2.im

INFORMATION
MEMORANDUM

RADIANCE ASSETS BERHAD
(Company No.: 202101005326 (1405625-M))

Lot 89-2, Jalan Anggun City 1
Pusat Komersial Anggun City, Taman Anggun

48000 Rawang, Selangor Darul Ehsan
Tel: +603-6092 1861

E-mail: [email protected]

THIS INFORMATION MEMORANDUM IS DATED ON 12th MARCH 2021
(For Personal Use of the Qualified Subscribers only, Not for Circulation)



TABLE OF CONTENTS

EXPLANATORY NOTE 2

RESPONSIBILITY STATEMENTS 2
DISCLAIMER 2
CONFIDENTIAL INFORMATION 3

EXECUTIVE SUMMARY 4

RAB & FINTECH 5

SECTOR OUTLOOK 10

FINTECH MARKET SEGMENT AND MARKET SHARE 11
THE OPPORTUNITIES 12
ATM VS E-WALLET: COMPETITIVE FIGURES 13
TYPE OF FINTECH SERVICES 15

REMI T TANCE 16

PAST PERFORMANCE AND TRENDS IN REMITTANCE INDUSTRY 18

DIGITAL COMMERCE 20

BIG DATA ANALYTIC 25

IMPORTANCE OF BIG DATA 26
APPLICATIONS OF BIG DATA 26
BUSINESS ANALYTICS 28
OVERVIEW ABOUT BIG DATA IMPLEMENTATION IN MALAYSIA 31
BIG DATA & COVID 19 PANDEMICS 33
MALAYSIA COPING COVID-19 USING BIG DATA ANALYTICS 33
HOW MALAYSIA IS NURTURING DATA ANALYTICS TALENT 34

ARTIFICIAL INTELLIGENCE (AI) 35

OTHER AI IMPLEMENTATIONS IN MALAYSIA 38

THE COMPANY CORPORATE INFORMATION 42

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PROMOTERS 42
SHARIAH COMPLIANCE 42
PROFILE OF THE DIRECTORS 44
BOARD OF DIRECTORS’ ROLES AND RESPONSIBILITIES 47
BOARD OF DIRECTORS’ MEETINGS 48
ORGANIZATION CHART 48

GENERAL PRINCIPAL TERMS OF RPS-I 49

FLOW CHART OF SUBMISSION SUBSCRIPTION 54

PROCEEDS OF RPS-I AND INVESTMENT 55

INVESTMENT POLICIES 57

INVESTMENT COMMITTEE 58
I. INVESTMENT TARGET SELECTION 59
II. SHARIAH-COMPLIANT INVESTMENT 59

RISK FACTORS 60

RISKS RELATING TO INVESTMENT IN OUR RPS-I 60

THE COMPANY MAY NOT BE ABLE TO REDEEM 61

BUSINESS RISK 61

SHARIAH NON-COMPLIANCE RISK 61

GOVERNMENT, ECONOMIC AND POLITICAL CONSIDERATIONS 61

RISK MANAGEMENT 62

RISK IDENTIFICATION 62
OPERATIONAL RISK 62
KEY PERFORMANCE RISK 62
INFORMATION SECURITY RISK 63

RISK ANALYSIS 63

RISK EVALUATION: 64
RISK RESPONSE – RISK MITIGATION, AND PREVENTIVE PLANS: 65

ANTI-MONEY LAUNDERING AND ANTI-TERRORISM FINANCING
COMPLIANCE 67

AUDITORS 67

BANKER 67

DOCUMENTS AVAILABLE FOR INSPECTION 67

COSTS AND EXPENSES 67

EXIT STRATEGY 68

SUBSCRIPTION FORM 70

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THE GREATEST VIEWS
NEVER COME FROM
COMFORT ZONES

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INFORMATION MEMORANDUM

Radiance Assets Berhad

EXPLANATORY NOTE

This Information Memorandum (“IM”) has been prepared and issued to provide
the qualifying investors with information relating to an offer to subscribe Islamic
Redeemable Preference Shares (“RPS-i”) for collectively up to One Thousand (1,000)
lots of RPS-i at a subscription price of RM1.00 each, with each lot comprising Two
Hundred Fifty Thousand (250,000) units of RPS-i totaling Two Hundred Fifty Million
(250,000,000) units of shares at Ringgit Malaysia Two Hundred Fifty Thousand
(RM250,000.00) per lot.

The objective of Radiance Assets Berhad (the “Company”) is to provide superior
returns to its qualifying Subscribers through long term capital growth by investing in
the Shariah-compliant Financial Technology sector which includes amongst others
in Artificial Intelligence, Block Chain Technology, Mobile Apps Development, Payment
Gateways and Big Data Analytics.

Responsibility Statements

The board of directors (“Board of Directors and/or Directors”) and promoters of the
Company have seen and approved this IM. They collectively and individually accept
full responsibility for the accuracy of the information. Having made all reasonable
enquiries, and to the best of their knowledge and belief, they confirm there is no false
or misleading statement or other facts which if omitted, would make any statement
in the IM false or misleading.

Disclaimer

The contents of this IM do not constitute and should not be construed as investment,
tax, legal, accounting or other advice. For advice on these matters, you should consult
your own investment, tax, legal, accounting or other advisers about any material or
information discussed in this IM.

This IM does not constitute an offer to buy or sell any of the securities to any person in
any jurisdiction where such offer or solicitation would be unlawful. This IM constitutes
an offer only to the Subscriber named in the space provided on the cover hereof.

Delivery of this IM to anyone else is unauthorized and any total or partial reproduction
of this IM or divulgence of its contents, without the prior written consent of the
Company, is prohibited.

By accepting delivery of this IM, if the Subscriber elects not to make a purchase
offer or the purchase offer is rejected, such Subscriber will return this IM and all
documents delivered herewith to the Company.

