Industries related to ageing to boom
Public and private sectors need to come up with ways to unleash the potential of an ageing population in terms of employment and economic activities, said Tunku Alizakri Alia, deputy chief executive officer (strategy) of the Employees Provident Fund.
“We must also come out with ways to encourage them (retired workers) to return to work, without having them sacrifice the family structure, they have developed,” he said at the International Social Security Conference 2016, themed “Active Ageing: Live Long and Prosper”, co-organised by the EPF last week.
Tunku Alizakri urged the Government to formulate legislation that emphasised the rights and protection of the elderly, including a re-employment policy, as well as elimination of age discrimination.
“The private sector must create the infrastructure to support business opportunities related to an ageing population, such as elderly housing, wellness and healthcare programmes and homecare service,” he added.
He said the Asia-Pacific Economic Cooperation (APEC) silver economy, a project focused on developing, promoting and disseminating strategies to face new challenges related to an ageing population, estimated the industry related to it to be worth US$3tril by next year.
Fifty-two per cent of the business leaders in the cooperation member countries also anticipated that industries related to the ageing population to boom from 2020 to 2025.
Britain counting on fintech revolution
British banks will, from 2018, have to share customers’ data with third parties who can then show how much could be saved by using other lenders.
Customers currently paid more than they should for banking and were not benefiting from new services, the Competition and Markets Authority (CMA) said in its final report after a three-year review of consumer and small business banking.
Third-party companies have already begun to build “apps” for managing finances on a phone or other devices, and the CMA believes that setting a 2018 deadline will also boost the “fintech” sector.
“This is a real opportunity for the UK to take the lead. We are going to make it happen and give it a push to get it across the line,” Adam Land, a senior director at the CMA, said.
High street banking in Britain is dominated by the “big four” lenders — Lloyds Banking Group, Royal Bank of Scotland, Barclays and HSBC. And only 3% of consumers and 4% of business customers change banks in any year.
The CMA hopes its proposed measures will make it easier for personal and small business customers to switch lenders, but some smaller banks and consumer groups said the new measures were not radical enough. Under the new rules, banks will have to share a customer’s data with third parties, providing the customer agrees.
Aldermore, one of the new “challenger” banks the government hopes will eat into “big four” dominance, said the CMA has missed a huge opportunity to provide a real, positive economic impact.
The CMA could have gone further by recommending that small banks have more proportionate capital requirements, it said.
Challenger banks have called for lower capital requirements than big banks, arguing they pose less risk to the financial system than bigger rivals.
LinkedIn notches three million members in Malaysia
LinkedIn said last week it had registered three million connected professionals in Malaysia.
The largest professional network on the Internet also said it had crossed the 100-million member mark in the Asia Pacific region (Apac) doubling its member base within just two years.
“With 37 million members, India retains its spot as the second largest market in member base terms, after the US.
“China currently accounts for more than 23 million members, while Australia has eight million.
“Besides Malaysia, the member base across other South-East Asian countries continues to rise, hitting 18 million, including six million in Indonesia, four million in the Philippines, and one million in Singapore,” it said.
“With 40% or 280 million of the world’s professionals living and working in the APAC, there’s still plenty of runway for us to grow,” said LinkedIn Asia Pacific and Japan managing director Olivier Legrand.
Students and young professionals make up the fastest-growing demographic on LinkedIn. In April 2016, the company invested RM240mil for its data centre in Singapore, the first outside the US.