KUALA LUMPUR – HSBC Malaysia and the Malaysia Digital Economy Corporation (MDEC) have signed a memorandum of understanding (MoU) focused on enhancing the adoption of technology among small-and-medium-enterprises (SMEs), large local businesses and multinational companies in the country.
The signing which marks the first MoU between both organisations, highlights the critical role of public-private partnerships in mitigating the adverse effects of COVID-19 on businesses in Malaysia by encouraging companies to embrace digitalisation.
Under the terms of the MoU, HSBC Malaysia will work jointly with MDEC to educate SMEs, large local corporates and multinational companies in the country to leverage technology to strengthen their businesses and facilitate greater convenience in their day-to-day transactions.
To achieve this, HSBC Malaysia and MDEC will collaborate on tailored marketing efforts and knowledge sharing initiatives. This will include the promotion and execution of events such as seminars, conferences and webinars.
Facilitating this corporate partnership is MDEC’s Global Growth Acceleration division, which has mobilised 571 homegrown tech companies to assist 42 corporations with their digitalisation endeavours since January this year. The technology solutions deployed range from fraud detection to automation of data entry and installation of sensors on machines to optimise plant operations.
As part of the collaboration, HSBC and MDEC will work together to identify targeted investments spanning businesses across multiple sectors including technology, healthcare, electronics, manufacturing, education and more from a host of countries including but not limited to China, the USA, the UK and Japan.
The initiative will be pivotal to thrusting Malaysia forward as a major global digital powerhouse. The agreement also includes, where relevant and necessary, providing advisory and other banking services to SMEs, large local corporates and multinational companies that are looking at entering the market or expanding their business in the country.
In tandem with the partnership with MDEC, last month, HSBC Malaysia organised a focus group discussion to discuss how government institutions and corporates can encourage the development of sustainable data centres to spur economic growth through the establishment of a public-private partnership.
A virtual roundtable was also organised earlier this month by HSBC in collaboration with MDEC to highlight how Malaysian corporates can benefit from digital opportunities and capitalise on technology to become more resilient and thrive through this season of change. The panel for the virtual roundtable consisted of industry figures from HELP University, DPO International, Taylor’s School, EcoWorld, iPay88 and RISE (MDEC’s innovation partner).