As the first federal budget to be announced by the new administration, NEM Foundation and its subsidiary NEM Malaysia put in their comments on the matter.
Budget 2019 demonstrated the Government’s desire to restore Malaysia’s status as an “Asian Tiger”, but remain focused on institutional reforms, accelerating the nation’s economy, while at the same time prioritising the people's wellbeing.
Just as the Government aspires to “reshape the administration of this nation in a more developed, competitive and transparent manner”, NEM’s charter is to support organisations to improve transparency, prevent fraud and establish trust in their operations through blockchain technology.
“Touching on Industry 4.0, we move into an era of digital transformation powered by emerging technologies that are shaping the world, we welcome the Government’s move to initiate measures to accelerate the adoption of, and access to, disruptive technologies such as artificial intelligence and blockchain.
“This will have a truly transformative impact on Malaysian businesses and drive innovation, efficiency and productivity across industries.
Blockchain will impact how organisations in every industry manage their information and data in a cost-effective, efficient and secure way to benefit their customers,” said NEM.io Foundation Southeast Asia council member & regional head, Stephen Chia.
“We are committed to educating and increasing awareness among the private and public sector on how blockchain technology can protect sensitive information, improve efficiency in processes and transactions, reduce costs of doing business and ultimately, build trust among the public and in the economy,”Stephen elaborated.
“Moving forward to Funding Entrepreneurship, we agree with the Government’s stand that the private sector leads efforts to support local entrepreneurs and drive a creative and innovative entrepreneurial economy.
“We laud the move to make financing and funding more accessible to support new technology ventures while also focussing on efficiency in delivering such support, and matching funds from the private sector.
“NEM is already actively engaging and supporting local entrepreneurs and startups through awareness building, training and funding initiatives to help them on understand and develop innovative services and solutions using blockchain technology,” said Stephen.
“We are committed to making Malaysia a local and regional blockchain hub to benefit and create value for entrepreneurs, startups and organisations of all sizes, and stimulate innovation and creativity in the economy,” he added.
“As for Digital Economy, the announcement on regulating digital asset exchanges and Initial Coin Offerings (ICOs) in early 2019 highlights the Government’s foresight in nurturing a conducive platform for this nascent market to flourish, although there is still much clarity that is needed to develop the framework.
“We look forward to more detailed plans from the Government and welcome opportunities to share our knowledge, expertise and experience to work together to make this possible,” Stephen concluded.
“On the topic of Women in the Workforce, we welcome the Government's efforts to empower women in the boardroom and the workforce.
“While 36 per cent of the senior officers in the public sector are women, we laud the Government’s continued commitment in appointing women to more senior, managerial and decision-making roles, and we hope that this will be emulated by the private sector,” said NEM Malaysia director of Investment & Special Projects, Jasmine Ng.
“As a strong advocate for women in tech, we continue to enhance the knowledge and adoption of blockchain, while also encouraging women to explore the technology as a career or in their organisation.
“NEM Malaysia’s Women in Blockchain Asia initiative features local and global talented, successful personalities sharing and exploring opportunities in blockchain technology, which is rapidly growing here and around the world.
“While the technology is set to revolutionise the way we do business, it also has a role to play in encouraging social inclusion and empowering marginalised women,” Jasmine added.
“We also welcome the government's initiative in making workspaces more conducive and welcoming for working mothers' especially in the public sector.
“We would like to see more being done in the private sector, especially for women in technology and we look forward to more detailed plans by the government in making this possible,” she concluded.