Digital Minister: 193 companies awarded Malaysia Digital Status in Q1 2024

KUALA LUMPUR, April 22 — A total of 193 companies were awarded Malaysia Digital Status by the Malaysia Digital Economy Corporation (MDEC) in the first quarter of 2024.

Digital Minister Gobind Singh Deo said half of them are information technology (infotech) companies leveraging technologies such as blockchain, Web3 and artificial intelligence.

“We recently signed a memorandum of understanding with Draper University, one of the world’s leading pre-accelerators, to establish a location in Kuala Lumpur, our first campus outside of Silicon Valley.

“This is critical in supporting and leading the pipeline of venture capital and startups looking to enter and expand in Malaysia,” he said in his opening speech at the 2024 KL20 Summit to be held here today. Stated.

Malaysia Digital Status is awarded by MDEC to eligible companies that participate in Malaysia Digital activities, offering a range of incentives, rights and privileges to enable them to operate, expand and invest in Malaysia.

Mr Govind said Malaysia’s digital economy has proven to be an important pillar of the country’s economy, contributing 23% to gross domestic product (GDP).

“Malaysia embarked on a digitalization journey in 1996. We have undoubtedly made great strides in building a digital economy over the decades,” he said.

On a different note, Mr. Govind said that Malaysia is currently ranked 20th in the world’s Strong Starters ranking based on the Global Startup Ecosystem Report 2023 published by Startup Genome.

He said the value of Malaysia’s startup ecosystem is currently estimated at US$46 billion and growing.

“Our ecosystem has more than 3,000 local startups operating in a variety of sectors, from financial technology and e-commerce to health technology and Islamic finance.

“Malaysia is looking to carve a name for itself in the region, which is why the government is looking forward to assuming the ASEAN chairmanship in 2025. We are already preparing for it and are planning our engagement in the region. is also underway,” he said.bernama

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