RM500 Million Investment Poised to Boost Malaysia’s Digital Economy Through Finran and MDEC’s Collaboration

October 28, 2023

In an unprecedented partnership, Finran has collaborated with the Malaysia Digital Economy Corporation (MDEC) to spearhead Malaysia’s digital transformation at the prestigious GITEX Global 2023 event in Dubai. This significant endeavor was graced by the presence of YB Fadmi Fadzil, Malaysia’s Minister of Communications and Digital, underscoring the profound importance of this collaboration in shaping Malaysia’s digital future.

At the core of this collaborative effort lies the formal exchange of a Memorandum of Understanding (MoU) between Finran and MDEC. This MoU signifies a dedicated commitment to a shared vision that focuses on propelling the growth of digital technology in both the Commonwealth of Independent States (CIS) Region and Malaysia.

This partnership is underpinned by a set of clear-cut objectives and goals that reflect unwavering dedication to advancing digital technology. Together, Finran and MDEC are actively working to promote and support the widespread adoption of digital technology among companies and organizations in the CIS Region and Malaysia

A pivotal facet of this collaboration is the attraction of innovative CIS Technology Companies to venture into the Malaysian market, thereby catalyzing digital innovation. The collaboration seeks to nurture businesses from the CIS Region within the Malaysian market, facilitating their growth in parallel with Malaysian companies. Another central objective is to support the adoption of innovative technologies in Malaysia, fostering the upskilling of local talent and encouraging the development of innovative and scalable business models.

In the pursuit of these objectives, Finran and MDEC have clearly defined roles and responsibilities. Finran has taken on the responsibility of attracting CIS Technology Companies and facilitating their seamless integration with MDEC, ensuring a smooth landing and expansion in Malaysia. Moreover, Finran is charged with ensuring that the CIS Technology Companies align with MDEC’s promoted sectors and programs, including but not limited to Digital Tourism, Digital Trade, Digital Content, Digital Agriculture, Islamic Digital Economy, Digital Health, Digital Services, Digital Cities, and Digital Finance.

MDEC plays an active role in engaging with potential investors organized by Finran, thereby amplifying the prospects of investment into Malaysia. Additionally, MDEC takes on the role of disseminating Malaysia Digital initiatives to interest CIS Technology Companies, offering comprehensive support and facilitation for their investment ventures.

To broaden horizons and catalyze innovation, Finran extended invitations to over ten unicorn companies to partake in this pivotal event. These dynamic companies, celebrated for their innovation and transformative potential, converge to explore and collaborate within the vibrant setting of GITEX Global 2023.

Through this collaborative endeavor and the grand stage of GITEX Global 2023, Finran, MDEC, and their esteemed partners are poised to usher in an estimated investment value of RM500 million, bolstering Malaysia’s economic growth and fostering a thriving digital landscape.