Nabil Luqman

0f9d2dd4f71434084e2b6094de1865e23abb37bb9f28ca51feeabee679ec9be2

Money

tech

entrepreneur

crypto

millionaire

website

domain

A Malaysian technopreneur has captured global attention after selling the internet domain AI.com for US$70 million (approximately RM276 million) &mdash; a figure widely regarded as the highest publicly disclosed domain name sale in history.
The buyer is Kris Marszalek, co-founder and chief executive officer of Crypto.com, who confirmed that the domain was acquired in April 2025 and paid for entirely in cryptocurrency. The transaction eclipses previous confirmed record sales, including CarInsurance.com, which sold for US$49.7 million in 2010.
The sale places AI.com among the most valuable pieces of digital real estate ever traded, highlighting the growing strategic importance of premium, category-defining domain names in the age of artificial intelligence.
A Domain Bought in Childhood
<img src="https://r2.myc.my/072d2d45063cc29648a54ade929ac86fb466664d0f69eea9f6a8be563ce14011" />
The seller, Arsyan Ismail, is a Malaysian technology entrepreneur whose connection to AI.com dates back more than three decades. In 1993, at just 10 years old, Arsyan purchased the domain for US$100, using his mother&rsquo;s credit card &mdash; a decision that reportedly earned him a scolding at the time.
According to Arsyan, the purchase was driven by a personal reason: &ldquo;AI&rdquo; are his initials. What began as a childhood curiosity would later become one of the most valuable digital assets in the world, delivering an estimated 700,000-fold return on investment.
A Career Built on Early Tech Adoption
<img src="https://r2.myc.my/ad1920b7b5c8f2454f56161cf63e946a9945a0cfafe7a8620cb0e7434ead0f83" />
Arsyan&rsquo;s early interest in the internet evolved into a long career in technology. By the age of 15, he had already launched his first internet-based project. In 2003, he worked on Kawanster, often described as Malaysia&rsquo;s first social networking platform and a local equivalent to Friendster.
He later became a senior programmer at Nuffnang, Malaysia&rsquo;s pioneering blog advertising network, before joining Friendster itself as a senior web developer. In 2013, Arsyan founded 1337 Tech, a startup focused on application development for businesses.
He was also an early believer in Bitcoin and blockchain technologies, working on cryptocurrency-related projects as early as 2014, well before digital assets gained mainstream attention.
Crypto.com&rsquo;s Strategic Bet on AI
&nbsp;<img src="https://r2.myc.my/6e04d265a3fb9c342d4878662b763664edef4ac361ce4610a53522fbdcbac2dd" />
The acquisition of AI.com is a strategic move by Marszalek, who described ownership of such a primary category domain as essential for long-term brand positioning.
Under its new ownership, AI.com now serves as the foundation for a consumer-focused AI platform offering personal AI agents. These agents are designed to go beyond basic chat functions, with capabilities that include sending messages, managing applications, trading stocks, organising work, and executing tasks across multiple apps.
According to the company, a key differentiator is the platform&rsquo;s ability to allow agents to autonomously develop missing features to complete real-world tasks, with improvements shared across the network to enhance overall performance.
A Super Bowl Launch and AGI Ambitions
<blockquote class="twitter-tweet">
<a href="https://t.co/ac2AqjBNxj">https://t.co/ac2AqjBNxj</a> launching during Super Bowl this Sunday. The countdown begins.. <a href="https://t.co/VWX0e63xG9">https://t.co/VWX0e63xG9</a>
&mdash; Kris | ai.com (@kris) <a href="https://twitter.com/kris/status/2019960287466778984?ref_src=twsrc%5Etfw">February 7, 2026</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The platform made its high-profile debut during Super Bowl LX on 8 February, following months of quiet development. Marszalek has stated that AI.com is on a mission to accelerate the arrival of artificial general intelligence (AGI) by building a decentralised network of self-improving AI agents.
Following the acquisition, Marszalek will continue to serve as CEO of both Crypto.com and AI.com, signalling a convergence of fintech, blockchain, and artificial intelligence under a single leadership vision.
More Than Just a Web Address
Beyond its record-breaking price, the sale of AI.com underscores a broader shift in how domain names are valued. Ultra-short, recognisable domains are increasingly viewed as strategic digital assets, comparable to prime real estate in the physical world.
For Malaysia, the transaction highlights the growing presence of local entrepreneurs in high-value global technology deals &mdash; not merely as consumers of innovation, but as owners of assets that shape future digital narratives.
Reflecting on the deal, Arsyan offered one piece of advice to others navigating negotiations at this level: never over-negotiate with a billionaire. While details of the transaction remain protected by a non-disclosure agreement, the outcome speaks for itself &mdash; a childhood purchase that evolved into one of the most significant digital asset sales the internet has ever seen.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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From being scolded for spending US$100 on his mum’s credit card to a multi-million-dollar investment.

