February 29, 2024

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UTM and Bidding Platform Collaborate in Digital Sciences and Tech

Image Credits: UTM, Press Release

Universiti Teknologi Malaysia (UTM) and Malaysia’s fastest-growing bidding platform announced the signing of a Memorandum of Understanding (MoU) and Memorandum of Agreement (MoA). The cooperation and collaboration between the two entities in areas of technology, cybersecurity and data science.

Speaking on behalf of UTM, Prof. Datuk Ts. Dr Ahmad Fauzi stated that the University is looking forward to this collaboration, to which its expertise and research can immensely contribute. The University also recently conducted profound research, especially in Web 3.0 and cybersecurity.

The University will provide robust solutions for the firm while collaborating on real-world research, not only for the university’s betterment but also for the company. In this regard, the University extended its thanks and appreciation to the firm for this opportunity on collaborating with one of the country’s leading and fastest-growing tech platforms.

Echoing the Vice-Chancellor and the Chief Executive Officer of the partnering company stated that the far-reaching and enterprising collaboration between both the two that will start with developing tech solutions and platforms concerning cybersecurity. This includes Augmented Reality (AR) and Virtual Reality (VR) technology, Web 3.0 technology as well as areas on Data Analysis and Data Science.

This is the first collaboration for UTM on the e-auction/bidding technology platform. The partnership will be a milestone for the two parties for possible commercialisation in digital sciences and technology. The collaboration will also include other areas such as curriculum design, research, innovation, entrepreneurship and social responsibility. Products arising as part of the collaboration will be jointly promoted and marketed, which will also involve commercialising UTM’s research products.

Additionally, the collaboration will also provide employees of the firm and its subsidiaries enrolment opportunities in UTM degree and non-degree programmes, as well as academic and leadership exchange placements in the university. Conversely, UTM academicians and students will have opportunities for industry placements as well as internships and training at the firm and its subsidiaries.

Malaysia is on course to achieve a digital economy contribution to gross domestic product (GDP) of at least 25.5% by 2025, says Minister in the Prime Minister’s Department (Economy). He said, nevertheless, the country lives in a dynamic and competitive environment today, beset with uncertainties.

“We have much to do to meet the aspirations of the MyDIGITAL initiative, to transform Malaysia into a digitally-enabled and technology-driven high-income nation, and a regional leader in the digital economy,” he said in his opening remarks at a virtual dialogue titled Growing the Digital Economy with an Enabling Regulatory Environment earlier this year.

A key feature of the MyDIGITAL initiative that is crucial to its success is the whole-of-nation approach that it has adopted. Under this approach, the participation of all stakeholders is urged to enable the nation to realise the benefits and overcome the challenges of digitalisation.

The aim of this approach is to work together, to achieve the vision and objectives set in the blueprint and 4IR policy while ensuring no one is left behind, and key economic, social, and environmental challenges are recognised and addressed.

In 2020, the digital economy contributed 22.6% of the country’s GDP. E-commerce experienced significant growth of 26.5%, with the e-commerce income of businesses seeing a jump of 17.1% year-on-year in the third quarter of 2021, amounting to RM 279 billion.


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