Written by Liadiana Rosli
Source: News Straits Times
Kuala Lumpur 9 November: The government’s decision to create a more comprehensive digital ecosystem will ensure continuous sustainability not only for companies but also for the people
“The digital revolution is here and the government has taken prudent and strategic measure to observe, grow, regulate and profit from this” said Standard Chartered Bank Malaysia Chief Information Offier, Dato Arif Siddiqui in an interview at the 8th BankTech Asia.
“As such, the government is looking at Malaysia from the digital economy point of view where everything from start-ups, corporates and event the individual can benefit”
Arif said that the country was working on ga good pace towards this change and should not be compared to its quicker regional counterparts like Singapore and Hong Kong.
“Data have shown that within the Asia Pacific there have been more digital activities and investments in Singapore and Hong Kong, but this is only because both these cities have already established financial hubs and are keen to keep their respective status. This is not the case for Malaysia,” he said
“We are looking at a more sustainable development of the economy. The regulators namely securities commission Malaysia, have allowed the country to become the first Asean nation to regulator equity crowdfunding and peer-to-peer networking and we heard that Bank Negara Malaysia is to launch more digital centric regulations next year” Arif said
He stressed that though regulations were good for efficiency and transparency, the regulators should allow the segment to grow and experiment on its own first.
Arif said the bank at the global level ,also had a lot of confidence in Malaysia when it comes to the digital push.” The global group had early this year started our journey in becoming a full digital bank and we view Malaysia as our pilot nation in getting this objective across” he said
“We feel that Malaysia is perfect for our digital cause because it has medium sized demographics, high mobile penetration and disposable income and regulators are also very nurturing.”
The 2017 Budget had revealed a continued strong focus on the digital economy . Through the Malaysian Digital Economy Corporation, 162 Million was allocated for development of an e-commerce ecosystem, the Digital Maker Movement and the introduction of the Malaysia Digital Hub.
The government has also planned for the digital economy to contribute to 18.2 percent of the gross nation domestic product by the year 2020