89e27cede31f84eda3cf1056ef34c53c55ce425174879982fc8259d915ebadea

From A US$100 Purchase To A US$70 Million Payday: How Malaysian Entrepreneur Arsyan Ismail Sold AI.com For A Record Sum

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The declassified Royal Commission of Inquiry (RCI) report into Lembaga Tabung Haji (TH) has uncovered a troubling picture of how the country's pilgrimage fund continued paying generous staff bonuses and declaring high hibah (profit distributions) despite being in a weak financial position.
Released four years after it was completed, the 211-page report examined TH's management and governance between 2014 and 2020, highlighting governance failures, questionable investment decisions, creative accounting practices and political interference that ultimately placed the institution under severe financial strain.
Bonuses Continued Despite Mounting Losses
<img src="https://r2.myc.my/2cd6482fe4c6d0875e3991d0a4424931047fbc8579d8304e614fb85b516f054d" />
Among the report's most striking findings was that TH continued rewarding employees with substantial bonuses even as its finances deteriorated.
Between 2010 and 2017, staff received bonuses ranging from one to 13 months' salary. In 2014 alone, TH reportedly set aside RM74 million for staff bonuses, comprising an 11-month performance bonus and a two-month special bonus.
However, PricewaterhouseCoopers (PwC), which later reviewed TH's financial position, concluded that the fund had already been operating with an asset-liability deficit since 2014.
The RCI found there was no justification for such generous payouts while the institution was effectively losing money, recommending that the practice be discontinued and that improperly approved bonuses be recovered where appropriate.
The report also highlighted bonus payments made by TH Properties Sdn Bhd in 2017 and 2018, amounting to RM1.15 million and RM1.05 million respectively. According to the commission, these payments breached the Companies Act 2016 as they were approved without the necessary shareholder resolutions and by a committee lacking the authority to do so.
Profits Reported Despite Underlying Losses
<img src="https://r2.myc.my/7c80e03d2184410a156ed4d52f5ee7c3278b924f849c7e73bc68628dba8f74f7" />
The commission found that TH's financial position appeared significantly healthier than it actually was.
For the 2017 financial year, depositors were informed that TH had recorded a profit of RM3.4 billion. However, after applying the appropriate accounting standards, the RCI concluded the fund should instead have reported a loss of approximately RM1.4 billion &mdash; a difference of around RM4.8 billion.
Much of the discrepancy stemmed from the failure to recognise impairment losses on investments whose value had fallen substantially.
PwC estimated that TH had accumulated losses of roughly RM10 billion by 2017, with the fund remaining in deficit for several years before the financial problems became publicly known.
'Creative Accounting' Used To Maintain Hibah Payments
<img src="https://r2.myc.my/3eb9a262180575587c8e21d5fc2accfae136a921d5baa6c28fbb15a3cb715708" />
Despite the deteriorating financial position, TH continued distributing attractive hibah returns to depositors.
Under Section 22 of the Tabung Haji Act 1995, hibah can only be declared if the fund's assets exceed its liabilities.
Instead of relying on audited asset values, however, the RCI found that TH management used a higher internal valuation known as the Realisable Asset Value (RAV), allowing the institution to satisfy the legal requirement on paper while avoiding the recognition of significant impairment losses.
The commission described this as "creative accounting", concluding that TH's 2017 hibah distribution of 4.5%, together with an additional 1.75% haj hibah costing RM2.75 billion, should never have been declared under the audited financial position.