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Confidential Information

In connection with the proposed subscription, the Subscriber is willing, in accordance
with the terms and conditions contained herein, to disclose (either through itself
or its representatives) to the Company (or its representatives) certain information
(orally, or represented in any document, electronic file or otherwise), relating to the
IM which include, but not necessarily limited to business, commercial, technical,
and financial information and forecasts (such information actually disclosed to the
Company (“Confidential Information”).

Consequently, Confidential Information that you provide will be used and processed by
the Company in connection with the purpose of intended subscription only (“Purpose”),
and not for any other purpose.

That you hereby give consent that your Confidential Information may be transferred
to locations outside Malaysia or disclosed to our related corporations or our vendor,
agent, contractor, service provider, consultant or advisers who provide services to us,
including our placement agent for the Purpose of this IM only. Save for the foregoing,
your Confidential Information will not be knowingly disclosed to any other third party
without your consent and outside of the Purpose.

Without prejudice to the terms and conditions in this IM, you may at anytime lodge
the inquiries, complaints and upon payment of a prescribed fee, request in writing to
access to, or correction of, your Confidential Information or limit the processing of
your Confidential Information by submitting such request to the following:

Postal address: Radiance Assets Berhad

Lot 89-2, Jalan Anggun City 1, Pusat Komersial
Anggun City, Taman Anggun, 48000 Rawang,
Selangor Darul Ehsan

Kindly be informed that we assume that you have consented, and we shall continue
to process your Confidential Information in accordance with this IM unless we
hear otherwise from you. You may exercise your rights in respect of Confidential
Information in the manner described above. This privacy notice may be amended from
time to time and would be in effect on the date as determined by us. Any amendment
to this privacy notice shall be published on any medium as we deem fit.

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EXECUTIVE
SUMMARY

RADIANCE ASSETS BERHAD (Company No.:
202101005326 (1405625-M))
A public company limited by shares incorporated on
15th February 2021 under the Companies Act, 2016 (the
“Act”) with paid up capital of RM1,000,000.00, having
its registered address at 13, Jalan 8/5, Seksyen 8,
43650, Bandar Baru Bangi, Selangor Darul Ehsan and
its business address at Lot 89-2, Jalan Anggun City 1,
Pusat Komersial Anggun City, Taman Anggun, 48000
Rawang, Selangor Darul Ehsan. The Company focuses
in the business of Financial Technology (“FinTech”)
which is in compliance with Shariah principles.

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RAB & The information and communications
FINTECH technology sector have fundamentally
changed the financial environment at
As the world is growing more and both the global and national levels.
more technologically advance, We, the Fintech refers to businesses operating
Company are taking the opportunity in in a market using technology to
moving towards the world of cashless increase the quality and effectiveness
transaction. By partnering with a of goods and services provided by
potential technology partner, we are set financial institutions. Transactions are
to develop a new e-wallet technology. being streamlined to boost quality and
expediency through the development
The e-wallet will be targeted to be used of digital platforms. In other words,
nationwide and especially in food and automation helps to simplify financial
beverages industry. The biggest industry institutions’ processes. Efficiency
right now that relies with e-wallet denotes the provision of products and
heavily during this pandemic situation. services at a maximum output with
minimum input, while effectiveness
inferred the ability to produce the
intended or expected results.

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By implementing software and algorithms, Fintech has
the potential to increase speed and reduce the cost of
financial services. Fintech is not a new thing because,
for many decades, commercial banks have used
technology to strengthen internal processes, increase
efficiencies, and deliver ground-breaking products,
such as the automated teller machine.
There have been many online price comps over the
past several years. Several online price comparison
websites have appeared over the past few years to
provide information and online applications for financial
products such as personal loans and credit cards,
mortgage loans and investment products. Big data is
one of the main elements of Fintech for the banking
industry. There are many of the benefits of Big Data
Analytics in the banking sector, and this has developed
exponentially since the last 10 years.

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The characteristics of the digitisation process of financial services include the
following:

The Fintech industry is characterized by a progressively rising number of start-ups and
companies without bank licenses (non-banks). Fintech start-ups aim to concentrate
on main areas of the financial value chain and attempt to unravel conventional banking
business models. In general, there are two (2) types of FinTech firms as follows:

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The Fintech model, usually developed Fintech businesses and financial
by start-up firms, often provides institutions can impact each other
alternative means of growing the through alliances and provide clients
financial intermediation role to with quality financial services. There is a
incumbent financial institutions, which lot of space for collaboration and synergy
historically rely less on informational that will draw on the strengths of each
and communications technologies. other. As a result, financial institutions’
Although Fintech firms can challenge goods and services are simpler, more
and ultimately undermine the position straightforward and more available for
and importance of financial institutions, consumers. For financial institutions,
they can also help to build better, cheaper this is a great development. Customers
and more effective services to provide redefine their financial institutions’
more valued goods and services. standards, taking advantage of other
industries to provide multichannel
access, product simplicity and better
integration.

They want ease, usability and user-
friendliness. By improving their digital
capacity, financial institutions will produce
significant changes in their financial and
operational efficiency. In a way, both the
financial industry and consumers benefit
from it.

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Sector Outlook services, ranging from those offering
more traditional banking services such
The Fintech market consists of sales as payment services and fund transfers,
of technology and platform based to those that are technologically focused
financial services and related goods. offering services that enhance the
Fintech is the use of technology processes in the major financial markets.
and innovation to provide financial Fintech companies started as exclusively
services through internet-based technology companies to improve or assist
platforms. Companies in this market activities in the financial sector. As the
provide end-to-end process financial market has developed, these companies
services and solutions to automate have evolved as an alternative to
financial processes over the Internet. traditional financial services providers by
It is used by end-user organizations on offering a wide range of financial services
the back end to automate insurance, including mobile point of service (POS)
trading, banking services, and risk payments, crowd lending to businesses
management. and market place lending to consumers.

