Microsoft drops its biggest investment yet in M’sia with US$2.2B, here’s how it’ll be used
Microsoft Chairman and CEO Satya Nadella has announced today (May 2, 2024) that the company will be investing US$2.2 billion (RM10.5 billion) in Malaysia, to be dispersed over the next four years.
To go towards advancing cloud and AI technology, this marks the single largest investment Microsoft has made in Malaysia. It was announced during Nadella’s keynote speech during Microsoft Build: AI Day in Kuala Lumpur.
Nadella has been on a three-nation tour of Southeast Asia, covering ground in Indonesia and Thailand as well to announce a range of investments in data centres, AI, and cloud services.
In Malaysia, the investment will specifically go towards:
- Building cloud and AI infrastructure in Malaysia
- Creating AI skilling opportunities for an additional 200,000 people in Malaysia
- Strengthening its partnership with the Malaysian government to establish a national AI Centre of Excellence and enhance the nation’s cybersecurity capabilities
- Supporting the growth of Malaysia’s developer community
To the second point, Microsoft will provide technical and vocational education, training students with AI skills through an AI TECH Malaysia programme, done in collaboration with ASEAN Foundation and Biji-biji Initiative.
Another programme under this commitment is Ready4AI&Security, designed to provide women with opportunities to build careers in cybersecurity.
Microsoft will also give young people from underserved and underrepresented communities AI fluency training, enhancing their employability and work readiness. It also aims to upskill employees of non-profit organisations with AI knowledge and skills.
As for its commitment to work with the government to enhance our digital ecosystem, the key initiatives include establishing a national AI Centre of Excellence to drive AI adoption while ensuring AI governance and regulatory compliance.
According to the press release, Microsoft will also launch AI adoption projects with other governmental organisations such as the Ministry of Investment, Trade and Industry (MITI), Cradle, MDEC, and the Malaysia Energy Commission.
Microsoft will also collaborate with the National Cyber Security Agency of Malaysia (NACSA) to enhance Malaysia’s cybersecurity capabilities.
Fostering the growth of Malaysia’s developer community is initiatives like AI Odyssey, which is expected to help 2,000 Malaysian developers become AI subject matter experts.
On top of that, Malaysian organisations are already boosting their operations with Microsoft’s generative AI-powered solutions.
For instance, homegrown agritech startup Agroz used the Azure OpenAI Service to create Agroz Copilot for Farmers. PETRONAS has adopted Copilot for Microsoft 365 to enhance employee productivity and creativity.
What this means for Malaysia
During his announcement, Microsoft CEO and Chairman Nadella stated, “Our investments in digital infrastructure and skilling will help Malaysian businesses, communities, and developers apply the latest technology to drive inclusive economic growth and innovation across the country.”
The investment will support Malaysia’s National AI Framework, which in turn will enhance our country’s global competitiveness.
YB Senator Tengku Datuk Seri Utama Zafrul Abdul Aziz, Malaysia’s Minister of Investment, Trade & Industry also stated that the partnership is what was envisaged by Malaysia’s New Industrial Master Plan 2030 (NIMP2030).
This will enhance Malaysia’s digital capacity and elevate our position in the global tech landscape, he said.
“Together with Microsoft, we look forward to creating more opportunities for our SMEs and better-paying jobs for our people, as we ride the AI revolution to fast-track Malaysia’s digitally empowered growth journey.”
Fostering a longstanding trust
Microsoft’s presence in Malaysia extends to over three decades, having arrived on our shores in 1992.
Back in April 2021, Microsoft had first announced plans to establish its first data centre region in Malaysia. It was said that it would be investing US$1 billion over the next five years in Malaysia as part of its Bersama Malaysia (Together with Malaysia) initiative.
The newly announced digital infrastructure investment builds on that same initiative.
Earlier in April this year, it was reported that Microsoft acquired a plot of land in Johor, Malaysia, which was speculated to be for a data centre.
Our Minister of Investment, Trade and Industry stated, “Microsoft’s 32-year presence in Malaysia showcases a deep partnership built on trust.”
“Indeed, Malaysia’s position as a vibrant tech investment destination is increasingly being recognised by world-recognised names due to our well-established semiconductor ecosystem, underscored by our value proposition that ‘this is where global starts’.”
