The Malaysia Digital Economy Corporation (MDEC) announced a major organisational restructuring on 16 November 2020 to reinvent its role as the leader of Malaysia’s digital economy and ensure it benefits the many. This follows the recent appointment of four industry leaders to MDEC’s Board of Directors and further emphasises the firm commitment of MDEC’s leadership towards delivering more for less at speed, addressing disruption of the new norm and improving its standard of governance.
In these unprecedented times, accelerated by the Covid-19 pandemic, change is inevitable. Recognising that digital transformation and adoption is crucial to capitalise on new opportunities. MDEC is confident that the new agile, streamlined and collaborative leadership structure will enable mass outreach and achieve its vision of Malaysia 5.0 – achieving a people-first society in the age of 4IR technology.
Reinventing MDEC
The reinvented MDEC will introduce four strategic focus areas, driven by a newly constituted MDEC Operating Council comprising five divisions:
All five Division leaders in the MDEC Operating Council will report to the CEO of MDEC, and work closely with the transformation and corporate functions. Implementing the right, lean, new leadership structure is key to executing at speed, expanding mass outreach, and creating a measurable socio-economic impact in a digital-first future.
Digital MDEC will prioritise strategic national alignment and the complete digitalisation of all MDEC’s processes and services. It will also implement the recommendations from the holistic governance review. Digitally Powered Businesses will drive two specific thrusts: driving digital adoption among businesses and scaling digital industry players.
Digital Investments aims to attract investment into the catalytic digital-tech sectors and 4IR technologies. The main thrust of Digitally Skilled Malaysians will be on reskilling, job matching and the sharing (Gig) economy.
The five divisions are expected to collaborate closely and deploy agile teams to work across the divisions to provide fast and seamless solutions to address opportunities and challenges. Together, these four strategic focus areas and five divisions will be instrumental in firmly establishing Malaysia as the ‘Heart of Digital ASEAN’.
MDEC will introduce the IOOI (Input, Output, Outcome, Impact) Valuation Metrics in its planning to guide future resource allocation and utilisation, and effectively measure the organisation’s socio-economic contribution to society. This will directly cultivate a high-performing and high-impact organisation.
The Chairman of MDEC stated that the reinvention will ensure clarity in vision, increased ownership, and a collaborative approach to drive success. This is the time for MDEC to be bold and lead the digital leap for Malaysia to build a digital economy for all Malaysians.
This reinvention is expected to positively impact the digital ecosystem. With four strategic focus areas and cross-division agile teams, MDEC expects to break down silos and drive both synergies and efficiencies across teams. People, industry and investors will benefit from streamlined access to relevant subject-matter expertise, programmes and financial support initiatives. Internally, processes will be much less labour-intensive through digitalisation, enabling better customer service.
Malaysia as the Heart of Digital ASEAN
Malaysia is on track to achieve its bold aspiration to become the ‘Heart of Digital ASEAN’. The country ranked 8th within the Asia-Pacific region in the Global Innovation Index 2020, which ranks the innovation capacities of 131 economies in the world, and 11th in Startup Genome’s Global Startup Ecosystem Report 2020, which ranks the top 140 start-up ecosystems globally.
In the new tech age, digital innovations will serve as a social equaliser to drive shared prosperity for all Malaysians, which is why achieving Malaysia 5.0 must be a national priority. As the trailblazer of Malaysia’s digital economy, MDEC’s reinvention will pave the way for it to lead Malaysia to make the digital leap into the Fourth Industrial Revolution, cementing the country’s status as one of the foremost Asian nations to embrace the new digital-first reality.
