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Malaysia bank launches business transformation plan

Image Credits: Human Resources Online, News Report

A major Singaporean bank in Malaysia has announced the launch of a three-month business transformation programme. The aim is to help businesses in Malaysia to adopt technology to drive productivity and growth.

The bank stated that the ‘Jom Transform Programme’ will be run by an innovation accelerator under the bank. The accelerator first launched its business transformation programme in Singapore in 2018.

Under the programme, there will be a series of workshops conducted by industry experts for businesses to gain the necessary skills and know-how in specific areas of digital transformation such as business process re-engineering and digital marketing.

They will also be matched with specially-chosen technology partners to pilot relevant solutions and to receive guidance to assess the effectiveness of these solutions.

the CEO of the Malaysia branch noted that the programme reaffirmed the bank’s commitment to helping Malaysian businesses digitalise their businesses for continued growth.

The Programme will help businesses digitally transform their operations, and in turn, support the national agenda on business innovation.

Wong said through the adoption of technology, Malaysian businesses would be able to manage their operations more efficiently, to improve productivity and to upskill their employees to ensure that their business remains relevant in the digital economy.

It was noted that in order to help these businesses grow further, the programme will also support them in their expansion both at home and across the region through the bank’s established and integrated network.

The bank will be working with five partners that share the common goal of helping Malaysian SMEs innovate and digitalise their business for growth.

These include the Chinese Chamber of Commerce & Industry of Kuala Lumpur & Selangor, the Malaysian Association of Tour and Travel Agents, Maxis, Malaysia Digital Economy Corporation (MDEC) and SME Corporation Malaysia.

According to another report, the initiative the partners will provide mentorship and expertise to participating businesses, as well as organise events with the bank and the accelerator to promote digitalisation among Malaysian businesses.

With the support of like-minded partners from government agencies, industry associations and leading private companies, Malaysian businesses will be able to tap the combined knowledge, experience and networks of these organisations to accelerate their transformation process.

Malaysia’s push for business innovation

Malaysia is working to become one of the main destinations for the high-tech industry by 2025.

The Prime Minister unveiled a four-pronged strategy for Malaysia to be on a stronger footing in the manufacturing sector through higher productivity, contribution, innovation and increasing the number of high-skilled workers at the launch of the National Policy on Industry 4.0 (Industry4WRD).

The manufacturing sector has contributed 23% to the gross domestic product and 98.5% of Malaysian small and medium-sized enterprises (SMEs) are in this sector.

In relation to innovation, the prime minister envisioned the country to be ranked among the top 30 nations in the Global Innovation Index by 2025. Currently, Malaysia is ranked 35th in the index.

Another article noted that innovation go hand in hand in today’s digital world and Malaysia is making good progress.

Technology-led innovations are pivotal in economic transformation, job creation, and the growth of an economy. The use of technology is transforming the way businesses do business and nations trade, and in effect, influencing consumer preferences.

The Malaysian digital entrepreneurship ecosystem is young, yet during its brief existence, has seen substantial growth. 98 per cent of the Malaysian businesses are SMEs and moving them into the digital space is not only critical to their survival but also important for the nation’s transformation.

Malaysian has seen digital progress in almost every aspect of business and every industry.

It was noted that this is due to the government mandate put forth to harness and promote the digital economy in the late nineties.

The promotion of digital entrepreneurship has helped more people accept and adopt an increasingly modern and progressive lifestyle, which has massive overarching benefits to the economy.

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