A Monthly Bulletin for Entrepreneurs Issue 29 July - August 2018 Complimentary Copy INSIDE THIS ISSUE COVER STORY Transitioning From GST To SST. How Will This Affect Businesses? M alaysia’s decision to abolish the Goods and Services Tax (GST) and to revert to the Sales and Service Tax (SST) will result in higher disposable income due to the lower prices that will be imposed on most goods and services. The rakyat will have the option in their consumption, that is, by paying service taxes based on their ability and affordability. The previous GST covered too broad a sector. Although it did raise a total of RM44 billion in cash for the country, it is not people-friendly. The SST’s narrowing scope is targeted to collect around RM23 billion for the country, but it will provide relief to the rakyat. Differences between SST and GST The Sales Tax Bill and the Service Tax Bill have just been approved at the Dewan Rakyat and are expected to get approval from the Dewan Negara on 20 August. This leaves little space for businesses and entrepreneurs to get ready for the new tax regime in less than a month. Comparison of GST and SST It is therefore important to understand the concepts and mechanisms of SST as described in both Bills. SST consists of two laws. Sales tax is levied on the manufacturing sector which is governed by the Sales Tax Act 2018 while service tax is imposed on selected service sectors, with one of the most notable is F & B service providers. The Service Tax Act 2018 will regulate selected service providers and the details will be gazetted in subsidiary legislation, PU (A) 2018 Service Tax Regulations. Finance Minister, Lim Guan Eng, has announced that the threshold for F & B providers is set at an annual turnover of RM1 million. This means those who operate with revenue of less than RM1 million will not charge a 6% service tax. This covers food vendours, cafes, food counters or food trucks that can provide F&B at a lower price than the 6% GST regime. Consumers are deemed to be given the option to pay service tax or not, depending on their patronage in places such as fast food, restaurants or food courts. Generally, the cost of living will be lower in the SST era as the B40 group will be relieved in their daily food budget. The previous GST system set a threshold of RM500,000 per year, which means that almost all restaurants, including simple mixed rice shops, will have a GST of 6% charged. The SST tax regime will not charge a service tax of 6% on the service charge provided by any restaurant operator or cafe. Service charge in the real essence, representing tips or rewards to the waiters working in the restaurant and it is entirely at the discretion of the F&B operators. These food operators can choose to charge from 5% to 15% or even nil. In short, in the event of service charge is rendered, it will not be subject to service tax. SST is people-friendly because the daily consumption of food and drinks will be lower in price compared to the GST system. The imposition of service charges is not regulated by any law and is entirely at the discretion of F&B operators. To avoid disputes, it is advisable that notices be placed outside premises if F&B operators do impose service charges with rates as determined by them. ANALYSIS: Air Freight Market In Malaysia Page 3 POINT-OF-SALE: 5 Ways On How To Grow Your Brand Using Instagram Page 4 URUS BESTARI: 5 Tip Menghadapi Fasa Awal Perniagaan Page 5 BUSINESS ALERT Page 6-7 PERSPECTIVE The Reintroduction Of SST Page 8 PENGURUSAN SUMBER MANUSIA 5 Essentials Every SME Human Resource Leader Should Have Page 9 SEMBANG USAHAWAN: Fahmi Fairuz Page 10-11 KNOWLEDGE SPA: Reinvent Your Business Model Page 12 ENTREPRENEURS’ EVENT CALENDAR Page 12 continue on page 2 Download our mobile apps at www.smebank.com.my 2 Advisor Aria Putera Ismail Chief Executive Officer Editor Norhisham Hamzah Contributors Khairil Anuar Mohammad Anuar Wan Zainuddin Wan Muda Rusydan Hamedy Rusli Nursyafiqah Mohd Rafee Design & Layout Haja Sharoni Shah Rafiq Asyraf Published By Small Medium Enterprise Development Bank Malaysia Berhad (49572-H) Menara SME Bank Jalan Sultan Ismail 50250 Kuala Lumpur Wilayah Persekutuan Tel: +603 2615 2020 Fax: +603 2698 1748 Customer Service Centre: +603-2603 7700 www.smebank.com.my Project Management Centre For Entrepreneur Development And Research Sdn Bhd (CEDAR) (1042601-M) Level 6, Menara SME Bank Jalan Sultan Ismail 50250 Kuala Lumpur Tel: +603 2615 2063 Fax: +603 2692 5916 www.cedar.my DISCLAIMER The views and opinions expressed throughout this newsletter are those of the authors and do not necessarily reflect the official position and views of the SME Bank. 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SME Bank Group of Companies BizPulse | Issue 29 : July - August Cover Story continue from page 1 Concept Pricing method Rates GST SST Value added and multi-staged tax Only charged once, i.e., during output stage only Price inclusive of GST Price exclusive of SST, as it operates as an add on to selling price 6% Multiple rates covering different categories of goods and services Advantages • Not cost to business (input tax available upon tax invoice received) • Business friendly • Simple and straight forward • No refund issues to business operators • Focused and narrow scope • People-friendly Disadvantages • Wide coverage and comprehensive • Refund is an issue of consideration for GST registration • GST is imposed eventually on price sold to customer despite having input tax credit, resulting in surging prices • SST is a business cost • Deduction is based on sales (matching principles) SST Is Single Level Sales tax is only charged once on the manufacturing company when the sale is made to the trading company. Further sales of goods by trading companies will not be subject to sales tax. Entrepreneurs must be cautious and careful in managing costs such as Sales Tax - even at 10% - will ultimately produce lower priced items compared to the GST regime. GST operates on a value-added concept with input tax available as deduction. The supply chain moving from the producer to distributors, traders and to consumers will result in higher prices when GST was imposed on the final stage, which consists of value add and profit margins. SST Is A Business Cost Under the GST system, input tax is available as credit or deduction on output tax based on tax invoices received from GST registration suppliers. This means that GST has never been a business cost because deductions are available from the output tax even if no sales are generated. On the other hand, Sales Tax will be paid by a trading company who purchases goods from a manufacturing company. It is a business cost and deductions are only available when there is a sale. This means that business costs will be higher because Sales Tax is part of the cost of the inventory and will be deducted as a selling cost when goods are sold or