The Malaysian government, led by Prime Minister Datuk Seri Ismail Sabri Yaakob, who also chairs the Digital Economy and Fourth Industrial Revolution (4IR) Council, is strongly advocating for more catalytic projects to complement the country’s goal of becoming a regional leader in the digital economy by 2030. 

The Malaysian government’s interest in artificial intelligence (AI) to accelerate smart cities, digital finance, and smart communities is gaining traction and reflects a broader trend. From the perspective of financial institutions, a majority of financial services firms have already deployed AI, albeit primarily in risk management and revenue generation. 

The emphasis on digital enhancement, particularly in government and financial institutions, is aimed at establishing stronger digital capabilities using 5G technology, which will be a reality in the future. 

The recently announced national 4IR policy highlights the proposed smart city framework. The digitalisation of society and the economy is seen as critical to accelerating Malaysia’s smart digital economy goals, as envisaged by Malaysia’s Smart City Framework under the 12th Malaysia Plan 2021-2025, of which MyDIGITAL is a component. 

According to the Malaysia Digital Blueprint, approximately 66% of internet users use mobile banking, with over 144 e-payment transactions per capita (2019), resulting in RM 16 billion eCommerce market value in Malaysia. It is clear that strengthening government and financial institutions to provide more secure digital services to the people is critical.  

To assist governments and financial institutions in achieving their smart digital economy goals, the risk and security of digital transactions can be managed and monitored using a combination of data engineering, machine learning, and decision intelligence. When used correctly, AI will be able to improve security, forecast future needs, and assist governments and financial institutions in achieving high levels of trust. 

Grant intelligence analysis a speed boost and manage risk 

Workloads can be made more efficient by leveraging advanced surveillance capabilities, such as targeting via AI-enabled geospatial analysis. Skilled analysts can spend more time understanding the most actionable data, events and insights that will drive decision-making with AI-augmented intelligence. This information will help governments and financial institutions to manage risk effectively. 

Effective Analysis, interpretation and insight delivery enabled by AI 

An intelligence community ensures that its teams can use artificial intelligence effectively and efficiently. This will bridge the gap between data collection and decision-making by improving the ability of decision-makers to interpret data. 

Detect and defend against cybersecurity threats 

Government and financial institutions can quickly analyse massive amounts of network and open-source data to identify advanced persistent threats, predict the presence of malware on the system, identify network threats and contribute to the enhancement of cyber defences to protect the security of intelligence systems and networks. 

Ensure transparency to maintain trust in analysis and decision criteria 

AI technology is as transparent as possible, allowing intelligence community algorithm or model owners access to the AI’s underlying decision-making processes. Each rule contains a condition to be checked at prediction time and an action to be performed if the condition is met. AI provides agencies with real-time analysis and protection for predictions generated by any of the deployed models, making them more trustworthy. 

OpenGov Asia is pleased to bring an exclusive OpenGov Breakfast Insight that aims to provide the latest information on how the public sector and financial institutions are using advanced AI and machine learning, to drive organisation mission outcomes. This is a closed-door, invitation-only, interactive session with Malaysia’s public sector technology leaders.