This news comes over a week after the inaugural KL20 Summit 2024, which had envisioned Kuala Lumpur as a top 20 global startup hub by 2024.
En route to meeting this goal, we hope Malaysia will continue to be acknowledged by global giants, and that the country will keep propelling forward with players like Microsoft.
Also Read: 3 GenAI use cases with the potential to take off in M’sia, based on global examples
Featured Image Credit: Graham Denholm / Getty Images for Microsoft
S’pore is too small for Udders, here’s how the 16 Y/O ice cream chain is expanding globally
Earlier this year, I was in my dad’s hometown in Kelantan, Malaysia when I noticed a familiar brand in the mall. It was Udders, the beloved Singaporean ice cream brand.
I was surprised to find Udders so far from home, in a market that’s often overlooked even by Malaysian chains.
The last time we featured Udders, it had been back in 2019, years before it expanded into the neighbouring country.
Thus, we caught up with Peck Lin, co-founder and “chief milkmaid” of Udders, curious to milk more information on how the business has evolved over the years.
Due for a refresh
Currently, Udders is actually undergoing its second brand refresh, the first one having happened about six years ago.
“There are two reasons for the rebranding,” Peck Lin explains. “The first reason is to keep us relevant to a new generation.”
Designed in partnership with Parable Studio, the brand refresh involves a new logo, crafted after numerous workshops and discussions.
Describing the refreshed brand look as fun and snazzy, Peck Lin believes it adds to Udders’ wacky and quirky personality, allowing the brand to stay true to its core DNA while bringing in something new.
Still, changing a logo can be scary, since it’s so central to a brand. But sometimes, a leap of faith is necessary to stay up to date.
Adapting while staying authentic is a philosophy Peck Lin firmly stands by.
She advised, “Find the balance between being relevant to changing trends and yet having some rootedness in your own authentic voice and brand DNA in the market. I think people can intuitively sense authenticity and sincerity in any business.”
Aside from relevance, Peck Lin also shared that the refresh better captures brand elements and visual communications, creating a clearer design language for overseas Udders outlets to take reference from.
At the time of writing, Udders’ Novena outlet is the only one in Singapore revamped to the latest brand design.
“This is very meaningful and also somewhat sentimental as Novena was also our first store we started 16 years ago with only 200 square feet of space,” Peck Lin expressed.
In time, other outlets in Singapore will also progressively be revamped to this new design.
Global jet-setters
Of course, Kelantan is not the only overseas market Udders has found itself in. Expanding abroad is core to the sustainability of the ice cream brand, after all.
“The small domestic market, the high manufacturing costs, and the tight manpower resource here in Singapore are some of the biggest challenges which have forced us to look to overseas markets sooner rather than later, and grow further afield,” Peck Lin explained.
Considering the small Singaporean market, exporting the concept of Udders has been on the founders’ minds ever since they started.
In fact, Peck Lin said a reason why they picked ice cream was because the treat is so well understood and enjoyed all over the world.
“Did we anticipate running it at this scale? Not really,” she admitted.
But what happened was that they took things one step at a time, and kept going through tough and uncertain times. With that, Udders is now being enjoyed in seven countries, as well as in the skies on Singapore Airlines.
“Sometimes, I hardly believe it,” the co-founder admitted.
At the time of writing, Udders has five outlets in Singapore, five in Malaysia, two in Indonesia, and five in the Philippines.
“By the end of 2024, our total number of outlets in all four countries will be around 30,” Peck Lin forecasted.
Udders has been expanding by way of franchising, with four self-owned stores and the rest being franchised.
Other countries that Udders is honing in on include China, the United Kingdom, and the Netherlands.
In China, they already have their Mao Shan Wang ice cream available for online purchase, as well as physically stocked in 47 Sam’s Club Warehouse Supermarkets.
Over in the Netherlands, Udders’ vegan flavours will be available in almost 30 Amazing Oriental supermarkets by this summer. Meanwhile in London, vegan flavours are selling very well at the Singapulah restaurant.
In three years’ time, Udders is targeting to have between 80 to 100 outlets in total.