exported. In short, no sales, no deductions. Businessmen are advised to review costs carefully and not sell at too high price for the benefit of the rakyat and their business sustainability. The reduction of GST from 6% to nil will immediately translate the 6% price reduction, which is a must for businesses to comply. Failure to comply with the pricing will expose operators to penalties on antiprofiteering governed by Price Control and AntiProfiteering Act 2011. SST is most appropriate in the Malaysian environment: the business community and the rakyat. BizPulse | Issue 29 : July - August 2018 ANALYSIS Air Freight Market In Malaysia LATEST UPDATES: by CEDAR Research Team A lthough air freight traditionally benefits from low base effects, Malaysia’s air freight sector is well developed, meaning that growth opportunities are few and far between in the country. The air freight in Malaysia is expected to register relatively muted annual growth over the short and medium term (under 1.2%) as capacity issues limit growth opportunities. On the plus side, lower fuel costs and increased tourist numbers are supporting growth in the sector. Consumer spending in Malaysia will benefit from a youthful and increasingly urbanised population, rising household incomes and low levels of unemployment. Relatively low inflation and a growing middle class will help generate demand for nonessential items and luxury goods. The country is also experiencing a shift in retail formats, with the government supporting the development of ‘big-box boulevards’ concentrated centres of shopping outlets on the outskirts of cities. This is helping to attract retailers, both domestic and international, who are keen to capitalise on the forecast rise in household spending in the retail sectors. Malaysia’s air freight sector is set to register y-o-y growth of 1.2% in 2018, similar to the level of growth seen in 2017. This scenario will see tonnage handled come in at 2.8mn tonnes. Low base effects are currently not proving enough of a factor to compensate for the fact that the small amount of cargo space available in plane’s bellyholds limits the total amount of tonnage that can be handled. Malaysia’s primary international gateway is Kuala Lumpur International Airport (KLIA), with secondary hubs being Kota Kinabalu International Airport, Penang International Airport, Kuching International Airport, Langkawi International Airport and Senai International Airport. Demand for low-cost airports is especially prevalent in Malaysia. The country is separated into two parts by the South China Sea, making low-cost air travel the most practical way of travelling between them. Malaysia’s consumer electronics market is undergoing a transition, as the growth engine switches to the increase in higher value sales, while volume growth is playing a smaller role due to approaching saturation and diminished potential in categories such as PCs, flat-panel TV sets and smartphones. Vendors will therefore benefit from ringgit appreciation and purchasing power growth forecast for 20182021. Malaysia has a large and externally oriented consumer electronics industry, and consequently trade flows are high value in per capita terms. The industry is centred on packaging and the assembly of semiconductors, and inward investment remained solid through to 2016, but the device assembly and manufacturing industry is in decline due to a squeeze from lower-cost locations such as China and Vietnam. Total consumer electronics spending - including PCs and peripherals, TV sets, digital cameras and camcorders, audio devices and mobile handsets - is forecast to increase by 6.5% in 2018 to reach almost USD5.2bn, thus providing support for Malaysia’s air freight sector. A stronger growth than in 2017 is expected, in part because of the ringgit forecast after depreciation 2014-2017, but also due Slow But Steady Growth Ahead Malaysian Air Freight Tonnage 1,500 20 10 1,000 0 500 -10 Malaysia - Air Freight Tonnes (000) (LHS) Malaysia - Air Freight Tonnes % y-o-y (RHS) Source: Department of Statistics Malaysia, BMI 2020f 2019f 2018f 2017e 2016e 2015e 2014e 2013 2012 2011 2010 2009 2008 2007 2006 -20 2005 0 • Malaysia is seeking to enhance connectivity with Cambodia in the coming years, specifically in terms of air travel, according to the country’s deputy transport minister Datuk Aziz Kaprawi, Khmer Times reported in January 2018. The new Bassaka Air flight, which connects Phnom Penh and Kuala Lumpur, was launched on January 31 2018. • Netherlands-based CEVA Logistics has expanded its footprint in Malaysia, opening up a new 70,000 square metre multi-user warehouse in the Bayan Lepas Free Industrial Zone Phase IV Penang. The warehouse is just a 10-minute drive away from both Penang International Airport (PEN) and the Penang bridge, which connects the island to mainland Malaysia. The new facility will provide temperature-controlled and ambienttemperature storage space, as well as ‘advanced equipment for materials handling, an advanced radio frequency (RF) warehouse management system, onsite customs and modern office space’. • DHL Express has recently launched its inaugural passenger-to-freighter (P2F) Airbus 330-300, serving the fast-growing markets of Malaysia, Vietnam and Hong Kong, STAT Times reported in March 2018. Freight capacity will increase by 33% per flight on the new service. to more supportive product trends in the computer and AV segments. Pharmaceuticals is another sector of interest to air freight as this mode is key in transporting drugs to and from Malaysia. The Malaysian government will remain firmly committed to improving healthcare quality and access across the country as part of the 11th Malaysia Plan. In recent years, the healthcare sector has seen increased government expenditure, with an increase in medical facilities and higher-quality treatments. The Malaysian healthcare sector will experience robust growth driven by the country’s concerted effort to improve the health and wellbeing of its population. In 2017, healthcare expenditure in Malaysia was valued at MYR60.12bn (USD14.15bn) and is expected to grow by 9.6% in 2018 to reach MYR65.90bn (USD16.47bn). Greater accessibility to healthcare services in Malaysia and guarantees of greater public funds towards healthcare mean that medicine sales are highly likely to experience a tailwind, thus underpinning air freight growth, with the mode key to their transportation. However, we note that innovative drug makers will continue to struggle due to the country’s challenging regulatory environment. In addition, with an expansion of access to healthcare services, we anticipate a greater generic substitution rhetoric as rationalisation of the pharmaceutical budget becomes more important. Issue 29 : July - August 2018 | BizPulse 3 4 BizPulse | Issue 29 : July - August 2018 POINT-OF-SALE 5 Ways On How To Grow Your Brand Using Instagram by CEDAR Research