News In Brief

Welcome to our ‘News In Brief’ column in which we digest all the news releases for you in no more than five paragraphs.
Below are snippets of all the media releases we received from June 3 till the end of the week.
This article updates throughout the week.

Gogoro Gains $50M Boost

Taipei, June 3: Gogoro Inc. (Nasdaq: GGR), a leader in battery-swapping ecosystems, announced a $50 million investment from Gold Sino Assets Limited. This investment aims to bolster Gogoro’s urban battery swapping and smart mobility innovations.
“With the success of its revolutionary battery swapping ecosystem, Gogoro continues to lead the two-wheel transformation that is shaping cities of the future to be smart, sustainable and accessible. Gogoro is delivering on its vision,” said Dr. Samuel Yin of Gold Sino.
Gogoro will issue 32,516,095 ordinary shares to Gold Sino and a warrant to purchase 10,838,698 ordinary shares. The transaction is expected to close in the coming days. The funds will support Gogoro’s growth in Taiwan and international markets.
“Our partnership with Dr. Yin, Gold Sino and Ruentex Group goes back to Gogoro’s founding. Dr. Yin has been our greatest advocate and shares a strong vision for how smart mobility and clean energy can create healthier and more vibrant cities,” said Horace Luke, founder and CEO of Gogoro.

Simplify Super Rules

Sydney, June 4: The Super Members Council urges the Australian Government to reduce red tape on super accounts, allowing retirees to use their retirement super accounts for part-time work contributions. This change could benefit around 100,000 retirees, saving them from paying dual super fees and additional taxes.
“As more than 2.5 million Australians approach retirement in the next decade, the focus needs to be on making the system easier, simpler and allowing greater flexibility,” said Super Members Council CEO Misha Schubert.
Currently, retirees must open a new account for super contributions if they return to part-time work. A minor legislative update to the Superannuation Industry Supervision Act could address this issue, making retirement more flexible and cost-effective for Australians.

Combat Vaccine Misinformation

Sydney, June 4: Healthcare professionals must be prepared to provide accurate information and support to parents regarding childhood vaccinations due to rampant misinformation on social media, a new study led by Dr. Susan Smith from Flinders University found.
“Parents are increasingly turning to social media for health-related information, and while it can provide valuable material, it can also amplify vaccine hesitancy,” said Dr. Smith.
The study emphasized the need for coordinated efforts to improve the quality of online information and create supportive environments for parents to access accurate data and feel reassured about their vaccination choices.

Sunway Boosts AI

Kuala Lumpur, June 4: Sunway Group has selected Rimini Street’s services to improve software support, cut costs, and reallocate resources to digital transformation projects. This shift allows Sunway to focus on AI and other tech initiatives.
“Rimini Street has enabled our acceleration in digital adoption journey by providing cost savings which we reinvested back into technology initiatives,” said Kevin Khoo, Sunway’s CIO.
The switch to Rimini Street’s support and management services has saved Sunway 50 per cent on annual support fees and up to 90 per cent on total support costs, allowing investment in innovation and improving customer experience.

Fibre-Optic Traffic Upgrades

Sydney, June 4: Drivers in New South Wales will benefit from upgraded traffic light technology thanks to a partnership between Transport for NSW and Vocus.
The project will replace 1,000 traffic lights’ existing copper connections with high-bandwidth, low-latency nbn full fibre, paving the way for smarter road networks.
“We’re thrilled to support Transport for NSW in this crucial project of upgrading 1,000 traffic lights to full fibre connectivity,” says Andrew Wildblood, Chief Executive Enterprise and Government at Vocus.
The upgrades, expected to be completed over the next 18 months, will enhance connectivity for smart city technologies.

Duchess Recognizes Ethical Luxury Leader

Melbourne, June 4:Leanne Savage, founder of Acala Stem, Australia’s first ethical and sustainable luxury brand championing lotus silk, has been acknowledged by Sarah Ferguson, the Duchess of York, for her work in combating slavery and poverty through sustainable and ethical luxury.
Savage won three awards at The Women Changing The World Awards in London: Gold for Woman in Sustainability, Gold for Humanitarian Impact, and Gold for the Duchess of York Special Award. Her innovative approach and dedication to social impact have earned her recognition as an unsung hero.
“After my experience as a teacher in Cambodia, I couldn’t believe the conditions that are put on women, particularly single mothers, and the impossible choices they’re faced with regarding employment in developing countries,” said Savage. “There is a dire lack of opportunity for steady employment in rural provinces, but no shortage of skilled workers. For many born into poverty, there are little opportunities, so it’s our responsibility to create those opportunities.”
Acala Stem’s factory-free supply chain and introduction of lotus silk to the mass market redefine modern luxury while empowering single mothers worldwide. Savage has also secured exclusive rights for lotus silk in Australia, New Zealand, and Singapore and launched the brand’s first lotus silk apparel item.
“My vision is to motivate and inspire other women of all ages and nations to reach their goals and know their dreams are possible, no matter what the adversity. I want to see an increase in the endangered art of loom weaving and a reduction in mass-produced textiles. More loom weaving means more employment in rural regions and less in factories with slavery and coercion,” Savage concluded.

