They are Malaysia’s 7.7 million Gen Zs, the first generation to grow up entirely online and the next to redefine how we live, work, and spend. Visa Malaysia’s latest Gen Z Decoded study reveals how this cohort blends family values with digital-first lifestyles, managing money through apps while seeking meaning and flexibility at work. We speak with Previn Pillay, Country Manager at Visa Malaysia, about how their financial habits, trust in technology, and views on identity are reshaping the modern workplace.

They are Malaysia’s 7.7 million Gen Zs, the first generation to grow up entirely online and the next to redefine how we live, work, and spend. Visa Malaysia’s latest Gen Z Decoded study reveals how this cohort blends family values with digital-first lifestyles, managing money through apps while seeking meaning and flexibility at work. We speak with Previn Pillay, Country Manager at Visa Malaysia, about how their financial habits, trust in technology, and views on identity are reshaping the modern workplace.

Helping you navigate the ever-changing universe of business, from headlines to the bottom line

Helping you navigate the ever-changing universe of business, from headlines to the bottom line

Enterprise Explores

Gen Z Decoded: The Future of Work and Money

According to the Risk in Focus 2026 report, organisations in Southeast Asia correctly rank cybersecurity, business resilience, and digital disruption as their top priorities. Yet, with cybercrime losses in Malaysia crossing RM1 billion, there is a glaring gap between risk awareness and real-world preparedness.



BFM explores this "implementation gap" with Suhailah Abdulla and Philip Satish Rao from the Institute of Internal Auditors Malaysia. They argue that risk policies often look good on paper ("form over substance") but fail because organisations treat cybersecurity as a backroom function rather than "organisational DNA."



We also discuss why Internal Auditors must evolve from financial checkers into "nervous system sensors" for the board, and how to navigate the specific dangers of "Agentic AI" while keeping humans in the loop.



We discuss:




The Preparedness Paradox: Why high risk awareness hasn't translated into fewer breaches, and the danger of "compliance on paper" versus actual implementation.


Cybersecurity as DNA: Why treating cyber risk as IT's problem is a fatal error. Philip gets into the need for adaptive controls that evolve as fast as the hackers do.


AI Governance & "Human in the Loop": How to balance the opportunity of AI with the risk of "Agentic Enterprises." We discuss the necessity of establishing governance frameworks that prevent over-reliance on algorithms.


The Auditor as "Nervous System Sensor": Moving beyond the independent mask. Why modern auditors need engineering and supply chain skills to provide true risk intelligence to the board.


Interconnected Risks: Lessons from COVID-19 on why siloed risk management fails, and why boards must view supply chain, geopolitical, and digital risks through a single Enterprise Risk lens.

According to the Risk in Focus 2026 report, organisations in Southeast Asia correctly rank cybersecurity, business resilience, and digital disruption as their top priorities. Yet, with cybercrime losses in Malaysia crossing RM1 billion, there is a glaring gap between risk awareness and real-world preparedness.BFM explores this "implementation gap" with Suhailah Abdulla and Philip Satish Rao from the Institute of Internal Auditors Malaysia. They argue that risk policies often look good on paper ("form over substance") but fail because organisations treat cybersecurity as a backroom function rather than "organisational DNA."We also discuss why Internal Auditors must evolve from financial checkers into "nervous system sensors" for the board, and how to navigate the specific dangers of "Agentic AI" while keeping humans in the loop.We discuss:<ul><li>The Preparedness Paradox: Why high risk awareness hasn't translated into fewer breaches, and the danger of "compliance on paper" versus actual implementation.</li><li>Cybersecurity as DNA: Why treating cyber risk as IT's problem is a fatal error. Philip gets into the need for adaptive controls that evolve as fast as the hackers do.</li><li>AI Governance &amp; "Human in the Loop": How to balance the opportunity of AI with the risk of "Agentic Enterprises." We discuss the necessity of establishing governance frameworks that prevent over-reliance on algorithms.</li><li>The Auditor as "Nervous System Sensor": Moving beyond the independent mask. Why modern auditors need engineering and supply chain skills to provide true risk intelligence to the board.</li><li>Interconnected Risks: Lessons from COVID-19 on why siloed risk management fails, and why boards must view supply chain, geopolitical, and digital risks through a single Enterprise Risk lens.</li></ul>

