Malaysia is forging ahead, making strides towards embracing emerging technologies like fintech, digital health, and e-commerce. Deputy Communications and Digital Minister Teo Nie Ching recently highlighted the country’s progressive steps in promoting and incentivizing investments in these future-facing sectors.
The deputy minister underscored the initiatives the Malaysian government has taken to encourage innovation and testing of revolutionary ideas. One of these is the introduction of regulatory sandboxes, safe havens that stimulate creativity and allow trailblazing ideas to take flight.
During her keynote address at the Mobile World Congress (MWC) Shanghai 2023, Teo said, “The government has also introduced various incentive programmes and grants to support tech start-ups and attract foreign direct investment.” MWC Shanghai 2023, held at the Shanghai New International Expo Centre, witnessed participation from around 300 exhibitors, including international powerhouses like Huawei.
Teo stressed the significance of collaboration in the realm of tech and digital investments across Asia. By welcoming partnerships and collaborations with international tech companies, investors, and innovators, Malaysia hopes to tap into collective strengths, pool knowledge, and spur transformative change across multiple sectors.
Firms setting up shop in Malaysia can access and exploit the enormous Asian market and leverage the country’s strategic location to further expand into neighboring nations. She asserted that the digital economy is pivotal to Malaysia’s economic structure, accounting for 22.6% of the nation’s GDP in 2021, a figure projected to rise to 25.5% by 2025.
Malaysia is making headway in attracting investments and fostering innovation in emerging tech sectors like fintech, e-commerce, and digital health. By providing a conducive environment for testing groundbreaking ideas and encouraging partnerships, the country is positioning itself as a dynamic player in Asia’s digital economy.
This news is based on the Malay Mail.