Moo-ving forward
Peck Lin recognised that the ice cream landscape in Singapore has changed a lot since it started. There are many more competitors now, making the scene much more dynamic, vibrant, and nuanced.
To keep up, Udders has had to constantly evolve while staying true to its core as one of the “OG” creameries in Singapore.
“We have stuck to our core philosophy of creating flavours that are strong and intense, and a true representation of the core ingredient used,” Peck Lin said.
A prime example of this is Udders’ Mao Shan Wang durian ice cream, first created about 12 years ago. It’s now evolved to now include a more intense version of Emperor Mao version, which uses more than 50% pure Mao Shan Wang flesh.
Peck Lin credits a part of their success to luck, too.
“A large part has been providence or ‘the stars being aligned’ because there are so many external factors you cannot control—the right product at the right time in the right place with the right partner,” she said.
But luck favours those who put in the effort. To capitalise on luck, it takes building a great and resilient team, learning how to adapt quickly and take calculated risks, and continuously improving fundamental skills.
“Keep reflecting on what one is doing, and be honest about what works and what doesn’t,” Peck Lin recommended.
And as for some parting advice for budding entrepreneurs, Peck Lin shared, “Lastly, be prepared for a wild ride, entrepreneurship is not everyone’s cup of tea, it’s actually a lot of pain and suffering with no guarantee of a good outcome.”
“But,” she added, “There is a huge amount of personal growth that happens in the crucible of difficult crises and intractable problems.”
So, it’s not about always making the right decisions, but being able to recognise those faults and having the resilience to keep moving forward. In other words, don’t cry over spilt milk—at least it’s not Udders’ ice cream.
Also Read: How financial institutions & universities are reshaping their network through AI-native solutions
Featured Image Credit: Udders
AI at your fingertips: Google rolls out its AI assistant mobile app in Singapore
Google has rolled out the mobile version of its AI assistant, Gemini, in Singapore on Wednesday (May 1), granting users convenient access to assistance while on the move.
With Gemini on your phone, you can type, talk or add an image for all kinds of help: You can take a picture of your flat tire and ask for instructions on how to change it, get help writing social media posts, or even plan a date night.
On Android, you can access Gemini through the app or, if you select to opt-in through Google Assistant, from anywhere else you normally activate the virtual assistant software.
According to Google, this will enable a new overlay experience that offers easy access to Gemini as well as contextual help right on your screen. Many Google Assistant voice features will be available through the Gemini app, including setting timers, making calls and controlling your smart home devices.
For those with an iOS device, Gemini will be made available through the Google app over the next couple of weeks.
Apart from the app, Google is enabling extensions, saving you time by retrieving relevant information from Google apps and services that you use daily, such as Gmail, Docs, Drive, Google Maps, YouTube, and Google Flights, even when the information required is across multiple apps and services.
For example, if you and your friends are planning a trip, you can ask Gemini to find dates from Gmail that work for everyone, look up flight and hotel information based on those dates and location, find YouTube videos about what to pack and summarise the packing list mentioned in that video — all within one conversation.
To allow for easier access, Google has also introduced a new way to access Gemini in Chrome on PCs. Simply type in @gemini followed by your prompt in the Chrome address bar, and gemini.google.com launches with a response to your prompt.
We remain dedicated to making Gemini available to as many people as possible. By expanding our language support and reaching new countries, we’re ensuring more people can supercharge their ideas with Gemini.
Featured Image Credit: Google
Also Read: Google’s Bard gets big update – users can now upload images and listen to the AI chatbot talk
What makes a Malaysian startup worth investing in, according to these global VCs
In the fast-paced world of entrepreneurship, Malaysian startups are increasingly striving to make their mark on the global stage.
With a rapidly growing ecosystem ripe with talent, capital, and ambition, the nation stands at the peak of a transformative journey towards becoming a key player in the global startup landscape.
However, accessing the radar of international investors remains a formidable challenge.
Here’s what the venture capitalists at KL20 Summit 2024 believe Malaysian startups can do to capture attention and secure global investors’ backing.
A focus on industry specialisation
One key strategy for Malaysian startups to captivate global investors is by honing in on particular industries or sectors where the nation can excel, said GP Bullhound Partner Ben Prada.
