SEPTEMBERASIA BUSINESS OUTLOOK8NEWSROOMASIAN INFRASTRUCTURE INVESTMENT BANK ISSUES ITS MAIDEN DIGITAL BONDAn Asian industry group that includes Google, Meta, and X has called on the Malaysian government to pause a plan requiring social media services to obtain a license. The proposed regulation, announced in July, mandates that platforms with more than eight million users in Malaysia apply for a license starting this month, aiming to tackle cybercrime.The Asia Internet Coalition (AIC), which also includes Apple Inc, Amazon, and Grab, argues that the licensing regime is "unworkable" and could stifle innovation by placing undue burdens on businesses. The group also notes the lack of formal public consultations on the plan, leading to uncertainty about the specific obligations for social media platforms.The AIC was formed in 2010 to advocate for the understanding and solving of Internet policy matters in the Asia Pacific area. The goal is to advocate for the internet industry and engage in fostering a conversation between public and private sectors, exchanging expertise and thoughts on internet technology and the digital economy.In an open letter to Malaysian Prime Minister Anwar Ibrahim, AIC Managing Director Jeff Paine stated that no platform could realistically register under the current conditions. The communications ministry declined to comment, and the prime minister's office did not respond to requests for comment. The Asian Infrastructure Investment Bank (AIIB) has issued its first digital bond, raising $300 million on Friday, August 23. This marks a significant milestone as it is the first dollar-denominated digital issuance for Euroclear and the first from an Asia-based issuer on the platform, utilizing distributed ledger technology. Digital bonds, issued on blockchain or distributed ledgers, represent an evolving form of debt instruments.Rated 'AAA' by Moody's, Standard & Poor's, and Fitch Ratings, this note was issued to support AIIB's sustainable bond program. Citigroup and BMO Capital Markets served as the bankers for the transaction. The bond is listed on the Luxembourg Stock Exchange, with options for clearing also available through the Hong Kong Monetary Authority's Central Moneymarkets Unit and the SIX Swiss Exchange.The AIIB is a multinational bank and global financial organization focused on enhancing economic and social results in Asia through collective efforts. It is the second biggest multi-lateral development institution in the world. Based in Beijing, China, the bank has a total of 109 members, which includes 13 potential members from various countries. The distribution of the 109 members across continents is as follows: 42 in Asia, 26 in Europe, 22 in Africa, 9 in Oceania, 8 in South America, and 2 in North America. The bank began functioning once the agreement came into effect on December 25, 2015, following ratifications from 10 member states with 50 percent of the initial subscriptions of the Authorized Capital Stock. MALAYSIAN GOVERNMENT MANDATES LICENSES FOR SOCIAL MEDIA COMPANIESSEPTEMBERASIA BUSINESS OUTLOOK8
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