KUALA LUMPUR, Aug 29 — It is important for Malaysia to lead in digital adoption and digital entrepreneurship, as the global economy is now digitally powered and blockchain technology is rapidly driving innovation, said Malaysia’s special envoy to China, Tan Kok Wai.

He said the potential of blockchain was already gaining recognition in other countries in the region, with neighbouring countries looking at blockchain technology for remittance service as well as in agriculture, transportation, tourism, finance and government machinery.

“It is key that everyone adopts digital technology and takes advantage of technologies such as blockchain and various ways to implement it in both small and large-scale businesses,” he said in his keynote speech at the HwgPay Ecosystem Showcase here today.

Tan said the government was committed to introduce policies which would put Malaysia as an attractive prospect for high-technology and high value-added digital economy and industries in the region. 

“Strong public investment has led to rapid growth in the digital economy as the government has been modernising and digitalising its systems and processes throughout various agencies and departments.

“This has increased government productivity through the efficient use of resources, easier access to information, as well as wider and quicker service reach,” he said.

Tan said as an enabler, the government hoped to enhance innovative capabilities in creating home-grown technologies, products and services.

He noted that the International Data Corporation predicted that by 2022, more than 21 per cent of Malaysia’s gross domestic product would be digitalised against the current level of 18 per cent.

On today’s showcase, he said HWGG Capital PLC, a member of the Ho Wah Genting Group, had obtained the proper licences and also expanded both its development and adoption of blockchain technologies.

Through its efforts in creating a blockchain ecosystem, users can now access and handle their digital assets. 

Following the recent success of HWG Cash, there is now HwgPay app, a blockchain payment system with a wallet system that can be used to facilitate and enable digital assets payments to businesses. 

“This momentous occasion marks the advancement of blockchain technology in Malaysia, which will help the industry move forward,” he said. — Bernama

Source : www.malaymail.com/