Mazars' global partner shares key factors to unlock Malaysia's potential

Esther Yap says local businesses should take advantage of the present, as the business world will become borderless in the future not very far from now.

Esther Yap, audit partner at Mazars, started her career in the accounting profession with one of the big four accounting firms. In 2000, she founded Esther Yap & Co., a chartered accounting firm and two years later spearheaded the founding of Pronett Tax Solutions Sdn Bhd, a tax firm providing tax compliance and tax planning to SMEs.

Through her tax firm, Esther has hands-on experience in corporate tax compliance and other tax services. She also has broad expertise in statutory auditing, working with local SMEs as well as multinational corporations and public listed companies.

Being a member of the Malaysian Institute of Accountants and the Malaysian Institute of Certified Public Accountants, Esther is optimistic about Malaysia as it is in a relatively great position despite the current crisis.

“Malaysia is in a strategic position, if only we could harness and make the most out of it. We have many advantages in terms of natural resources, language, costing, and IT infrastructure,” she noted.

In a brief interview, Singapore Business Review talked to Esther, as she discussed Mazars’ entrepreneurial spirit, the opportunities for local SMEs and multinationals, as well as Malaysia’s future in a borderless economy.

Which particular markets or sectors are your main focus? Can you share with us your work experience or any backstory that has contributed to your professional career?

Mazars is an international integrated professional firm providing assurance, advisory, outsource and tax services to our clients of all sizes and sectors. Our strong presence in more than 90 countries enables us to serve conglomerates and MNC clients with high standards of services.

Retail, FMCG, energy and real estates are amongst the major sectors that we focus on in this region.

Mazars has a strong entrepreneurial spirit in its DNA. Our people are trained to be agile, resilient and independent. These are some of the core values that our clients share and together, we work with our clients on businesses sustainability.

Which industries are foreign investors and companies putting their bets on? What’s the situation across industries, particularly for those heavily reliant on multinationals?

The pandemic has caused some industries to stand out, including healthcare/pharmaceutical, e-commerce, and IT solutions. However, resilient SMEs and startups may also rock the world. It may be interesting to uncover some gems in some industries, and we should not be surprised that more unicorns may surface in the near future. Quickened by Industry 4.0, we will see the rise and fall of many industries. There may be greater advantage for local businesses at the moment, but the world will be more borderless in the long run.

Crisis presents opportunities, they say. Where are the opportunities and how does Malaysia fare in all these? How can it catch up with the emerging markets in APAC?

Definitely. Malaysians are resilient. Opportunities are still everywhere and, for some, boundless. For example, although borders are closed, education online could still be conducted without borders. Malaysia is in a strategic position, if only we could harness and make the most out of it. We have many advantages in terms of natural resources, language, costing, and IT infrastructure.

For homegrown Malaysian companies looking to expand overseas, is this the best time? How can multinationals stand to benefit from the current situation?

It is always a good time to invest, but we never know when is the best time. Sometimes a crisis brings all of us to a level playing ground. There are always opportunities to be explored when one is ready. Having presence in multiple locations and regions could mean more options an MNC could make. However, the control environment would be different as there will be less frequent traveling, effective communication and an agile mindset become more crucial. This is definitely a good time to accelerate changes within your organisations.

DISCLAIMER:

The views and opinions expressed here are those of the author and do not necessarily reflect the official policies or positions of Mazars PLT or any of its affiliates. Any content provided by the respondents are of their opinion, and are note intended to malign any religion, ethnic group, organisation, company, association, individual, anyone or anything.