☕️ No Raya open house this year

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

108,701 – As of Dec 31, 2024, that’s the number of active Employees Provident Fund (EPF) members with savings of at least RM1 mil. EPF data also showed that women accounted for 39,358, or 36.2%, of that number. This group of millionaires represents 1.2% of EPF’s 8.78 mil active members as of end-2024 but collectively holds RM190.05 bil (RM1.75 mil on average per pax), or 19.7%, of the RM962.4 bil in total savings belonging to all active members. No latest data on how much the wealthiest members hold. Based on old data, there were 248 people with savings above RM10 mil (average savings of RM17 mil)

15.1 mil – That’s the total number of people who have invested in Amanah Saham Nasional Bhd (ASNB) unit trust schemes. Collectively, they have invested more than RM300 bil (RM19.87k on average per pax) as of Jan 2026. According to Deputy PM Fadillah Yusof, 5.4 mil investors are from the B40 group, with combined investments amounting to RM122.8 bil. He added that Permodalan Nasional Berhad, the parent entity of ASNB, is working to increase the number of unit holders and active investments among the B40 group by focusing on ease of access, continuous participation, financial literacy programmes and sustainable returns.

RM1.62 bil – That’s the amount collected through Malaysia’s tax on digital services as of end-2024. This tax is paid by foreign digital service providers such as Netflix, Apple, Microsoft and Google when customers in Malaysia use their services. Finance Minister II Amir Hamzah Azizan said revenue from the tax has steadily increased over the years. It also ensures that foreign service providers bear tax responsibilities equivalent to local providers, thus creating a fair market environment within the digital ecosystem.

3. IN MALAYSIA 🇲🇾

Google strengthens financial ad safeguards in Malaysia
Google has introduced a new Financial Services Verification (FSV) requirement for advertisers targeting Malaysia to protect the public from financial scams. The system adds an extra layer of security to Google’s existing financial-products-and-services policy by ensuring only legitimate, licensed financial services providers can run ads on its platforms. From Apr 14, 2026, selected financial advertisers must complete the verification process before campaigns can go live. Applications can be submitted through Google’s compliance partner, G2, from Mar 10. Read more about it here.

As part of the verification, advertisers must prove they are authorised by Malaysian authorities, such as Bank Negara Malaysia (BNM), the Securities Commission Malaysia (SC) and/or the Labuan Financial Services Authority (LFSA). Data from the Ministry of Home Affairs showed financial fraud losses reached RM2.77 bil in 2025. Ben King, Google Malaysia’s country managing director, said scammers constantly adapt to evade detection, hence the need for the verification process. MCMC managing director Abdul Karim Fakir Ali described the initiative as a critical step in preventing scams from reaching Malaysians. The verification is expected to make it harder for unlicensed operators to exploit online advertising, giving users greater reassurance when searching for financial products and services.

Finally, seeing one of the tech giants putting in effort in combating fake investment scam ads.

No Raya open house this year, RON95 stays the same price
No Hari Raya open houses: PM Anwar Ibrahim has ordered all government agencies, government-linked companies and government-linked investment companies not to hold Hari Raya Aidilfitri open houses this year, citing the economic impact of the ongoing Middle East conflict. Ministers and officials are also instructed to limit overseas travel unless already scheduled or essential. Speaking at a press conference, Anwar said the measures would encourage more prudent spending and a moderate, responsible approach to public funds. A special Cabinet meeting will be held on Mar 13 to assess the country’s fiscal and financial position amid rapidly unfolding international developments.

Careful spending and same fuel price: At the same briefing, Anwar announced immediate discretionary cost cuts while assuring the public that the subsidised price of RON95 petrol will remain at RM1.99 per litre despite rising Brent crude prices. Global oil prices surged after the US and Israel launched an attack on Iran on Feb 28, affecting shipments through the Strait of Hormuz, a key route for global oil and liquefied natural gas. On Mar 9, oil prices briefly hit nearly USD120 (RM470.88) per barrel, though Brent crude was around USD89 at the time of the announcement. Anwar said petroleum supplies are secured until at least May 2026, with enforcement against diesel smuggling at the borders strengthened.