Fintech companies can cover many

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Fintech Market Segment and Market Share

The global Fintech market reached a value of nearly $111,240.5 million in 2019, having
grown at a compound annual growth rate (CAGR) of 7.9% since 2015, and is expected
to grow at a CAGR of 9.2% to nearly $158,014.3 million by 2023. Also, the market is
expected to grow to $191,840.2 million in 2025 at a CAGR of 10.2% and to $325,311.8
million in 2030 at a CAGR of 11.1%.
Growth in the historic period resulted from growth in the emerging markets,
increased funding and investments in Fintech startups, rising internet penetration,
and increase in disposable income. Factors that negatively affected growth in the
historic period were stringent government regulations, and lack of human touch.
Going forward, increasing popularity of digital payments, increasing investments in
blockchain technology due to its high efficiency in data management, exponential
growth of e-commerce, and implications of COVID-19 are expected to drive the
market. Concerns regarding the security of consumer data is a major factor that
could hinder the growth of the Fintech market in the future.
The Fintech market can be segmented by service provider into:
a) Payment Processors
b) Securities Brokerages and Investment Firms
c) Banks
d) Non-Banking Financial Companies
e) Others
The payment processors were the largest segment of the Fintech market by type of
service provider, accounting for $46,701.3 million or 42.0% of the total market in 2019
and this market is also expected to be the fastest-growing segment going forward
at a CAGR of 10.2%.

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The Opportunities

Rise of mobile payment technology of mobile wallets can be attributed to
is a trend adopted by the current the increasing number of smartphones.
generation. A mobile wallet is a type According to a report by NewZoo, there
of digital wallet that enables the user were nearly 3.2 billion smartphone users
to process payments, access account by the end of 2019. Therefore, with more
information, and pay for services mobile users, there are more mobile
through a smartphone application. To wallet users. The mobile payments
speed up the entire payment process, market is around $114 billion in 2019 and
the mobile wallet stores details about is expected to reach $190 billion by 2021.
the payment card on the app itself.

Mobile wallets are on the rise and
the reason for the large acceptance

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ATM vs E-Wallet:
Competitive Figures

On the surface, e-wallets are like both from consumers point of view and also
payment cards that work out of an the merchant point of view. The Mastercard
app. You load funds into a virtual Impact Study 2020 found that Malaysia leads
wallet, and then use those funds other countries in Southeast Asia when it
to pay for goods and services. How comes to mobile or digital wallet usage.
this works varies across the types Malaysia has a mobile wallet usage of 40%,
of e-wallets. Some use QR code ahead of other countries like the Philippines
scanning to establish connections at 36%, Thailand at 27%, and Singapore at 26%.
between customers and merchants
in the real world, while others
are only confined to internet
transactions.

This gives consumers the option of Towards the end of 2019, a large majority
alternative payment which is secure of users said they would continue to use
and convenient. Compared to the e-wallets if there were no incentives, at 77%.
traditional way of paying for things, At the start of 2020, the number dipped to 55%,
you have to go to the ATM physically but thanks to the advent of the “new normal”,
and withdraw money which is a 70% of consumers are now saying that they
hassle and could attract mishaps will continue to use e-wallet services even
like robbery, or your ATM pin get if there were no incentives. This is a strong
stolen by a third party and so on. indication that consumers are adapting to
making e-wallet payments on a regular basis
E-wallets are definitely changing and opting to go cashless more frequently as
the way people do business, part of their daily habits – the safer option
fast and hassle free to purchase for transactions rather than exchanging cash
something is a win-win situation during this pandemic.

Historical Development of Artificial Intelligence (“AI”)

The phrase “intelligent agents” describes computer science as AI research: any robot
that sees its surroundings and does things that improve its chances of achieving
its goals successfully. A more elaborate description characterizes AI as “a system’s
ability to correctly interpret external data, to learn from such data, and to use those
learnings to achieve specific goals and tasks through flexible adaptation.”

A traditional AI analyses the situation and takes steps to increase its probability of
success. The expected utility function (or goal) of the AI can be easy (“1 if the AI wins
a game of Go, 0 otherwise”) or complex (“Perform actions mathematically like ones
that succeeded in the past”). Objectives can be clearly described or induced.
Historically, AI is not a recent study. In fact, it was first recorded in history back in 760
A.D., referencing Automata for the first time.

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Historical Development of the concept of Artificial Intelligence.

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TYPE OF FINTECH SERVICES
In recent years, the global investing climate
has rapidly shifted. Black swan incidents have
contributed to the depreciation of conventional
financial assets, resulting in new investments
and instruments, such as those provided by
FinTech, to help investors retain their capital.
Fintech can be categorized loosely according to
the following map (Figure 1 below).
In Malaysia the room for digital payments is
already crowded, since most Fintech firms in
this category are active. This includes purchases
for consumer use and includes smartphone
payments for goods and services made through
the Internet (digital trade) as well as for mobile
EFTPOS.

Figure 1: Types of Fintech Services
Note: The Company is interested in venturing into digital payment, and data
management of the fintech market services.

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INFORMATION MEMORANDUM
In addition to the currency trade, the
money transfer sector is part of the wider Radiance Assets Berhad
financial services industry. Traditionally,
transactions are mostly done daily by 16
commercial banks and specialist money
transfer systems. However, the service
costs are relatively high, as well as being
an arduous process of having to line up for
hours to wire the currency. They face high
costs, as payments have to be prefunded
with the possibility of money circulating
in the countries of destination so as to
guarantee a fairly swift transaction, with
physical presence on both sides.

Generally, the income from the remittances
is extracted from two components; the
settlement fee and the spread of the
foreign exchange are paid to the consumer.
Margins are also applied to the foreign
exchange rate defined. Customers were
faced with a processing fee at the point of
remittance, as well as the potential for the
funds to be paid another transaction fee
by the recipient bank. Therefore, the buyer
would not realize the precise sum that
the beneficiary would earn due to secret
costs. In addition, remittances will take a
relatively long period of time between one
day and five days to clear up, provided that
there are built-in procedures that need
to take place between the trading banks.
In the end, consumers search for cost-
effective transactions, accountability and
speedy transactions.