Team It’s no secret that your business needs to be active on Instagram -- with more than 500 million users, it’s a social network that provides a great marketing platform to reach potential customers from every corner of the world. In order to improve your Instagram marketing, you need to increase your following on a steady and consistent basis. After all, the more people that come in contact with your brand and follow you on Instagram, the larger your audience that you can potentially reach every time you post. Here are five easy steps to implement Instagram marketing tips that will help you grow your brand -- for free: Take Advantage Of Free Instagram Tools Instagram just started to roll out business profiles, which heavily mirrors Facebook’s business profiles, complete with a huge “contact’ call-to-action, allowing users to email, call or text the business. Along with the contact option, business profiles have access to analytics, or as they call them, Insights, giving users access to impression and engagement data. If you use your Instagram account for your business, you might want to consider converting your personal profile to a business profile in order to take advantage of these options. The more you understand about how your users are interacting with your content, the better you can make adjustments to improve your engagement. Cross Promote Instagram Posts Want to easily add new Instagram followers that already love your brand? Post across all over your other social media profiles -- Facebook, Twitter, LinkedIn, etc. -- and invite them to follow your Instagram profile. They are already following you on social media, so they are obviously interested in what you offer, so give them another way to socially BizPulse | Issue 29 : July - August connect to your brand. Don’t assume that your posts will reach everyone that’s connected to your brand on social media. Many people move away from certain social media platforms and some aren’t as active on some platforms as they are on other networks. You want your followers to be connected to as many of your social profiles as possible to increase your reach per post. Don’t Overwhelm Your Audience You want to post often enough that your brand stays relevant, but at the same time you don’t want to post so frequently that you overwhelm your followers and they end up unfollowing your account because they feel you are constantly in their face. There isn’t a magic posting formula that will work for every brand. You need to test and see how your audience responds. As a starting point, I would suggest posting twice daily, alternating times of the day to find out when your highest engagement occurs. Then start to experiment with more and less posts per day, really paying attention to engagement. Once you find your sweet spot, the work doesn’t stop -as your following increases you will have to adjust. Post frequency optimization is a never ending task. Interact With Followers To Spark Growth If someone takes the time to leave a comment on one of your posts, take two seconds to reply and thank them. That simple engagement can create a loyal customer as well as a raving promoter of your brand. Also, incorporate ways to get your followers to interact with your posts. A simple, “Tag three of your friends that would love this” can quickly put your brand in front of a larger audience as well as attract new followers. Since they are being introduced to your Instagram profile through a friend, there is less resistance, resulting in many of the tagged users following your profile. Create An Interactive Hashtag Creating an interactive hashtag is a great way to create instant engagement -- just make sure you are using hashtags the correct way. A very simple strategy I have used for some of the larger brands I consult for is creating a hashtag that customers use to tag photos of them with the product that they just purchased. For example, creating a hashtag that your company can search for to re-post the pictures of your customers with your product will accomplish two things: It will cause more of your followers to use the hashtag and post images of them with your product because they will want to be featured on your page Every time someone posts using your hashtag they are exposing all of their followers to your company and product(s) -- free advertising! BizPulse | Issue 29 : July - August 2018 POINT-OF-SALE URUS BESTARI 5 Tip Menghadapi Fasa Awal Perniagaan T idak kira tua atau muda, semuanya seronok memulakan perniagaan pada zaman ini. Namun dalam keseronokan, ramai usahawan yang tersungkur dalam dunia perniagaan kerana tiada asas yang kukuh. Paling menyedihkan, bila ada yang terhimpit dengan bebanan hutang yang banyak. Tanpa ilmu, strategi dan mentor, pasti kita akan sesat dalam dunia perniagaan yang kita nampak menyeronokan di luar sana. Berikut adalah beberapa tips tentang bagaimana para usahawan dapat melepasi fasa awal yang penuh onak dan duri dalam dunia perniagaan: Pemasaran Secara Konsisten Tujuan pemasaran adalah untuk memberitahu sasaran pelanggan dengan tepat tentang produk atau servis yang kita ada. Lakukan secara konsisten, tanpa henti setiap hari sehingga produk atau servis kita diterima oleh sasaran pelanggan. Pemasaran yang baik ialah yang tidak menampakkan kita terlalu menjual tetapi berkongsi sesuatu supaya mereka dapat manfaat daripada kempen pemasaran yang dijalankan. Sebelum menjalankan aktiviti pemasaran, kenal pasti terlebih dahulu sasaran pelanggan. Kita perlu mengenal pasti avatar pelanggan supaya kandungan pemasaran dapat disampaikan dengan tepat ke sasaran pelanggan sebenar dan dapat mengoptimumkan kos kempen pemasaran yang dijalankan. Jaga Pelanggan Sedia Ada Pemasaran yang berkesan akan membuat pelanggan yang disasarkan berminat untuk berurusan dengan kita. Apabila sudah mendapat pelanggan, kita mestilah menjaga mereka dengan baik supaya mereka berpuas hati dengan layanan kita. Itu akan mendorong mereka untuk menjadi pelanggan setia. Lebih kurang 7 daripada 10 pelanggan akan berurusan buat kali kedua jika mereka percaya, berpuas hati dan selesa berurusan dengan kita. Kesannya, jualan dapat ditingkatkan dan kos pemasaran dapat dijimatkan. Selain itu, pemasaran dari mulut ke mulut merupakan kaedah pemasaran yang paling baik jika pelanggan sedia ada berpuas hati dengan servis yang kita berikan kepada mereka. Asingkan Duit Bisnes Dan Duit Peribadi Jika anda masih menggunakan akaun simpanan peribadi dan segala sumber wang dalam akaun tersebut bercampur, ia perlu diasingkan segera. Sebahagian masalah peniaga bukan disebabkan masalah jualan tidak rancak, tetapi duit keuntungan dibelanjakan di luar skop perniagaan dan tanpa rekod yang terperinci. Bukalah akaun simpanan semasa untuk tujuan transaksi perniagaan syarikat di bank. Selain dapat mengasingkan duit, kepercayaan dapat oleh CEDAR Research Team dibina kerana pelanggan akan berurusan terus dengan akaun bank