Alliance Bank Launches Challenge

Kuala Lumpur, June 7: Alliance Bank Malaysia Berhad has launched the BizSmart® Challenge Accelerator Edition, expanding eligibility to include Malaysian-registered SMEs operating for 1 to 10 years with annual sales turnover between RM500,000 and RM40 million. Celebrating its 10th anniversary, the Challenge now offers the top 30 finalists an opportunity to pitch to venture capital investors from 1337 Ventures and 5X Capital.
The Challenge will award up to RM2 million in prizes, mentorship, brand exposure, and business training. Participants can also access preferential financing of up to RM20 million from the Bank. “We recognise that business owners face various challenges especially during the start-up phase, from securing funding to accessing relevant business coaching. Hence, we are partnering with experts in different fields who can address the diverse needs that they have,” said Kellee Kam, Group CEO of Alliance Bank.
Key partners include 1337 Ventures, 5X Capital, Credit Guarantee Corporation Malaysia Berhad (CGC), and Cradle, all committed to supporting SME growth. Mr. Norman Matthieu Vanhaecke, Group CEO of Cradle, noted, “This programme exemplifies our commitment to fostering entrepreneurial innovation and growth.”
The Challenge includes a three-day accelerator programme led by 1337 Ventures and a BizSmart® Business Conference on 16 July 2024. Submissions are open until 15 July 2024, with shortlisted participants to be contacted in August. More information is available at www.bizsmart.com.my.

Flavettes Glow Launches

Kuala Lumpur, June 5: Duopharma Biotech Berhad has launched Flavettes Glow in Indonesia through its subsidiary PT Duopharma Healthcare Indonesia.
This move introduces Malaysia’s top Adult Vitamin C brand to the Indonesian market.
The launch event featured Donita, a popular actress and the first Flavettes Glow ambassador in Indonesia, and Dr. Vivi Herlianty Mamonto, who discussed the benefits of vitamins.
Key representatives from Duopharma Biotech, including Group Managing Director Leonard Ariff Abdul Shatar, were present.
“We are delighted to introduce Duopharma Biotech’s Flavettes Glow to Indonesia, in response to growing interest in consumer healthcare products,” said Leonard Ariff Abdul Shatar. He highlighted the company’s commitment to reaching consumers via e-commerce platforms like Shop Tokopedia.
Flavettes Glow is part of the Flavettes Nutriskincare range, with plans to introduce more variants such as Flavettes Glamz and Flavettes H-Drate in the future. The product is priced at IDR 200,000 for a tube of 15 tablets, available on Shop Tokopedia.

SailPoint Enhances Security

Kuala Lumpur, June 5: SailPoint Technologies, Inc., a leader in unified identity security for enterprises, has introduced SailPoint Risk Connectors on its Atlas platform.
This new offering enables organizations to make informed access decisions based on third-party risk scores from leading vendors like CrowdStrike, Proofpoint, and Elevate Security.
“Our customers tell us that incorporating a real-time view of risk is a top priority for their identity security programs,” explained Grady Summers, SailPoint’s EVP, Product.
“We believe SailPoint Atlas provides all of the capabilities to utilize these risk scores from our partners to drive action that helps keep our customers’ data secure.”
The integration of Proofpoint’s Nexus People Risk Explorer into SailPoint’s Atlas platform provides a comprehensive view of risk, enhancing security measures and enabling swift action if an identity’s risk level changes.
“By integrating these insights into SailPoint’s Atlas platform, organizations gain a holistic view to make more informed access decisions, fortify their overall security posture, and streamline how they adapt to evolving threats,” said D.J. Long, Vice President, Strategic Alliances and Business Development at Proofpoint.
SailPoint Risk Connectors is available for Identity Security Cloud customers, enhancing their ability to respond to risk in real-time and maintain secure access to critical data and applications.

GHL, BSN Expand Payments

Kuala Lumpur, June 5: GHL Systems Berhad (GHL) has launched Bank Simpanan Nasional’s (BSN) zero per cent EasyPay Plan for over 7,000 merchant terminals across Malaysia, enhancing payment flexibility for in-store purchases.
Consumers at offline stores powered by GHL can now utilize the BSN 0% EasyPay Plan for up to 36 months with their BSN Credit Cards, enabling larger purchases without financial strain and boosting sales for merchants, particularly for high-value items.
“BSN’s EasyPay Plan caters to the needs of businesses of all scales, and enhances the merchants’ ability to attract new customers as well as enhance customer loyalty by providing greater flexibility and control over their payment options,” said Kevin Lee, GHL Malaysia’s CEO.
Mujibburrahman Abd Rashid, Chief Business Officer of BSN, added, “BSN is excited to partner with GHL in our shared commitment to empower businesses and consumers. With the increase in consumer demand for flexible payments, our 0% EasyPay Plan with BSN Credit Cards will boost customer satisfaction by allowing them to enjoy more convenient payment options.”
The BSN 0% EasyPay instalments are available at a diverse range of businesses, including Thunder Match Technology, Jenn Ortho, Natural Health Farm, and more.

