[PRESS RELEASE] Tenaga and Maybank Win 2025 ASEAN Enterprise Innovation Award, Showcasing Projects in AI-driven Efficiency and SME Digital Empowerment
Kuala Lumpur, 09 July 2025- The annual ASEAN Innovation Business Platform (AIBP) Enterprise Innovation Awards aims to recognise Southeast Asian-based organisations that have embarked on projects to digitally transform their businesses through the adoption of innovative technology. 74 nominations, out of a total of 115, were shortlisted as finalists this year.
Notably, close to 50% of submissions featured artificial intelligence (AI) or machine learning (ML) initiatives. Southeast Asia is swiftly emerging as an AI powerhouse, with over US$30 billion invested in regional AI infrastructure in the first half of 2024 alone, driving governments and enterprises to rapidly expand data centres and innovation labs. Falling AI deployment costs and rapid technological advancements are lowering barriers, particularly for SMEs, accelerating AI adoption across sectors like financial services, energy, and manufacturing, and positioning ASEAN as a leading innovation hub in the Intelligent Age.
Tenaga and Maybank emerged as the winners from Malaysia for the Data & AI category and the Open category respectively, and received their awards at the AIBP Conference and Exhibition, held on 9 - 10 July, at the W Hotel, Kuala Lumpur..
Endorsed and supported by the Ministry of Digital, the Ministry of Investment, Trade and Industry, CyberSecurity Malaysia (CSM), and the Malaysian Industry-Government Group for High Technology (MIGHT), the event spotlighted advancements in Malaysia’s digital landscape while addressing the challenges faced by local enterprises and public service organisations in adopting digital transformation.
Tenaga Nasional Berhad’s (TNB) AI-powered predictive maintenance initiative transforms management of its extensive 11kV underground cable network, traditionally affected by numerous breakdowns annually. Successfully piloted in Selangor with over 80% accuracy in predicting failures up to two years in advance, the project reduces cable failures by 15–20%, significantly enhancing customer service reliability. Aligned with TNB’s Smart Utility 2030 vision, this innovation positions the company as a leader in AI-driven energy solutions. Founded in 1949, Tenaga Nasional Berhad, is Malaysia’s leading electricity utility, employing around 34,500 and serving over 9 million customers nationwide, with a market capitalisation of approximately US$19.4 billion (MYR 82 billion)
Maybank’s Bank Feed initiative automates financial reconciliation for SMEs by seamlessly integrating business account data with major accounting software providers. This API-driven solution has drastically reduced reconciliation time by improved financial accuracy, and significantly boosted customer satisfaction. What sets it apart is Maybank’s commitment to removing barriers for SMEs: customers can link their accounts effortlessly through a frictionless, one-link journey, without hidden paywalls, and benefit from partnerships that Maybank negotiates on their behalf. As part of Maybank’s broader digital strategy, this human-centered innovation empowers SMEs to save time, improve financial clarity, and focus on growing their businesses. Founded in 1960, Maybank is Malaysia’s largest financial services group, employing approximately 44,000 people with a market capitalisation of approximately US$28.0 billion (MYR 118 billion)
Maybank and Tenaga join the list of illustrious past winners, including IOI Corporation, Petronas, Genting, Malaysia Airports, and Sarawak Energy, among others
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About ASEAN Innovation Business Platform (AIBP)
The ASEAN Innovation Business Platform (AIBP) is an initiative focused on enabling innovation and strategic partnerships across public and private organizations in Southeast Asia. Through curated engagement activities, AIBP supports the growth of regional government agencies, enterprises and solution providers in navigating key themes such as innovation, digital transformation, and sustainability.
Learn more at www.aibp.sg
