger systems.4.1 million touchpoints or physical payment centres.I strongly believe that many issues or potential problems could be easily resolved if we got the systems right.As a result, systems thinking is precisely why, more than a year ago, we paired our reform vision with rethinking of the roles, functions and capabilities of Government-Linked Investment Companies (GLICs) and Government-Linked Companies (GLCs).2 million touchpoints to facilitate cashless transactions for both consumers and businesses.— Bernama You May Also Like.

This is partly because, despite the fact that the Government launched a ten-year GLC Transformation Programme in 2005 to improve the performance of these GLICs/GLCs, the last two Covid-impacted years have set us back on many fronts.5.With the resumption of economic activities as the nation transitions to the endemic phase of the coronavirus, ePemula will help drive the use of e-wallets for physical purchases, he said.Before I elaborate on how the MoF has reorganised the GLICs/GLCs’ functions and roles, it is crucial to remember how important they have been in Malaysia’s nation building.From the electricity that powers our homes, the fuel that powers our vehicles, the clean water that gushes out of our faucets, the rice we eat, the highways that crisscross our country, the fund that supports employees’ retirement, and to the banks that process our financial transactions, various GLICs/GLCs’ products are so pervasive in our lives that we frequently take them for granted.Subscribe to Mid-day email alert We deliver news to your inbox daily.Government policy on empowering GLICs/GLCs has resulted in many of them spreading their wings globally.

— Reuters pic 6.Government policy on empowering GLICs/GLCs has resulted in many of them spreading their wings globally.Petronas, for example, has not only played an important role in the country’s socioeconomic development since its inception in 1974, but also grown to become a Fortune 500 company with global operations.Another good example is the Employees Provident Fund, which was founded in 1951 to manage its members’ retirement funds and is now one of the world’s largest pension funds.7.

The GLCs have also played an important role in enabling SMEs and businesses to thrive in a variety of sectors and industries, particularly through their ecosystem and vendor programmes.Khazanah Nasional Berhad, for example, created the Iskandar region that benefited many SMEs in property development.Corporates such as Axiata, Maybank, CIMB, and UMW Groups have also successfully established themselves as regional players to be reckoned with, benefiting many other companies along the way.8.In fact, if Government-backed agencies did not build strategic infrastructures such as highways, public transportation, or the 5G network, the private sector would not invest in such projects on its own.

Strategic investments like these have also paved the way for the rest of the private sector to enter new markets and industries.In short, over many decades, the Government has frequently leveraged on GLCs to achieve its policy goals and make strategic investments outlined in various Malaysia Plans.9.As a result, it has always been clear that our GLCs are an important policy lever in assisting Malaysia to recover from its worst economic and public healthcare crises.Therefore, the MoF has spent the last 18 months reorganising and clarifying the GLIC/GLC mandate to better complement the Government’s daunting task of reviving our pandemic-ravaged economy as quickly as possible.

New growth ecosystems, turnaround assets strategy, and sustainable investment standards are amongst the initiatives.10.These initiatives were developed and implemented in accordance with the principles of systems thinking to minimise overlaps, maximise complementarity, and optimise public resources.It is a five-year journey, and we have been at it for more than a year.11.

For example, various KPIs have been set to ensure that profit-oriented GLCs are not only commercially viable, but also have a clear roadmap for implementing ESG principles, coupled with well-formulated strategies to drive focus and investments into future growth areas.12.The systems-thinking approach was also the underlying principle for the scope expansion of GLIC/GLC Disaster Relief Network (GDRN).It was then re-launched by the Prime Minister in March this year under its new name — GLC Demi Rakyat dan Negara.Beyond disaster relief, the GDRN’s expanded scope is a better-coordinated platform to align GLCs/GLICs’ existing social impact contribution in three key areas — education, sustainable livelihood and well-being (including the environment), and humanitarian response — while also ensuring improved ROI and tracking of GLC/GLIC CSR initiatives.

