ETHKL24 | Raymond Siva Paramasivam | Why You Should Come and Build in Malaysia

[Music] all right ladies and gentlemen we are closing in on the main event after this right now we have a really interesting panel actually um and it's from someone really credible someone who's actually LED some of the world's biggest IPOs right here from Malaysia is going to tell you why you should come and build in Malaysia ladies and gentlemen give a round a warm Round of Applause to Raymond CA par [Music] [Applause] hey guys I just absolutely feel like Russell Peters man coming into that right uh not half as funny but hey try to keep you entertained listen guys uh you know good to see the crowd still here outside coming back in for the uh Main Event so I understand that I'm the appetizer before the main course is served and that's good it's 5:00 it's raining outside uh why Malaysia interesting part right so I used to work uh in a government agency called the Malaysia digital economy Corporation right taking a short break for now uh you know in Malay we say kalas kab and then let's see what happens but very importantly is I think our passion for building the digital economy and right now Malaysia is under the spotlight right uh there's a lot of things happening with us and I want to share with you guys what's happening on the the infrastructure play uh you've heard of Google 2 billion you've heard of AWS you've heard of bite dance uh and the rest of them all coming into Malaysia we're looking to build out Malaysia's digital infra capacity yeah and capabilities the country is also doubling down on next gen Tech and uh emerging Tech AI is very important uh to us every country will say that any company will say that uh we will have the faster superc computer in the asan Reg by q1 of next year yeah you've heard Oracle uh just recently announced bringing the uh Grace Blackwell gb200 chips into Malaysia uh and then you will have ytl with Nvidia uh also turning on the juice uh for another 25,000 flops by q1 of next year what does this mean is that a lot of uh developers a lot of companies are looking into Malaysia as a Sandbox yeah uh to see how they can build out business cases use cases uh for the companies now very interestingly I was in Dubai two weeks ago I was in um Singapore for a token uh and now here and and what I see now is really a convergence yeah so I would I would like to call it a triangle between Dubai Hong Kong Singapore Malaysia sits in the middle right so think about that uh a lot of money a lot of companies have gone into Dubai uh Hong Kong has got a great place uh if you want to get into China uh you know Singapore is Singapore and they've done well the the food is good there but Malaysia has got no actually not as good as Malaysia so I correct myself but you know if you look in the middle thank you thank you for that Applause uh but if you look in the middle Malia is fast coming The Hub really becoming the hub for digital companies developers to base themselves out here right why is that uh so in addition to the 5G connectivity that we have very strong 4G LTE connectivity and is uous across Malaysia uh We've also got a great group of people like yourself right I've met quite a few out side the developer base the talent base is very strong right now let's talk about regulations for a bit so I was was asked a lot in Dubai as well as in Singapore what's going on in Malaysia so if you look at it there are two parallel jurisdictions right one is in Peninsula Malaysia and one is in this Juris jurisdiction called Laban have you guys heard of it Laban so there are two right one is control looked at by the Securities Commission bank nagara has oversight on it and other side you've got the Laban authorities you know looking at how to license you guys you know you've got two parallel jurisdictions for you to look at and see what is best for your business right and it's really interesting to note that Laban last year announce the establishment of a blockchain hub which is backed up by incentive so if you do sorry Islamic blockchain Hub so if you're thinking about doing Halal traceability and anything around the Halal value chain that's the place to be at right to tap into the USD 3.3 trillion USD market right pay zero tax for 5 years and there are many other benefits that go along with it so just think about it right if you're talking about rwa you're talking about tokenization think about how you can bring that to Bear into the Islamic digital economy or the Islamic Financial system that's what we want to look at uh and Lan has already announced that now over on this side uh where we are in quala lumpo in Malaysia and the rest there's a really robust uh infrastructure there we were the first to license the iOS first 2020 we were the first now to do the Islamic blockchain Hub and there many other first that that we have done uh it's just that I don't think we've shouted a lot about it so I want you guys to help me out and put it on your Twitter and your LinkedIn and the rest and say you know we have to look a little bit more closely at Malaysia and see what they offer uh just recently as well I don't know whether you follow the news I'm sure you do the state of jeho announced the special Financial incentives yeah fin a special Financial zone for companies in the financial sector especially fintech re Tech uh and the rest insure Tech we are saying as well that you guys in a web three pay solution space who's looking to build out systems should also very closely look at that yeah we've heard and we've seen and we've talked to a number of companies from Dubai as well as Singapore already moving into Forest City yeah so that's the next uh I believe Hub that's coming up and we got to think about Forest City as a place that you can tap into uh the money from Singapore not the food uh you know you can look at the market in Indonesia which is just 2 hours away uh and a hop skip and a jump away from Laban so think about that you know cost of living is so much lower you've got access to Talent around UTM and the rest and you've got a regulatory framework that allows you to expand your business yeah you pay 0 to 5% tax income tax is at 15% you get other allowances that that you know we can work out together so my colleagues from the Malaysia digital economy Corporation MDC a big shout out there uh they can walk you through this now if you also look at what agreements we are signing up to you know we have the RP the regional comprehensive economic partnership that gives us China we've got cptpp and we've got the asan FDA what is this mean guys is that a lot of guys are telling me I know Malaysia is a bit gray you know we don't know what we can do and what we cannot do well don't do anything illegal right and everything else is not against the law I think it's