Government probes Azam Baki
Azam Baki’s shareholding under review: The government confirmed that further action regarding anti-graft chief Azam Baki’s shareholding in Velocity Capital Partner Bhd will be decided by Chief Secretary to the Government Shamsul Azri Abu Bakar. Communications Minister Fahmi Fadzil said the Cabinet had received and discussed findings from a special task force set up to probe allegations that Azam exceeded the shareholding limit allowed for civil servants, capped at a 5% stake or RM100,000 in value. A Bloomberg report alleged that Azam owned 17.7 mil shares based on Companies Commission of Malaysia (SSM) documents dated Feb 3 last year. Azam acknowledged owning the shares earlier in 2025 but stated he sold them months later and made the necessary disclosures, denying any wrongdoing.

Corporate mafia investigation underway: At the same time, the Cabinet instructed law enforcement agencies, including the police, Inland Revenue Board (LHDN), the MACC and Securities Commission (SC), to continue probing allegations of “corporate manipulation”. The investigation includes seizing funds allegedly linked to criminal activity and examining potential loopholes in current legislation that may allow corporate exploitation. Fahmi said several individuals have already been under surveillance for years. The inquiry aims to uncover whether certain business figures and officials were colluding to take over Malaysian companies. Calls have also emerged from both sides of the political divide for a royal commission of inquiry into the alleged “corporate mafia”. The government emphasised that investigations will continue in a coordinated manner, with the Chief Secretary overseeing the next steps on the Azam Baki matter and enforcement agencies tackling wider corporate irregularities.

Major drug syndicate busted in Melaka
Police have dismantled a major drug-processing-and-storage operation in Melaka Tengah, seizing narcotics worth RM86.78 mil after raids on three residential premises. The syndicate initially drew attention from the Melaka Commercial Crime Investigation Department as a suspected scam call centre but was uncovered by Bukit Aman’s Narcotics Crime Investigation Department during operations on Mar 6 and Mar 8.

The first raid at a terrace house in Taman Puncak Bertam resulted in the seizure of 1.73kg of Erimin 5 pills, 13 mobile phones and a laptop. Further checks uncovered 10.88kg of liquid MDMA and 2.75kg of MDMA powder, along with ecstasy pills and ketamine. A third raid in Taman Satu Krubong revealed a full drug-processing laboratory, yielding 274.08kg of liquid MDMA, 303.85kg of MDMA powder, 1kg of ketamine and various processing equipment. In total, the drugs could supply around 1.1 mil users.

The syndicate, active since Jan, targeted patrons of entertainment outlets, injecting drugs into legitimate bottled drinks and selling them for RM300 to RM500 per bottle. Police also seized assets worth RM38,000, including a Proton Iriz and a Yamaha Y15 motorcycle, with two suspects having prior drug records.
MDMA, aka molly or ecstasy, is a type of psychoactive drug with stimulant and hallucinogenic properties.

4. AROUND THE WORLD 🌎

More on the Middle East crisis
Iran: Get ready for USD200 (RM783.30) a barrel
The warning came as part of a statement by Iranian military command spokesperson Ebrahim Zolfaqari, who said the price would depend on regional security, which was destabilised by the US. He also warned that Iran will attack banks that do business with the US or Israel, following strikes on the offices of a bank in Tehran, adding that people should stay “1,000 metres from banks”.

IEA proposes reserve release, sending oil prices seesawing
The oil shortage has led to the International Energy Agency (IEA) proposing the largest release of strategic oil reserves in its history in a bid to offset the disruption due to the Iran war. The proposed release would exceed the 182 mil barrels of oil that IEA member countries put on the market in two releases in 2022 when Russia invaded Ukraine. News of the proposal sent oil prices seesawing, with both Brent and West Texas Intermediate (WTI) dropping immediately after the report, reversing early gains in WTI.

Strategic oil reserves are stockpiles of crude oil maintained by countries for release in the event of a supply disruption. The current US reserve sits at around 415.4 mil barrels. Learn more here.

As an aside, the country that is suffering the most due to the surging oil prices is Vietnam, with petrol prices rocketing nearly 50%. Laos is next, with prices shooting up almost 33%. Full list available here.