Crime analyst Kamal Affandi Hashim said such accounting practices could indicate deliberate criminal conduct rather than simple administrative mistakes, arguing that manipulating financial statements to conceal losses may expose both those directly involved and those responsible for oversight to potential legal liability.
Warning Signs Were Ignored
The RCI found that several warning signs emerged years before TH's financial issues became public.
Bank Negara Malaysia reportedly issued multiple warning letters to TH between 2014 and 2015 regarding its financial position.
In 2017, international consultancy Roland Berger also warned that TH had been depleting its reserves to maintain hibah payouts and cautioned that the adoption of new accounting standards would expose billions of ringgit in unrealised losses.
However, the report found no evidence that these findings were ever presented to TH's board before the 2018 General Election.
Costly Investments Added To Financial Pressure
<img src="https://r2.myc.my/aa65353e162e04c1fd3b4ddef81393dfbc7e7e9a5bd704331f492dd74a37d03d" />
The commission identified 14 investments that should undergo forensic audits due to governance concerns and significant losses.
Among the largest was TH's investment in FGV Holdings, which resulted in an unrealised loss exceeding RM1.06 billion after the value of its shares fell sharply following the company's 2012 listing.
Other major losses included:
<ul>
<li>RM364.31 million impairment involving Trurich Resources.</li>
<li>RM278 million impairment linked to TH Marine.</li>
<li>RM225 million loss from the Deru Semangat plantation project after environmental issues affected buyers' confidence.</li>
<li>RM170 million impairment involving TH Plantations.</li>
</ul>
According to the RCI, investment decisions were often made through weak coordination and excessive reliance on recommendations from TH's own management, while ministers approved proposals without obtaining independent external advice.
Governance Failures And Political Influence
The report also highlighted broader governance weaknesses within TH.
Political appointments to the board between 2014 and 2018 were said to have undermined public confidence, while several senior executives simultaneously held numerous directorships across TH subsidiaries, creating potential conflicts of interest and reducing oversight.
The commission also criticised the growing financial burden of haj subsidies, which had been funded using TH's investment returns, placing additional pressure on its long-term financial sustainability.
Investigations To Continue
<img src="https://r2.myc.my/95c2c7b5e168ddaaf2459237f03410d72d4fbfb01384e1d504062f1b1db895ba" />
The RCI recommended 25 reforms, including stronger governance measures, forensic audits into selected investments, stricter board appointment criteria and limiting political involvement in TH's management.
It also called for immediate follow-up on police reports and referrals to the Malaysian Anti-Corruption Commission (MACC) involving allegations of corruption, document falsification and financial misconduct.
The Cabinet has since ordered enforcement agencies to continue investigations and take legal action against any parties found to have breached the law.
In response, Tabung Haji said the issues identified in the report related to the period before 2018 and maintained that significant improvements had since been implemented. According to TH, approximately 75% of the RCI's recommendations have already been carried out, with the remaining reforms currently underway.
The pilgrimage fund added that it has rebuilt its financial position, restored its reserves and recently announced a 3.5% profit distribution for the 2025 financial year &mdash; its highest hibah rate in eight years &mdash; while reaffirming its commitment to strengthening governance, protecting depositors and restoring public confidence.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Big bonuses, mounting losses and serious governance concerns take centre stage in the latest RCI findings.

