04.10.2024
| Digital Economy | Industry
KUALA LUMPUR, 4 OCTOBER 2024 – The Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead digital agency, successfully hosted the second edition of the Malaysia Digital Tech Adoption Summit, focusing on Blockchain. The event, officiated by YB Datuk Wilson Ugak Anak Kumbong, Deputy Minister of Digital, reinforced the nation’s ambitions to position itself as the digital hub of ASEAN, in line with the Malaysia Digital (MD) national strategic initiative.
Blockchain adoption in Malaysia has seen remarkable growth in recent years. As of 2024, over 840,000 Malaysians have opened accounts with regulated digital asset exchanges, and the sector saw RM21 billion in digital assets traded in 2021 alone, a significant increase from RM1.4 billion in 2020.
Blockchain technology is expected to contribute substantially to Malaysia’s economic growth, playing a crucial role in sectors like digital finance, supply chain traceability, and public service transformation. Furthermore, the global blockchain market is projected to grow significantly, with an estimated USD 69 billion market size by 2032.
The Malaysia Digital Tech Adoption Summit provided a platform for cross-industry collaboration, bringing together business leaders, policymakers, and innovators to explore blockchain’s potential in driving Malaysia’s digital future. The event also highlighted Malaysia’s role as a critical enabler of Industry 4.0 transformation, fostering innovation and efficiency through emerging technologies such as blockchain.
Themed “Empowering Malaysia’s Digital Future Through Blockchain Adoption”, the summit emphasised blockchain technology's critical role in sectors such as finance, healthcare, and supply chain management. Blockchain’s ability to enhance transparency, security, and operational efficiency is vital to maintaining Malaysia’s competitiveness in the global economy.
The event showcased the transformative power of blockchain and how it empowers SMEs by boosting productivity and cutting costs, while helping large enterprises scale more effectively. Key discussions covered the regulatory landscape, blockchain's role in innovation, and success stories from businesses that have leveraged the technology. Alongside knowledge-sharing sessions, the summit provided networking and business matching opportunities to foster collaboration between tech providers and enterprises, aiming to build secure, transparent, and efficient digital infrastructures for long-term growth.
The Malaysia Digital Tech Adoption Summit aligns with the broader goals of the nation such as the MyDIGITAL and Fourth Industrial Revolution (4IR) frameworks, which aim to increase productivity by 30% through technology-driven solutions.
MDEC remains unwavering in its commitment to driving technological advancement. By championing adoption and fostering innovation across industries, MDEC is not only accelerating the local tech landscape but also positioning Malaysia at the forefront of the region’s digital future. With strategic initiatives like this summit, MDEC continues to pave the way for transformative growth, ensuring the nation’s competitive edge in the global digital economy.
END
Issued by:
Corporate Communications Division
Malaysia Digital Economy Corporation (MDEC)
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