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Finance Minister Lim Guan Eng sees the adoption of advanced technologies as a springboard for Malaysia to escape the middle-income trap and become an "Asian tiger" again.
Speaking at the SCxSC Fintech 2018 conference of the Securities Commission, Lim said various technologies converge, providing new tools to solve the problems faced by business, government and society.
"Some of the latest technologies using artificial intelligence and big data in Industry 4.0 have already been applied in the retail, marketing and transportation sectors in the domestic market. .
"The wider adoption of these latest technologies is important for Malaysia to break the trap of middle-income countries and become a proud Asian tiger again," he told participants in Kuala Lumpur today. hui.
According to Mr. Lim, the adoption of new technologies could help develop new business models, improve competitiveness, empower people and open new markets.
"The adoption of the digital economy is of strategic importance for our country.
"As a result, events such as SCxSC provide a critical platform for educating the public, exploring new and evolving digital trends, and facilitating constructive discussions," he said.
On the government front, Lim said Putrajaya had granted loans to help small and medium-sized enterprises (SMEs) invest in automation and modernization, as well as to speed up adoption. intelligent technology.
These funds were added to the funds to help companies migrate to Industry 4.0 platforms during the implementation of the National Fiber and Connectivity Plan.
"However, the development of the digital economy can not remain solely the role of the government.
"The entrepreneurial state model advocates a collaborative approach by building on the 4P partnership involving the public, the private sector, professionals and individuals to manage and pilot specific initiatives," he said. .
Co-investment fund
On this point, Mr Lim said that he was pleased with the success of the crowdfunding (ECF) and peer-to-peer (P2p) funding platforms that have been deployed by the SC.
"As part of the government's commitment to support high potential and innovative SMEs, we are keen to continue developing such alternative sources of financing for these businesses beyond traditional funding channels.
"Therefore, in a spirit of enterprise, the government has allocated a co-investment fund (CIF) for ECF and P2P investments," he said.
According to Mr. Lim, the co-investment fund will be governed by a commercial mandate and the government hopes that it will become self-sustaining through the return of income into the fund.
"The latest details of the fund are being developed by the SC and the CIF should be operational early next year," he said.
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