This week's TechNave Business Bytes for Week 4 of April 2024 covers advancements and challenges across various sectors in Southeast Asia. Samsung continues to dominate the TV market with its premium QLED and OLED technologies. Innovation is a key theme, with OPPO ranking high in patent filings and ZTE showcasing its 5G applications in smart manufacturing. Cybersecurity concerns are rising, as Kaspersky reports a surge in ransomware attacks.
Despite economic challenges, LG Electronics experiences positive financial results. In the realm of sustainability, a new real estate decarbonization platform has emerged, and Malaysia is fostering digital innovation through a collaboration between GXBank and Grab. The entrepreneurial spirit is alive and well, with both funding secured for a green tech platform and recognition for two successful Malaysian women entrepreneurs. Social responsibility efforts include initiatives to empower individuals with disabilities and raise awareness about environmental issues. The report also covers advancements in chipmaking and tax concerns expressed by businesses in Southeast Asia.
Samsung Electronics Continues Its Reign as Global TV Market Leader for 18 Consecutive Years
Samsung Electronics has maintained its dominance in the global TV market for 18 consecutive years, capturing a 30.1% share in 2023. The company's success is attributed to its focus on premium and large-screen TVs, particularly QLED and OLED models. Samsung leads in the premium TV sector, holding a 60.5% market share for TVs priced over $2,500 and a 33.9% share for TVs over 75 inches.
In the OLED sector, Samsung sold 1.01 million units in 2023, capturing a 22.7% market share. At CES 2024, Samsung unveiled the NQ8 AI Gen3 processor, ushering in the AI Screen Era and integrating advanced AI capabilities powered by Tizen OS. With ongoing innovations in processors and AI features, Samsung aims to transform home entertainment and set new industry benchmarks in 2024.
World Intellectual Property Day: OPPO Maintains Top 10 Global IP Ranking for Fifth Consecutive Year
OPPO recently released its "OPPO Innovation and Intellectual Property White Paper" on World Intellectual Property Day, reaffirming its commitment to innovation and intellectual property protection. OPPO ranked ninth globally in patents filed under the PCT in 2023 and has filed over 101,000 patent applications globally, with more than 55,000 patents granted. OPPO is committed to advancing and popularizing AI Phones, with a total of 5,399 AI-related patents filed globally.
OPPO is focused on transforming the latest technical innovations into practical, consumer-centric applications, such as the introduction of over one hundred AI-driven features on the latest OPPO Find X7 series. OPPO is driving the company’s efforts to build an intellectual property ecosystem based on key technological breakthroughs in high-value areas such as 5G/6G, AI, flash charge, and imaging. OPPO has signed licensing or cross-license agreements with dozens of patent owners globally, resolving numerous intellectual property licensing issues through negotiations and cross-licenses.
ZTE Showcases Record-Breaking 5G Speed Achievement and Applications at Connected Industries Day in Malaysia
ZTE recently showcased its cutting-edge 5G applications at Connected Industries Day in Malaysia, emphasizing its commitment to advancing 5G and AI applications in industrial settings. The event highlighted ZTE's innovations in smart manufacturing, including the 5G Smart Campus and AGV technologies.
Notable projects like the Nanjing Binjiang Intelligent Manufacturing initiative and the fully connected WISCO project showcased significant improvements in labor efficiency and defect rate reductions. ZTE's interactive booth provided attendees with a hands-on experience with the latest advancements in 5G technology, including the innovative 5G AGV and Smart Helmet. The event drew approximately 100 participants from 50 companies, facilitating discussions on the extensive impact of 5G and AI in manufacturing and exploring future collaborative opportunities.
PRISMA KHAS, Abundent and Medivest win at Malaysia Technology Excellence Awards 2024
Recently, Medivest won two awards at the Malaysia Technology Excellence Awards 2024 for its Bukit Rambai Incinerator and Amplified Intelligence Centre. Abundant won an award for its AI automation in generating trainer profiles and assigning courses.
PRISMA KHAS Sdn Bhd on the other hand received an award for its groundbreaking digital forensics project at Malaysia's largest Public Sector Digital Forensic Lab. The project was led by an all-woman team and aimed to overhaul the lab's capabilities and revolutionise how digital evidence is handled and analysed.
Kaspersky: Ransomware menace continues to plague SEA businesses
Kaspersky has detected 287,413 ransomware attacks in Southeast Asia from January to December 2023. Targeted ransomware attacks are increasing, with organized groups executing hacks involving data theft and encryption. Thailand had the highest number of attacks, followed by Indonesia, Vietnam, the Philippines, Malaysia, and Singapore.