Software has played a major role in
lowering the rates of remittances, as the
accuracy of rates on websites allows
consumers to compare them before
proceeding with transactions. As a result,

PRIVATE AND CONFIDENTIAL
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Radiance Assets Berhad

automated remittances (also known as
e-remittances) have won their market share
by charging discounted transfer fees. This is
possible because modern technology can be
optimized to circumvent much of the costs.
As there is no need for multiple offices for
a digital payment firm, staff are less needed
which contributes to lower fixed costs. On
top of that, the smaller the rate paid to
companies, the more outbound and inbound
flows into its large number of trade partners
worldwide. New digital remittance firms
joining the market are rising the degree of
competition, leveraging fees and ease of
use as concrete differentiators to position
themselves against the incumbents.

Remittances are currently carried out by
licensees of money services (including
e-remittances) and banks, as well as
informal outlets in Malaysia. Informal
remittance networks are operated by
company owners of illicit money systems
and their agents and are primarily used by
foreign employees.

Regulatory reforms implemented to allow
eligible remittance service providers to
perform eKYC have further lowered costs
and increased connectivity in areas where
remittance service providers do not have
a physical presence while onboarding new
individual customers. The powerful use of
eKYC technologies helps remittance service
providers to seamlessly authenticate and
verify identity documents and to perform
facial recognition of customers remotely.

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PAST PERFORMANCE AND TRENDS a significant force of foreign employees
IN REMITTANCE INDUSTRY had repatriated their payments back to
their countries of origin. Another group
The expanded supply and use of of clients are parents who sent money to
internet remittances by the digital their children studying overseas, with a
money services sector has lowered modest estimation of some 60,000 students
the expense of customer transfers studying overseas.
due to lower fixed costs and reduced
processing times, as well as helped Complete outward remittances rose by 9.3
drive the transfer of remittances from per cent between 2014 and 2018, from 28.5
informal networks. E-remittances billion to RM40.6 billion. Although over the
require the provision of end-to-end period, banks have reported faster CAGR
digital platforms to provide consumers 12.5%, financial services licensees have
with cashless and more convenient recorded an improvement in production
services. transactions in absolute quantities (Table 1
and Figure 3).
On average, the rate of e-remittance
transactions in Malaysia in 2018 was Greater simplicity and connectivity offered
2.1 per cent lower than the average by e-remittance services has drawn a
cost of over-the-counter remittance higher number of customers. Bank Negara
transactions of 2.9 per cent. This is Malaysia has reported transactions
below the 5 per cent goal of the World previously performed through informal
Bank. The Sustainable Development networks in total payments documented at
Goals of the United Nations aim more than RM900 million.
to reduce the transaction cost of
remittances to less than 3% by 2030. Remittance amounts can also be influenced
Total outward transfers between by the value of currencies, for example, as
2014 and 2018 surpassed total inward the Ringgit falls in value, foreign employees
transfers in Malaysia mostly because may prefer to hold back in hopes of
improving the Ringgit.

Table 1: Total Outward and Inward Remittances in Malaysia (RM Million)

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Unlike external transactions, controlled
by money management providers, internal
transfers are dominated by banks. Net internal
transactions from RM7.1 billion to RM11.8 billion
increased by CAGR from 13.5% between 2014 and
2018.
The majority of inward remittances are given
by foreign students studying in Malaysia. The
funding goes to tuition charges, housing, meals
and entertainment. A total of 173,000 foreign
students have been enrolled in the country as
of 2019.

Figure 3: Outward Remittances in Malaysia
(RM Million)

Figure 4: Inward Remittances in Malaysia (RM
Million)

Source: Bank Negara Malaysia
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DIGITAL COMMERCE the average age is 28.7 years, with 44.2
per cent of the population aged 24 and
Driven by a relatively high rate of under delivering a generation of tech-
Internet penetration, the e-commerce savvy future buyers.
industry in Malaysia is growing stronger
and stronger and is expected to expand The coverage of the Internet is 80.1 percent
at a compound annual growth rate of 24 greater than many other countries in
per cent per year. Overall, the country’s Southeast Asia. The government’s goal is
economic growth is generally optimistic, to lift this number to 90%, which would
but the combination of weakening expand access to online shopping. The
external demand and easing fixed work of the Malaysian government to
investment could weigh on domestic develop e-commerce structures should
sentiment. How opinion grows can also also promote purchases. The National
be a significant determinant on whether Strategic Roadmap for E-commerce
a tax refund of 2.2% of the gross domestic details plans to double the e-commerce
product would be saved or expended. growth rate in Malaysia by 2020 and
add RM 211 billion to the national gross
product.

Malaysia has three big national retail
activities a year – Super Sale Malaysia (1-
31 March), Mega Carnival Malaysia (15-31
June), and Year-End Sale, Malaysia (Nov
1-Dec 31). Singles days on 11 November
are also rising in importance at the
international discount shopping festival.

Malaysia: Consumer Spending Traveling, 39% of the overall volume
of electronic commerce, consumer
Malaysia’s $4 billion e-commerce sector electronics (17.3%) and furniture and
is noteworthy for its exponential growth home commodities are important in the
in recent years. Annual revenues have categories online shopping (13 percent).
risen dramatically since 2015, increasing The leading e-commerce sites are the
by 47.8% in 2017 alone. Looking forward, Lazada, 11street and Shopee websites.
the industry is projected to increase at Average annual basket spending, at
an annual compound growth rate of 24 $242, is currently smaller than many of
per cent to 2021. the countries listed in our study series
and provides both a challenge (driving up
spending) and an incentive for traders.

