KUALA LUMPUR, April 22 — In the first quarter of this year, the Malaysia Digital Economy Corporation (MDEC) awarded 193 companies the Malaysia Digital Status.
Digital Minister Gobind Singh Deo said half of them are information technology (infotech) companies leveraging on technologies like blockchain, Web3, and Artificial Intelligence.
“We have also recently signed a memorandum of understanding with Draper University, the world’s leading pre-accelerator, to establish a base in Kuala Lumpur — its first campus outside the Silicon Valley (in the United States).
“This is vital in supporting and spearheading the pipeline of venture capitals and startups looking to enter and expand in Malaysia,” he said in his opening speech at KL20 Summit 2024 today.
MDEC awards Malaysia Digital Status to eligible companies that participate in any of Malaysia Digital’s activities and offers them a set of incentives, rights, and privileges to enable them to operate, expand, and invest in the country.
Gobind said Malaysia’s digital economy has proved to be an important pillar of the country’s economy, contributing 23 percent to the gross domestic product (GDP).
“Malaysia embarked on its digitalisation journey in 1996. We have, without a doubt, made great strides in building our digital economy through the decades,” he said.
On another note, Malaysia now ranked 20th in the World’s Strong Starters Ranking list based on the Global Startup Ecosystem Report 2023 published by Startup Genome.
The minister Malaysia’s startup ecosystem is now estimated to be valued at US$46 billion (RM218.9 billion) and growing.
“We have over 3,000 local startups in the ecosystem, operating in different sectors — from financial technology and e-commerce to health technology and Islamic finance.
“Malaysia is eager to stamp its mark in the region. As such, the government is looking forward to our Asean chairmanship in 2025. We are already gearing up for it, and plans for engagements in the region are underway,” Gobind said.
— Bernama
