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Malaysia welcomes blockchain advancement

In January 2019, Malaysia’s Minister of Finance announced harsh regulations against unauthorized ICOs and the exchange of digital goods that could result in a 10-year jail term or a US$2.4 million fine.

The order recognized digital currencies and tokens as securities by the Securities Commission Malaysia. This was primarily seen as a negative move against the crypto and blockchain (the underlying technology fuelling cryptocurrencies) industries.

Later, in June 2019, the Securities Commission announced that it had conditionally approved three cryptocurrency exchanges.

This suggests that the Southeast Asian nation is increasing its openness to the technology.

Keeping pace with global innovation

Malaysia’s willingness to adopt the tech was evidenced at a recent event in Putrajaya, Malaysia, officiated by the Ministry of Entrepreneur Development (MED). The minister’s attendance, in particular, signals an early sign of governmental support and commitment towards recognizing blockchain businesses and technology.

In his official address, the minister pointed out the importance of moving as fast as was possible to keep up with the global innovation scene and become a top investment destination. MED aims to create and develop innovation-driven entrepreneurs adopting frameworks that would result in exponential growth and would incorporate the latest 4IR technologies such as AI, IoT, big data, and blockchain.

This was in line with Dasar Keusahawanan Nasional (DKN) 2030, a government initiative to develop core competencies and upskill the workforce against a landscape of growing digital transformation.

Creating new growth sectors

Currently working on a plan of action that would pioneer new growth sectors via strategic investments, the government’s focus would be on industries such as automotive, aerospace, fintech, big data analytics, and tech-driven agriculture, amongst others. These were necessary building blocks pivotal to realizing the DKN 2030 objectives.

Ultimately, this will catalyse the creation of more innovation-driven products and services that are market-oriented.

In this area, blockchain technology plays an integral role in the fintech and agricultural industries. The minister welcomed a strong push by the private sector which the ministry aims to facilitate as fast as possible.

Blockchain as a catalyst

There is a pressing need to overhaul the government’s bureaucratic processes and go paperless. The adoption of blockchain enabling this, following in the footsteps of the Emirates and Indonesia.

According to MBA statistics, once digital strategies such as blockchain were in place, projected growth of 15-20% in GDP could be expected. MaGIC, an innovation centre under MED and Malaysia Blockchain Association (MBA) were both commended for working as catalysts driving blockchain technology forward, engaging with both government and public.

Supporting blockchain entrepreneurship

The CEO of MaGIC noted that blockchain is important technology; its usage is widespread, and the Malaysian government is trying to develop competencies in this locally.

The recent MoU on blockchain tech between MaGIC and MBA, wherein the two will collaborate to establish a Blockchain Research Lab, will help with this goal.

Malaysia’s blockchain landscape has improved with support from the Ministry of Entrepreneur Development. MBA has a role to play in educating Malaysian society on how important blockchain technology is to the ecosystem as well as connecting the two different worlds of e-commerce and blockchain.

Malaysia’s digital transformation will land global investors in Malaysia, putting the spotlight on the large number of great projects that the region has.

To capitalize on innovations, citizens will need to be brave entrepreneurs, not followers. Malaysia has been identified as a top destination for investment, one of the most successful nations for start-ups. By using this as a starting point, local entrepreneurs can prove they can do more in terms of adopting blockchain.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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