Despite a four-year cycle of accelerated
expansion, there is still plenty of space
for the sector to continue to expand. At
current, just under half of the population
has yet to shop online, which means that
there are almost 16 million untapped
e-shoppers. The country is still young:

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HIGH VOLUME CROSS-BORDER SPENDING
AND GROWING LAST-MILE DELIVERY
INFRUSTRUCTURE

Cross-border investment in Malaysia is high, accounting for 4 out of 10 of all
e-commerce transactions in the region. Malaysian shoppers are eager to purchase
from foreign e-commerce sites, with 48 per cent now shopping from abroad. China
(first), Singapore (second) and Japan are the top three countries for cross-border
sales (third). Foreign retail majors are taking steps to build on the prospects raised
by Malaysia. The Chinese conglomerate Alibaba has announced plans to develop a
regional distribution centre in the country. The company’s co-founder, Jack Ma, was
also elected Malaysia’s Digital Economy Adviser.
It should be remembered, however, that the Malaysian Government has revealed
plans to impose a digital tax on cross-border e-commerce from 2020, which may
have implications for foreign digital goods sellers. Although specific details have yet
to be released, sellers of digital products such as film, music streaming and video
streaming are likely to be forced to register sales and pay a tax to the Malaysian
government for the selling of certain goods.
When it comes to shipping, 90% of Malaysians expect their purchase to be shipped
within a week, and 46% expect to be delivered within three days. Foreign couriers are
investing in their last-mile offerings in Malaysia. For eg, DHL has set up domestic
last-mile distribution operations. Global brands like IKEA, Nestlé,5-007, Zalora
and Lazada have all recently invested in Malaysian fulfillment hubs to extend their
e-commerce presence in the region.

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SHOPPING ON THE GO FOR MALAYSIANS

While a modest e-commerce industry, customers were able to respond to mobile
commerce early in the growth process compared with major markets like the U.S.
and the UK. Roughly 62 percent of mobile users are already shopping online on
their smartphones. Mobile shopping is currently 47% of all e-commerce sales, with
an increase of 31.4% per year, compounded to 2021, with a figure of $5.6 billion for
shopping on mobile devices.

For daily activities like surfing,
shopping and study, citizens use their
smartphones, assisted by initiatives of
the state to deepen digital interaction.
Malaysia is a nation of mobile lovers
but a substantial proportion of the
population still does not have a device,
with 63.9 percent of its penetration.

Applications form the main distribution
platform of mobile business, used for
64% of purchases or $1.2 billion in 2017.
Social networking is another effective

means of targeting consumers. With WhatsApp, WeChat, Instagram and Twitter all
popular, Facebook is the most popular site. Mobile banking and payment systems
from domestic banks also help push mobile business enterprise. However, the safety
and security of consumers when shopping on mobile devices remain a matter of
concern.

BANK TRANSFERS DOMINATE
AS MALAYSIA’S PREFERRED
PAYMENT METHOD

Bank transfers are Malay’s most Cards are second, with a 29% share of
commonly used form of electronic purchases. The use of the credit card is
payment, accounting for nearly half poor, at 0.3 cards per capita, indicating a
(46%) or $1.8 billion in 2017 of all reluctance to accept card-based personal
transactions. It is estimated that debt. More debit cards are on the move, with
this strategy will keep on rising at 1.44 cards per capita.
a composite annual growth rate of Cash is used in 7% of purchases. The use of
25% by 2021, with the presumption cash is expected to replace digital wallets
of staying at its leading position in by 2021, but the continued proliferation of
the e-commerce payments industry cash-on-delivery providers across Malaysia
accounting for 48%. Transfers are will continue to sustain this strategy.
completed by the buyer’s on-line bank
account logging-in for full payment or
by in-person payment on-line.

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INTERNATIONAL PLAYERS MOVING INTO
MALAYSIAN DIGITAL WALLETS MARKET

The fourth most-used payment option, which is only seven per cent of transaction,
is the digital wallet, known in Malaysia as dompet digital. However, this is projected
to be the fastest-growing process between 2019 and 2021, with a compound annual
growth rate rising by 53 per cent to 2021, at which stage the Malaysian payment
sector will have a 16 per cent share. The adoption of this payment choice would be
powered by increasing mobile penetration and digital wallet players taking over the
largely underdeveloped Malaysian market. Currently there are 39 e-money licensed
companies in the country, including PayPal®, Alipay, WeChat, international players
and Google Pay.
Payments Network Malaysia unveiled Malaysia’s first real-time retail payment portal
in January 2019, which is expected to improve mobile payments by modernizing
Malaysia’s payment system. Apps provide instant credit transfer via mobile and
national security numbers to both residents and companies. Additional functions
will be phased out in the coming years, including real-time debit transactions and
e-mandates.

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RELATIVELY LOW E-COMMERCE
FRAUD REPORTED IN MALAYSIA

Malaysia’s e-commerce fraud rates tend to be positive:
the iPay88 digital payment provider registered fraud
happening in just 0.02 per cent of purchases in 2018,
down from 0.03 per cent in 2017. The implementation
of the Consumer Security (Electronic Trading
Transactions) Legislation in 2012 is believed to have
helped to reduce the rate of fraud in e-commerce.

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BIG DATA
ANALYTIC

The idea of big data emerges from a track such data by traditional methods.
massive rise in the amount of data. Due
to this, data structuring and sorting Certain data is collected in archives,
becomes complicated. The phrase ‘big records and tables. The second one is
data’ ordinarily describes a hybrid data Velocity. That is the rate at which the data
collection that is vast in scale and is is obtained and stored. Typically, about
a combination of both organized and 2.5 million bytes of data are received
unstructured data. It is a process that daily. It is difficult, however, to function by
includes the compilation, review and conventional means. Variety is the third
preparation of these broad data obtained one. It applies to the particular sources
from a number of sources. Examples of from which the information is obtained.
big data are Facebook, the Exchange- From the structure to the data type,
stock market, search engines such as variation can change. Any of the various
Google, airway-based data. kinds of types are text, video, machine-
generated images. Veracity, value, and
Normally, 3V’s, i.e., Volume, Velocity, variability are the other common traits.
and Variety, describe the Big Data
characteristics. Volume is the most
defining factor for the description of
Big Data. Both leading social media
networks receive a humongous
collection of data on a daily basis, in
terabytes/kilobytes. It is very difficult to

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IMPORTANCE OF BIG DATA

Different advantages of processing big data are defined as:

1. Improvement of corporate systems
2. Better service efficiency
3. The application of outside experience during the decision-making process
4. Initial recognition of risks with the help of facilities and goods
5. Detecting systemic faults, mistakes and scams
6. Better insight into services for distribution
7. Reduction of expenses and saving
8. Increased sales and mobility.

