PETALING JAYA, Selangor, April 12 (Bernama) -- Malaysia Productivity Corporation (MPC) and Futurise today announced their cooperation in facilitating businesses that are experiencing challenges in adopting digitisation efforts.  As technology and digital economy have become pillars in our everyday lives and are prevalent in the survival of businesses today, the collaboration will look towards an agile regulatory environment to facilitate innovation and in driving forward any expansion plans that include new technologies and business models.

In the wake of digitalisation in the country and with the recent announcement of the Malaysian Digital Economy Blueprint (MyDigital), both parties look towards establishing a conducive regulatory environment for any digital economy development. The effort is to ensure that Malaysian businesses with new digital innovation initiatives are assisted and not let down by any regulatory hurdles in moving forward.  As we go through a period of enormous technological innovation and disruption due to the pandemic, the consideration to fast-track changes addressing the regulation issues to enable innovation has become pertinent.  

“The time is now to adopt a more agile and flexible approach to regulation that is needed in order to encourage the potential of new creation.  We believe that this will promote and support the rapid introduction of new ideas and products by our Malaysian companies. Agile is definitely not a quick fix. We are currently identifying and exploring areas of relevant regulatory approaches to capitalise on opportunities bringing in innovation to our National Regulatory Sandbox program faster while mitigating the risks.  What we are aiming for with regards to the regulatory intervention and sandboxes is that it will result in the creation of jobs in the digital economy, increased economic activities and the emergence of new ecosystems that is required to sustain the new and digitised industry sectors.” said Mahadhir Aziz, CEO of Futurise.

Dato’ Abdul Latif Haji Abu Seman, Director General of MPC reiterated that “The initiative aims to identify priority regulations that need to be reviewed and updated. In order for businesses to meet the demands of today’s requirements to stay afloat and relevant, fast development towards the adoption of new technology will be required. It will also help them increase their potential once we unlock the regulation challenges for them to prosper, go to market and even possibly scale beyond our shores.  Together with Futurise, we are encouraging industry involvement in regulatory designs to ensure that we help minimise and mitigate any digital transformation challenges.”

The agile model is an extremely effective tool to navigate the regulatory issues in order to propel more Malaysian made products and to ensure the birth of more successful startups within our ecosystem. As other countries are already pioneering a more agile approach, Malaysia should follow suit as there is a need to move fast in ensuring that we adapt to the government’s MyDigital effort.

Dato’ Abdul Latif Haji Abu Seman added that in the era of new and emerging technologies, it will require the understanding from policy makers and regulators that change is constant hence we need to quickly adopt digital technologies to reduce regulatory burdens that may hinder productivity, innovation and competitiveness.

Link to the mugshot photo of Director General of MPC
Link to the mugshot photo of CEO of Futurise

About Malaysia Productivity Corporation (MPC)

Malaysia Productivity Corporation (MPC) is a statutory body under the Ministry of International Trade and Industry (MITI). MPC promotes productivity, quality and competitiveness to the industries and organisations in Malaysia. MPC's vision is to be the leading organisation in productivity enhancement for global competitiveness and innovation.

About Futurise
Futurise is a wholly-owned subsidiary of Cyberview Sdn Bhd under the Ministry of Finance, that plays an active role as the Public Policy Advisor to Ministries and industries in shaping Malaysia for the Future Economy.

The company has been mandated by the Malaysian Government to lead the National Regulatory Sandbox initiative to expedite regulatory intervention, deploy innovation and technology solutions and establish new innovation ecosystems.

The NRS provides a forward-looking approach to regulation, allowing minimal barriers by creating a controlled regulatory testing environment. This initiative will also help the Government better understand the importance of the impact of technology for economic growth and human capital development based on the principle of ‘data-driven policy intervention’.

SOURCE: Malaysia Productivity Corporation (MPC)

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Ms. Huda Atiqah Samsir
Tel: 013 726 1950
Email: atiqah@mpc.gov.my

Name: Hazel Hassan
Tel: 019 217 8191        
Email: hazel@futurise.com.my        

--BERNAMA