Malaysian Technology Development Corporation (MTDC) and the World Logistics Council Limited (WLC) have reportedly committed to a Memorandum of Understanding (MoU), in order to launch the Multi-Dimensional Digital Economy Application System (MDDEAS) in Malaysia. The system will be introduced with the help of local tech companies, which will be responsible for virtually linking different businesses in the Asian country with their multinational trading partners. This integration is expected to deliver greater operational efficiency and improved security while performing trades.
Tan Sri Abdul Rahman, chairman at MTDC, stated:
“This collaboration marks another milestone for the companies in MTDC’s ecosystem as MDDEAS can better connect our local SMEs to global markets through a seamless borderless digital marketplace and create tremendous market expansion opportunities. MTDC in its role as the strategic enabler for I4.0 for local SMEs will identify those SMEs who can benefit from the MDDEAS tools. It is important to do all this in a new digital format.”
The development of MDDEAS is based on the combination of several product and process innovations that use the latest and most innovative technologies, such as artificial intelligence (AI), Big Data analytics, and blockchain tech. These technologies are used to “de-risk” e-commerce processes, cut down operational expenditures, while enabling improved access to finance and insurance services, internationally.
Captain Samuel Salloum, chairman at WLC, noted that his firm looks forward to working on this project, which was introduced by Johor Corporation, whose vision and 10 years of research and development efforts have supported the development of the country’s digital economy.
Initiatives related to the advancement of the digital economy have now been adopted as “a key G20 Leaders’ policy directive and [have been extended to] more than 150 countries, 26 IGOs/ NGOs…. With the MoU signing, MTDC will apply its technical resources and strategic alliances to commercialize the platform benefiting Malaysia, ASEAN and their trade partners worldwide,” Salloum said.
The MoU is consistent with the Malaysian government’s Shared Prosperity Vision 2030, which aims to focus on high-impact businesses. The WLC intends to allow MDDEAS users to tap into the multi-trillion dollar global business-to-business (B2B) market.