A Malaysian integrated property solutions provider recently entered into a memorandum of understanding (MoU) with a Chinese multinational technology company to jointly explore DevOps, cloud artificial intelligence (AI), big data and innovative technology knowledge-sharing projects.
In a Bursa Malaysia filing today, the property solutions provider said that the MoU aims to record its and the tech firm’s initial intent and that it is their intention to enter into definitive agreements on the planned cooperation.
It was noted that the MoU is governed by and construed in accordance with the laws of Malaysia in all respects, including matters of construction, enforcement and performance thereof and the Malaysian courts shall have exclusive jurisdiction.
Upon expiry of the MoU’s initial period, the MoU will be automatically extended for a one-year period. The solutions provider said the company and the tech giant may terminate the MoU by giving appropriate written notice to the other party.
Malaysia is working to be a leading I&T hub in the ASEAN and, eventually, across the world. This means the structure of the economy must now be recalibrated to align with the demands of the Fourth Industrial Revolution and digital economy.
With the use of artificial intelligence (AI) and robotics expected to increase rapidly in APAC companies over the next few years, employees’ reaction to this development is crucial to determine, an article noted.
Growing Employee Interest in AI and Big Data
- According to a recent report when it comes to automation, about a fifth of hiring managers and candidates across Malaysia (20%), Singapore (23%), Thailand (23%), Indonesia (17%), and Vietnam (22%) said that automation is available in their company.
- Whereas adoption of artificial intelligence was slightly less – Malaysia (7%), Singapore (7%), Thailand (15%), Indonesia (11%), and Vietnam (9%).
- Despite the current low adoption rates, about half of all respondents across the five countries estimated that their companies will increase investment in automation/AI in the next two years – Malaysia (49%), Singapore (38%), Thailand (46%), Indonesia (44%), and Vietnam (41%).
- While employees see the benefits of automation and AI, many are also concerned that the technology will eventually take over their jobs in a few years, or that the technology is too expensive to ever be worth it.
- The Regional Marketing Director for the APAC at the firm that conducted the study stated that automation and AI will infiltrate every industry across the region and employees are expected to welcome these due to the promise of improved efficiency and productivity.
- However, not all employees are expressing optimism for automation and AI. It is imperative that companies in Asia proactively help their employees understand the value of automation and AI as a part of the workplace and integrate it effectively.
Government Agencies Urged to be More Proactive
- Another article notes that larger government-linked companies are lacking ambition with regards to digital transformation and too content with where they are, according to the Deputy Managing Director at Malaysia’s sovereign wealth fund.
- Large companies often struggle with digital transformation despite having better access to their markets.
- For this, GLCs need to step up, and there are a lot of opportunities for large companies to accelerate growth. Malaysia is still behind globally, such as in the big data space.
- There is a limited number of companies that are really adopting big data analytics, he stated.
- It was noted that a shift in mindset is imperative; the telecommunications industry should not focus on just connectivity, but rather come up with value-added services to remain relevant.
- Regulators also play an important role in innovating and accelerating the deployment of infrastructure, unlike the days of 3G deployment.
- The road ahead is promising for entities that proactively invest in digital transformation and technologies of the Fourth Industrial Revolution.