By defining a clear narrative of Malaysia’s ambition to dominate specific sectors, startups can garner attention and support from investors who seek to capitalise on emerging markets.
Nordstar managing partner Ole Ruch added that success stories from previous ventures serve as a testament to the notion that success breeds success.
“For example, if you look at Spotify, in Europe, I think 30 companies are born from people that were involved in that process. We also know what PayPal has done to SpaceX and everything,” he said.
If Malaysia takes a cue from these successful companies, it can create a flywheel effect of success, propelling its startups onto the global radar.
The thing is, Malaysians rarely share success stories, resulting in a lack of inspirational examples.
But what they don’t know is that sharing these stories can amp up confidence in global investors, proving that Malaysia’s got serious potential for innovation and startups.
Ability to harness regional connectivity
According to Granite Asia senior managing partner Jenny Lee, Malaysian startups must leverage the nation’s strategic position within Southeast Asia to truly stand out in the global arena.
“With a rapidly growing regional market and increasing connectivity, Malaysia serves as a gateway to a vast addressable market,” she said.
By forging partnerships and collaborations across borders, startups can tap into the diverse consumer base of the region, catapulting their growth and attracting the attention of global investors seeking exposure to Southeast Asia’s dynamic economies.
And the latter is important because at the heart of Malaysia’s startup ecosystem lies a rich pool of talent, fueled by a vibrant and diverse community of entrepreneurs. All this potential could go to waste without the right resources to empower them.
“To propel these talents to global recognition, access to capital is paramount,” emphasised Jenny.
Courage to set ambitious goals
As Malaysia embarks on this journey towards global recognition, entrepreneurs must think big and set ambitious goals.
Retirement Fund Incorporated (KWAP) chief investment officer Hazman Hilmi said that startups can grab the chances in front of them by not being complacent. Instead, they should welcome new ideas and be willing to take risks.
“With the right support, Malaysia and Southeast Asia as a whole are primed to flourish on the global stage, offering unparalleled opportunities for growth and investment,” he said.
Malaysia isn’t just dreaming of climbing the global startup ladder—it’s actually within arm’s reach. The opportunities are already there, and our stakeholders just need more courage to reach out in order to pull them closer.
Now’s the perfect time for entrepreneurs to put Malaysia on the map for global investors, sparking a wave of innovation and prosperity.
- Learn more about the KL20 Summit 2024 here.
- Read other articles we’ve written about Malaysian startups here.
Also Read: How financial institutions & universities are reshaping their network through AI-native solutions
Featured Image Credit: KL20 Summit 2024
This S’porean bandage brand won a govt tender to supply hospitals before it was market ready
Remember four years ago when the COVID-19 pandemic brought chaos to the world as we knew it? It was awful and I don’t like to think about it either, but there were some pretty great silver linings during that bad period.
For example, many Singaporeans banded together to start a number of community initiatives like SilverGood (recreational activities for senior citizens) and SG Creative & Cultural Community (to support art professionals and creative freelancers). On the medical front, researchers and doctors worldwide came together to develop the vaccine.
Seeing the kindness and positive attitude of the everyday person certainly left an impression on many, with some feeling compelled to do good too.
That’s exactly what led Corey Bryant to start bpositive in 2021.
“It was like the positivity was contagious and a force of good against the virus. From this, I wanted to create something which emulates spreading positivity,” he recalled.
That said, winning a national tender to supply his products in Singaporean hospitals wasn’t really in his initial plans.
Spicing up a “boring” commodity
As someone who had been a part of the healthcare industry for over 20 years, venturing into this field as an entrepreneur was a no-brainer for Corey.
He already had a good understanding of the diverse needs of patients, clinicians, and other care-providing institutions. Over time, he had also developed good trusting relationships with relevant people in the industry.
More importantly, though, he noticed a crucial issue in the healthcare industry that’s felt nationwide but not talked about enough.
“I saw over time the quality of products being manufactured decreased, yet the prices increased,” he stated. “So I wanted to give people really good quality products at a reasonable price.”