4d708a585a4da78341b47b19697bc523f5fbd13ab241a936cfd1ca83b3842df8

RCI Reveals Tabung Haji Paid Generous Bonuses Despite Financial Losses

A PKR lawmaker has urged the government to suspend Chinese e-commerce platform Pinduoduo&rsquo;s operations in Malaysia until a proper cross-border anti-dumping framework is introduced, arguing that the platform&rsquo;s business model could put local businesses at a disadvantage.
Gopeng MP Tan Kar Hing called on the government to consider removing Pinduoduo from app stores and delaying its operations until stronger regulations are established to ensure fair competition.
According to Tan, Pinduoduo&rsquo;s factory-to-consumer (F2C) model allows overseas manufacturers to sell directly to Malaysian consumers at prices that local businesses struggle to match. While Malaysian companies must bear costs such as taxes, product certifications, safety requirements, warehouse expenses and other regulatory obligations, overseas sellers can often operate with lower costs.
He warned that unchecked growth of cross-border e-commerce platforms could place pressure on local manufacturers, wholesalers and distributors, potentially affecting businesses, jobs and the wider economy.
What Is Pinduoduo And Why Is It So Cheap?
<img src="https://r2.myc.my/bc5e669073f084aef63bd0cb786d7c078573ece6bdd9872d424dda19ef67d536" />
Pinduoduo is one of China&rsquo;s largest e-commerce platforms, connecting consumers directly with manufacturers through a factory-to-consumer model. By reducing the number of middlemen involved in the supply chain, sellers are able to offer products at significantly lower prices compared with traditional retail channels.
For example, a household product sold by a Malaysian retailer for around RM13 could reportedly be listed on Pinduoduo for as little as RM2, including delivery from China.
Unlike platforms such as Shopee and Lazada, which mainly operate as marketplaces where local and international sellers run their own online stores, Pinduoduo focuses heavily on direct factory sales, bulk manufacturing and aggressive pricing strategies.
All three platforms offer products ranging from electronics and fashion to household goods and daily necessities. However, Pinduoduo&rsquo;s competitive advantage comes from its close connection with manufacturers, allowing consumers to purchase goods closer to factory prices.
While this benefits consumers looking for affordable products, some local businesses worry that they will struggle to compete against prices that may be difficult for domestic retailers to sustain.
Tan Claims Local SMEs Face An Uneven Playing Field
<img src="https://r2.myc.my/855fd062c172ed299944e7eb6903f416c2cde8f3081626ffff6579c23ef30be7" />
Tan argued that the issue goes beyond cheaper prices, claiming local businesses face higher compliance costs compared with some overseas sellers.
He said Malaysian companies are required to comply with regulations involving product certification, taxation, quality control and other operational requirements, while certain foreign platforms may not face the same level of obligations.
To address these concerns, Tan proposed several measures, including requiring overseas platforms to store Malaysian users&rsquo; data locally and encouraging partnerships with local manufacturers, suppliers and logistics companies.
He said such requirements could help ensure foreign platforms contribute to Malaysia&rsquo;s economy through technology transfer, industry development and support for local small and medium enterprises (SMEs), rather than only benefiting from Malaysian consumer spending.
Some Figures Cited By MP Face Scrutiny
<img src="https://r2.myc.my/1eed72f844944ff81f1c0c4fba1fae004f60809dcac27f343a8d58148a3f8dbc" />
While many agree that local businesses face growing pressure from low-cost overseas platforms, some statistics cited by Tan have been questioned.
Tan stated that SMEs make up 98% of Malaysian businesses and contribute &ldquo;nearly half&rdquo; of the country&rsquo;s GDP.
However, figures from SME Corp Malaysia show that SMEs account for around 96.1% of businesses nationwide, while contributing 39.5% of GDP. The figure closer to half relates to employment, with SMEs accounting for 48.7% of the workforce.
Tan also criticised cross-border platforms for avoiding taxes, although Malaysia introduced a 10% Low Value Goods (LVG) Tax on eligible imported online purchases from 1 January 2024.
The tax was introduced to reduce the gap between local and overseas sellers. However, concerns remain over differences in areas such as product certification, consumer protection requirements and regulatory compliance.
Debate Over Cross-Border E-Commerce Expected To Continue
<img src="https://r2.myc.my/0815cd06ee1eeee6023024669da35489d3e79e3412c648107591ab39e4d4fdff" />
Despite questions surrounding some of the figures used, Tan&rsquo;s concerns highlight a wider debate over how Malaysia should regulate rapidly expanding cross-border e-commerce platforms.
He stressed that his proposal is not aimed at rejecting foreign investment or digital platforms, but rather creating a fairer environment for local businesses to compete.
As platforms offering ultra-low prices continue to grow in Malaysia, policymakers will need to balance consumer demand for affordable goods with the need to protect local businesses and maintain a sustainable domestic retail ecosystem.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Could Pinduoduo be banned in Malaysia? PKR MP pushes for suspension over fair competition concerns.

