This article first appeared in Digital Edge, The Edge Malaysia Weekly on January 27, 2025 - February 2, 2025

Over the past six years, Boost has contributed to 20% of Malaysia’s national growth through its SME-focused programmes and services, recording over RM5.6 billion in transaction value across Malaysia and Indonesia in 2024.

Within six months of its launch, Boost’s digital bank exceeded expectations with RM700 million in deposits, and bringing over 65% of underserved and unbanked customers onto its platform. Moving forward, Boost plans to create a one-stop financial services solution — eliminating the need for multiple apps — aimed at both consumers and merchants.

Small and medium enterprises (SMEs) and micro small and medium enterprises (MSMEs) can look forward to streamlined financial access, including payment automation, accounting and e-invoicing. This growth builds on recent enhancements to the Boost app, which now supports embedded banking features like digital account openings and savings jars — all in a single platform.

“Through our expanding suite of services, which now includes lending, payment gateway services, deposits and investment products offered via an embedded finance proposition, we are uniquely positioned to drive meaningful impact for both small businesses and consumers as we transition towards becoming a regional digital banking group,” says Boost group CEO Sheyantha Abeykoon.

“Embedded [services are] a key feature for us, and that would be our game plan moving forward with other partners,” adds Boost Bank CEO Fozia Amanulla.

In 2024, Boost PayFlex experienced exponential growth from its consumer lending services, disbursing over RM240 million. Qualified users can borrow RM1,500 in under a minute, with the option to extend up to RM7,500 by providing income statements. First-time borrowers are assessed using data from telecommunication providers, credit bureaus and long-term Boost wallet users.

Looking ahead, Boost plans to extend its regional reach to second- and third-tier cities in Indonesia and replicate its operations in Cambodia. — By Chelsea Lee Jia Shi

As cryptocurrency has seen an increase in mainstream acceptance, so too have illicit activities done on the blockchain, which have only become more varied than before, according to Chainalysis’ 2025 Crypto Crime Report published on Jan 15.

The on-chain illicit ecosystem is witnessing what it calls an increasing professionalisation, as a broadening array of illicit actors, organisations and networks are using cryptocurrency in their operations.

In particular, Chainalaysis has seen the emergence of large-scale on-chain services that provide infrastructure for numerous types of illicit actors to help them launder their ill-gotten crypto.

In total, the report stated that a total of US$40.9 billion (RM182 billion) was received by illicit addresses known today, but based on past trends, this is expected to be updated to an estimated record-breaking US$51 billion as more data of the past year is gathered.

While Bitcoin was the cryptocurrency of choice among cybercriminals, likely due to its high liquidity, cybercriminals have since steadily diversified away, with stablecoins (a type of cryptocurrency where the value is tied to a real asset like fiat money) now occupying the majority of illicit transaction volume at 63% in 2024.

Chananalysis said this is part of a broader ecosystem trend where stablecoins also occupy a sizeable percentage of all crypto activity, as seen in the total growth of year-on-year (y-o-y) stablecoin activity at about 77%.

To counter this, stablecoin issuers often freeze their funds if they are made aware of illicit actors, as shown in how stablecoin provider Tether froze addresses linked to scams, terrorist financing and sanctions evasion.

Diving deeper into the types of cybercrimes, stolen funds saw an increase of about 21% y-o-y to US$2.2 billion, with the largest share of stolen funds being from decentralised finance services, although centralised services were the most targeted in 2Q2024 and 3Q2024.

North Korean hackers were found stealing more from crypto platforms than ever before, at US$1.34 billion, representing 61% of the total amount stolen in the year.

Meanwhile, ransomware continues to be popular, receiving revenue in the hundreds of millions. However, multilateral law enforcement disruptions and a decreased number of victims willing to pay the ransom have made a dent in the ransomware ecosystem, but by how much is unknown.

The biggest impact of this professionalisation of the crypto crime ecosystem is the online marketplace called Huione Guarantee, where Huione and all vendors on the platform have processed more than US$70 billion in crypto transactions since 2021.

Chainanalysis reported that this platform has provided infrastructure that facilitates the sale of scam technology and processed on-chain transactions for frauds and scams, addresses reported as stolen funds, fraud shops, child sexual abuse material and more.