At the same time, he also wanted to make it less boring. In his opinion, medical products have historically reminded patients of their ailments which dampens the recovery spirit. The simple act of making the packaging fun and colourful helps in making people smile and feel better, he believes.
bpositive takes the usual plain white packaging of healthcare products and gives them a bright makeover. Wrapped in eye-catching colours of red, yellow, blue, and turquoise, it makes the brand’s items easily recognisable on store shelves.
Corey even took inspiration from the unsung heroes he saw on the news and made that bpositive’s mascot. According to him, the cartoon superhero embodies the essence of the brand: optimistic, empowering, confident, and compassionate—all things a superhero should be.
Fostering a community-driven approach
That said, spreading positivity isn’t done just by providing consumers with good products. Another way bpositive is working to achieve this mission is through its buy1help1 initiative.
How it works is exactly as the name suggests. With each purchase of bpositive products, customers are able to choose one of the brand’s partnering charities to give back to.
There are currently seven organisations the brand works with and they focus on mainly preventative health and environmental causes. This includes names like Care Corner in Singapore, Teach For Malaysia, and Kids Helpline in Australia.
Speaking on this, Corey shared that the causes bpositive supports are causes that he holds close to his heart. For example, Teach For Malaysia is his way of helping the underprivileged kids. “Where I am today is largely because I’ve been blessed to have a good education. Unfortunately, some people don’t and I hope bpositive will help bridge that gap,” he said.
To take part in this initiative, customers are asked to create a bpositive account which allows them to stay informed of the positive impacts. The brand also seems to be taking itself seriously as a charity platform by letting customers nominate causes to increase its relevance.
“[We’re] more than just a healthcare company; [we’re] a catalyst for positive change. Our mission revolves around fostering a community-driven approach to making a positive impact,” Corey said.
The founder disclosed that this initiative just started recently, but they estimate to have donated about S$20,000 across the three nations. His dream is to donate S$1 million in the next five years with everyone’s support.
Establishing the brand’s presence early on
When a tender for medical supplies was called in Singapore, bpositive was still in its early stages. Corey recalled that they hadn’t even shipped out their products as they were still unbranded at the time.
But the team submitted what they could and reinforced the brand’s story wherever possible. Two years and countless meetings later, bpositive received good news in December 2023. “We won and now all Singapore government hospitals will have access to bpositive,” Corey shared in his LinkedIn post.
Securing the tender was a significant milestone. The brand had to undergo a rigorous evaluation process to test product quality, reliability, and adherence to regulatory standards. But that just made the win that much more sweet.
“Our ability to deliver high-quality products consistently, coupled with our proactive approach to customer satisfaction, played a crucial role in winning the trust of hospital authorities,” he told us. “Despite facing initial challenges due to the lack of branding, we emphasised our enthusiasm and compelling brand narrative to demonstrate our commitment to excellence.”
Outside of local hospitals, the brand’s products will be available in Guardian, Cold Storage, and 7-Eleven outlets in Singapore from June onwards. Its presence has also expanded to Malaysia and can be found in CARiNG Pharmacies across the country.
In the long run, bpositive’s goals are anchored in its commitment to quality, innovation, sustainability, and social responsibility. So as the brand grows, so too will their impact.
But more importantly perhaps is how despite being such a young brand, bpositive shows how you can still do a lot with the little that you have.
Also Read: Employees need a Copilot to boost productivity & ease brain drain. This webinar shows how.
Featured Image Credit: bpositive
More private uni fresh grads are getting hired, but they still lag behind public uni peers
Almost 83 per cent of fresh graduates from private education institutions (PEI) in Singapore are able to secure full-time jobs six months after graduating, according to SkillsFuture Singapore’s latest Graduate Employment Survey.
Within that group, about 59 per cent were able to land permanent full-time roles, 19 per cent are working part-time gigs, and approximately 6 per cent are freelancers.
Private school fresh graduates with full-time permanent employment had a median gross monthly salary of S$3,400, an increase from S$3,200 in 2022.
The remaining 19 per cent of fresh grads are either unemployed and job-seeking or in involuntary part-time jobs.
It is worth noting that the employment outcomes varied considerably across different institutions. “Prospective students looking to pursue full-time Bachelor’s level EDPs are encouraged to review the employment outcomes for specific institutions before making their decisions,” the report stated.
