☕️ Malaysia only got 3% of ASEAN's USD3.5 bil fintech funding

Serba Dinamik suing-spree continues with EY Consulting. PM Sabri's 3 advisors cost RM50,000 each a month. Xiaohnogshu, China's Instagram raised USD500 mil.



Six months — the time AirAsia Group Bhd expects its earnings to return to pre-pandemic levels, given Malaysia’s gradual border reopening.

8% of the world’s anthropogenic carbon dioxide emissions are produced each year by a product that builds our homes — cement. If the cement industry were a country, it would be the third-largest emitter globally, after China and America.

USD29.5 billion — the value of Australia’s fourth-largest export, international education. The sector is now at risk due to the country’s strict border policies during the coronavirus pandemic. Many international students are now switching to institutions in the US, Canada and the UK.



  1. Serba Dinamik Holdings Bhd is taking legal action against EY Consulting, whom it appointed in July to undertake a special independent review of its financials. Serba wants to restrain the auditor from sharing any findings or opinions on the company.

    What is the company trying to hide so badly? It’s the third lawsuit, after KPMG and Bursa. Who knows, SC could be next on the list.

  2. Oil & gas player Hibiscus Petroleum Bhd reported a lower net profit of RM41.5 mil for 1QFY22 ended Sept 30, 2021, from RM49.6 mil in the previous quarter as the higher realised oil price couldn’t offset the lower volume of barrels of oil sold.

  3. Malaysia is behind in ASEAN’s fintech funding, which has raised as much as USD3.5 bil year-to-date. We’re only getting a mere 3% of the pie. How can the country expect to have five unicorns in five years when the money is flowing elsewhere?

  4. Malaysian telco operators snubbed the government’s 5G network launch yesterday as none of Malaysia’s major mobile carriers have agreed to use the government’s 5G network yet due to transparency and pricing issues. State-led approaches have been tested in other markets but largely stumbled.

    Fun fact — Our communications and multimedia is still streaming 1080p on YouTube in 2021.

  5. Former Melaka chief minister Adly Zahari is Pakatan Harapan’s (PH) candidate for Malacca chief minister if PH wins the state election. Barisan Nasional’s (BN) preferred chief minister candidate is Datuk Seri Sulaiman Md Ali, another former chief minister.

    Doesn’t it feel like a joke already?

  6. A businesswoman in KL lost RM310,000 to macau scammers. She received a call from a bank officer stating she misused her credit card. Then she was instructed to call ‘Bank Negara’ and provided her banking details to the scammer. The MO doesn’t change.

    • Remember, do not panic.

    • Contact authorities (police) immediately.

    • Do not share your banking details.

News in brief

  1. As if the fully bloated cabinet isn’t already a burden to the country’s financials, PM Ismail Sabri Yaakob’s three (unnecessary?) advisors cost RM50,000 each. That’s RM1.8 million per year. It’s unsure if they get the Vellfire too.

    We know of a good advisor the PM could use, her name starts with R.

  2. Sarawak Consolidated Industries Bhd (SCIB) terminated six engineering, procurement, construction and commissioning (EPCC) contracts in Qatar and Oman to mitigate risks arising from long-overdue debts owed by its clients.

  3. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz expects the country’s economy to grow between 3% to 4% this year.


  1. Smartphone maker Xiaomi Corp is revamping its playbook in its home country by increasing its offline distribution channels to spur domestic growth by opening thousands of new stores. Its competitors, Oppo and Vivo, both owned by BBK Electronics, generate 70% of its sales in China offline, whilst Xiaomi gets 30% of its sales offline. In its home market, Xiaomi has slipped in the rankings from first in 2015 to fourth in Q3.

    Xiaomi opened its 10,000th store on Oct 30, promising to double its offline store count and set a target to open 30,000 shops over the next 2-3 years. Its two primary rivals, Oppo and Vivo, in comparison, have about 200,000 stores in China

  2. Xiaohongshu, which means “little red book'' and is known as China’s answer to Instagram, has raised USD500 mil from existing investors after the company was forced to put its plans for an IPO on the back burner amid Beijing’s heightened scrutiny of overseas listings. This deal boosted the company’s valuation to USD20 bil. The round was led by Singapore state investor Temasek and Tencent Holdings. 

    The company is the go-to platform for China’s Generation-Z users to find what to buy, where to visit, and even which hotels to book for quarantining. Despite e-commerce being a core function of the app, most of its revenue still comes from advertising. As of September, the company had more than 148 mil monthly active users

  3. Tech startups based in Singapore raised SGD11.2 bil (USD8.3 bil) in the first nine months of 2021 - more than double the amount SGD5.5 bil (USD4.1 bil) raised for the whole of 2020. The republic remains the top investment destination in Southeast Asia and generated more than half of the total deal quantum across the region in the first three quarters of the year. 

    10 out of the 21 unicorns that emerged in ASEAN in 2021 are based in Singapore. This is almost the same number of such billion-dollar startups produced in Singapore in the past seven years. 

    News in Brief:

  4. Jeff Carpoff, the co-owner of DC Solar, a California-based solar company, was sentenced to 3- years in prison for running a USD1 bil Ponzi scheme that attracted big-name investors, among them Warren Buffett’s Berkshire Hathaway, which has invested USD340 mil. 

  5. In his first interview since departing WeWork in 2019, its ousted founder and CEO Adam Neumann said that the company’s private USSD47 bil valuation got to his head.

    “So yes, the valuation made us feel like we were right, which made me feel that whatever style I was leading at was a correct style at the time, so I do think it affected it,”

    - Adam Neumann

    Watch the interview below.

  6. Netflix is eyeing a second season of its recent hit, “Squid Game”, but has yet to confirm production. Hwang Dong-hyuk, the show’s creator, tried to temper expectations. Whilst he plans for lead actor Lee Jung-jae to return as main character Seong Gi-hun, he did not know when production would begin. 

  7. 28 movies from the Marvel Cinematic Universe have been released so far, with the latest being “Eternals”. See the ranking here by how much money they made at the global box office.


  1. Walking down the aisle without a bridesmaid, but with balloons.

  2. My rocket is bigger than yours