Hong Leong Bank Bhd (KL:HLBANK) (HLB) has signed a strategic cooperation agreement with WeBank Technology Services, a subsidiary of WeBank — China’s largest digital bank — to enhance its operational efficiency and leverage artificial intelligence (AI) for more personalised and impactful financial solutions.

Under this collaboration, WeBank’s AI expertise will be used to develop automation tools and applications aimed at improving the productivity of the bank’s sales force and operational teams. These solutions will also be extended across data systems, marketing and campaign management, further strengthening HLB’s customer-centric offerings and financial services.

HLB has already showcased its commitment to AI-driven solutions by deploying AI voice bots in its collection operations last year, resulting in a 15 times increase in productivity.

According to Boston Consulting Group’s (BCG) AI Radar global survey, leading companies that are seeing strong returns on their AI investments are channelling more than 80% of their funding into reshaping critical functions — such as research and development and new product development — rather than focusing on everyday tasks that boost individual productivity.

BCG’s survey also reveals that AI is a top priority for 75% of executives, backed by a projected 60% increase in AI investments between 2024 and 2027. However, only a quarter of companies are currently reaping tangible returns from their AI initiatives.

“It will be an important year in 2025 for many companies to bridge the gap between initial investments and the return that companies want to see, which will require discipline, managerial interventions and continued focus,” says BCG CEO Christoph Schweizer.

The approach of reshaping critical functions in particular was highlighted due to its tangible value for companies across industries.

For instance, a consumer goods company would have marketing as a critical function, but with generative AI, new innovative concepts can be proposed while simultaneously accelerating market testing and helping organise focus groups for quantitative surveys.

It will also be important for a company to focus on depth instead of breadth when making AI transformations. Companies that focus on three to four use cases for AI, 40% less than the average, tend to see twice as much return on investment compared with companies that have six or more use cases.

The next step for companies is to measure the impacts of their AI transformations. More than 60% of companies are not tracking any financial impacts after onboarding an AI, and this will be crucial to understand and observe functions that have not improved to optimise the AI’s full potential.

Additionally, AI agents, defined as autonomous AIs that carry out their own functions, are seeing an upward trend in 2025 as 67% of executives are considering AI agents as part of their AI transformations.

Sixty-four per cent of executives are also seeing that AI and humans will be working complementarily after the implementation of AI agents, and it will be important to organise proper workflow for AI agents to work in tandem.

Chinese-owned TikTok has dominated headlines after a US ban on national security grounds took effect on Jan 19, prompting American creators to brace themselves for the loss of their content and followers.

In an unexpected twist, TikTok resumed services less than 24 hours later, following an executive order by President Donald Trump that provided a temporary reprieve. Rumours spread that Meta might acquire a stake in TikTok, fuelled by the sudden removal of CEO Shou Zi Chew’s title from his profile.

Despite the app’s swift revival, some users who had uninstalled TikTok found it unavailable in app stores, leaving them anxious and relying on devices where it was still pre-downloaded — some of which were listed on eBay for up to US$50,000, reported Reuters on Jan 22.

Trump signed another executive order extending enforcement of the ban by 75 days, though its legal validity remains in question. TikTok’s other apps, including Lemon8 and CapCut, have also disappeared from the Apple and Google stores.

Meanwhile, talks continued about a potential sale, with Trump suggesting Elon Musk as a possible buyer and the House Select Committee on China chair John Moolenaar meeting businessmen Kevin O’Leary and Frank McCourt, the latter having made a formal bid.

TikTok’s challenges extend beyond the US. The platform has been banned in India, Iran, Afghanistan, Uzbekistan and Kyrgyzstan. Indonesia briefly banned TikTok in 2018 over concerns about pornography and blasphemy, and in October 2023, it prohibited social media companies from facilitating e-commerce, forcing TikTok to halt its online retail operations there. Authorities claimed the move protected small businesses from predatory pricing.

In Malaysia, during the 15th general election in 2022, TikTok faced criticism for enabling hate speech and divisive political content. It removed 53 accounts — with a combined 174,472 followers — suspected of artificially amplifying narratives critical of Barisan Nasional, Umno and Pakatan Harapan while favouring Perikatan Nasional.

Malaysia has since introduced a new licensing regime, where authorities can arrest representatives of licensed platforms without warrants, compelling them to disclose private user data and enable surveillance on their networks.

