Malaysia is ready to face the digital economy — expert

KUALA LUMPUR: The digital economy is an emerging trend in the global business landscape, with an increasing number of organisations, businesses and investors adopting it.

The digital economy refers to one that is based on digital computing technologies and is expected to be the way future business is conducted. The methods used have been proven to be more effective in terms of cost and time, when compared to the traditional way.

In the journey towards becoming a developed country by 2020, Malaysia has embraced many strategies, including the shift towards the digital economy, to remain competitive and relevant to the modern business environment.

BNY Mellon’s head of Global Client Management for Asia Pacific, Gregory T Roath said Malaysia was on the right track, in terms of awareness and interest in the digital economy, or also knows as the Internet economy.

“Talking to the clients we have (in Malaysia), such as pension funds, they are ready (to embark on the digital economy) and are talking to us (about it) to gain an understanding to what BNY Mellon is doing (regarding the development of digital economy) and how it would benefit them.

“In fact, some of our clients in the region have visited our innovation centres, including the one in the Silicon Valley.

“The level of awareness among Malaysian businessmen regarding the digital economy is very high at present, comparable with other top organisations across the region, with respect to their understanding of technology and interest in adopting the latest technologies,” he told Bernama.

Founded in 1784, BNY Mellon is the oldest bank in the US. It has became at present a global investment company, which largely serves two areas, namely investment services, which is generally about servicing assets, and, investment management, towards managing those assets.

Roath said BNY Mellon has the means to really drive the innovations changing the way people work and think.

“Globally, we have established nine innovation centres. Each centre focuses on different aspects of modern technology trends.

“We use the innovation centres, not only for internal purposes in terms of changing our own behaviour, but also engaging our clients. We have our clients come and visit (the centres) and collaborate, work on particular projects together,” he added.

In implementing the digital economy, he said one of the challenges is to understand, adapt and recognise changes, as well as study the impact it would bring to clients and BNY Mellon itself. — Bernama