60dd69e0559b27c2ecd698497d6e09f73738dd4bf33724b4ee92f6b38740d757

PKR MP Calls For Pinduoduo To Be Suspended Until Malaysia Introduces Anti-Dumping Safeguards

The government has made a significant U-turn on its recently introduced Lindung 24 Jam scheme, announcing that contributions to the Social Security Organisation's (SOCSO) Non-Workplace Accident Scheme will no longer be mandatory for Malaysian employees.
The decision comes just over a month after the scheme was introduced on 1 June following amendments to the Employees' Social Security Act 1969 (Act 4), which expanded social security protection to cover accidents that occur outside normal working hours. Initially, all local employees were required to contribute towards the scheme through deductions from their salaries.
However, following widespread public feedback, the Cabinet has now decided that participation will instead be voluntary with immediate effect, allowing Malaysian workers to decide whether the additional coverage suits their personal needs.
Cabinet Reverses Mandatory Contributions
<img src="https://r2.myc.my/443eef064581444592b25c6b6bff0fd9fdef5515c2ff2d0898ddc70805509ec1" />
Government spokesperson and Communications Minister Datuk Fahmi Fadzil announced the decision after the weekly Cabinet meeting on 8 July, saying Prime Minister Datuk Seri Anwar Ibrahim had raised concerns over public feedback surrounding the implementation of the scheme.
"The Cabinet has decided that contributions will no longer be mandatory, but voluntary, with immediate effect," Fahmi said, adding that the Ministry of Human Resources (KESUMA) will provide further details on how the new voluntary mechanism will operate.
The announcement marks a swift policy reversal, considering the scheme only came into force a month earlier and was promoted as an expansion of Malaysia's social protection framework.
Why Was The Scheme Introduced?
<img src="https://r2.myc.my/64e913a3499f3c5d3c6704dd3ac0fe225f8fd4326aff5adc5fdb9a44aa80ef7a" />
Lindung 24 Jam was introduced by PERKESO to provide broader protection for employees who suffer accidents outside their workplace and beyond official working hours.
Unlike the existing Employment Injury Scheme, which primarily covers work-related accidents, Lindung 24 Jam extends coverage to incidents that happen during everyday life. This includes accidents at home, while travelling for personal reasons, during recreational activities, on weekends, public holidays, or while carrying out other non-work-related activities.
According to PERKESO, the aim is to provide workers and their families with a more comprehensive social safety net by recognising that serious accidents can happen at any time, not just while someone is at work.
Benefits under the scheme include financial assistance, medical treatment support and other forms of social security protection for eligible contributors who suffer non-work-related accidents.
Public Criticism Prompted The Policy Change
<img src="https://r2.myc.my/78672613b72675d40c6a091eccda4e23b5294150da9e805c7024d623be8c6836" />
While the objective of the scheme was generally welcomed, its financing model quickly became a point of contention.
Under the original implementation, the entire contribution would have been paid by employees instead of employers, resulting in additional monthly salary deductions.
The contribution structure was introduced in phases:
<ul>
<li>0.75% of monthly wages during the first two years</li>
<li>1.0% over the following three years</li>
<li>1.25% from the sixth year onwards</li>
</ul>
The contributions were subject to a wage ceiling of RM6,000.
For example, an employee earning RM3,000 a month would have contributed around RM22.50 monthly during the first phase, while someone earning RM5,000 would contribute approximately RM37.50.
