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MALAYSIA: GOVT LOOKS AT DIGITAL INITIATIVES TO MOVE FORWARD

KUALA LUMPUR, Malaysia The new Pakatan Harapan-led government is looking at the digital initiatives mooted by the previous Barisan Nasional government to move the industry forward.

I can’t say what the (the initiatives) are, be it some aid or incentives, but yes, we are looking into that because this is the way to move (the digital industry) forward, said Deputy Finance Minister Amiruddin Hamzah.

Asked on whether the government would continue the current mechanisms for the digital economy initiated by the previous government, he said: We will see… I think reforms have to be made and we will look at what the government can do to help to move the industry ahead.

Speaking to reporters after launching the 10th BankTech Asia Conference and Exhibition here today, Amiruddin also said the Finance Ministry would look at special requirements when it undertakes a review of the New Economic Policy (NEP) and reflect that in the 2019 Budget proposals, scheduled to be tabled in Parliament on Nov 2.

The budget agenda will see us paying attention to the promises made in Pakatan Harapan’s (election) manifesto, Amiruddin said.

The deputy finance minister also reassured that NEP’s Bumiputera agenda would not be abolished.

However, assistance will be given to the needy, regardless of race, he said.

Economic Affairs Minister Mohamed Azmin Ali was reported as saying yesterday that the government would review the NEP to ensure that it fulfilled the needs of the people and the direction of Malaysia’s socio-economic development.

On regulations for local financial technology (fintech) startups, Amiruddin said it should be balanced between regulating and giving a freehand to startups.

Definitely, we need regulations for fintech startups, but some leeway and flexibility have to be given to not obstruct their innovation.

Bank Negara Malaysia (BNM) also needs to ensure that (cyber) security would not be compromised, he added.(BNM is Malaysia’s central bank)

Source: NAM News Network

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