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RESEARCH
receive remote healthcare. In the wake of the There has been a rise in fintech activity of late, rightly ANALYSIS
pandemic, a Malaysian tech startup, DoctorOnCall, has canvassing to be inclusive. After all, the marketplace TRENDS
offered a virtual health advisory platform for people to will adjust to new realities and fintech is already
consult doctors amid the coronavirus outbreak. adapting to these changes since the start of the
Innovation, being cited as one of the areas of emphasis pandemic. Perhaps, ultimately, the fintech
of Malaysia’s future health care system in the blueprint, companies who are able to tweak their solutions to
is now in full effect. Moving forward, solutions in solve today’s problems will emerge strong after the
telehealth and telemedicine will require the promise of crisis, according to Dato’ Ng Wan Peng, COO of
better data management and security. The public also MDEC.
expects platforms for these purposes are designed to
protect the safety of all personal data. Internationally, Concurrently, the present observation is that digital
organizations involved in contact tracing apps or payment players that service e-commerce platforms
devices have ensured all data collected will be stored have a strong position in this MCO scenario. This is
privately and anonymized on their platforms. Their due to the surge of online purchase brought about by
approach also includes the data being held in trust until millions of Malaysians who are staying at home.
requested by relevant local authorities who will, with
their respective contact tracing protocols, choose to As businesses and consumers turn to digital banking
contact users. services, traditional financial institutions will be
compelled to hasten their digital innovation efforts.
E-Learning Consequently, many traditional banks may seek fintech
to bring more inclusive digital banking solutions to the
90% of future jobs will require digital literacy. However, economy. This will, possibly, make the visit to a bank
the world has fast-forwarded to the future in a matter of an increasingly rare occurrence.
weeks. The call for schools, institutions and universities
worldwide to instantly begin offering virtual learning Recovery with the Digital Economy
options is gaining momentum. Malaysian institutions We may be bent by COVID-19, but we will not be
offering online courses in areas such as cybersecurity, broken. At a dialogue session organized by Ministry of
data analytics, coding, artificial intelligence and other Finance (MOF) and Ministry of Science, Technology,
digital skills, have received very good response.
and Innovation (MOSTI) recently, discussions focused
Meanwhile, many varsities have shifted to online on engaging our local tech startups and tech funding
classes to minimize the spread of infection, said agencies. Such efforts from the government and its
Universiti Malaya’s Academic Enhancement and agencies show strong commitment to continue to work
Leadership Development Centre (ADeC) e-learning and find ways how it can help mitigate the negative
Head, Dr Zahiruddin Fitri Abu Hassan. To ensure impact of COVID-19 on various communities.
effective learning continues, institutions in Malaysia Over the past weeks, the Malaysia Digital Economy
offering online courses include MDEC’s Premier Digital Corporation (MDEC) has collaborated with various
Tech Institutions (PDTIs). industries and ministries to bring tech assistance to
businesses and entrepreneurs whose source of income
Fundamental challenges prevail in e-learning, all of have been affected by the pandemic and MCO.
which need to be addressed if Malaysia wishes to
accelerate the digital economy. In a recent report by a In line with the government’s announcement of the
local newspaper, Professor Dr Abdul Karim Alias, People-Centric Economic Stimulus Package
Director of the Centre for Development of Academic (PRIHATIN) and the subsequent enhancements,
Excellence (CDAE), Universiti Sains Malaysia (USM) MDEC launched the #DigitalVsCovid movement to
states that there is a dire need for an efficient system to support businesses and consumers by providing a list
be developed. He stresses on the challenges like the of e-services, e-learning and e-businesses for their
experience and skill of those imparting education convenience, and to obtain information and benefit
online, the readiness of connectivity and devices, as from our digital ecosystem.
well as resistant mindsets towards adopting Malaysia may be in the thick of battle, but as a nation,
technology. This will be the next barrier to break.
we are prepared to emerge victorious as various efforts
Digital Banking Services and Fintech are made to accelerate the development of digital tools
and solutions and thus, hasten Malaysia’s healing. ◊
The population of the unbanked in Malaysia stood By Raymond Siva, CMO, MDEC
at 8% or two million of the country’s 24 million adults,
according to Bank Negara Malaysia (BNM)’s Financial
Stability and Payment Systems Report 2017.
Essentially, they are unserved or underserved.
9 April 2020: Social Commerce & Influencer Marketing: social shopping as the future of commerce