Although the monthly amounts were relatively modest, many Malaysians questioned why the scheme should be compulsory, especially when numerous workers already pay for personal accident insurance or medical insurance through private providers.
The announcement triggered widespread discussion across social media, with some arguing that workers should be allowed to choose whether they wanted the additional protection instead of having another mandatory deduction from their salaries.
Following the public response, the Prime Minister reviewed the feedback before the matter was brought before the Cabinet, which ultimately decided to make participation voluntary.
Foreign Workers Will Still Be Covered
&nbsp;<img src="https://r2.myc.my/2042ca6c2573a857abacae9fda8ef4fd12ba3e9ab71643a94dd4facbec40c14e" />
While Malaysian employees can now decide whether to join the scheme, the government confirmed that the policy remains unchanged for foreign workers.
Human Resources Minister Datuk Seri R. Ramanan said contributions under Lindung 24 Jam will continue to be mandatory for foreign workers in accordance with existing legal provisions.
He explained that the Cabinet's latest decision only affects local employees, giving Malaysians the flexibility to determine whether the additional protection matches their own financial circumstances and insurance needs.
PERKESO is expected to announce the implementation mechanism, including how Malaysian workers can voluntarily register for the scheme, in the near future.
PERKESO Says The Scheme Is Already Benefiting Workers
<img src="https://r2.myc.my/98ae7b9835d9cf30ffaa910c5da3ba6e2d0c8dfb213a313b19d349fbe3c6b32a" />
Despite the public debate surrounding mandatory contributions, PERKESO maintains that Lindung 24 Jam has already demonstrated its value during its first month of implementation.
According to the agency, more than RM1.2 million in benefits has already been paid out after 592 claims were approved.
The organisation also reported recording an average of nearly 20 non-workplace accident cases each day, highlighting the frequency of accidents occurring outside working hours.
Of the total amount paid, around RM1.16 million went towards implant costs, while approximately RM99,000 was disbursed as temporary disablement benefits.
PERKESO has consistently maintained that extending social security beyond the workplace helps protect workers and their families from unexpected financial burdens arising from accidents that occur during everyday life.
Government To Review The Scheme's Future
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://r2.myc.my/054992d8c724b074744a0d365ba25884af7e495163c428b34337670d64c3ec57" />
Although the contribution requirement has now become voluntary for Malaysian workers, the government says Lindung 24 Jam remains an important component of Malaysia's social protection system.
Ramanan said the Human Resources Ministry will conduct a comprehensive review of the scheme towards the end of the year, covering its policy direction, implementation effectiveness and long-term financial sustainability.
If necessary, the findings will be tabled in Parliament together with proposed amendments to the Employees' Social Security Act 1969 to ensure the scheme remains practical, sustainable and beneficial to workers.
In the meantime, PERKESO will continue strengthening public awareness efforts by educating workers on the benefits offered under Lindung 24 Jam, allowing Malaysians to make informed decisions on whether they wish to participate now that enrolment is no longer compulsory.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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After widespread public feedback, the government has reversed its decision, making SOCSO's Lindung 24 Jam contributions voluntary instead of mandatory.