All social media platforms operating in the country must obtain an Application Service Provider Class Licence from the Malaysian Communications and Multimedia Commission. Moreover, a recent directive requires any platform with more than eight million users to secure this licence by Jan 1. Officials argue that such measures are necessary to combat cybercrimes, including scams, cyberbullying and the sexual exploitation of minors.

ByteDance ultimately obtained its licence, as did Tencent Holdings Ltd, which runs WeChat, while other platforms’ applications remain pending. — By Vanessa Gomes

PepsiCo returns with the third edition of its Greenhouse Accelerator (GHAC) Programme, teaming up with GC Ventures and Circulate Capital, and is opening applications for early-stage sustainable start-ups developing innovations aimed at reducing the environmental impact.

The mentorship-based programme is pilot-oriented and aims to support start-ups by providing expert business advisory and collaboration opportunities with PepsiCo.

GHAC will be awarding US$20,000 grants to each of the 10 finalists, with an additional US$100,000 granted to the winning start-up. Finalists will also receive wrap-around mentorship from PepsiCo executives and business accelerator experts in overcoming challenges and encouraging growth.

Start-ups applying for the programme will be to have a pre-revenue sales up to a maximum of US$7 million in the last financial year. They must have business operations in one of the participating Asia-Pacific markets and must have innovations in three focus areas — circular economy, climate tech and sustainable agriculture.

The selection committee will be choosing the finalists based on a few criteria including having a clear go-to-market strategy and plan for sustained in-market execution.

Start-ups will also have to present a post-prototype product or solution that is ready for a pilot phase with a multinational corporation or company to be ahead of the competition.

To apply for the PepsiCo GHAC 2025 APAC Sustainability Edition, visit greenhouseaccelerator.com/apac or PepsiCo’s LinkedIn linkedin.com/company/pepsico.

US first lady Melania Trump launched a cryptocurrency on the eve of her husband, President Donald Trump’s, inauguration as US president. The announcement comes days after Trump launched the $Trump cryptocurrency.

Both coins have risen but have seen volatile trade. According to the CoinMarketCap website, $Trump has a total market valuation of about US$12 billion, while $Melania’s stands at around US$1.7 billion.

Trump had previously called crypto a “scam” but during the 2024 election campaign, he became the first presidential candidate to accept digital assets as donations.

With their profile and social media presence, the Trump coin and Melania coin have already entered the top 100 coins in terms of value, and Melania’s coin is now worth more than AI entrepreneur Sam Altman’s Worldcoin.

Looking to game on the go — on any platform or device? The 8BitDo Zero 2 offers versatile options that let you take your favourite games anywhere.

Designed with the classic look of a traditional controller, the Zero 2 measures just 73 x 36.5 x 14.7mm — small enough to fit on a keychain. Despite weighing only 20g, it packs a rechargeable lithium-ion battery that provides up to eight hours of playtime on a single one- to two-hour charge.

This Bluetooth controller is compatible with the Nintendo Switch, PC and Android. Simply pair it via Bluetooth in X-input or D-input mode to any supported device. To enhance your mobile gaming experience, you can pair the Zero 2 with the Mobile Chip (sold separately) for vertical handheld gaming.

The 8BitDo Zero 2 Bluetooth Gamepad retails for RM182.12 and is available from the official 8BitDo stores on AliExpress and Shopee.

Confused about AI and worried about what it means for your future and the future of the world? You are not alone.

AI is everywhere — and few things are surrounded by so much hype, misinformation and misunderstanding. In AI Snake Oil, computer scientists Arvind Narayanan and Sayash Kapoor cut through the confusion to give you an essential understanding of how AI works and why it often does not, where it might be useful or harmful, and when you should suspect that companies are using AI hype to sell AI snake oil, defined as products that do not work, and probably never will.

While acknowledging the potential of some AI, such as ChatGPT, AI Snake Oil uncovers rampant misleading claims about the capabilities of AI and describes the serious harms AI is already causing in how it is being built, marketed and used in areas such as education, medicine, hiring, banking, insurance and criminal justice.

The book explains the crucial differences between the types of AI, why organisations are falling for AI snake oil, why AI cannot fix social media, why AI is not an existential risk and why we should be far more worried about what people will do with AI than what AI will do on its own.

The book also warns of the dangers of a world where AI continues to be controlled by largely unaccountable big tech companies.

By revealing AI’s limits and real risks, AI Snake Oil will help you make better decisions about whether and how to use AI at work and at home. — Amazon

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