syarikat. Duit yang diasingkan mestilah diuruskan dengan betul supaya kita dapat aliran tunai yang positif untuk simpanan peribadi dan bisnes. Letak Sasaran Dan Buat Jadual Gerak Kerja Setiap perjalanan akan lebih jelas jika kita ada hala tuju yang jelas. Jadi, letakkan sasaran yang jelas dalam bisnes. Anda boleh mulakan dengan sasaran sederhana agar kita tidak rasa tertekan atau terbeban. Mula-mula, letak sasaran pada 12 bulan dan pecahkan kepada tiga bulan, satu bulan dan harian. Ia akan jadi lebih spesifik dan kita pun jelas dengan apa yang perlu dicapai. Pencapaian yang besar datangnya daripada himpunan kejayaan kecil yang diperolehi dalam perjalanan perniagaan kita. Ambil Risiko Yang Mampu Diserap Dalam apa-apa keputusan bisnes, usah “gatal tangan” atau teruja dengan mengambil risiko yang besar. Kita pasti akan terduduk kerana dibebani hutang yang banyak. Sentiasa mengambil risiko yang kecil sepanjang masa sehingga kita menemui cara yang betul. Pada masa yang sama, jangan terlalu takut sehinggakan mengelak risiko yang kecil. Issue 29 : July - August 2018 | BizPulse 5 6 BizPulse | Issue 29 : July - August 2018 BUSINESS ALERT BUSINESS ALERT by Corporate Planning , SME Bank Malaysia OIL, GAS AND ENERGY RECENT DEVELOPMENT • Oil prices (Aug. 2018) – Crude fell after an industry report showed an unexpected rise in US crude stockpiles. Brent for September fell by USD0.72 to USD74.25 a barrel. • Petroliam Nasional Bhd (Petronas) has launched a new vendor development scheme under its existing Vendor Development Program (VDP) to be implemented in collaboration with major industry players in the country. The scheme, called VDPx, is part of its initiative to boost the capabilities of local firms in Malaysia’s oil and gas industry. Under the scheme, six petroleum arrangement contractors (PACs) and 12 oil & gas service and equipment (OGSE) companies, will replicate Petronas’ VDP to reach out to more local vendors and further amplify its benefits to the industry as well as the nation. OUTLOOK: NEUTRAL • US Energy Information Administration (EIA): Higher oil production from OPEC and Russia in July 2018 will likely push Brent prices toward USD70/bbl by the end of the year as the market appears to be fairly balanced in the coming months. »» EIA sees Brent prices averaging USD71.74/bbl in 2018 and USD70.58/bbl in 2019. Whereas, it expects WTI prices to average USD66.21/bbl in 2018 and USD64.34/bbl in 2019. »» The agency also trimmed its outlook for US crude production to 10.68 million bpd in 2018 and 11.7 million bpd in 2019, down 110,000 bpd and 100,000 bpd from last month's outlook, respectively. »» Even though EIA sees oil prices continuing to moderate in the coming months, global oil inventories are below five-year average levels and OPEC spare capacity is low, which could contribute to price volatility and possible price increases if supply disruptions occur. HEALTHCARE RECENT DEVELOPMENT • High quality healthcare facilities offered by private hospitals are the latest attraction contributing to a rise in tourist arrivals to Sarawak. Chief Minister of Sarawak commented that there is an increase in the number of tourists from neighboring countries, especially from Kalimantan (Indonesia), who come to seek treatment and healthcare in private hospitals in the state. With the high quality healthcare service provided by the states private hospitals, healthcare tourists to Sarawak would continue to grow. OUTLOOK: NEUTRAL • BMI: Analysts have revised the Malaysia medical devices forecast upwards and now project that the market will expand by a 2017-2022 CAGR of 8.4% in local currency terms which will take the value to RM8.0 billion. The market will benefit from an improved economic outlook, increased government health funding in 2018, ongoing private sector expansion, and growth of the health tourism industry. These measures will support an uptick in medical device spending, which will see lower double- digit growth in 2018 and high single-digit from 2019. »» Exports on medical device had maintained double-digit year-on-year growth between 2010 and 2017, with the exception of 2016 where they lost momentum and posted single-digit growth. »» In 2017, exports grew by 14.1% to RM9.8 billion. The 2012-2017 CAGR was 17.2%, ranging from 25.6% for orthopaedics & prosthetics to 13.4% for consumables. OUTLOOK: NEUTRAL • HongLeong Research: With the ‘zerorisation’ of GST in place between 1 June to 31 August 2018, the retail car prices have been lowered by 6%, thus driving up car sales volume in June 2018. However, sales is expected to plunge post restatement of SST on 1 September 2018, as the car prices become slightly more expensive at 1%-3%, stringent hire purchase loan requirements. Nevertheless, analysts expect market to normalize by end 2018, on the view that the improved consumer sentiment and rejuvenated middle-income household segment. • Airbus SE ~ Global Market Forecast 20182037: »» The global demand for new aircraft over the next two decades could rise by more than 7% to as high as 37,400, as the world's passenger fleet is expected to more than double to 48,000 with traffic growing at a resilient pace of 4.4% per year. »» Growth drivers include private consumption increasing 2.4 times in emerging economies, higher disposable incomes and a near doubling of the middle classes globally. It observed that emerging countries will account for over 60% of economic growth, with trips per capita to multiply 2.5 times for these nations. BUSINESS SERVICES RECENT DEVELOPMENT • Malaysian Automotive Association (MAA): Total Industry Volume (TIV) in June 2018 surged tremendously at 64,500 units (+50.1% MoM or +28.3% YoY). The huge jump was well within expectations, given the tax holiday, which began in June 2018, coupled with Hari Raya promotional activities. »» Year-to-date (YTD) TIV of 289,714 units (+1.9% YoY) accounts for 49.1% of MAA’s full-year forecast and is broadly within expectations. »» Despite the improving consumer sentiment and expected strong GDP growth, the association reduced its fullyear TIV forecast to 585,000 units (+1.5%) from 590,000 units (+2.3%), previously. This is due to the stringent hire purchase loan requirements and expected impact of the reintroduction of SST. BizPulse | Issue 29 : July - August BizPulse | Issue 29 : July - August 2018 Business Alert TOURISM RECENT DEVELOPMENT • MIER: Tourism Market Index (TMO) continued to grow in the second quarter of 2018, but at a slower rate. The index registered at 103.0 points from 106.9 points in the previous quarter. The slight decline however, still above the 100-point threshold and it showing that the Malaysian tourism sector is still competitive. »» The Travel Agencies Index (TAI) recorded a fall of 21.6 points from the previous quarter. Meanwhile, the Hotel Operators Index (HOI) rose to 108.8 points in the second quarter, increasing by 5.2 points from the prior quarter. »» Slow