High-profile incidents include attacks on a bank in Indonesia, a public health insurer in the Philippines, and a public train transportation system in Malaysia. Kaspersky recommends businesses to invest in effective cybersecurity technologies and provides decryption tools and guidelines through the No More Ransom initiative to assist ransomware victims. Kaspersky's free decryption tools have helped nearly 2 million victims globally.
LG reports its financial performance for the first quarter of 2024
LG Electronics reported a record-breaking first-quarter revenue of KRW 21.09 trillion and an operating profit of KRW 1.33 trillion despite challenging macroeconomic conditions. The home appliance sector achieved record revenue and double-digit operating profit margins, while the EV components sector continued its steady expansion.
LG's focus on AI, energy efficiency, and customer-centric design strengthened its competitiveness in the premium market. The company's home entertainment sector saw a resurgence in TV demand in Europe and a successful launch of new models, while the business solutions sector benefited from the launch of new LG gram laptops and growth in commercial display products. LG aims to maintain its market leadership by leveraging its OLED TV and premium LCD QNED TV offerings, expanding B2B ventures, and developing promising new businesses like robotics and EV charging.
GXBank and Grab Malaysia to Support Government’s KL20 Mandate
GXBank plans to establish a Regional Centre of Excellence (COE) in Malaysia, investing RM1.5 billion over five years. The COE aims to serve Grab-led digital banks and provide financial and operational services in the region, offering around 400 roles in banking operations, technology, and risk management. GXBank's COE aligns with KL20's goal of making Malaysia an innovation hub for technology and digital advancements.
Grab and GXBank are also partnering with Endeavor Malaysia to mentor local start-ups, with Grab's top talents and GXBank personnel providing guidance on leadership, business expansion, and technology utilization. This collaboration supports the government's call for economic inclusion and aims to serve millions of financially underserved individuals. You can check their site for more details.
Real Estate Decarbonization Platform Accacia Raises US$6.5M Pre-A Round Led by Illuminate Financial
Accacia, a decarbonization platform for real estate and infrastructure, recently secured US$6.5 million in pre-series A funding led by Illuminate Financial and AC Ventures, with support from Accel and B Capital. Accacia's AI-enabled SaaS platform assists real estate asset managers, owners, and developers in tracking emissions and designing decarbonization strategies. The funding aligns with increasing regulations on carbon emissions reporting by the SEC and SGX.
Illuminate Financial recognizes climate risk as a crucial metric for investors, particularly in real estate. Despite real estate's significant contribution to GHG emissions, its decarbonization is challenging due to complex value chain emissions and diverse asset uses. Accacia's platform integrates with existing systems to automate real-time data capturing, positioning it as a quick and affordable solution for real estate companies aiming for net zero.
EY Entrepreneurial Winning Women™ Asia-Pacific Class of 2024: Two Malaysians selected
Datuk Anna Teo and Ooi Lay Pheng, recently joined the EY executive leadership program alongside 16 others from various Asia-Pacific countries. Anna, founder of Hernan Corporation, grew her company from 50 employees in 1996 to 200 in 2022, achieving RM100 million revenue and aiming for RM300 million by 2025. Lay Pheng, Group CEO of L&P Global Berhad, expanded her group's presence in Southeast Asia, increasing market capitalization from RM230 million to RM1 billion.
Both won EY Woman Entrepreneur Of The Year awards in Malaysia's EY Entrepreneur Of The Year™️ (EOY) program. The EY Entrepreneurial Winning Women™️ program supports high-potential founders, and the 2024 cohort generated over US$1.3 billion revenue and employed 6,000 people in 2023. Check their site for more details.
Brother Malaysia collaborates with Sunway College for Spastic Children’s Association of Selangor and Federal Territory
Brother Malaysia recently partnered with Sunway College & Stylo, Fashion Design Technology Hub to support the Spastic Children’s Association of Selangor and Federal Territory by providing sewing machines and necessary equipment to establish a home sewing room within the association's building. The collaboration aims to empower individuals with spastic disabilities by fostering creativity, developing practical sewing skills, and promoting self-reliance.
Brother Malaysia supplied all the necessary equipment and materials for a fully functional sewing room. Sunway College & Stylo, Fashion Design Technology Hub will provide staff and students to conduct training on sewing and explore sewing ideas. The home sewing machine room will open up opportunities for children with cerebral palsy and their families, providing them with aspirations and valuable skills for greater independence.
