Futurise Impact Report 2018-2020 charts its National Regulatory Sandbox achievements
By Digital News Asia June 1, 2021
- Creating better future in driving economic opportunity, supporting innovation
- Impactful job creation opportunities through various programmes, initiatives
Futurise today released the Futurise Regulatory Summary for Stakeholders (FiRST) as its inaugural Impact Report (2018-2020), which highlights the company's key role in leading the National Regulatory Sandbox (NRS) and as a public policy advisor for industry and government in shaping the Future Economy.
The NRS provides a forward-looking approach to regulation, allowing minimal barriers by creating a controlled regulatory testing environment.
Since Futurise’s inception in 2018, regulation intervention, innovation strategies and ecosystem expansion have been key factors towards ensuring the success of the NRS initiatives which have had the impact of contributing towards more than 4,000 jobs created, claims Futurise, solely within the NRS Labs over the span of three years.
“We are continuing to make significant milestones throughout 2021 to create a better future in advancing economic opportunity, supporting innovation growth, expediting regulatory intervention to solve data sharing issues and reducing our reliance on foreign labor,” said Mahadhir Aziz (pic), CEO of Futurise.
Driving the drone ecosystem
Ranked 24th in the world by Drone Industry in 2019 in the development of drone technology, Malaysia is poised to be positioned as one of the key players in the Asian region.
Here Futurise points out that the drone regulatory work it has been involved in has seen significant strides made with a projected 5,000 jobs created within the next five years.
One of the outcomes from the NRS Labs was the setting up of Malaysia’s first Drone Testing Zone (DTZ) announced on 1st July 2019 during Futurise’ signature event, MyDroneX. Located in Cyberjaya, drone players are given the opportunity to test their innovations in a safe and controlled environment to help spur industry in the long run. To date, more than 216 flights with more than 432 total flight hours have occurred at the DTZ.
Cheong Jin Xi, founder and CEO of Poladrone, which operates from Futurise, describes it as being a, “stalwart supporter of the drone revolution in Malaysia.”
Covid spurs gig opportunities in childcare
With the effect of Covid-19 pandemic resulting in economic hardships, there was an emergence of opportunities for gig workers from the Mobile Childcare Services initiative that projects a creation of more than 23,000 job opportunities for retrenched and gig workers within a 5-year time frame.
Impacting the current 20,000+ certified JKM caregivers, Futurise’ role was to develop and provide a Standard Operating Procedure (SOP), approved by the Public Welfare Department or JKM (its Bahasa Malaysia acronym) to ensure that minimum standards are complied by mobile child care providers as well as addressing public safety gaps.
Autonomous vehicles testing gears up
In Q4 of 2020, Cyberjaya Malaysia Autonomous Vehicle (MyAV) Testing Route, developed together with the Ministry of Transport (MOT) under the NRS autonomous vehicle initiative was approved which in turn catalyzed the creation of between 200-250 high skilled jobs in the areas of robotics & electrical engineering, programming, machine learning, AI, and traditional automotive engineering amongst others.
Futurise also took the lead in developing the first testbed for Autonomous Vehicle testing in Cyberjaya consisting of two routes with the aims of supporting industry players in testing and collecting relevant data. Since January 2021, the test loop has been used on an average of three times a week, within the stipulated approved route in Cyberjaya, with a total AV testing of 480km.
Futurity meets Academy of Sciences Malaysia’s i-Connect
In a partnership between Futurise and the Academy of Sciences Malaysia (ASM), Futurise’s proprietary open innovation platform (Futurity) is to be effectively utilised for ASM’s i-Connect programme, so that suitable innovation within the programme can be recorded on the platform for possible matching against potential solutions as well as potential channeling into the NRS programme.
Helping government, govern smarter
As for as working with government, the most promising collaboration is in the NRS Lab on Digital Stamping in an effort to accelerate the government's digital delivery services. The outcome from this lab has the potential impact of moving more than 5 billion offline transactions, online – affecting more than 10 million users both from the public and private sector, with a potential RM6 billion stamp duty collection.
When sports meets the NRS lab
One area of collaboration that may seem surprising is Futurise working with the National Sports Institute of Malaysia (ISN) in looking towards the regulatory framework needed within the sports sector, sports technology and advancements that can potentially allow a new ecosystem to be established. It is in early talks with an ISN partner to explore how the regulatory environment can be hacked to create a more dynamic ecosystem.
The Futurise Regulatory Summary for Stakeholders (FiRST) can be downloaded here.