The Malaysia Digital Economy Corporation (MDEC), under the purview of the Ministry of Digital, has launched an initiative to accelerate small medium enterprises (SMEs) digital transformation in Malaysia, starting with the northern state of Penang.
MDEC said in a statement on Monday that this initiative – aimed at empowering SMEs with the tools, knowledge and support needed to embrace digitalization and thrive in the digital economy – was announced by Minister of Digital Gobind Singh Deo.
It includes an engagement program with Penang based SME associations in the newly opened Ministry of Digital’s Zon Utara Office in George Town.
The program was designed to address state industry-specific challenges faced by SMEs in adopting and scaling digital transformation.
It also aimed to co-develop actionable solutions with stakeholders, to create a supportive ecosystem for digital
enterprises to flourish, to facilitate dialogue sessions to share insights and best practices, while also nurturing and enhancing partnerships that accelerate digital adoption and innovation for the greater good of the SME community.
In his address to the SME community, MDEC Chief Executive Officer Anuar Fariz Fadzil said that SMEs should view technology as an investment for unlocking growth, enhancing competitiveness and future-proofing their businesses.
“Technology is a necessity in today’s rapidly evolving landscape. By adopting digital tools and innovative solutions, SMEs can significantly improve their efficiency, reach and resilience in the global market – while also realizing greater productivity and operational efficiencies,
“At MDEC, we are dedicated to providing SMEs with practical digital solutions to enhance efficiency and competitiveness,” said Anuar.
This engagement program reflects the Ministry’s and MDEC’s commitment to building a thriving digital economy that benefits the entire nation, from businesses to the Malaysians.
To date, MYR 30.96 million ($6.88 million) has been awarded to Malaysia Digital (MD) grant recipients in Penang, with 173 companies in the state already achieving MD status.
“We look forward to welcoming more companies to achieve MD status, fostering greater innovation and creating a clear pathway for driving growth and competitiveness,” said
Anuar.
The MD status aims to support businesses involved in digital and technological activities, fostering growth and cultivating a more dynamic and supportive environment
for digital enterprises.
It offers a variety of benefits to companies with the MD status, including tax incentives, grants and funding, business matching and access to networks.
To further encourage more companies to embark on the MD status and enjoy its benefits, an initiative will be unveiled by the Ministry in the near future.
It aims to help SMEs enhance efficiency and reduce operational costs by up to 20 percent through customized digital solutions that address their specific business needs and challenges.
“It entails understanding their ‘pain points’ and providing targeted solutions that align with their operational goals and industry demands,” said Anuar.