Malaysia’s Financial Sector Master Plan 2022-2026 will be launched on the first day of MyFintech Week 2022 (MyFW 2022). According to Malaysia’s Digital Economy Plan 2021, the global economy, including Malaysia, continues to face severe challenges from the COVID-19 pandemic. This event affected Malaysians of all ethnicities and social strata as well as workers in the public and private sectors. Entire industries have been turned upside down and many day-to-day interactions now take place virtually.
In 2020 alone, the growth of the digital economy naturally accelerated as the COVID-19 pandemic spawned new digital businesses, forced traditional brick-and-mortar businesses to pivot online and take off. seen millions of Malaysians go virtual for their e-commerce, entertainment, and even education needs. The delivery of a quality education now depends on high-speed connectivity in a student’s home or access to laptops or computers.
To ensure that no Malaysian is left behind to catch the wave of digitization, now is the time for the nation to lay the groundwork for the country’s transformation into an advanced digital economy. This foundation means building infrastructure, facilitating innovation and creating an ecosystem for all of us to help improve living standards, the fruits of which will be enjoyed by all Malaysians.
MyDIGITAL describes plans to accelerate Malaysia’s progress as a technologically advanced economy, through the Malaysia Digital Economy Blueprint. This will pave the way for strategically positioning the nation as a competitive force in this new era. MyDIGITAL is an essential catalyst in the realization of Malaysia’s twelfth plan, 2021-2025 (RMKe-12), as the country works on Wawasan Kemakmuran Bersama 2030. Faced with this transformation of the digital economy, it is imperative to collaborate and take the necessary steps to adapt and collaborate for the next normal.
With MyDIGITAL, Malaysia will be able to successfully transform itself into a high income digitally driven nation and a regional leader in the digital economy. MyDIGITAL aspires to enable rakyat embrace digitization to improve their quality of life and standard of living. The vision of the Malaysia Digital Economy Blueprint is to be a regional leader in the digital economy and to achieve inclusive, responsible and sustainable socio-economic development.
Malaysia’s digital economy plan incorporates a delivery-oriented governance framework and a national approach involving partnerships between rakyat (people), businesses (private sector) and government (public sector). In November 2020, Malaysia established the National Digital Economy Council and 4IR chaired by the Prime Minister to accelerate local capacities to embrace digitization.
MyFW 2022, which runs from January 24-28, 2022, is expected to cover a wide range of pressing issues facing the future of the financial industry. Under the theme “Advancing digitization for recovery, sustainability, inclusion”, the conference revolves around seven priorities: sustainability, resilience, new realities for finance, economy, financial health and inclusion, start-ups and regulations.
Experts from around the world will share their views at MyFW 2022. Their ideas can inform and inspire action on critical issues the financial industry must tackle. The financial sector must be well positioned to support Malaysia’s economic transformation towards a more innovative, sustainable and digital future, an expert said.
MyFW 2022 will feature more than 100 speakers, including the country’s Minister of Finance, Governor of BNM, Administrator of the United Nations Development Program, Editorial Board and Chairman of the Editor as well as leaders of industry.
The main conference will feature a combination of opening remarks, technical discussions, panels and fireside discussions on relevant issues affecting Malaysia’s future financial and economic landscape. This includes climate resilience, the future of money, and emerging technologies. Businesses will also have the opportunity to access growth and innovation support on days 4 and 5. Among other things, start-ups can schedule one-on-one counseling sessions on regulatory and compliance issues.
At the same time, small and medium-sized enterprises (SMEs) and enterprises can access dedicated support channels covering issues such as the digitization of SMEs, talent, finance and investments. The MyFW 2022 acceleration programs will also include 15 innovations aligned with the Sustainable Development Goals, with live demonstrations on Day 4.