Malaysian Technology Development Corporation (MTDC) and Malaysia Digital Economy Corporation (MDEC), Malaysia's lead digital economy agency, recently signed a Memorandum of Understanding (MoU) to strengthen their alliance and collaboration to further catalyze the growth of Malaysian tech companies.

Given each partner's successful track record, which stretches back to 1992 for MTDC and 1996 for MDEC, both stand to earn substantial mileage. MDEC and MTDC will work together to establish technology-based entrepreneur development programs, as well as promote digital technologies and their adoption among startups, MSMEs, and SMEs, as part of the MoU.

It will also work to increase funding sources and facilitation for tech startups. The formation of a partnership between MDEC and MTDC would synergistically connect and strengthen corporate networks, ensuring maximum reach and impact.

MDEC's Chief Executive Officer (CEO) indicated that the collaboration's main focus will be on leveraging each organization's platforms and skills to help them achieve their goals.

The MDEC's programs under the Malaysia Digital and #SayaDigital initiatives, according to the CEO, would help to broaden the audience for the country's digitalization efforts. The agency will be able to expand its reach, efficiency, and influence on our IT ecosystem as a result of this MoU, boosting Malaysia's competitiveness in the digital economy.

He went on to say that the MoU's ultimate goal is to assist in the building of a thriving ecosystem in which Malaysian businesses thrive. The race to generate successful global champions is a shared duty, and Malaysia's holistic approach is evident in this MoU. He stated that with this initiative, they will be able to work together as a nation to advance the MyDIGITAL main objectives.

Meanwhile, MTDC's CEO stated that the MoU will serve as a platform for MTDC's Centre of 9 Pillars (Co9P) partners to cooperate with MDEC firms and partners. Members of the MTDC's Co9P community will support businesses in the areas of Industry 4.0 and digitalization.

The potential to collaborate with MDEC enterprises will be part of their Co9P expansion into other Malaysian regions, as well as an opportunity to strengthen ties with worldwide partners by delivering advisory services with MDEC as a strategic partner, he said.
My Digital is a government-led program aimed at transforming Malaysia into a high-income country that is focused on digitization and a regional leader in the digital economy. The Malaysian Digital Economy Blueprint lays out the steps being taken to achieve the myDIGITAL goal. This blueprint will evaluate the digital economy's contribution to the Malaysian economy and lay the groundwork for digitization across the country, including bridging the digital divide.

MyDIGITAL was created as a supplement to national development policies such as the 12th Malaysia Plan (12MP) and the 2030 Shared Prosperity Vision (SPV 2030). The MyDIGITAL program is also aligned with the United Nations' Sustainable Development Goals. To achieve SPV 2030, the digital economy has been identified as a key economic growth activity (KEGA). The goal is to develop Malaysia as a country that grows steadily and sustainably, with equal economic distribution and inclusive and equitable growth.