Internal Audit, "Stop Hiding Behind Independence"

2025 was a year of "stark contrast" for Malaysia’s private capital markets. While institutional commitments from GLICs like Jelawang Capital, Khazanah, and KWAP signaled continued government support, regional confidence faced significant headwinds. The eFishery scandal cast a long shadow over governance, while giants like Temasek signaled a bearish pivot, cutting back on early-stage investments in favor of safer bets.



Ng Sai Kit, Chairman of the MVCA, joins BFM to wrap up our 2025 Review & 2026 Outlook series. We discuss the regime of "normalisation and discipline," and why the association is rebranding to the Malaysia Private Capital Association (MPCA).



We discuss:


The 2025 Scorecard: Sai Kit characterises the year as one of "normalisation." While GLIC commitments (Khazanah, Jelawang, KWAP, PNB) provided reassurance, the industry’s core constraint remains: capital formation is scaling faster than exits.


The Temasek Pivot: With regional giants like Temasek scaling back on early-stage bets, Sai Kit weighs whether Malaysia can capture this flow or if the "void" signals a deeper structural issue in Southeast Asian VC.


The Exit Bottleneck: The traditional Silicon Valley unicorn model is failing locally. Sai Kit argues for a shift toward incentivising M&A and encouraging mid-sized companies to merge for scale.


What LPs Want Now: The free money is gone. LPs are now demanding "proof of underwriting discipline", treating follow-on investments as new checks rather than automatic support, and rigorous loss management.


Valuation Realities: Sai Kit explains why using headline numbers from funding rounds to calculate fair value is dangerous. We break down why different share classes (with seniority and liquidation preferences) mean the "paper value" often differs from reality.


The "Crowding-In" Strategy: Why Sai Kit believes that government-led funding is healthy for a developing ecosystem, provided it validates rather than replaces private capital.


The Rebrand (MVCA to MPCA): Why the association is dropping "Venture" and "Private Equity” from its name to embrace Private Capital as a whole, more clearly embracing Private Equity (given that it isn’t reflected in the short form name) but also including Private Credit and Venture Debt.


ASEAN Ambitions: Insights into the formation of the ASEAN Private Market Council, aimed at harmonising fragmented fund structures to allow seamless cross-border fundraising across Vietnam, Thailand, and the Philippines.

2025 was a year of "stark contrast" for Malaysia’s private capital markets. While institutional commitments from GLICs like Jelawang Capital, Khazanah, and KWAP signaled continued government support, regional confidence faced significant headwinds. The eFishery scandal cast a long shadow over governance, while giants like Temasek signaled a bearish pivot, cutting back on early-stage investments in favor of safer bets.Ng Sai Kit, Chairman of the MVCA, joins BFM to wrap up our 2025 Review &amp; 2026 Outlook series. We discuss the regime of "normalisation and discipline," and why the association is rebranding to the Malaysia Private Capital Association (MPCA).We discuss:<ul><li>The 2025 Scorecard: Sai Kit characterises the year as one of "normalisation." While GLIC commitments (Khazanah, Jelawang, KWAP, PNB) provided reassurance, the industry’s core constraint remains: capital formation is scaling faster than exits.</li><li>The Temasek Pivot: With regional giants like Temasek scaling back on early-stage bets, Sai Kit weighs whether Malaysia can capture this flow or if the "void" signals a deeper structural issue in Southeast Asian VC.</li><li>The Exit Bottleneck: The traditional Silicon Valley unicorn model is failing locally. Sai Kit argues for a shift toward incentivising M&amp;A and encouraging mid-sized companies to merge for scale.</li><li>What LPs Want Now: The free money is gone. LPs are now demanding "proof of underwriting discipline", treating follow-on investments as new checks rather than automatic support, and rigorous loss management.</li><li>Valuation Realities: Sai Kit explains why using headline numbers from funding rounds to calculate fair value is dangerous. We break down why different share classes (with seniority and liquidation preferences) mean the "paper value" often differs from reality.</li><li>The "Crowding-In" Strategy: Why Sai Kit believes that government-led funding is healthy for a developing ecosystem, provided it validates rather than replaces private capital.</li><li>The Rebrand (MVCA to MPCA): Why the association is dropping "Venture" and "Private Equity” from its name to embrace Private Capital as a whole, more clearly embracing Private Equity (given that it isn’t reflected in the short form name) but also including Private Credit and Venture Debt.</li><li>ASEAN Ambitions: Insights into the formation of the ASEAN Private Market Council, aimed at harmonising fragmented fund structures to allow seamless cross-border fundraising across Vietnam, Thailand, and the Philippines.</li></ul>

