KUCHING: Environment, social and governance (ESG) is gaining traction in Malaysia, and this is driven by sustainability-focused regulations and initiatives like the National Energy Transformation Roadmap (NETR).
This is especially pertinent to the manufacturing and production industries, which are responsible for at least one-fifth of global carbon emissions.
Running an ESG-compliant industrial business involves much more than simply implementing company-wide recycling bins; it requires a comprehensive approach from the ground up.
This is where BidMyAsset (BMA) steps in, assisting business owners in addressing ESG challenges and managing operational expenses.
BMA, is a Malaysian-based online bidding platform for industrial equipment, connecting buyers and sellers, helping businesses efficiently and transparently dispose of industrial assets.
Since its founding in 2005, BMA has been committed to driving positive change in the industry through sustainable asset management practices.
Utilising innovative approaches such as Carbon Footprint Analysis and Lifecycle Assessment, BMA revolutionises the asset disposal process while promoting environmental stewardship, with a long-term mission of contributing to reducing carbon emissions by 200,000 metric tonnes as of 2030.
In an interview with the New Sarawak Tribune, BMA co-founder Jeevan Muniandy discusses the company’s approach to asset management and disposal, as well as his journey into the auction business.
New Sarawak Tribune: Can you explain further what BMA is about and its role?
Jeevan: BMA is a tech-company that is dedicated to optimising the use of machinery and other assets.
With a focus on logistics, asset disposal, and acquisition, BMA specialises in relocating used machinery from places where they are no longer needed to places where they can be put to better use.
This approach helps to ensure that these items are disposed of or acquired at the best fair market price, which can help companies and organisations to improve their operations, reduce costs, and manage their assets more effectively.
By leveraging our logistics and technology expertise, BMA can offer a comprehensive range of services that can be tailored to meet each client’s specific needs.
Our global network of buyers and sellers, combined with our advanced data and analytics capabilities, enables us to deliver optimal results for our clients, whether they are looking to sell, buy, or relocate machinery and other assets.
At BMA, we are committed to sustainability and responsible trade. We believe every asset has value and are dedicated to ensuring that this value is preserved and optimised.
Whether you are a buyer or a seller, BMA can help you to achieve your goals and succeed in today’s rapidly changing business environment.
New Sarawak Tribune: What inspired the creation of BMA? What was the rationale behind creating an online bidding platform?
Jeevan: BMA was founded with a vision of creating a sustainable marketplace for asset acquisition.
Two key issues in traditional asset disposal methods were identified whereby traditional methods often lead to discarding usable assets, creating unnecessary waste.
And disposing of assets can have negative environmental consequences.
By creating an online auction platform, BMA bridges the gap between buyers and sellers of used equipment. This approach contributes to sustainable practices in several ways.
Firstly, BMA promotes the circular economy, where assets are reused, recycled, or repurposed instead of being thrown away. This reduces reliance on raw materials and lowers the environmental impact of manufacturing new equipment.
Secondly, extending the lifespan of existing assets reduces the need to produce new ones, which translates to a lower carbon footprint. BMA estimates they’ve helped reduce emissions by nearly 10 metric tonnes over the past 19 years, with ambitious goals for further reduction in the future.
Thirdly, by facilitating the reuse of existing equipment, BMA helps conserve valuable resources like metals and plastics.
Overall, BMA’s vision is driven by a desire to create a more sustainable future for asset disposal. The online platform provides a win-win situation for businesses looking to acquire equipment at a good price and for the environment by reducing waste and emissions.
So, BMA was born from a clear market need. I saw the inefficiencies in asset disposal during my career in asset management and envisioned a platform that could streamline the process, reduce environmental impact, and provide better value for both buyers and sellers.
New Sarawak Tribune: What is your current product and service mix?
Jeevan: We offer an online bidding platform for industrial equipment, comprehensive asset management services, and sustainability consulting.
Our platform features various tools for listing, bidding, and managing assets, ensuring a seamless experience for both buyers and sellers.
New Sarawak Tribune: Can you share with us your journey in the field of sustainable asset disposal and ESG facilitation, and what valuable lessons have you learned along the way?
Jeevan: BMA is a company that facilitates the sustainable disposal of assets and ESG facilitation.
Sustainable asset disposal means getting rid of unwanted assets in a way that minimises environmental impact.
ESG factors are becoming increasingly important to businesses, as investors and consumers are more likely to support companies that are seen as being sustainable and responsible.