performance due to slower readings in the Current Index (CI) of both industries. »» Looking forward into the 3Q2018, the EI in both hotel industries and travel agencies from the second quarter survey result has indicated a rebound in tourism activities in the coming months. OUTLOOK: POSITIVE • The government is optimistic of continued positive industry performance in 2018 and expects a growth of 6.5% to 7.0%, which will see Malaysia surpassing the 100 million passenger mark for the first time. »» The year 2017 was a year of strong industry performance compared with 2016, as Malaysia’s passenger traffic recorded an 8.1% YoY growth or 99.1 million international and domestic passengers. »» Asia has been and will continue to be the principal region of focus for Malaysia’s connectivity, as 59.8% of air traffic rights awarded to Malaysian carriers in 2017 are for routes to Asean, China and India. COMMUNICATIONS CONTENT AND INFRASTRUCTURE RECENT DEVELOPMENT • iPay88 Holding Sdn Bhd, an online payment services and solutions provider, expects to exceed its projected growth of 200% in online transactions on its payment gateway systems this year. This will be driven by rapid online to offline growth through growing usage of e-wallet and quick response (QR) code. »» This year, the driver for mobile commerce (m-commerce) will be the trend for more creative mobile applications being launched for online shoppers, with combine location services, retail customer intelligence, payment solutions and social media experience. »» In 2017, iPay88 recorded a total of 58.5 million online transactions moving over its payment gateway systems, increasing by 53.1% from 2016. Total sales of the 2017 online transactions amounted to a whopping RM6.6 billion, more than double from RM3 billion in 2016. OUTLOOK: NEUTRAL • BMI: Steady growth in international arrivals, not only from regional states but also from a wider range of global source markets is attracting major developers across a range of sectors including the hotel market, transport infrastructure and leisure facilities and healthy growth is expected in the tourism industry over the coming years. »» Malaysia's hotel segment is attracting new major foreign investments which due to open over the coming months include W, Hyatt, Banyan Tree and Travelodge. »» Popular travel operator TUI Group has announced plans to launch a cruise holiday program in Malaysia - flights will depart from Gatwick, Manchester and Birmingham in the United Kingdom to Langkawi where passengers will embark on a 14-days cruise to Malaysian destinations such as Penang and Melaka. WHOLESALE AND RETAIL RECENT DEVELOPMENT • MIER: After stagnating in a contraction mode for two quarters, the Retail Trade Index (RTI) reached the 100-point threshold to settle higher at 117.8 points in 2Q2018 from 69.8 points the previous quarter. Heightened consumer spending due to higher disposable income available (tax holiday), may have shored up retail spending in the 2Q2018. There were improvements in both the subindices, Current Performance Index (CI) and the Expected Performance Index (EI). »» The CI settled at 59.3 points in 2Q2018, up 27 points from 32.3 points in the previous quarter. The CI readings indicate that sales were brisk for this quarter. »» Meanwhile, the EI settled at 58.5 points up from 37.5 points it registered on the previous quarter. The expected business conditions component of EI gained 58.5 points while the expected sales volume component of EI softened by 16.5 points. Looking ahead in 3Q2018, retailers maintained a sanguine outlook, as indicated by the marked improvement in the EI reading. »» Consumer spending is expected to improve due to a higher level of disposable income (due to GST removal). Overall, better market conditions and business expected ahead. OUTLOOK: NEUTRAL • Knight Frank Malaysia ~ “Real Estate Highlights 1st Half of 2018 Report”: There are 11 new shopping centers and supporting retail components that are expected to enter the Klang Valley retail market by 2H2018. With a combined retail space of around 6.6 million square foot, namely a few, The Linc, Kiara 163, Eko Cheras Mall, Pinnacle, Empire City Damansara Mall, Skypark @ Cyberjaya, Central i-City Shopping Centre and others. »» Looking ahead, the real estate consultant expects the retail market to show clear signs of recovery in 2019 if the economy performs well in 2H2018. »» The company also is not in the view that e-commerce will disrupt the retail and shopping mall industry as e-commerce will not be able to offer experiential shopping to consumers like how shopping malls do. This is why mall operators should invest more into entertainment and service-related trades, which will enhance consumers’ experiential shopping experience. Issue 29 : July - August 2018 | BizPulse 7 8 BizPulse | Issue 29 : July - August 2018 PERSPECTIVE The Reintroduction Of SST By Corporate Planning T he government will reintroduce the sales and services tax (SST) on September 1 in replace of the goods and services tax (GST) which has been zero-rated from June 1 until 31 August 2018. The reintroduction of the SST will see its rate set at between 5% to 10%. Before the 6% GST implemented in 2015, Malaysia levied a Sales Tax and a Service Tax. Governed by the Sales Tax Act 2018 and the Service Tax Act 2018, the Sales Tax was a federal consumption tax imposed on a wide variety of goods while the Service Tax was levied on customers who consumed certain taxable services. Special designated areas that include Langkawi Island, Tioman Island and Labuan Island are exempted from the Service Tax. The SST is a single stage of consumption tax while GST is a multistage of consumption tax on goods and services that were levied at every stage of the supply chain. Under the SST tax regime, the range of taxable items and exemptions is lesser if compared with the GST’s tax regime. Unlike SST, the 6% GST applies equally on every stage of supply chain, from the supplier, manufacturer, wholesaler and to the retailer. Key Takeaways: • The SST is levied at the consumer end while the GST is paid by all companies. • The SST is payable when consuming good while GST is payable on every transaction between companies before reaching the end consumer. • The Sales Tax will only be imposed on the manufacturer or consumer level, while the Service Tax is taxed on consumers that are using tax services. • The GST, which stands at a flat rate of 6%, while the SST rates vary from 5-10% to specific rates. • The GST covers everyone, while the sales tax only covers manufacturers and services tax covers certain prescribed services like professional services. Expected impacts of the implementation of SST: Government: While SST will cause the government a tax revenue drop, estimated at RM25 billion, SST is seen as a less progressive form of tax and many countries have moved on to GST. Experts have said that prices