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KUALA LUMPUR: Money is no longer king, the data is, in today's technology-driven world.
According to Finance Minister Lim Guan Eng, it is important for Malaysia to harness new technologies in this era of the digital economy to further economic and social progress.
"When you talk about the digital economy, it's all about data. The previous government was probably wrong in saying "money is king," said Lim.
"The money is not king; the data is king. So when data is king, we must not only have access, but also understand and take advantage of this new platform, "he said at a press conference after officiating yesterday at the SCxSC Fintech 2018 Conference.
The Securities Conference (CS) is hosting its fifth annual conference this year to discuss and explore financial technology ideas in the capital market.
In his keynote speech at the conference, Lim said the government expects the digital economy to account for 20 percent of Malaysia 's gross domestic product by 2020. This would represent an increase from 18.2% in 2016.
"We recognize the importance of developing the digital economy. Therefore, despite the fiscal challenges facing the government, we are committed to investing significant resources to support the digital economy, "said Mr. Lim in his speech.
He noted that the digital economy, if properly operated, could become Malaysia's next economic engine through the opening of new growth prospects. This, he said, would help Malaysia become a developed economy.
However, he stressed, the development of the digital economy can not remain the only role of the government
"The entrepreneurial state model advocates a collaborative approach based on the 4P partnership, involving the public, the private sector, professionals and individuals to manage and pilot specific initiatives," Lim said.
"As a result, we are exploring new funding mechanisms that would integrate closer collaboration with the private sector," he said.
These mechanisms would include the rationalization of venture capital funds managed by government agencies and RM2bil allocation by government-linked investment companies to co-invest in strategic and growing sectors with private equity funds. and venture capital.
"Different technologies converge and convergence gives us new tools that we can use to solve old and new problems facing businesses, the government, and society at large," Lim said.
He noted that 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 US. indoor market.
"The wider adoption of these technologies is important for Malaysia to break the trap of middle-income countries and become a proud Asian tiger again," he said.
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