Temasek’s VC Pivot: An Opportunity or Warning for Malaysia?

For years, the Malaysian fintech story was about anticipation, waiting for digital bank licenses, waiting for regulation, and waiting for mass adoption. According to the Malaysia Fintech Report 2025, the wait is over.



Vincent Fong, Chief Editor of Fintech News Malaysia, joins BFM to review a year where Malaysia moved from "promise to delivery." 

We break down the explosive growth of DuitNow QR (where Malaysia ranks second only to China) and the 100 million+ transactions in the Buy Now Pay Later (BNPL) sector.



However, execution comes with costs. With digital banks posting significant initial losses, 2026 is set to be the year of "Economics and Cost Control."



We discuss:


The "Execution" Pivot: How 2025 saw a surge in adoption, from RM967 million in cross-border transactions to the ubiquity of QR payments.


Digital Bank Reality Check: Why heavy losses in the first year are typical for the sector (the J-curve effect) and why the 2026 strategy will shift toward lending, insurance products, and AI-driven cost efficiency.


The End of the BNPL "Wild West": With SPayLater and Atome dominating the market, we discuss the implications of the Consumer Credit Act and the risks associated with a user base where 70% earn under RM5,000.


Cross-Border Connectivity: The role of the Nexus scheme (connecting 5 central banks) and Alipay+ in driving regional payment integration.


Open Finance: The next regulatory frontier. Vincent explains how API-based data aggregation will finally allow consumers to view their entire financial life on a single dashboard, provided incumbents get on board.

For years, the Malaysian fintech story was about anticipation, waiting for digital bank licenses, waiting for regulation, and waiting for mass adoption. According to the Malaysia Fintech Report 2025, the wait is over.Vincent Fong, Chief Editor of Fintech News Malaysia, joins BFM to review a year where Malaysia moved from "promise to delivery." We break down the explosive growth of DuitNow QR (where Malaysia ranks second only to China) and the 100 million+ transactions in the Buy Now Pay Later (BNPL) sector.However, execution comes with costs. With digital banks posting significant initial losses, 2026 is set to be the year of "Economics and Cost Control."We discuss:<ul><li>The "Execution" Pivot: How 2025 saw a surge in adoption, from RM967 million in cross-border transactions to the ubiquity of QR payments.</li><li>Digital Bank Reality Check: Why heavy losses in the first year are typical for the sector (the J-curve effect) and why the 2026 strategy will shift toward lending, insurance products, and AI-driven cost efficiency.</li><li>The End of the BNPL "Wild West": With SPayLater and Atome dominating the market, we discuss the implications of the Consumer Credit Act and the risks associated with a user base where 70% earn under RM5,000.</li><li>Cross-Border Connectivity: The role of the Nexus scheme (connecting 5 central banks) and Alipay+ in driving regional payment integration.</li><li>Open Finance: The next regulatory frontier. Vincent explains how API-based data aggregation will finally allow consumers to view their entire financial life on a single dashboard, provided incumbents get on board.</li></ul>

Gen Z Decoded: The Future of Work and Money

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