should come down but there could be a mixed impact from the reintroduction. The sales tax is based on the manufacturing cost or import cost, while the service tax could cover a wider range of services, therefore a higher price or charges for services rendered on the whole. In 2017, the government collected RM44.3 billion in GST, equivalent to 3.3% of the country’s gross domestic product. In order to cover for the revenue loss, the government plan to introduce new taxes on carbonated drinks, curb and review mega projects such as ECRL, Pan Borneo and others and other alternatives to be implemented. Stable commodities prices for example the crude oil at around USD$65 to USD$75 per barrel would also help the government lessen the impact of the narrow tax base after SST been implemented. Household: The important question for household is whether the prices of goods drop of increase? The answer to this debate isn’t so straightforward, as it all depends on a number of factors such as: • How many levels there are in the product supply chain between manufacturer and consumer. • Different products and services are affected differently; top-up cards, cars, mobile phones food items. • Prevailing tax exemptions for businesses. By looking at the proposed sales tax rates for various goods by Royal Malaysian Custom Department, food and household items would affect consumers the most as most of it are commonly used by the lowincome and middle-income households. But, the SST will put more spending power in the hands of the consumers. The lesser collection compared with the former GST will be flowing back to the society. Judging from the feedback from consumer and industry association, they feel the SST will have lower impact than the GST. Business: Businesses are profit maximising entities. Unscrupulous businesses could exploit the move to roll back to SST by profiteering without taking into account the actual rise, or even reduction, in input costs. It will also punish businesses that have already invested hundreds of thousands of ringgit in switching to the GST system since 2015. Source: The Star, NST, 3ECPA, The Edge, Compare Hero, Royal Malaysian Custom Department and MIDF Research BizPulse | Issue 29 : July - August BizPulse | Issue 29 : July - August 2018 PENGURUSAN SUMBER MANUSIA 5 Essentials Every SME Human Resource Leader Should Have By Wan Zainuddin Wan Muda To be an effective business leader it is important to understand the broad operations and processes that drive commerce and create growth. However, to be a successful Human Resource leader, it is not only critical to understand the basic principles of business best practices, it is also important to be proactive and strategically develop your influence over your organization. Here are the five standout traits that today’s influential Human Resource leaders all have in common: Never Stop Learning Deepening your knowledge of the expanding field of human resources will help you to better manage, support, and lead your HR team. Putting this knowledge into practice can serve to encourage growth and development of not only your HR staff but also of the larger workforce. Pursuit of life-long learning through an advanced degree and professional certification is necessary to build and refine your HR knowledge. Successful HR leaders display a thirst for understanding the benefits of new HR research outcomes and stay connected to current trends in the HR field. By incorporating your knowledge of best HR practices into your daily life, you can more effectively support your organization’s strategic goals and direction. Communicate Effectively Clear, effective messages can boost morale, increase loyalty and even save the organization money. Organizations that are highly effective in their communication practices are more than twice as likely to significantly outperform peers that are not. Many opportunities exist for you as a human resources leader to develop and demonstrate your communication skills. For example, strong writing skills lead to clearly understood policies and procedures that drive organizational results. Similarly, with outstanding verbal communication skills you can help your workforce to understand better their roles in driving organizational results and motivate them toward peak performance. Practice Values-Based and Ethical Behaviour In today’s highly competitive work environments, the pressure to succeed both personally and professionally is a powerful force. You can demonstrate your personal commitment to maintaining an ethical workplace in two important ways. First, lead by example and consistently adhere to the code of ethical behaviour of the HR profession. Second, using the HR code of ethical behaviour as your guide, take the lead in advancing your organization’s espoused values to all employees. Because HR professionals often lead the process for fair and equitable treatment of all organizational members, you are uniquely positioned to help build a community of employees who will want to internalize and demonstrate your organization’s values and ethical behaviours. Think Strategically and Act Accordingly It is tempting for HR professionals to focus their efforts narrowly on building the most productive HR function within their organizations. On the surface this concentration seems to make sense. Today, however, CEOs expect HR professionals to demonstrate more than just HR expertise. They expect their HR professionals to be key partners who help drive their organization’s overall business strategies. To do so, HR professionals need to think strategically, connecting a robust HR function with an in-depth knowledge of their organization’s core business issues and aspirations. Mind Your Metrics HR professionals have long recognized the value of developing outstanding practices that attract, leverage, and retain the best employees for their organizations. Determining the value of those practices on the organization’s bottom line requires HR professionals to be able to understand and use metrics and key business statistics. From determining employee turnover rates to preparing a cost/benefit analysis for offering a wellness program to calculating the return on investment (ROI) of an employee suggestion program, metrics matter! Wan Zainuddin Wan Muda is the Director of Group Human Capital Management, SME Bank Malaysia. He can be reached at wanzainuddin@smebank.com.my. Issue 29 : July - August 2018 | BizPulse 9 10 BizPulse | Issue 29 : July - August 2018 URUS SEMBANG BESTARI USAHAWAN Apakah yang mendorong anda untuk menubuhkan perniagaan ini? Temubual oleh Nursyafiqah Mohd Rafee SEMBANG USAHAWAN bersama Fahmi Fairuz Ketua Pegawai Operasi & Pengasas Nama Syarikat KITAMEN Resources Sdn Bhd Bidang Perniagaan Jenama ‘lifestyle’ e-sukan Alamat Perniagaan Kitamen Resources Sdn Bhd Suite A-3A-06 One South Street Mall Serdang Perdana 43300 Seri Kembangan, Selangor Telefon 011-1607 