HSBC Malaysia signs 1st MoU with MDEC to drive digital acceleration for businesses in Malaysia

HSBC Malaysia and the Malaysia Digital Economy Corporation (MDEC) signed a memorandum of understanding (MoU) aimed to accelerate the adoption of technology among small-and-medium-enterprises (SMEs), large local corporates and multinational companies in the country.

The collaboration 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. This will see both HSBC Malaysia and MDEC work together 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.

Together they will cooperate on tailored marketing efforts and knowledge sharing initiatives which will include the promotion and execution of events such as seminars, conferences and webinars.

In a statement, Stuart Milne, CEO of HSBC Malaysia, said the Covid-19 has intensified the need for businesses of all sizes to incorporate innovative digital solutions and strategies into their daily operations.

“HSBC’s partnership with MDEC will have farreaching benefits for SMEs, large local corporates and multinational companies in the country as it will help to create opportunities in times of adversity through the effective adoption of technology. Built on our shared commitment to enable the economy’s digital transformation, together with MDEC, we aim to amplify the integration of technology and fuel business growth in Malaysia,” Milne said.

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.

MDEC CEO Surina Shukri lauded HSBC’s proactive stance in supporting organisations to take the digital leap. She further encouraged Malaysia-based MNCs to join the effort to build the nation’s digital ecosystem and support local digitally-empowered businesses to grow globally.

“Corporations like HSBC possess market knowledge, resources, established networks, and the validation that companies aspire to attain, while the tech companies possess the agility and novel ideas that corporations value,” Surina said.

Surina further added that MDEC aims to harness these complementary strengths, which will not only advance the nation’s digital agenda but potentially lead to the creation of deep-tech  solutions in our backyard that could shape the way we solve the most pressing global issues.

“We look forward to fostering more corporate partnerships to attract digital investments to the country as this will also serve to augment Malaysia’s pursuit to be the Heart of Digital ASEAN,” Surina said.

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.

“With more than 130 years of history in Malaysia and an unrivalled global presence, HSBC is uniquely positioned to partner with clients as they look to establish and grow their presence both within and beyond the country. The MoU with MDEC reinforces our unwavering focus on helping businesses capitalise on opportunities and thrive in a fast changing world”, Milne added.

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.

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