APPLICATIONS OF BIG DATA

Big data technology has been an important part of the whole market cycle and has a
wide variety of uses.

Weather forecasts: Advertising:

Different apps on mobile devices are The latest advertisement pattern has
used for weather forecasting. This changed, and prices are no longer
forecasting can be more reliable with influenced by reactions. Many data
the use of barometers, atmospheric sources, polls, traffic flows, shopping
thermometers and hygrometers. preferences, eye movement trends,
Various applications in this respect are: movie choices all of these points are
to research the consequences of global used to decide what kind of ads people
warming, to train for disaster initiatives. are interested in.

Health industry: Education:

This is another field that generates history of education consists of
a large volume of results. If a careful extensive details on students,
study is performed using this data, the faculties and courses. A proper study
likelihood of an unnecessary diagnosis is needed to include the necessary
will minimize the amount of time analysis to increase the efficacy and
required. Medicines are given on the efficiency of the organizations. Any of
basis of adequate study and review the educational areas where big data
of historical outcomes. Many fitness can play a relevant role are grading
bands are now introduced on the systems, job forecasts, structuring of
market, making people more aware of course materials, dynamic learning
their health. programs. It also opened the doors for
numerous e-learning courses.

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Personal grooming: Transportation:

Big data is used to improve personal Some of the transport fields where big
health and growth. Fit bit bands, sleep data can be used include road protection,
analysis, calorie measurements, traffic control & pollution management,
exercise monitoring, all of these things route planning. Both real-time routes,
help you gain experiences into personal along with traffic factors used by taxis,
growth. are handled by means of big data. Both
these aspects have beneficial effects,
Banking: such as emission control, time-saving
and improved safety control measures.
This is another field where data size
is growing at an accelerated rate. Big BIG DATA
data applications in the banking sector
include risk factors reduction, market
transparency, abuse of debit/credit
cards, money laundering.

High volume, high speed and high variety: one or more of these attributes are used
to describe large data, a category of data collection that is too large or too complex
for conventional data processing applications. Fast-growing mobile data traffic,
cloud computing traffic and the exponential growth of technology such as artificial
intelligence (AI) and the Internet of Things (IoT) all lead to the scale and size of data
sets. Global cloud data centre IP traffic is projected to hit about 19.5 zettabytes by
2021. (ZBs). Linked IoT devices are expected to produce 79.4 ZB of data in 2015.

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Business Analytics

Advanced analytical techniques including predictive and data processing help to derive
information from the data and produce a market outlook. The size of the demand in
tech apps for business intelligence and research is expected to hit approximately
USD 14.5 billion by 2022. Banks make the most of big data and business analytics
technology – the banking sector contributed 13.9 per cent of market sales in 2018.
Based on its share of the big data and research worldwide in 2019, this chart indicates
the leading sectors. Banking generates 13.9% of big data and market research sales
that year. The gross sales in the year are expected to rise to US$189.1 billion.

Forecast revenue big data market worldwide 2011-2027

The international big data demand is projected to expand to US$103 trillion by 2027,
more than double its expected size in 2018. The tech segment will become the big
data business segment by 2027 with a share of 45 percent.

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BIG
DATA

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OVERVIEW ABOUT BIG DATA
IMPLEMENTATION IN MALAYSIA

The quickly evolving technologies in building digital networks,
including data centres, also presents problems for Malaysia in
adopting Big Data Strategies according to its Mutual Prosperity
Vision 2030. (WKB2030).

The Prime Minister’s vision stressed the need to bring big data
together requires strong commitment and strong coordination
between industry and the government. Furthermore, expertise
is needed to support this initiative in the area of data analytics.
In parallel, knowledge of the wise and efficient use of data is
necessary to ensure the confidentiality of data and to ease
distribution procedures.
Big data is one of the key variables leading to improvements in
decision-making and transactions. According to the paper, the
use of broad data and technical availability have contributed to
innovation growth, increased supply quality and added value to
industries.

This factor is crucial to ensure that the realization of the new
future is in line with existing global economic growth patterns.
It also notes that there are five proposed Big Data Initiatives,
including the review of current laws and regulation for a holistic
digital environment.

In addition, plans are also being put forward to establish a modern
business model for the creation of sustainable digital networks
including data centers and specialized skills and retraining of
skills in manufacturing institutes and within the industry itself.

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In generating more accurate and timely official statistics, the Department of Statistics
(DOSM) is heading towards big-data analytics (BDA). The goals of statistical big data
analytics are as follows:
1. to modernise the data collection
2. to allow high accuracy
3. to reduce respondents’ burden
4. to use as supplements for existing data in production of certain statistics
5. to produce new statistics indicators. The overall landscape of STATSBDA
project is focusing mainly on the project deliverables which are
establishing big data infrastructure, development of STATSBDA modules

and building skill sets in data science field.
There are 5 modules develop in this project which are:

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BIG DATA & COVID MALAYSIA COPING COVID-19
19 PANDEMICS USING BIG DATA ANALYTICS