Public University students still have higher chances of getting hired
However, the findings above do not indicate that fresh graduates from autonomous universities (i.e. NUS, NTU, SMU, SUSS) have fewer chances of getting hired.
The report shared that nearly 90 per cent of students from public universities can secure employment within six months, with 84 per cent landing full-time permanent job roles.
Fresh graduates from these universities also had a higher median gross salary of S$4,313, almost S$1,000 more compared to their PEI peers.
There is also a lower unemployment rate among public university grades, with just 8 per cent seeking employment or having secured temporary employment.
That said, fewer PEI and autonomous university graduates were hired in 2023, from 87.5 per cent in 2022, following MOM’s latest advance report noting a slight increase in the overall unemployment rate in Singapore.
Featured Image Credit: The Recruiter
Also Read: More pink slips incoming: Tesla lays off hundreds of employees, trims senior management
More pink slips incoming: Tesla lays off hundreds of employees, trims senior management
Two weeks ago, Tesla begun reducing its workforce by 10 per cent, a move that has impacted at least 14,000 of its employees. Now, even more pink slips are coming.
Frustrated by falling sales and the pace of job cuts so far, Elon Musk is thinning Tesla’s senior management and laying off hundreds more employees, The Information reported on Tuesday (April 30), citing an email sent by the CEO to senior executives.
These layoffs will impact Tesla’s entire Supercharger team, including senior director Rebecca Tinucci and 500 staffers, as well as its entire public policy team. Daniel Ho, the head of Tesla’s new vehicles program, was also laid off, along with his team.
“Hopefully these actions are making it clear that we need to be absolutely hard core about headcount and cost reduction,” Musk wrote in the e-mail. “While some on exec staff are taking this seriously, most are not yet doing so.”
This could also just be the beginning of the worst for Tesla employees. In his email, Musk also said that any staffers working under executives who “don’t obviously pass the excellent, necessary and trustworthy test” would also get cut.
When the dust settles, Tesla’s headcount could be reduced by as much as 20 percent, according to Bloomberg, amounting to over 20,000 employees.
Amid slumping sales, this year has been quite a tumultuous year for the automotive giant. Its once-dominant position in China’s electric vehicle market is now under assault as it confronts unprecedented local competition amid weakened consumer sentiment.
In April, the company reported a nine per cent drop in revenue in the first quarter, marking its steepest year-over-year decline since 2012.
Featured Image Credit: Forbes
Also Read: Tesla axes S’pore country manager as part of global layoff – to “cut about 10% of workforce”
Jobs On Demand launches a rewards platform to support gig workers in S’pore
Lacking access to traditional employment benefits, gig workers are often considered the “most financially stretched” demographic, especially with the escalating cost of living.
To provide more worker benefits to the gig economy, Jobs on Demand (Jod), Singapore’s first multi-industry flexible on-demand gig work platform, has launched JodRewards, an initiative that incentivises users who complete jobs on its platform, on Thursday (May 2).
The JodRewards Benefits Programme comprises three tiers: Bronze, Silver and Gold. Members can progress through these tiers by accumulating points through the user’s activity level on the platform.
These points can be used to redeem a comprehensive suite of benefits tailored specifically to the needs of gig workers, including insurance-based benefits such as personal accident coverage with up to S$3,000 in medical expenses and up to S$100,000 in permanent disability and accidental death coverage.
Apart from this, the program also provides redeemable rewards. For instance, members can redeem benefits such as paid break time, allowing them to receive payment for up to one hour of break time, and paid annual leave, which provides a S$80 payout for a rest day.
“We are excited to launch JodRewards and play a leading role in empowering Singapore’s gig workforce—an important backbone for today’s economy,” said Sebastian San, Singapore Country Manager of Jod. “Since the launch of JodRewards, we’ve sponsored over S$400,000 worth of Group Personal Accident and Group Public Liability coverage for over 300 jobs.”
Currently, JodRewards has accumulated around 60,000 users with over 1,000 active engagements and a redemption of 65,000 points (equivalent to S$$12,755 worth of rewards) since its soft launch in April.
