Indonesia has an e-commerce market that McKinsey & Co. says can be one of the fastest-growing in the world, part of a digital economy adding $150 billion a year to gross domestic product by 2025.
Internet businesses present an attractive alternative to consumers struggling with inflation and worsening traffic congestion. Bukalapak’s aim is to profit by bridging between buyers and sellers scattered across more than 700 islands.
“There are currently no vaccine plants in Malaysia. We are on the right track to make sure that the facility is made available. We are currently in the process of doing feasibility studies. We expect to have our first commercial batch by 2024,” Farshila said, adding that the plant would be ready between 2020 and 2022.
Moving forward, Pharmaniaga also plans to continue reducing its dependency on its concession business, which contributes 49% to total earnings currently. It plans to do this by having a better share in the private sector.
“We are also now aggressively registering our products in the EU region. We have managed to register two products so far. EU has a different set of standards but we are in compliance with that,” she said.
Pharmaniaga currently has more than 200 products, with more than 60 of them halal-certified. According to its annual report, the group expects to receive halal certification for more than 150 pharmaceutical products by the end of 2019.
The pharmaceutical group has a 10-year concession agreement with the health ministry, which began on Dec 1, 2009. The concession enables the group to supply and distribute pharmaceutical products to medical institutions under the ministry via its logistics and distribution division until 2019.
With record foreign-exchange reserves, the HKMA is in a strong position to defend its city’s currency, and there’s no evidence that the trading band is under sustained speculative attack. The authority’s deputy chief executive Howard Lee said Friday morning that the banking system has ample liquidity and can cope with capital outflows, which are within expectation. He said interest rates are likely to rise incrementally and gradually.
The intervention is still significant because the HKMA’s purchases have the potential to boost borrowing costs by draining liquidity. That would signal the end of an era of ultra-cheap money that made Hong Kong the world’s least affordable market for housing and propelled equities to all-time highs.
The transition towards “open banking” can be more successful if it takes place without the regulator mandating action, said David Hardoon, Chief Data Officer at the Monetary Authority of Singapore. “You can come and say ‘thou shall do it’ but then nothing happens effectively,” Hardoon said in a Wednesday interview.
The MAS’s policy differs from the approach taken in Europe and Japan, where regulators have set deadlines for banks to give access to their client data to rivals and to fintech firms. In Europe, banks have until 2019 to comply with the revised Payment Services Directive (PSD2), which obliges them to share client account data.
“One such area is through the publication of open application programming interfaces, better known as open APIs. Based on our interaction with the banking community, there is interest for this among our banks. BNM’s survey last year indicated that more than 50 per cent of banks in Malaysia view open API as a high priority. Thus the industry should leverage on open API to facilitate collaboration with financial technology firms to introduce innovations and facilitate new use cases to enhance the RPP’s value proposition to businesses and consumers.”
“Of the Malaysian adult population of 24 million, we estimate that about 10 million do not use online banking, while two million remain unbanked. We look to the industry, both banks and non-banks, to come up with new and imaginative ways to accelerate the onboarding of these underbanked and unbanked segments of our society.”