The new Coronavirus strain, Nearly every country in the world has
COVID-19, does not need to be witnessed the COVID-19 pandemic.
introduced as the virus is circulating The most significant cases have been
across the globe and becoming a reported now, beginning in Wuhan,
global pandemic that causes death China and now the US and EU countries
and massive economic damage. and seem not to be slowing down. On
Though frontline staff are at risk the other hand, Malaysia demonstrated
of combating the epidemic, other acceleration at the start of the second
specialists including physicians, wave and has steadily reported a
policy-makers and scientists in steady case over the past two weeks.
different places are involved to The application of the Motion Control
control the outbreak. Order (MCO) has shown that the curve
For COVID-19 study, some large data flattened according to the Ministry of
components and specialized big data Health Malaysia (MOH). To cope with
analysis methods are: this pandemic, a special task force
was launched in the state of Selangor,
1) Artificial Intelligence Biomedical which had reported the highest number
Research will remove several false of COVID-19 cases in Malaysia.
tracks and allow us to identify
possible targets. The use of Big Data and Machine
Learning will then make it possible
2) Processing of the natural language: for the state to perform communal
Artificial learning can accommodate scanning and communication tracing
multifactor learning on how people in a more effective and coordinated
deal with the pandemic pressure and manner. In order to track this outbreak
stress. in the region, the Malaysian government
takes a move forward by launching the
3) Research in virology – Machine application called MySejahtera, which
learning is used to achieve a deeper allow users to determine their health
understanding of the virus. risk with COVID-19. Data collected from
this application allow the government,
by using Big Data Analytics, to carry
out sophisticated analysis to help the
government combat this pandemic.

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HOW MALAYSIA IS NURTURING
DATA ANALYTICS TALENT

With the vision of becoming a high-income, knowledge-based society by 2020, MDEC has
spearheaded many ICT initiatives with a special focus on the data economy that will serve
as the foundation for artificial intelligence (AI) initiatives.
MDEC’s data economy director has said on several occasions that big data will bring
benefits such as better efficiency and productivity for Malaysia

Besides promoting continuous learning as a vital aspect of Malaysia’s digital culture. MDEC
has spearheaded talent programmes to increase the number of data specialist in Malaysia
from about 4,000 to 16,000 as well as the number of data scientists from 100 to 1,500 by 2020
Private-public collaboration remains a cornerstone of Malaysia’s strategy to grow the
country’s data analytics talent pool.

This includes facilitating curriculum reviews by industry and partnering universities to offer
data science courses at undergraduate and postgraduate levels.
In a 2018 report, Malaysia’s progreess was lauded for initiatives such as the ASEAN
Data Analytics Exchange (ADAX), a regional platform that brings together talent and
development models and showcases the latest analytics technologies.
Since its inception in 2017, ADAX has helped to train 1,800 people from 298 companies
across 19 industries as data practitioners, data managers and data leaders.
With the initiatives currently in progress, many organisations, both on the demand and
supply sides of the big data analytics and AI ecosystems have benefitted in terms of
investment, talent, advice, and funding.

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ARTIFICIAL commonly used in a variety of sectors
and are expected to expand across the
INTELLIGENCE consumer industry within the next few
years
(AI)
Applications for artificial intelligence
Artificial intelligence, relating to the are practically infinite, and this field of
development of smart hardware or computer science is highly promising.
software, capable of replicating “human” Worldwide revenue from the AI industry
activities such as learning and problem- is expected to be as high as US$97.9
solving, is an area of computer science billion by 2023. Companies, especially
that has been the focus of people’s the tech and IT services industries, are
imaginations and science fiction films for investing heavily in artificial intelligence.
decades. Since the word was invented At the same time, AI-focused start-ups
by Stanford professor John McCarthy have gained traction and support from
in 1956, it has become a popular term, investors, with investment from AI-start-
frequently depicted in movies by robots up firms almost fivefold from 2015 to
behaving as humans in diverse ways – 2018. The majority of start-up companies
from robots overthrowing their human operating in the AI sector concentrate
masters to cultures where robots on machine learning applications, a form
and humans exist side by side. Fiction of artificial intelligence that enables
aside, artificial intelligence is no longer computers to learn without human
restricted to video screens; it is part assistance. At last, at least 31.7 billion U.S.
of people’s everyday lives. Artificial dollars have been spent in this specific
intelligence enables computers to AI segment. Many start-ups have even
perform various “human” functions, from made a gamble on the natural language
driving vehicles and adapting to their processing market, which includes
surroundings, to delivering interactive voice and speech recognition and text
assistance for gambling. Robots are now prediction, to name a few applications.
This particular AI market is projected to
rise to US$12.4 billion in 2020.

Technology companies like Google and Baidu spend $20-30 billion a year
on AI, the vast majority in this group. Outside of big technology, the sum of
investment has so far been small. Part of the way this phenomenon happens
is that the demand for AI applications is still very limited. According to
Tractica Research, the amount of expenditure for 2018 was estimated to
be less than $10BN but is expected to rise accordingly over the years.
The Company plans to concentrate on this production of possible future
innovations to optimize our return on investment (ROI).

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MALAYSIA AND ARTIFICIAL
INTELLIGENCE (AI) IMPLEMENTATION

Going digital in today’s economy is at the in the country under the 12th Malaysia
centre of social transition when societies Plan (2021 to 2025). Jendela will pave
rebound from a crippling pandemic and the foundations for high-quality internet
confront economic recovery problems coverage and ready the country for the
in the modern mainstream. These transition to 5G technology.
exceptional and extraordinary periods
have caused institutional change without The compound annual growth rate (CAGR)
comparison in living memory. Many will be 8.9 per cent between 2019 and
individuals would have no alternative but 2023 and will be from RM16.5 billion in
to move to a modern paradigm change. 2018 to RM25.2 billion in 2023 according to

the global data survey for Malaysia’s ICT
New emerging technology technologies development prospects. The five leading
and applications such as 5G, cloud, IT solution areas will be mobility, cloud
artificial intelligence (AI) and big data computing, data processing, storage and
have stimulated the development of outsourcing. The second highest annual
new companies in Malaysia. Over time, growth rate is expected to be 19.1 percent
the growth of small and medium- for cloud computing. Recently, in Asia-
sized businesses and creativity will no Pacific, including Malaysia, Huawei founded
longer be limited to the conventional its cloud and AI Department and launched
establishmentofmultinationalcompanies their slogan “Grow with Intelligence”.
in today’s period. The Government has During the launch of Huawei Cloud in
just announced the development of the Malaysia, #Cloud4Everyone offered a
Jalinan Digital Negara (Jendela) National 1,500-hour trial of smart technologies that
Digital Connectivity Strategy as part of its helped companies to automate, innovate
efforts to boost digital communications and digitalize their businesses.

