DFTZ's Second Anniversary: eCommerce Milestone
It seems just like yesterday to me - but it's actually now the second anniversary of the launch of what is turning out to be a major stride forward in Malaysia's eCommerce trajectory: the Digital Free Trade Zone (DFTZ).
This is just a brief note to mark the anniversary, so I will briefly run through just a few thoughts:
First of all, DFTZ was an initiative to spearhead our national eCommerce framework and it was launched to intensify Malaysia’s participation in cross border eCommerce.
The aim was to start establishing Malaysia as regional and global eCommerce fulfilment hub and to drive exports. It's about empowering entrepreneurs and small businesses to do cross-border commerce seamlessly: The vision was to opening up the doors to global markets and to simplify eCommerce by digitalising the trade process.
The DFTZ is a milestone in the national digital economy agenda, which is providing a platform for Malaysian businesses to go online with more ease than before. A growing number of companies have already started to export via the DFTZ partners’ platform and this will only increase as more and more players become aware of and understand the value of participating in this initiative.
Onwards and upwards
I recall that when Jack Ma came to launch DFTZ in Malaysia, he said Malaysia had caught his eye a few decades ago, and that he was proud to be able to do something with the nation. He told world media: "Malaysia inspired me [back] in 1996-1997. When I was starting my Internet business in 1995, I remember that around that time, I read news in China about the Multimedia Super Corridor [MSC Malaysia] in Malaysia... it made me think: 'Hmm! There is something there in that country! It's a brave idea for the digital world."
Indeed, Malaysia now has the potential to become a Stand Out country of the future. In terms of speed of digital transformation, Malaysia ranked second, just behind China and way ahead of India, Singapore and Indonesia (Global Digital Evolution Index 2017). The World Bank puts Malaysia in the league of high-income economies where digital adoption levels are high, and higher than roughly 1/3rd of OECD countries.
An important component of our digital economy is eCommerce, which is an opportunity anyone can take up. We are working in collaboration with government agencies, industry and academia to solidify and guide SMEs to adopt the opportunities in the local, regional and global markets. High inclusivity - ensuring everyone is future-ready - is one of the key building blocks of the digital economy.
Digital adoption and digital transformation are opening up the possibility of a new era of prosperity. Of course, much more needs to be done and we need to move forward wisely. We at MDEC are honoured and thrilled to play our part in forging a digital future for every Malaysian: #LetsBuildTogether!
- Dato' Ng Wan Peng is the Chief Operations Officer of Malaysia Digital Economy Corporation (MDEC)