3433 010-375 1611 Email dojo@kitamen.my Web https://www.kitamen.my S emuanya bermula daripada hobinya yang gemar bermain permainan video sedari kecil lagi sehinggakan ada yang menggelarnya ‘Mat Gamer’. Ramai yang beranggapan hobi bermain permainan video ini tidak mendatangkan faedah apatah lagi jika kerap berulang alik dan menjadikan kafe siber sebagai rumah keduanya. Namun, itu bukan penghalang kepada Fahmi Fairuz untuk meneruskan hobinya dalam permainan video, malah menjadikan hobinya itu sebagai satu kerjaya sehingga dia menubuhkan syarikat sendiri; Kitamen Resources Sdn Bhd (Kitamen). Semuanya bermula daripada dorongan keluarga dan rakan yang menyarankan agar dia serius menjadikan permainan video sebagai platform kerjayanya. Bertitik tolak dari situ, Fahmi bersama rakannya, Hazman Hassan, yang kini bertindak sebagai Ketua Pegawai Eksekutif Kitamen mula mengorak langkah menubuhkan Kitamen yang kini dikenali sebagai pusat sehenti peminat e-sports. Fahmi Fairuz telah berkongsi pengalaman, pengetahuan dan pendapat beliau dalam dunia keusahawanan dengan BizPulse. Sumber: Facebook Kitamen BizPulse | Issue 29 : July - August Landskap permainan video telah banyak berubah dari waktu dirinya berusia tujuh tahun ketika dia diperkenalkan dengan permainan Sega Mega Drive 2. Tiga tahun yang lalu, pasaran eSports sudah mula popular di seluruh dunia. Walau bagaimanapun, di Malaysia, kami nampak potensi untuk membangunkan lagi eSports. Pada masa itu, pertandingan di Malaysia masih di tahap yang minima. Permainan Fifa, misalnya, diadakan sekitar lima kali setahun. Sekarang, anda boleh lihat lebih daripada 10 pertandingan setiap minggu. Kami bermula dengan wang simpanan dan sedikit bantuan keluarga sebanyak RM2,000 sahaja untuk membuka syarikat ini. Pada mulanya kami hanya menumpukan kepada acara berkaitan e-sukan tapi ketika itu situasi agak suram. Bagaimanapun, kami kekurangan penaja, peserta dan acara juga tidak dapat sambutan daripada penonton, selain kemudahan e-sukan yang tidak mencukupi. Selepas itu, kami mula menjual jenama Kitamen sendiri. Kami buat kumpulan dan menyertai pertandingan e-sports tidak kiralah dalam atau luar negara dan menjadikan Kitamen Resources sebagai jenama dalam e-sports. Apabila jenama Kitamen mula dikenali dalam kalangan komuniti peminat e-sukan, saya mula mencari rakan niaga untuk bekerjasama dengannya membuka pusat sehenti permainan video. Fahmi ingin mengubah persepsi mengenai kafe siber dengan menjadikan pusat sehentinya ini mesra pengguna, tidak kiralah kepada kanak-kanak hingga ke golongan dewasa. Pusat sehenti pertama Kitamen adalah di Kuala Terengganu hasil kerjasama seorang rakan niaganya yang mengeluarkan modal. Apakah cabaran yang dihadapi anda untuk menubuhkan perniagaan ini dan bolehkah anda ceritakan secara ringkas tentang perniagaan anda? Apabila Kitamen ditubuhkan, e-sports dihidupkan semula di sini. Sepuluh tahun yang lalu, e-sports agak terkenal di Malaysia. Walau bagaimanapun, ketika itu, kemudahan infrastruktur belum cukup bersedia untuk landskap e-sport. Kita memerlukan Internet yang cepat, mesin yang baik, tempat yang kondusif dan lainlain. Jadi, apabila kami memulakan langkah, kami fikir e-sports adalah saluran yang baik to promote the positivity of video gaming itself. Daripada hanya bermain permainan video untuk membuang masa anda, anda boleh datang ke sini, tubuhkan komuniti dan bersaing dalam permainan. Itulah permainan yang lebih sihat dan lebih positif. Kami membuka kedai pertama kami - atau lebih dikenali sebagai Dojo, nama BizPulse | Issue 29 : July - August 2018 Sembang Usahawan yang kami beri - pada pertengahan 2015 untuk memberi akses kepada orang ramai untuk bermain permainan komputer. Lebih kurang seperti kafe siber sendiri. Tetapi kami mahukan tempat ini menjadi lebih daripada kafe siber yang biasa. Ianya harus mempunyai persekitaran yang kondusif untuk menarik minat orang untuk datang. Kami mereka bentuk gaming den kami sebagai ruang yang selesa untuk pemain masuk dan berlatih dan pada masa yang sama, mewujudkan komuniti dan menjalin ikatan dengan kawan baru. Apabila ia sudah mendapat tempat di hati pelanggan, orang ramai mula mendekati kami dengan minat untuk memulakan Dojos mereka sendiri. Ini memberi kami peluang untuk melebarkan perniagaan sedia ada kepada bidang yang lain. Kami mula mengajar orang lain bagaimana untuk melakukannya. Kami fikir ini adalah peluang yang lebih baik bagi kami untuk menjual perkhidmatan kami, dan kami bertindak sebagai perunding untuk menggerakkan jenama kami di mata dunia. Kami menjual lesen pertama kami pada awal 2016. Pada masa itu, Kitamen hanyalah merupakan sebuah jenama. Jadi kami telah membangunkan Kitamen sebagai sebuah syarikat pada pertengahan 2016 untuk mengembangkan model bisnes kami. Menjelang akhir tahun 2016, terdapat lapan kedai Kitamen dan pada akhir tahun lepas, kami sudah mempunyai 15 outlet. Kini semua cawangan dikendalikan oleh pemegang lesen. Ini membolehkan pasukan kami memberi tumpuan lebih kepada membina jenama dan mengembangkan pasaran secara keseluruhannya. Bagaimanakah industri anda? anda melihat landskap Terdapat banyak perkhidmatan yang boleh kita masukkan ke dalam industri ini. Ia adalah industri penonton. Akan ada jenama yang ingin mengiklankan, penaja yang ingin anda cari, pasukan yang ingin anda konsolidasi. Terdapat banyak peluang di sini dan Kitamen bertindak sebagai platform bagi jenama lain untuk berhubung dengan komuniti. Lebih penting lagi, persepsi orang ramai terhadap permainan juga telah berubah dalam beberapa tahun kebelakangan ini. Orang ramai lebih banyak menerima permainan video hari ini, jadi ini membolehkan industri ini terus berkembang. Ia juga membolehkan lebih ramai orang mengambil bahagian dalam pertumbuhan industri esports. Dengan landskap industri yang semakin meningkat, terdapat lebih banyak peluang pekerjaan di pasaran seperti game developers, professional gamers, event organisers, coaches, even, or shoutcasters – much like commentators – once you’ve Sumber: Facebook Kitamen acquired the knowledge and experience in a game. Kini terdapat lebih banyak hab dalam talian. Terdapat juga wartawan yang kini berdedikasi untuk meliputi e-sports. Kami mempunyai pertandingan baru-baru ini di Subang dan sekumpulan kanak-kanak di sana bermain Counter Strike. Dan ibu bapa mereka ada menyokong mereka! Tenyata aktiviti ini kami nampak ianya mempunyai potensi luas untuk dimajukan. Bagaimana anda melihat perjalanan dan perkembangan syarikat anda dan apakah perancangan terdekat syarikat anda? Kitamen berhasrat untuk membuka 30 Dojos menjelang akhir tahun dan berharap dapat bekerja di bangunan Epicenter di Kuala Lumpur tidak lama lagi. Epicenter akan mempunyai pentas dengan kemudahan penyelenggaraan acara, kawasan Dojo untuk melatih, akses VIP, bilik penyiaran, ruang makanan dan minuman dan co-working spaces. Epicenter dijangka menyumbang kira-kira 30% kepada pendapatan Kitamen. 