Kucingko Signs IPO Deal

Kuala Lumpur, June 5: Kucingko Berhad, a leading 2D animation production services provider, has signed an underwriting agreement with Kenanga Investment Bank Berhad for its upcoming IPO on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO will involve a public issue of 100 million new ordinary shares and an offer for sale of 100 million existing shares, representing 40 per cent of the enlarged share capital.
Kenanga Investment Bank will underwrite 35 million shares allocated to the Malaysian public and eligible persons.
The IPO aims to raise funds for expanding Kucingko’s business, including setting up a sales office in the USA and branch offices in Sabah and Sarawak.
“This IPO aligns very well with Kucingko’s ambition to grow in the 2D animation sector,” said See Chin Joo, Executive Director of Kucingko. “The funds raised from the IPO will be instrumental in scaling our business.”
Ooi Kok Hong, Executive Director of Kucingko, expressed gratitude towards Kenanga Investment Bank, saying, “Their expertise and guidance have been instrumental in helping Kucingko navigate the complexities of going public.”
Datuk Roslan Tik, Executive Director at Kenanga Investment Bank, added, “Kucingko Berhad offers an excellent diversity for investors as the Malaysian market has historically lacked publicly traded animation production companies.”

Chinese Espionage Campaign Uncovered

Kuala Lumpur, June 6: Sophos has released a report detailing a nearly two-year espionage campaign against a high-level government target in Southeast Asia.
The report, “Operation Crimson Palace,” reveals that Sophos X-Ops identified three distinct clusters of activity involving tactics and malware linked to well-known Chinese threat groups, including APT41 and BackdoorDiplomacy.
The campaign, aimed at gathering military, economic, and political intelligence, involved the use of previously unseen malware like PocoProxy.
“The different clusters appear to have been working in support of Chinese state interests,” said Paul Jaramillo, director of threat hunting and threat intelligence at Sophos.
Cluster Alpha, active from March to August 2023, used various malware to disable AV protections and conduct reconnaissance, with overlaps in TTPs from several Chinese threat groups.
Cluster Bravo, active for three weeks in March 2023, focused on lateral movement and credential exfiltration.
Cluster Charlie, active from March 2023 to April 2024, employed PocoProxy for persistence and continues to operate.
“This campaign shows the aggressive development of cyberespionage operations in the South China Sea,” Jaramillo noted.
“We have multiple threat groups, likely with unlimited resources, targeting the same organization using advanced custom malware.”

Bitdeer Reports May Updates

Singapore, June 6: Bitdeer Technologies Group (NASDAQ: BTDR) announced its unaudited mining and operations updates for May 2024. Chief Business Officer Linghui Kong noted significant progress, including the trial production of Sealminer A1 ASICs and advancements in developing nearly 1.1 GWs of new power infrastructure in the U.S., Norway, and Bhutan. The company aims to enhance its proprietary hash rate by approximately 3.4 EH/s to 11.8 EH/s.
“Our AI cloud service has officially launched, and customers have begun to take advantage of our cloud service offerings,” said Kong. The company also closed a $100 million private placement from Tether with an option to raise an additional $50 million.
In May 2024, Bitdeer’s total hash rate under management was 22.4 EH/s, with a proprietary hash rate of 8.4 EH/s. Self-mining produced 184 Bitcoins, down from April due to the Bitcoin halving event.
Bitdeer is progressing on constructing data centers in Norway, Ohio, and Bhutan, expected to complete by mid-2025. The manufacturing of Sealminer A1 mining machines is ongoing, with trial production units being tested.
Recent developments include a private placement with Tether International Limited and a share purchase agreement with Bitdeer Technologies Holding Company to acquire FreeChain Inc., aiming to bolster research and development efforts.

MR D.I.Y. Launches Promo

Kuala Lumpur, June 6: MR D.I.Y. Group [M] Berhad has introduced the ‘Exclusive Promo Fleksibel’ to help Malaysians save on quality products throughout June.
From 1 to 30 June 2024, customers can enjoy discounts of up to 40 per cent on various items, including household goods, electronics, and toys.
Alex Goh, Head of Marketing, commented, “We understand the importance of managing finances wisely, especially during uncertain times.
Our ‘Exclusive Promo Fleksibel’ initiative goes beyond offering discounts; it’s about empowering Malaysians to make informed purchasing decisions while keeping items ‘Always Low Prices’ and affordable for everyone.
This initiative is our way of helping our customers get more value for their money, especially with the upcoming Hari Raya Aidiladha and Father’s Day. We have a fantastic range of products available, so do visit our stores nationwide to explore the offerings.”
Promotional items include PAIRDEER ultra premium battery AA/AAA (8’s) at RM6.50 (Normal Price: RM10.90) and MR D.I.Y. lint roller assorted (3’s) at RM4.30 (Normal Price: RM6.30).