13.We also recently launched the Principles for Good Governance (PGG) on 15 April, which are intended to guide GLICs/GLCs on three main board-related principles: Leadership and Board Effectiveness, Strengthening the Composition of Boards, and Promoting Investment Effectiveness and Transparency.Considerations such as ESG, ensuring more women on boards, applying the right criteria and appointing directors based on merit, as well as ensuring their professional development for optimum corporate performance are among the sub-principles.14.One key target outcome is to ensure that GLICs/GLCs’ operations will be more robust, allowing them to contribute more effectively and meaningfully to nation building, as well as assisting Malaysia in developing resilience in the face of future shocks or pandemics.

15.None of this would be possible if we continued to do things the same way.Instead, by looking at everything holistically and applying the systems thinking approach, there has been more buy-in because it is clear how the GLIC/GLCs’ individual contribution would support the bigger nation-building agenda.16.Moving forward, I am confident that with the support of all key stakeholders, we will be able to push through the systemic reforms that will see our GLICs/GLCs become the catalysts for Malaysia’s recovery and pave the way for our nation to reach the next level of sustainable growth.

* Datuk Seri Tengku Zafrul Tengku Abdul Aziz is finance minister of Malaysia.** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.

Read more:
Malay Mail »
Loading news...
Failed to load news.

ePemula will help drive cultivation of cashless transactions in Malaysia — Tengku ZafrulKUALA LUMPUR (April 15): The RM300 million ePemula programme, launched on Friday, is expected to contribute to the cultivation of cashless transactions in the country, especially among the youth and students of higher learning institutions.Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said total cashless transactions went up 74.4% to 1.1 billion in 2021 compared with 2020, reflecting that businesses and consumers are getting more comfortable with using such apps.“Through the ePemula programme, the government hopes to maintain the

Tengku Zafrul, Khairy give statements on MySejahtera app to PAC | The Malaysian InsightProceedings focus on development and procurement of application. I wonder why people will question such integrity wherby Shopee, Lazada information was even data based in Singapore! Btw, now we can truly see PAC do some action towards rakyat concern. Well done tzafrul_aziz and Khairykj to answer this due diligence.👍 Sekarang Baru nampak PAC ni ade function! Kalau time Najib dulu PAC ni diAyam2kan je.. IMDB rembat Berbillion kaw2 pun bleh kasik Halal! tzafrul_aziz memang berkaliber kerana terus datang x ada bertangguh untuk menjawab pada PAC!

MySejahtera app development and procurement proceedings: Tengku Zafrul, Khairy give statements to PAC | Malay MailKUALA LUMPUR, April 14 — Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz and Health Minister Khairy Jamaluddin provided their statements in the MySejahtera Application Development and Procurement proceedings to the Public Accounts Committee (PAC), today. PAC chairman Wong Kah Woh said also... I wonder why people will question such integrity wherby Shopee, Lazada information was even data based in Singapore! Btw, now we can truly see PAC do some action towards rakyat concern. Well done tzafrul_aziz and Khairykj to answer this due diligence.👍 Sekarang Baru nampak PAC ni ade function! Kalau time Najib dulu PAC ni diAyam2kan je.. IMDB rembat Berbillion kaw2 pun bleh kasik Halal! tzafrul_aziz memang berkaliber kerana terus datang x ada bertangguh untuk menjawab pada PAC!

Tengku Zafrul tells MSMEs to utilise business tax cutsKUALA LUMPUR: Finance Minister Datuk Seri Zafrul Abdul Aziz has called on entrepreneurs to utilise the business tax cuts provided for in Budget 2022.

Tengku Zafrul: 67,000 families, mainly from B40, have bought homes under govt SRP schemePETALING JAYA: Nearly 67,000 families have bought houses under the My First Home scheme (SRP) from its 2011 launch up to February, says Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. Perumahan Mampu Milik has always been an Agenda years after Years but Non is work because most people after 30 got blacklisted from Banks. Than how la Loan will Approve? Hopefull tzafrul_aziz bring something different here. Thanks for Make this Happen!

Tengku Zafrul tells MSMEs to utilise business tax cutsThe finance minister also commented on the e-Pemula initiative that aims to lighten the financial burden of local enterprises and encourage cashless transactions by physical businesses. theSun thesundaily MSMEs Budget2022