70% yang lain akan datang dari pelesenan, acara, pengiklanan dan tajaan. Dengan infrastruktur yang ada sekarang, dengan media sosial dan Internet, semuanya bergerak lebih cepat, lebihlebih lagi industri e-sports. Jadi jika anda terlambat dalam mengambil peluang yang telah tersedia ini, anda akan ketinggalan, terutamanya apabila pemain antarabangsa telah mula datang ke Malaysia. So we need to have a foothold here first. Sekiranya semuanya berjalan lancar untuk syarikat kami tahun ini, Kitamen merancang untuk menyebarkan sayap ke rantau lain tahun depan dengan Indonesia sebagai pelabuhan pertama. Kami mahu membina Epicenter utama kami di negara lain dan mula mewujudkan ekosistem di sana. Tetapi kami perlu terlebih dahulu mengukuhkan jenama kami di Malaysia. And then get it out there that we are bringing everything that we are operating in Malaysia to our neighbouring countries. Kami telah meninjau ruang di negara lain. Perhentian pertama kami adalah di Indonesia. Kami juga mempunyai minat dan permintaan dari Filipina dan Bangkok. Apakah pencapaian terbesar syarikat anda dan apakah aspirasi perniagaan anda di masa akan datang? Dalam tempoh dua tahun, Kitamen telah mengambil bahagian secara aktif dalam menganjurkan kejohanan eSports. Mempunyai lebih banyak cawangan sahaja tidak akan menjamin apa-apa. It is all about events and positioning your presence in the scene itself to build a name for. Kami menggabungkan sukan ke sukan lain seperti sukan bola sepak dan bola keranjang, yang ternyata mewujudkan lebih banyak peluang pada syarikat kami. e-sports is a wider ecosystem beyond just a group of players. Kitamen juga bekerjasama dengan Perbadanan Ekonomi Digital Malaysia (MDEC) mempromosi kempen Healthy Gaming dengan objektif memberitahu orang ramai permainan digital adalah suatu aktiviti yang menyeronokkan tetapi perlu dilakukan secara berhemah dan berpatutan. Usahasama itu diharap dapat menyemarakkan lagi pembangunan permainan digital di Malaysia, di samping memperluas kesedaran mengenai industri ini. Kitamen juga turut bekerjasama dengan Media Prima Bhd di dalam membangunkan e-sports dan industri permainan tempatan menerusi platform media yang meluas, menjadikan komuniti permainan tempatan lebih dikenali secara global. Kami juga baru-baru ini melancarkan inisiatif dana berasaskan ekuiti atau Equity Crowd Funding (ECF) bagi menjana dana bagi membina sebuah pusat e-sukan khas yang lengkap untuk kegunaan komuniti. Kitamen juga akan menganjurkan sesi ceramah, projek dan aktiviti bersama komuniti e-sports dengan kerjasama beberapa pihak pada masa akan datang. Issue 29 : July - August 2018 | BizPulse 11 12 BizPulse | Issue 29 : July - August 2018 Knowledge Spa Reinvent Your Business Model Reviewed by Nursyafiqah Mohd Rafee I n his pioneering book Seizing the White Space, Mark W. Johnson argued that business model innovation is the most proven path to transformational growth. Since then, Uber, Airbnb, and other start-ups have disrupted whole industries; incumbents such as Blockbuster, Sears, Toys “R” Us, and BlackBerry have fallen by the wayside; and digital transformation has become one of the business world’s hottest (and least understood) slogans. Nearly a decade later, the art and science of business model innovation is more relevant than ever. Author : Mark W. Johnson Pages : 240 pages Publisher : Harvard Business Review Press In this revised, updated, and newly titled edition, Johnson provides an eminently practical framework for understanding how a business model actually works. Identifying its four fundamental building blocks, he lays out a structured and repeatable process for reinventing an existing business model or creating a new one and then incubating and scaling it into a profitable and thriving enterprise. In a new chapter on digital transformation, he shows how serial transformers like Amazon leverage business model innovation so successfully. With rich new case studies of companies that have achieved new success and post-mortems of those that haven’t, Reinvent Your Business Model will show you how to: Determine if and when your organization needs a new business model Identify powerful new opportunities to serve your existing customers in existing markets Reach entirely new customers and create new markets through disruptive business models and products Seize opportunities for growth opened up by tectonic shifts in market demand, government policy, and technologies Make business model innovation a more predictable discipline inside your organization. Business model innovation has the power to reshape whole industries - including retail, aviation, media, and technology-redistributing billions of dollars of value. This book gives you the tools to reshape your own company for enduring success. Reinvent Your Business Model is the strategic innovation playbook you need now and in the future. Nursyafiqah Mohd Rafee is an Associate at the Centre for Entrepreneur Development and Research (CEDAR), a wholly owned subsidiary of the SME Bank Malaysia. She can be reached at nursyafiqah.rafee@smebank.com.my. ENTREPRENEURS’ EVENT CALENDAR 2018 27-29 Sept Blockchain Solutions Asia (BSA) Exhibition 11-13 Oct Malaysia Business Expo 12-14 Oct N.GAGE Asia’s Largest Influencer Event Venue: Venue: Venue: Technological innovations such as robotics, artificial intelligence, big data, cloud technology, Internet of Things, new materials, augmented reality, nanotechnology, biotechnology and the mobile economy have established themselves very quickly over the last few years and have now became the key elements of the commercial and social economy. The Blockchain Solution Asia 2018 is set to provide the answers for organizations to better understand the impact of Blockchain Revolution and its technological advances on their business models and operating processes in order for them to adapt themselves to this new world technology-led order. Malaysia Business Expo - Largest Business To Business showcase in Malaysia. MBEX 2018 focus all exhibitor & visitor on business segment only. This event target showcase 200 exhibitors offer support, opportunity & solutions for business & entrepreneurship. N.GAGE would be a great platform that help with networking and meeting new people, especially in the Asia’s digital advertising scene, where some of Asia’s most potentially content creator come together. At N.GAGE, you’ll have the chance to make connections with the people who matter most to digital advertising success, exchange advice, stories and experiences. The networking opportunities are incredible. If you’re looking for an event that brings together Asia’s most influential under one roof, you’re looking for N.GAGE. A destination for brands looking to learn how to leverage their businesses via influencer marketing. Kuala Lumpur Convention Centre, Kuala Lumpur BizPulse | Issue 29 : July - August 2018 MiTEC, Kuala Lumpur Kuala Lumpur Convention Centre, Kuala Lumpur