Malaysia boleh!

Spain permanently recalls ambassador to Israel in protest
The Spanish government’s official state gazette has announced the termination of the appointment of Spain’s ambassador to Israel, marking the official’s permanent recall. This action comes in protest of Israel’s genocidal war on Gaza and the new war on Iran. A chargé d’affaires will lead Spain’s embassy in Tel Aviv.

Infantino: Trump says Iran is welcome to compete in World Cup
FIFA President Gianni Infantino said that Iran’s participation in the World Cup would be welcomed by US President Donald Trump, following a meeting between the two on the war and the tournament. The upcoming FIFA World Cup will be co-hosted by the US, Mexico, and Canada in June and Jul. All of the Iranian team’s group games are scheduled to take place in the US. Trump told the media that he is not concerned about Iran’s participation because it is a “very badly defeated country”. If the US refuses to host the Iranian team, it could risk being removed as a World Cup host by FIFA.

Elsewhere, Australian police helped two more members of the Iranian women’s soccer delegation slip past their minders to claim asylum. However, one of them changed her mind and decided to return to Iran. This brings the total number of asylum-seekers to six, with the other five granted asylum a day earlier.

Into the Metaverse
Meta unveils plans for four new in-house AI chips
The tech giant unveiled a roadmap of four new in-house AI chips, amid the firm’s rapid expansion of its data centres. The chips are part of the firm’s Meta Training and Inference Accelerator (MTIA) programme, with the first dubbed MTIA 300. This chip is already in use, powering Meta’s ranking and recommendation systems. The other three will be rolled out at six-month intervals through 2026 and 2027. The last two chips, the MTIA 450 and MTIA 500, are designed to perform inference, the process where an AI model responds to customer queries and requests. The company previously said in Jan that it expects capital spending of between USD115 bil (RM450.4 bil) and USD135 bil (RM528.73 bil) this year.

Facebook buys Moltbook
Facebook parent Meta said it had acquired Moltbook, a social networking platform built for AI agents. The goal was to bring the company’s founders, Matt Schlicht and Ben Parr, into its AI research division at Meta Superintelligence Labs. No financial details were revealed, and the duo are expected to start on Mar 16. This follows Meta’s hiring of Peter Steinberger, the creator of OpenClaw, which is an open-source bot that powers Moltbook.
Read: What is Moltbook? The strange new social media site for AI bots

Shorts:

1. Spotify: Pop's bias to English is fading
   The streaming platform said that, while English still dominates the charts, Spotify’s global Top 50 saw songs in 16 different languages last year, more than double the figure from 2020. According to the firm’s data, the most-streamed artist in the world is Bad Bunny, who sings exclusively in Spanish. Brazilian funk was also recognised as the fastest-growing genre in the world, with audiences growing by 36%. Others include K-Pop with a 31% increase and Trap Latino with a 29% increase. These genres earned more than USD100 mil (RM391.65 mil) in royalties from Spotify last year.

2. Man removed from flight after call to prayer was mistaken for bomb threat
   A passenger was removed from a Southwest Airlines flight after flight attendants mistook the man’s call to prayer alarm for a bomb threat. The flight made an emergency landing, and authorities arrested the passenger. However, following an investigation, authorities confirmed the alarm was actually a call to prayer. No credible threat was found, and no charges will be filed.

3. UK approves legislation abolishing hereditary seats in Parliament
   Britain’s Parliament has removed the remaining hereditary peers from the House of Lords, putting an end to a centuries-old system of aristocratic seats in the upper chamber. The passage of the Hereditary Peers Bill fulfils a reform launched more than 25 years ago and a key manifesto pledge from PM Keir Starmer’s Labour government to modernise the upper chamber. This follows the removal of more than 600 hereditary seats under former Labour PM Tony Blair in 1999.

5. FOR YOUR EYES 📺

Making the green from greens

1. A young farmer entrepreneur making RM400k a month growing vegetables on 12-hectare land (average RM13.5k per acre).

2. Vegetable omakase at Sempah T-farm.

3. Besides making funny videos of your siblings, AI can also be used to make farming more efficient.