1. Mr Ng Saikit
Managing Partner of Artem Ventures
2. Adrian Marcellus
CEO of MyDIGITAL Corporation
3. Mr Farhan Qureshi
Regional Manager for Malaysia, Pakistan, and Frontier Markets Google
4. Ms Stephanie Ping
CEO and Co-Founder of WORQ
Members of the media
Ladies and gentlemen
Good afternoon, Salam Perpaduan and Salam Malaysia MADANI.
1. It's my pleasure to be here today at the launch of this groundbreaking Artem PACE Startup and SME Bootcamp. Congratulations to Artem PACE for organising this initiative and Google for their strategic partnership. Your collaboration exemplifies the power of ecosystems in nurturing innovation and growth.
2. Malaysia's tech ecosystem is experiencing dynamic growth, driven by strategic initiatives and a strong commitment to becoming a leading digital economy in Southeast Asia. By the end of next year, the digital economy is projected to contribute 25.5% to the country's GDP.
3. The foundation of Malaysia's Digital Nation rests on three key pillars represented by ICT:
I - stands for robust Infrastructure;
C - for Cybersecurity and digital trust and;
T - for a highly skilled Talent pool.
These key drivers empower us to fully leverage technology and ensure the success of our nation's digital ecosystem.
4. Our capital city, Kuala Lumpur, is recognised as one of the top 30 emerging ecosystems in the Global Startup Ecosystem Report 2024, generating over RM220 billion in ecosystem value in the past three years. This strong ranking highlights the country's success in fostering a vibrant environment for tech companies, startups, and investors.
5. As part of our whole-of-government approach, the Ministry of Digital is fully committed to the success of the recently launched KL20 initiative. This ambitious plan aims to transform Kuala Lumpur into a top 20 global technology hub by 2030. Our focus is on enhancing the city's infrastructure, refining the policy framework, and creating a business-friendly environment that attracts international tech companies while supporting the growth of local startups.
Ladies and gentlemen,
6. The landscape we face is undoubtedly challenging as we are witnessing rapid technological advancements, shifting consumer behaviours, and intense global competition.
7. However, within these challenges lie immense opportunities, and it is our startups and SMEs that are best positioned to seize them.
8. Aligned with the Malaysia Digital initiative and the nation's 5G rollout, the government is confident that we are on the right path to fostering innovation.
9. By supporting entrepreneurs to expand beyond our borders and address the needs of underserved communities, we are creating a sustainable and inclusive digital economy. This development will not be at the expense of cyber security and public data.
10.As of July 2024, Digital Nasional Berhad (DNB), an agency under the Ministry of Digital, Malaysia’s 5G roll-out has achieved 81.9% coverage over populated areas, with a 47.9% 5G adoption rate, boasting close to 16.3 million subscribers.
11. On the regulatory front, the Cyber Security Act was gazetted on June 26, 2024. This act establishes a comprehensive regulatory framework, mandating compliance for entities managing National Critical Information Infrastructure (NCII) with defined standards and processes for handling cyber security threats and incidents. This is a vital step in strengthening Malaysia's cyber defences and enhancing our nation’s resilience against emerging threats.
12. Malaysia's digital landscape is also set to strengthen further with the recent amendments to the Personal Data Protection Act (PDPA) by ensuring the secure handling of personal data in commercial activities. The Ministry also intends to establish a Data Commission to further strengthen national data security.
Ladies and gentlemen,
13. The Ministry of Digital is steadfast in supporting more digital entrepreneurship development, especially in the areas in which Artificial Intelligence (AI) is a focal point and enabler.
14. We are committed to becoming a regional AI leader. Our National AI Roadmap outlines a strategy to integrate AI technology across various sectors. To ensure AI responsible development and use of AI, the government will soon introduce a comprehensive AI governance framework and code of ethics. Additionally, the ministry will establish a National AI Office and an AI Safety Institute to support this vision.
15. As Malaysia continues to attract global tech giants like Google to establish data centres here, it reinforces that we have the essential components to become a hub for AI development.
16. In bridging the gap between emerging companies and global investors, the Ministry strives to attract foreign venture capitalists (VCs), foster local establishment of foreign tech companies, and strengthen the region's tech ecosystem, thereby driving impressive valuations and economic growth.
17. This is done through collaborating with various ecosystem partners, and actively engaging with VCs that are interested in establishing a regional presence here.
Ladies and gentlemen,
18. I am glad to see the PACE Bootcamp is adopting an approach to expose more of our entrepreneurs to AI and to develop more companies that can leverage the booming industry.
19. MyDIGITAL Corporation, an agency under my ministry, is partnering with this bootcamp to provide mentorship and support for tech startups and university startups.
20. I am confident that similar initiatives will attract global talent, boost investment, and drive innovation, thereby strengthening Malaysia’s tech ecosystem and supporting the growth of local tech companies.
21. More important than the innovative companies emerging in Malaysia is the talent developed along the way. We've seen senior leaders and early employees of Grab become notable entrepreneurs themselves. This showcases the essence of entrepreneurship, where successful individuals support their peers and pay it forward.
22. I am delighted to see some of the mentors committed to being part of PACE Bootcamp, including unicorn founders and industry experts, coupled with well-known individuals to deliver the program.
23. With this, it is my great pleasure to officiate the first PACE Bootcamp by Artem in partnership with some notable important ecosystem players including Google, MYSTARTUP/ Cradle, MyDIGITAL Corporation, Grab GX Bank, Digital Penang, WAHED Ventures, XA Network and Digital News Asia.
Thank you.