The program also saw strong participation in challenges, with close to 800 members participating in them throughout April. The points earned through these challenges could be redeemed for transport, meal, and grocery vouchers worth up to S$20 each.
In the coming months, JodRewards will continue to expand its offerings to include benefits such as Prolonged Medical Leave, and a first-of-its-kind Worker and Hiring Manager Cancellation Coverage in Southeast Asia.
This initiative aims to address the uncertainties inherent in gig work arrangements, fostering a more equitable and sustainable future in the dynamic world of gig work.
Featured Image Credit: JodRewards
Also Read: This loyalty platform lets you stretch your buck on everyday purchases: here’s how it works
Binance founder Changpeng Zhao sentenced to 4 months in prison for money laundering violations
The founder and former chief executive of Binance, Changpeng Zhao (also known as “CZ”), will serve a four-month prison term after pleading guilty to violating US money-laundering laws on Tuesday (April 30), Reuters reported.
This is shorter than the three-year period US prosecutors had proposed in April, who said that a tough sentence for the man once considered the most powerful person in the crypto industry would send a message that “the right choice, every time, is to comply with the law.”
Binance was accused of not reporting more than 100,000 suspicious transactions involving designated terrorist groups including Hamas, al-Qaeda, and Islamic State. The prosecutors also claimed that the cryptocurrency exchange supported the sale of child sexual abuse materials and received a large portion of ransomware proceeds.
“I’m sorry,” CZ told US District Judge Richard Jones before his sentencing in Seattle. “I believe the first step of taking responsibility is to fully recognise the mistakes. Here I failed to implement an adequate anti-money laundering program.”
The court has also imposed a US$4.32 billion penalty on Binance. Apart from serving his prison sentence, CZ is expected to pay a US$50 million criminal fine and another US$50 million to the U.S. Commodity Futures Trading Commission.
Zhao stepped down as Binance’s chief in November, when he and the exchange he founded in 2017 admitted to evading money-laundering requirements under the Bank Secrecy Act. US officials, in November, asserted that Binance and CZ’s “wilful violations” of its laws had threatened the US financial system and national security.
“Binance turned a blind eye to its legal obligations in the pursuit of profit,” said Treasury Secretary Janet Yellen. “Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.”
CZ’s sentencing comes shortly after Sam Bankman-Fried was sentenced to 25 years in prison for committing fraud through crypto platform FTX. Widely known as the “crypto king”, Bankman-Fried was found to have stolen billions from customers ahead of the firm’s failure.
Featured Image Credit: Benoit Tessier | Reuters
Bad timing: NTUC “dismayed” at Yahoo and Ninja Van for axing staff before May Day
The National Trades Union Congress (NTUC) said it is “dismayed” at Yahoo and Ninja Van for axing employees just before Labour Day, an occasion to celebrate workers’ contributions.
“We understand that companies do need to undergo restructuring exercises from time to time, but they should be considerate about the timing of such exercises and avoid doing exercises during such periods,” the labour movement said in a media statement on Tuesday (Apr 29).
The statement came after news reports of retrenchment from both companies on Monday (April 29).
17 employees from Yahoo, which comprised the entire Singapore editorial and social media teams, were told to leave the firm by May 7 in the tech giant’s efforts to change its editorial strategy. That same day, Ninja Van laid off 21 tech staff following a “cost evaluation” that determined that they were “no longer required”.
As of now, both Ninja Van and Yahoo are not unionised.
According to a report by CNA, NTUC shared that its affiliated unions—the Creative Media and Publishing Union (CMPU) and the Supply Chain Employees’ Union Singapore (SCEU)—will contact general branch members to provide support to workers who may be affected.
“In the event of retrenchment, companies must ensure openness, transparency and consultation with unions and workers,” the labour movement added.
Companies are urged to observe the guiding principles outlined in NTUC’s Fair Retrenchment Framework, which aims to protect the Singaporean core of the workforce, preserve jobs and provide job support.
Affected Yahoo employees may contact CMPU for assistance, while retrenched workers at Ninja Van can approach SCEU.
Featured Image Credit: Yahoo via LinkedIn/Ninja Van Singapore
Also Read: S’pore employment levels continue to increase for Q1 2024 as no. of retrenchments decline