9a9394c79362c21a4aafa45a5595c4a14aedadeb84fb820814f125fe4ef8891e

Government Makes U-Turn On Mandatory SOCSO Lindung 24 Jam Contributions, Scheme Now Voluntary For Malaysians

Travelling around Thailand is about to become much more convenient for millions of visitors, as the country expands its Cross-Border QR Payment system under the "Pay Like a Local" initiative.
The new digital payment system allows eligible international tourists to pay directly at participating businesses using the mobile banking apps or e-wallets they already use back home, removing the need to carry cash or exchange currency during their trip.
Led by the Tourism Authority of Thailand (TAT) in partnership with the Bank of Thailand (BoT), the initiative is part of the country's broader push to modernise its tourism industry and strengthen its position as one of Southeast Asia's leading digital travel destinations.
Pay With Your Home Banking App
&nbsp;<img src="https://r2.myc.my/ac4c0586f881f535ed4ec18014df2cb6a23a98a01630804a736e0a92fc096046" />
Under the expanded system, visitors from Malaysia, Singapore, China, Indonesia, Vietnam, South Korea, Laos, Cambodia and Hong Kong can simply scan a Thai merchant's QR code using their compatible banking app or digital wallet to complete their purchase instantly.
The service is available across a growing number of participating businesses, including restaurants, hotels, retail outlets, tourist attractions and other tourism-related establishments nationwide.
By allowing travellers to use familiar payment methods from their home countries, the initiative aims to eliminate language and currency barriers while reducing reliance on physical cash and money changers.
How It Works
Using the system is designed to be straightforward:
<ol>
<li>A participating merchant displays its QR payment code.</li>
<li>Visitors scan the code using their home country's supported banking app or e-wallet.</li>
<li>Payment is processed securely in real time through integrated cross-border payment networks.</li>
</ol>
The seamless process allows tourists to pay in just a few taps without needing local cash or additional payment apps.
Backed by Major Banks and Global Payment Networks
&nbsp;<img src="https://r2.myc.my/d4bceb07c452fa0c2d5bdca5ad6a2fd4adaa51cfc33eed1c2f8b8ee06b8529d6" />
The rollout is supported by eight major Thai financial institutions:
<ul>
<li>Bangkok Bank</li>
<li>Krung Thai Bank</li>
<li>CIMB Thai Bank</li>
<li>Bank of Ayudhya (Krungsri)</li>
<li>Kasikorn Bank</li>
<li>Siam Commercial Bank</li>
<li>ICBC (Thai)</li>
<li>Bank for Agriculture and Agricultural Cooperatives</li>
</ul>
The system also integrates with several international payment platforms and infrastructure providers, including:
<ul>
<li>Alipay</li>
<li>WeChat Pay</li>
<li>UnionPay</li>
<li>National ITMX</li>
</ul>
Together, these partnerships enable secure, real-time interoperability between overseas banking systems and Thai merchants.
Supporting Thailand's Digital Tourism Push
<img src="https://r2.myc.my/ef81ed5565119e01b7218a50bff1884e08753e15fb4d83e38eae6e9afa7f4dd2" />
According to the Tourism Authority of Thailand, the initiative reflects changing travel habits, particularly among visitors from East Asia and neighbouring countries where QR-based mobile payments have become part of everyday life.
The agency believes making payments easier will encourage spending, improve travellers' overall experience and help local businesses adapt to increasing demand for cashless transactions.
To support adoption, TAT has also launched merchant activation programmes and roadshows across the country, helping tourism operators register for QR payment services and prepare their businesses to accept cross-border digital payments.
The nationwide rollout follows a successful pilot programme in Udon Thani earlier this year, which introduced the technology to local tourism businesses ahead of an anticipated increase in Chinese visitors.
A Growing Digital Economy
Thailand welcomed approximately 14 million international visitors during the first five months of 2026, generating an estimated THB 679.27 billion (around US$20.8 billion) in tourism revenue.
Authorities hope the expanded payment system will further enhance convenience for visitors while reinforcing Thailand's reputation as a modern, technology-driven tourism destination.
As digital wallets continue replacing cash across Asia, the "Pay Like a Local" initiative marks another significant step towards creating a smoother, safer and more seamless travel experience for international tourists visiting the Kingdom.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Thailand just made travelling easier. Scan, pay, and skip the cash exchange queues.

953d5eff80f9c3bfd46b98c408411b97ccb7a2a45af68bf13705f9611a7c266e

Thailand Rolls Out Cross-Border QR Payments, Letting Tourists ‘Pay Like A Local’

