MTDC’s Halal Tech Fund Firms Embrace Digital Solutions For Competitive Edge

In April 2022, the Malaysian Technology Development Corporation (MTDC) and Malaysia Digital Economy Corporation (MDEC) have signed an agreement aimed at fostering the growth of homegrown technology and digital companies. The Memorandum of Understanding (MoU) serves as a platform to expand technology-based development programs and promote the adoption of digital technology among Malaysian businesses.

Under the MoU, MTDC’s ecosystem companies and partners will have access to digital solutions provided by MDEC’s technology companies, enhancing their value-added services. Today, a joint program introduces MDEC’s Malaysia Digital Catalytic Programmes (PeMangkinMD) initiative, MD Tasree’, to MTDC’s ecosystem companies that have received funding from MTDC’s Halal Technology Development Fund (HTDF).

Twelve companies attending the program, mainly from the food and beverage and food manufacturing sectors, are poised to benefit from digitalisation, which is rapidly transforming the halal food sector, especially amidst the COVID-19 pandemic.

Under MDEC’s PeMangkinMD Islamic Digital Economy sector, MD Tasree’ will play a crucial role in promoting digitalisation of JAKIM’s Halal Assurance and Compliance, such as Halal Assurance System and Halal Traceability, under MDEC’s PeMangkinMD Islamic Digital Economy sector.

MTDC’s Chief Executive Officer, Ts.Tuan Hj Mohammad Hazani Hj Hassan, encouraged ecosystem companies to participate in Malaysia Digital programs, aiming to enhance digital capabilities and competitiveness while boosting the digital economy. By leveraging digital solutions, HTDF companies can tap into new revenue streams, meeting the growing demand for digital solutions in the halal market.

MDEC, Chief Executive Officer, Ts. Mahadhir Aziz, highlighted the importance of tech companies tapping into the Halal sector through PeMangkinMD initiatives like MD Tasree’. These efforts are crucial in bolstering businesses in the digital economy and the Halal market, contributing to Malaysia’s position as a digital hub in ASEAN.

The PeMangkinMD initiative was announced in April 2023 to equip the nation’s workforce with digital skills, spur technological innovation, and attract foreign investors. The MD Tasree’ initiative offers MTDC’s HTDF companies the opportunity to play a leading role in the global digital revolution and expand their market reach through the exportation of halal products.

With Malaysia’s halal industry projected to expand significantly by 2030, initiatives like MD Tasree’ are poised to drive the future of Malaysia’s halal landscape, contributing to the country’s economic growth and positioning in the digital economy.

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