BMA can help businesses dispose of assets in a way that meets ESG criteria. For example, they may be able to help businesses find buyers for used assets, or recycle or refurbish unwanted assets.
This can help businesses to reduce their environmental impact and improve their ESG score.
There are valuable lessons that businesses can learn from BMA’s work in sustainable asset disposal and ESG facilitation where sustainability is good for business.
By disposing of assets sustainably, businesses can reduce their costs, improve their brand reputation, and attract new customers and investors.
There is a market for used assets. Businesses can often sell unwanted assets through online marketplaces or auctions. This can help businesses to recoup some of the cost of the assets and avoid having to pay for disposal.
ESG is becoming increasingly important. Businesses that can demonstrate their commitment to sustainability are more likely to be successful in the long term.
New Sarawak Tribune: How does BMA aim to achieve its mission of maximising value for clients while minimising environmental impact, and how do you see these efforts aligning with Malaysia’s goal of Carbon Neutrality by 2050?
Jeevan: BidMyAsset tackles both maximising client value and minimising environmental impact through their focus on a circular economy for assets.
On maximising client value, BMA facilitates online auctions to ensure clients receive fair market value for their surplus or idle assets.
The streamlined process reduces time and costs associated with traditional asset disposal methods.
On minimising environmental impact, it is that by finding new owners for usable assets, BMA reduces the need for manufacturing new equipment, which lowers resource consumption and carbon emissions.
Our emphasis on asset reuse directly contributes to Malaysia’s goal of achieving carbon neutrality by 2050.
This is because by extending the lifespan of existing assets, we help curb the environmental impact of manufacturing new ones, which is a significant source of carbon emissions.
And our business model promotes circular economy principles, which aligns with Malaysia’s 12th Malaysia Plan focused on sustainable development.
Therefore, our success can play a significant role in achieving Malaysia’s ambitious sustainability goals.
New Sarawak Tribune: Considering the growing emphasis on ESG factors in investment decisions, how do you believe sustainable asset disposal practices can contribute to enhancing a company’s overall reputation and attractiveness to investors?
Jeevan: Sustainable asset disposal practices can significantly contribute to a company’s reputation and attractiveness to ESG-focused investors in a few ways.
Investors are increasingly concerned about a company’s environmental footprint. Sustainable disposal practices, such as refurbishment, recycling, or responsible e-waste management, demonstrate a commitment to minimising waste and pollution. This aligns with the “E” in ESG and can improve a company’s public image.
Meanwhile, investors are more likely to favour companies that prioritise responsible practices throughout an asset’s life cycle, demonstrating concern for the social impact of their operations.
It must be remembered that poor disposal practices can lead to environmental liabilities, fines, and reputational damage. Sustainable disposal strategies help mitigate these risks, making a company a more reliable and attractive investment.
By reusing or recycling materials, companies can reduce their reliance on virgin resources. This demonstrates a commitment to resource efficiency, which can resonate with environmentally conscious investors.
Sustainable disposal practices can be more cost-effective in the long run compared to traditional landfill methods. This efficiency can improve a company’s financial performance, another key factor for investors.
Overall, by implementing sustainable asset disposal practices, a company can showcase its commitment to environmental responsibility, social well-being, and efficient resource management. This strengthens its ESG profile, making it more appealing to a growing pool of investors who prioritise these factors in their decision-making.
New Sarawak Tribune: How can businesses stay ahead of the curve in adopting environmentally-conscious approaches to asset disposal?
Jeevan: Businesses can develop a comprehensive sustainability strategy. This strategy should outline how the company will integrate ESG factors into its asset management practices. It should also set clear goals for reducing the environmental impact of assets.
Next is to invest in lifecycle analysis tools. These tools can help businesses to understand the environmental impact of their assets throughout their lifecycle. This information can be used to make informed decisions about asset acquisition, use, and disposal.
Businesses can explore innovative asset disposal methods. Look for ways to extend the life of assets through repair, refurbishment, and reuse. Partner with companies that specialize in responsible recycling and e-waste disposal.
It is also important to regularly report on your sustainability efforts and progress towards your ESG goals. This will help to build trust with investors and other stakeholders.
By proactively adopting these practices, businesses can ensure that they are well-positioned for the future of sustainable asset management. They can also gain a competitive advantage by demonstrating their commitment to environmental responsibility.
New Sarawak Tribune: Looking ahead, what are the future plans for BMA?
Jeevan: Our long-term ambition is to become the leading platform for industrial asset management and disposal globally.
We aim to continuously innovate, expand our market presence, and drive positive environmental impact through sustainable practices.
