Futurise-National Sports Institute of Malaysia ink MOU to strengthen regulatory framework in Sports Technology Development
By Digital News Asia September 18, 2020
- Looking towards regulatory framework needed within sports market
- Malaysia soon to have potentially lucrative ecosystem, fuel new
Technology has changed the business of sports through various innovations. The use of technology has influenced the degree of creativity in its usage in sports and has transformed the world of sports quite significantly in the areas of eSports, measurement platforms for data, analytics and biometrics to name a few. Sports as the ultimate unifier amongst us that transcends geographical boundaries has even changed how fans engage and consume sports content – mostly relying on technology and innovations.
Today marks a significant milestone for Futurise Sdn Bhd (Futurise) in their collaboration with the National Sports Institute of Malaysia (ISN) via a Memorandum of Understanding (MOU) that was signed by ISN’s CEO Ahmad Faedzal Md Ramli together with Futurise CEO Mahadhir Aziz. It was witnessed by the Minister of Youth and Sports, Reezal Merican Naina Merican at the ISN INSPIRE 2020 launch in Bukit Jalil.
“In collaboration with ISN, we are looking towards the regulatory framework needed within the sports market, sports technology and advancements that can potentially allow a new ecosystem to be established. There is a need to ensure that there is a continuous effort in developing regulatory frameworks for sports be it the sports technological improvements, new guidelines or policy issues. There is huge prospect in the sports market that can be transformed into a potentially lucrative ecosystem in Malaysia, with technological advances,” said Mahadhir.
The MOU will see the two parties exploring and identifying potential collaboration towards building a sustainable business model and pilot innovative solutions within the sports technology space. While Futurise through the National Regulatory Sandbox (NRS), will work on exploring innovation-friendly regulatory approaches for emerging solutions and business models developed by ISN partners and ecosystem participants, ISN will be looking towards providing expertise in the area of R&D with regards to sports technology and innovation. Currently, Futurise is in a preliminary discussion with one of ISN’s partners to address their regulatory issues.
Mahadhir concluded that “The sports industry is incredibly diverse. In the very near future, the Malaysian sports market has the opportunity to be an ecosystem that will fuel new markets that attract investors entering the sports investment landscape. Futurise looks forward in contributing towards the strengthening of technology innovation in sports for Malaysia and we look forward towards a fruitful partnership with ISN.”