Trend Micro Annual Cybersecurity Threat Report: Malaysia's Cybersecurity Landscape Shows Improvement
Trend Micro's 2023 cybersecurity report revealed a 10% annual increase in blocked threats, totaling 161 billion globally. Email malware detection surged by 349%, while malicious phishing URL detections declined by 27%, indicating a shift towards malicious attachments. Ransomware detections dropped by 14%, but there was a 35% increase in threats blocked by Trend Micro's File Reputation Services.
Southeast Asia accounted for over half of global ransomware incidents, with Thailand contributing significantly. Malaysia experienced a 69% decrease in ransomware detections and declines in other threats, except for a slight increase in malware detections. Trend Micro advises network defenders to collaborate with trusted security vendors, prioritize SOC efficiency, apply software updates, and implement comprehensive security protocols to mitigate evolving threats. Check their site for more details.
Astro commemorates Earth Day with RimbaKita: Save our Earth Campaign
Astro recently launched the "RimbaKita: Save our Earth" Campaign to raise awareness about environmental issues on Earth Day. Customers can watch enriching programs on environmental conservation, wildlife preservation, and climate change from various channels on their Ultra/Ulti Box or Astro GO.
The campaign features exclusive prizes and merchandise for customers who stream programs from the RimbaKita: Save Our Earth rail. Astro also introduced a new Free Preview Channel called "HEROES" from May 10 to June 9, 2024, showcasing action, thriller, and drama movies and series from Malaysia, Korea, India, and Hollywood. Customers can enjoy the New Astro with 30% off, starting from RM41.99 per month.
ReSkills makes Professional Development Learning More Accessible for Next Gen Entrepreneurs
Gen Z is increasingly drawn to self-employment, seeking careers that align with their values and interests, leading to the rise of entrepreneurship. However, many aspiring entrepreneurs face barriers due to a lack of access to entrepreneurial education and resources. ReSkills, a subscription-based digital platform, aims to bridge this gap by providing accessible entrepreneurship education across 70 countries.
Its courses offer career-focused curricula complemented by professional growth, career development, and entrepreneurship pillars. ReSkills also offers flexible learning options through OnTheGo and interactive sessions with experts via OnStage and OnFerence features, allowing learners to enhance their soft skills and knowledge anytime, anywhere.
With High NA EUV, Intel Foundry Opens New Frontier in Chipmaking
Intel Foundry recently achieved a milestone by assembling the industry's first commercial High Numerical Aperture (High NA) Extreme Ultraviolet (EUV) lithography scanner at its Oregon R&D site. This tool will enhance resolution and feature scaling for future processors.
High NA EUV plays a crucial role in advanced chip development, enabling the Intel Foundry to deliver unprecedented precision and scalability in chip manufacturing. Intel expects to use both 0.33NA EUV and 0.55NA EUV alongside other lithography processes in developing and manufacturing advanced chips.
EY: Businesses fear global tax reform will lead to double taxation
According to the 2024 EY International Tax and Transfer Pricing Survey global tax reforms, ineffective technology use, and economic uncertainty strain businesses' transfer pricing capabilities. 86% of Southeast Asia (SEA) transfer pricing professionals risk double taxation due to global tax reforms.
Inflation and increased interest rates have a significant impact on transfer pricing policies. Supply chain disruptions and environmental, social, and governance (ESG) objectives present additional challenges. 54% of Southeast Asian respondents identify disparate systems and ineffective technology as primary obstacles. Furthermore, there has been a notable increase in the demand for advanced certainty on transfer pricing positions through advanced pricing agreements.
PolicyStreet and ERTH Celebrate Earth Day with Insurance for Gig Workers
PolicyStreet recently collaborated with ERTH, to provide on-the-job insurance coverage for ERTH Heroes ~ gig workers involved in e-waste collection. The Heroes Protect insurance includes an Inconvenience Allowance, offering financial support in case of vehicle breakdowns or tire punctures, with a RM100 lump sum payment.
ERTH Heroes also receive coverage for mobile phones, personal effects, accidental death, permanent disablement, daily income during hospitalization, and medical expense reimbursement. This partnership ensures financial stability for ERTH Heroes and aligns with PolicyStreet's goal of serving underinsured individuals. ERTH Heroes are automatically covered and can contact PolicyStreet directly for assistance with claims.
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