More Malaysians are reaching their Employees Provident Fund (EPF) retirement savings targets, but the majority of active contributors still remain below the recommended benchmark.
Deputy Finance Minister Liew Chin Tong told the Dewan Rakyat that as of 31 May 2026, 3.04 million active EPF members aged between 18 and 60 had achieved their age-based Basic Savings target.
The figure represents 38.3% of 7.94 million active formal-sector EPF members, marking an improvement compared with the previous year, when only 2.71 million members (35%) had reached the same benchmark.
However, the latest figures also mean that around 4.9 million active contributors, or 61.7%, have yet to achieve the Basic Savings target set by EPF.
The Basic Savings benchmark refers to the amount EPF estimates members should have accumulated by the age of 60 to support a basic retirement lifestyle.
What Is EPF&rsquo;s Basic Savings Target?
&nbsp;<img src="https://r2.myc.my/6d14a8268c8940b43e8dea6ed8e4b498a5756993e6e65441193855ba360298f6" />
Under EPF&rsquo;s Retirement Income Adequacy framework, members are encouraged to build savings according to three different levels:
<ul>
<li>Basic Savings: RM390,000</li>
<li>Adequate Savings: RM650,000</li>
<li>Enhanced Savings: RM1.3 million</li>
</ul>
The Basic Savings target of RM390,000 by age 60 is estimated to provide retirement income for approximately 20 years, from age 60 to 80, equivalent to around RM1,625 per month.
While achieving the Basic Savings level represents a minimum retirement benchmark, EPF has highlighted that higher savings tiers would provide greater financial security and flexibility during retirement.
Government Expands Initiatives To Boost Retirement Savings
&nbsp;<img src="https://r2.myc.my/c0f7b0f6fe9a2e3284ac6fa480acb2680e214c29b33201e3af77caec0feaea04" />
Liew said the improvement in savings adequacy was partly driven by several initiatives introduced by the government and EPF to encourage more Malaysians to increase their retirement funds.
Among the initiatives is i-Saraan Plus, a voluntary contribution scheme introduced for gig workers, e-hailing drivers, delivery riders and self-employed Malaysians. The programme provides matching incentives of up to RM600 annually, subject to eligibility requirements and a lifetime maximum limit.
Other initiatives include:
<ul>
<li>i-Saraan &ndash; Allows self-employed and informal sector workers to voluntarily contribute towards EPF savings.</li>
<li>i-Simpan &ndash; Enables members to make voluntary contributions of up to RM100,000 annually.</li>
<li>i-Topup &ndash; Allows employees and employers to contribute above the mandatory EPF contribution rate.</li>
<li>i-Suri and i-Sayang &ndash; Support retirement savings among women and homemakers.</li>
<li>i-Legasi &ndash; Allows eligible EPF members aged 55 and above with more than RM650,000 in savings to transfer part of their surplus savings to immediate family members.</li>
</ul>
Since its introduction in February 2026, 63 i-Legasi applications involving RM46.3 million have been approved, benefiting 86 recipients.
The government said these measures are part of broader efforts to improve retirement preparedness, especially as Malaysia moves towards becoming an ageing nation.
EPF Account Restructuring To Balance Savings And Financial Needs
&nbsp;<img src="https://r2.myc.my/10f959480cd140f9836937cc422c618770d7e56819a7c6a0b7a0ca70db94520f" />
Liew also highlighted the restructuring of EPF accounts from two to three accounts as another step towards improving retirement security while allowing members access to funds when necessary.
Under the current structure:
<ul>
<li>75% of contributions go into the Retirement Account for long-term savings.</li>
<li>15% goes into the Sejahtera Account for approved withdrawals such as housing, healthcare and education.</li>
<li>10% goes into the Flexible Account for short-term financial needs and emergencies.</li>
</ul>
The government said the new structure was introduced based on lessons learnt during the Covid-19 pandemic, allowing members to access emergency funds without significantly affecting their long-term retirement savings.
Concerns Remain Over Malaysians&rsquo; Ability To Save
&nbsp;<img src="https://r2.myc.my/e28c071917484d1f17843a6acfeaedfa21c7440894fb69021dde2430a93fb5b1" />
Despite the improvement, concerns remain over whether many Malaysians can consistently build sufficient retirement savings amid rising living costs.
Port Dickson MP Datuk Seri Aminuddin Harun previously raised concerns that around 6.1 million EPF members have savings below RM10,000, partly due to withdrawals made during the Covid-19 pandemic.
He warned that the situation could potentially increase the risk of retirement poverty if affected members are unable to rebuild their savings before reaching retirement age.
Liew acknowledged the concern, saying stronger wage growth and higher household incomes would be crucial in closing the retirement savings gap.
He added that raising wages remains a key objective under the government&rsquo;s Madani Economy framework, as higher incomes would allow Malaysians to save more consistently over the long term.
Government Aims For Stronger Retirement Protection
While EPF initiatives have helped more members improve their savings, challenges remain for workers with unstable incomes, including gig workers and those outside the formal employment sector.
The government said it will continue working with EPF to strengthen contribution incentives, expand social protection measures and improve retirement savings adequacy.
With nearly six in 10 active contributors still below the Basic Savings benchmark, ensuring Malaysians have enough disposable income and stable employment opportunities remains a key factor in building stronger retirement security.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Despite improvements, many Malaysians still have a long way to go before reaching the recommended retirement savings target.

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