Malaysian Technology Development Corporation and Ireland’s semi-governmental World Logistics Council Limited signed a Memorandum of Understanding on 28 January to use the organisation’s Digital Economy Platform, the Multi-Dimensional Digital Economy Application System (MDDEAS®).
Platform Will Help Malaysia Connect Local Businesses to Foreign Partners and Expand into Global Markets
Through this Memorandum, MTDC and WLC will promote the use of this platform – MDDEAS®, in cooperation with the world’s largest technology firms, which will digitally connect businesses in Malaysia with their global trade partners and trigger enhanced efficiency and security of trade.
MDDEAS® is built based on a catalogue of product and process innovations that leverage the latest technologies, including Artificial Intelligence (AI), Big Data Analytics, and Blockchain, among others, to de-risk commerce, reduce costs and create greater access to finance and insurance services globally.
Dato’ Norhalim Yunus, MTDC Chief Executive Officer and Captain Samuel Salloum, WLC Chairman and Chief Executive Officer signed the MoU, which was witnessed by Tan Sri Abdul Rahman Mamat, MTDC Chairman.
MTDC Chairman Tan Sri Abdul Rahman said the platform will assist Malaysia in connecting local businesses to foreign partners and expand into global markets.
“This collaboration marks another milestone for the companies in MTDC’s ecosystem as MDDEAS® can better connect our local SMEs to global markets through a seamless borderless digital marketplace and create tremendous market expansion opportunities” said MTDC Chairman Tan Sri Abdul Rahman.
Dato’ Norhalim Yunus, MTDC Chief Executive Officer said, “We are delighted to be part of this global initiative that will digitise the value chains of Malaysia and its trade partners. This collaboration marks another milestone for MTDC as we will identify those companies who will benefit from the world digital market.”
New platform to help achieve the Government’s Shared Prosperity Vision 2030
MTDC in its role as the strategic enabler for I4.0 for local SMEs will identify those SMEs who can benefit from the MDDEAS® tools.
The MoU closely aligns with the Government’s Shared Prosperity Vision 2030 (SPV 2030) which focuses on high-impact industries such as aerospace, digital economy and high-tech farming.
WLC Chairman Captain Samuel Salloum said that MDDEAS® offers “thousands” of on-demand applications that enable businesses to synchronize their logistics, insurance, financial and commerce systems with other businesses worldwide to establish a new “21st-century efficiency level”.
The advantage of MDDEAS® over existing platforms is that it captures high-quality data that is automatically cross-checked and validated by multiple organizations within the system, he said. “Through a unique balanced governance and deployment structure, the platform offsets geopolitical, monopolistic and data privacy concerns related to trade and trade data which are of national security importance.”
