The Malaysia Digital Economy Corporation (MDEC) successfully hosted the second Malaysia Digital Tech Adoption Summit, focusing on blockchain technology. Officiated by YB Datuk Wilson Ugak Anak Kumbong, Deputy Minister of Digital, the event aligned with Malaysia’s strategy to become the digital hub of ASEAN, under the Malaysia Digital (MD) initiative.
“Our participation in this rapidly growing sector ensures that Malaysia is not merely a consumer of technology but a key player shaping its future development,” the minister said in his opening remarks. “The Ministry is fully committed to creating the necessary policies, infrastructure, and incentives to support the adoption of blockchain across industries.”
Malaysia Aims To Lead In Blockchain Sector
Blockchain adoption in Malaysia has seen significant growth with over 840,000 registered accounts on regulated digital asset exchanges by 2024, MDEC stated in its press release. The sector recorded RM21 billion in digital assets traded in 2021, up from RM1.4 billion in 2020. The new technology is expected to play a key role in sectors such as digital finance, supply chain management, and public services, as the global blockchain market is projected to reach USD 69 billion by 2032.
The Malaysia Digital Tech Adoption Summit served as a platform for cross-industry collaboration, drawing participation from business leaders, policymakers, and innovators to discuss the role of blockchain in shaping Malaysia’s digital landscape. Discussions centered on the technology’s potential to enhance transparency, security, and efficiency, and their impact across various industries.
The event also showcased blockchain’s ability to boost productivity for SMEs and help large enterprises scale efficiently, and it aligns with national frameworks like MyDIGITAL and 4IR, aiming to increase productivity by 30% through technology adoption.
Pokdepinion: It’s not a bad idea, but things like NFTs was certainly a bad execution. Hopefully this technology has its better uses down the line.