February 28, 2024

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Digital asset exchanges essential for Malaysia 5.0

The Malaysia Digital Economy Corporation (MDEC) has been known for its primary task to manage and lead Malaysia’s digital economy forward. As MDEC is positioned to ramp up the Malaysia 5.0, a concept that will work towards and contribute to a more sustainable and circular economy.

This will be done via the development of a national-level digital ecosystem with a unified alliance of stakeholders, both from within government and across the private sector that will enable business and societal migration onto the digital age.

Malaysia 5.0 directly addresses financial inclusion, access, performance and growth through the Fourth Industrial Revolution (“4IR”) tools, such as fintech, blockchain and artificial intelligence. These digital initiatives and hubs will emerge as core components for next-gen infrastructure of every country. They will be the ones facilitating the interoperability of goods and services that are flowing through them with interconnectivity between various market sectors.

Digital asset exchanges will play an important role as they offer participants the ability to monetise their activities over digital infrastructure, essentially serving as the capital markets for Malaysia 5.0.

These digital exchanges are, primarily, dynamic asset conversion facilities that will bridge current legacy marketplaces with new e-marketplaces. More importantly, they ensure both platforms can co-exist for the foreseeable future.

Challenges that businesses face currently include the inability to deploy capital and move assets seamlessly between legacy platforms. This is a historic problem for exchanges that persisted since their inception as floor-based marketplaces and are still present even after legacy platforms moved over to electronic trading. As legacy systems were still operating as stand-alone pools of liquidity, interoperability between newer and older systems are difficult to manage, expensive and only possible via multiple intermediaries.

The advent change for digital exchanges will reduce redundancies in capital markets and even provide enhanced liquidity and transparency. As is, legacy exchanges work well for blue-chip companies, in the same way, banks function as efficient lenders for the larger multi-national corporations. However, for start-ups and small- and medium-sized enterprises (SMEs), these options carry massive costs and overhead expenses.

As for the future of exchanges, it will combine digital and traditional assets in ways that can potentially change the decades-old exchange model. The impact of such changes will be dramatic, especially for start-ups and SMEs. Tokenisation and blockchain-based solutions will revolutionise the ability of smaller companies to raise capital as it makes the process more streamlined and cost-effective.

For MDEC, as the primary digital change agency, its role focuses on supporting and managing such transformational shifts. The need for robust institutional-grade digital asset exchanges in trusted environments is, now, greater than ever. This trend is already starting to happen in regulated environments as opposed to the ‘Crypto Wild West’.

Globally, digital asset exchanges represent a huge opportunity – the Southeast Asia region included. The market for digital assets has evolved substantially as security tokens started to gain more traction with institutional investors.  A survey conducted by the World Economic Forum already predicted how 10% of the world’s GDP will be stored on blockchain technology by 2027. This is an equivalent of US$24 trillion in financial assets.

Undoubtedly, Malaysia 5.0 is the golden opportunity to position the country into the heart of Digital ASEAN. The potential for early adopter countries, especially those that are taking the lead, is further facilitated as round-the-clock transactions become easier, cheaper and more secure while expanding its global reach.

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.

PARTNER

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.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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.

PARTNER

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. 

PARTNER

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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