okay you can always check with MD or people like me right to see whether it is okay or not but I can tell you the licenses that have been issued with the SC as well as the Laban Financial Authority is quite comprehensive guys right so my you know my ex team or my team there uh is currently buing that out and we want to be transparent by putting all the licenses that has been approved out on the web uh we'll speak to the likes of Danny who's done I think a you know really super job this year congrats Danny next year I want to see a bigger event for asan and and we want to make sure that you guys understand how to land now I just I don't want to slack the neighbors but this is true right in Dubai VAR is the authority right how much for a license in Dubai 100,000 Durham yeah they abouts company cost 25,000 000 compliance cost then you're got to take office space you got to hire people you're out of pocket by 200,000 durhams by the time you do anything else right you cost compare that with Malaysia or Laban it is 1/4th of the cost right onethird of the cost to do business right so it makes a lot more sense financially to think about putting business into Malaysia number two is the talent I keep hearing talent talent talent we have a lot of talent at the last count we've got about 40,000 talents dispersed across Malaysia this includes foreigners why we have the digital Nomad pass yeah we have the drow digital Nomad pass that gets you in the country for 6 months and you can be anywhere in the rainforest scuba diving down in Johor for six months right and the infrastructure in terms of connectivity six star Malaysia has it and you guys know it right there's some patchy you know connectivity any country has that right and again the last part again is incentives so in the short while while you while you ponder about your next projects uh you can watch us to be a lot more aggressive in this space the government doesn't want to get involved from what I understand uh too hard it's a light touch but we want to ensure that you have the regulatory visibility you have access to the incentives that we want to get you in here and you have access to that Talent all of this should lead to I hope some interesting projects chain agnostic that's going to come out we're going to focus and tell you what it is we're going to focus on tokenization rwa is going to be a key key Focus for us next year we need to ramp up uh our our play there we're also looking at other areas like gamei uh that's going to be another huge explosion for what I understand and what I'm seeing uh we want to ensure that we invite you guys to co-create with us uh and other areas that you think is going to look into the future so don't be shy about reaching out to all of us in here I've got a team of about seven eight of them you know my team members moving around here engage with us right talk to us uh give us constru Ive criticisms iov for example harit has been very very Open Jug this JP and and and the rest here right uh on that note I've got a minute left uh is there any question one question then I can jump off the state literally just jump off any questions guys any questions I can pass you the mic if you want at all where's the best food okay uh introduce yourself and ask your question maybe one yeah okay uh I want to ask about the capital can tax from Malaysia my name is Vanessa thank you there are no capital gain tax uh for Malaysia right now uh there was there was uh and the regulations are are clearly across what are you disposing yeah so if you own shares and you are selling shares of the company uh according to a certain level then you attract capital gain stxs right uh if you're not uh if you're selling your shares uh in the company not the company's shares uh then you have uh no capital gains tax right uh we can meet up right after this to give you a bit more clarity uh there is a little bit of technical uh play in that uh just see me right after this and we can get on to that I can squeeze in no more questions right now because I've run out of time uh Raymond I think you have enough time for just one more question one more okay one more anybody else okay sorry he put his hand up first uh your name where you're from and your question uh Brett from the United States just how can we get a hold of you in the future look look me up on LinkedIn these are easy questions man anybody got more difficult questions for Raymond here okay right behind you okay don't give it to Matthew he's putting his hands up don't don't don't give it don't give it to him okay I'll give it to Matthew hey come on yeah this way man I see Matthew all the time hi uh Raymond um I go so now that you're a a free agent right what are your plans my plans is to take the third question uh I'm out for a bit let me think about what to do uh I'll be back in the ecosystem in a short while right but still very very passionate about digital economy and what you guys are building here man right so you got my support I hope to get your support guys for next year we definitely hope to see you back in the scene for sure capital gain tax still got on my mind I'll come back to you one last question at the back okay fine gentleman with the ponytail introduce yourself and your question this really last one last one really really really hi my name is Daniel I just have a very simple question do we have any chance of seeing an myr stable coin sometime in the future o very good question ah this one this one my team at the back also all hush hush discussing I think it is the way to go that's that personally out of government now wearing my personal hat I think we have to look at it uh both The Regulators are looking looking at it uh it is to see when is the best timing to do it right uh the timing is key here a lot of work being done by The Regulators in Malaysia to push this forward to push our industry forward uh I think that's that's needed that's that's me saying this now personally okay you will probably see some developments here within q1 of next year right uh and we'll be very happy to engage our our community here to see how best we can we can benefit you yeah I mean if you look around the world everyone's talking about this countries have already launched this already but there's always that that um timing right and uh we want to look at q1 next I think for obvious reasons where the world is moving after the US elections happen uh and there are quite a number of Milestone events that's going to happen so you know there's no rush to do it but I think we would have to do it right okay Malaysia stable coin q1 2025 you hear it here first at 2024 updates please quote Raymond on this in the papers tomorrow ladies and gentlemen a round of applause for Raymond thank you thank you Denny thank you again for keeping me on stage yeah