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ICT Market Landscape in Malaysia 2023

Source: GlobalData Market Opportunity Forecasts to 2023: ICT in Malaysia
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OTHER AI

IMPLEMENTATIONS IN

MALAYSIA

These exceptional and extraordinary
periods have caused institutional
change without comparison in living
memory. Many individuals would
have no alternative but to move to a
modern paradigm change.

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Healthcare

The traditional stethoscope receives an update with Stethee
Pro, a strategic collaboration between the Malaysian Investment
Development Authority, Collaborative Research in Engineering, Science
and Technology (Crest) and M3DICINE, which was facilitated by the
Telemedicine Development Group (TDG). Stethee Pro is an AI enabled
stethoscope system that allows users to listen to heart and lung sounds
with sophisticated amplification and filtering technology. This improves
the way in which the heart and lungs are examined with detailed and
accurate analysis by enabling the recordings to be transmitted to a
smart device such as a smartphone or a tablet via Bluetooth technology.
These recordings are then processed to establish a personal biometric
signature for each patient and to identify the involvement of cardiac
or lung disorders. Artificial Intelligence and Data Analytics (Aida),
the application infrastructure behind the Stethee AI engine, also
automatically tags geolocation and aggregate environmental data for
analysis by healthcare professionals. Aida further analyses the results
and presents quantitative scientifically actionable data to surgeons,
vets and healthcare providers. Stethee Pro has been licensed by the
United States Food and Drug Administration for use by medical and
healthcare practitioners.

Stethee Pro: AI powered electronic stethoscope

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Fashion

Simultaneous Artificial Response and Action (SARA) Saratix and
Custlr have collaborated with the introduction of Artificial Intelligence
(AI) fashion technology, SARA with a user-friendly add-on that offers
services to fashion firms, including body profiling using A4 paper
only, fashion analytics and retail reports. Custlr, an online tailoring
brand that uses a crowd-sourced clothing engine, will use AI fashion
technologies to work on topics surrounding its online companies with
respect to inventory holdings, conversion rates and planned customer
transactions. Saratix’s AI and A4 technologies will accurately calculate
a person’s body size in just a few seconds using a mobile device that
is different from the traditional average profiles that use height and
weight. SARA is powered by Deep Learning Neural Network and Machine
Learning. It was built with the aid of professors, students, developers
and engineers from several universities in Malaysia. SARA’s algorithm
analyses and generates reports that can fuel market growth and
lower return costs. Along with Malaysia-based systems and software
solutions firm BESTWEB Technology, Saratix is focusing on developing
a better and more intelligent AI.

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Legal

Sabah’s Digital and Artificial Intelligence Legal Aid Centre Malaysia’s first
Digital and Artificial Intelligence Legal Aid Centre is set up in Sabah to
offer legal advice to the public. The centre is scheduled to open its doors
in November at the Grand Merdeka Shopping Mall in Telipok, some 21 km
from the state capital. The Centre offers legal guidance and computer
services that can provide customers access to laws, case law, textbooks,
agreements, forms and precedents. However, Lawyer Marcel Jude, who
is among those helping to set up the centre, says that although legal
support is given on a pro bono basis, customers would have to pay for
using computer resources.

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THE COMPANY CORPORATE
INFORMATION

Promoters

The Promoters of the Company are En. Mohd
Ezman Bin Zamani, En. Hanafi Bin Suliaman, Cik
Roslina Binti Ibrahim and En. Mohammad Ezwan
Bin Zamani whose are also the Board of Directors

of the Company.

Shariah Compliance

The RPS-i is a Shariah compliant instrument and is
governed by Shariah principles. Generally, Shariah-
compliant instrument are considered to be a type
of socially responsible investment which comply

with Shariah principles.

The Company has obtained the Shariah Certificate
issued by the Company’s Shariah Adviser (as further
ascribed in the Company Corporate Information)
after it is satisfied that the Company has complied

all the Shariah requirements in the Investment.

The Company’s Shariah Adviser will also conduct
Shariah audit on periodic basis or whenever
necessary on the Company to ensure the Investment

always conform with Shariah principles.

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Corporate Information
The corporate information of the Company is as follows:

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PROFILE OF THE
DIRECTORS

MOHD EZMAN BIN ZAMANI

Former Chief Marketing Officer in one of
the world-leading multinational financial
institutions located in Sydney Australia,
Bacera Co Ltd with almost 10 years of
experience in the investment industry.

Graduated with a BSc in Environmental
& Occupational Health (UPM) majoring in
Indoor Air Quality, En. Ezman has made
a drastic move and chose the unexpected pathway by exploring the opportunity
of financial sectors specializing in Technical Analysis, Sales, Marketing, Dealing,
Compliance, Commodities, Money Market, Risk Management, and Stocks. He holds
the certified license of RG146 in Foreign Exchange and Derivatives under Australian
Securities and Investments Commission (ASIC).

In the year 2008, he started his career as a Business Consultant focusing on Business
Development, Problem Solving, Corporate Management, Tourism, Team-Building, and
many more. His excellent interpersonal skills made it easier for him to access the top
level in the corporate world.

His wide vision in business leads him to explore more opportunities and again, he
forms a company named, RCF Holdings Berhad. He is currently the CEO of Radiance
Assets Berhad and Group Managing Director of RCF Holdings Berhad.

From young age, he developed himself from a humble middle-class family and he
explored almost everything on his own. Excellent vision in creative investment and
high experience in analysing the investment risks, has created success in his career.

En. Ezman vigorously worked in various roles in financial services, building knowledge
of best business practices and growth strategies through experience. He has vast
experience in problem-solving, communications, and corporate public relations.

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