Futurise welcomes complementary NTIS initiative to further invigorate Malaysia’s Economic Recovery Plan
By Digital News Asia June 8, 2020
- Tech, innovation, regulatory & commercial aspects in shaping recovery
- Work together with Mosti on encouraging innovation & new inspiration
With the objective of generating an economic revival and recovery effort for Malaysia, Prime Minister Muhyiddin Yassin announced on Fri, the National Economic Recovery Plan or PENJANA going by its Malay language acronym. A comprehensive stimulus package impacting industries and businesses, PENJANA is Malaysia’s signal to the world that the country is open for business.
Stressing the importance of innovation and new inspiration as crucial factors towards revival of the economy post Covid-19, Futurise Sdn Bhd lauds the establishment of The National Technology & Innovation Sandbox (NTIS).
[Para edited for accuracy.]
Futurise is a wholly-owned subsidiary of Cyberview Sdn Bhd, under the Ministry of Finance that focuses on innovation, regulation and commercialization.
Stressing that this comes at an opportune time when Malaysia is establishing new norms due to the unprecedented pandemic, Futurise emphasises that in shaping the future of Malaysia through recovery initiatives, technology, innovation, regulatory and commercial aspects are critical in building global champions in Malaysia, against the backdrop of the pandemic and IR4.0.
“It’s in our DNA that we work with startups and the ecosystem within the innovation space. We are excited to be part of the Technology Innovation Sandbox working on a very important pillar, the regulatory part, in our effort to contribute in regenerating the Malaysian economy via new inventions and innovation,” said Mahadhir Aziz (pic), CEO of Futurise.
Futurise stresses that the partnership between private and public sector will be a key cog in the economic recovery to bounce back and create a dynamism for both social and economic benefits.
“The National Regulatory Sandbox (NRS), led by Futurise and the National Technology & Innovation Sandbox (NTIS) are well positioned to encourage more homegrown innovation and solutions to be commercialised through required and applicable regulatory intervention,” says Mahadhir.
He also adds that Futurise is looking forward to working with the Ministry of Science, Technology and Innovation (Mosti) and its agencies on the initiative to encourage innovation and new inspiration that can propel not only the digitisation of service delivery but also other aspirations.
Well aware that regulations have always been a big part of the hurdles around technology and business models, the National Regulatory Sandbox was launched in 2018 where Futurise was given the mandate by the Government to drive the initiative to explore innovation-friendly regulatory approaches.
Bringing the various stakeholders together under the NRS allows innovators to engage with regulators while focusing their energy and resources on finding a market fit for their product and validating business models.
To date, Futurise is working together with the Civil Aviation Authority of Malaysia (CAAM), various agencies and industry players to test innovations in drones as well as produced Autonomous Vehicles Trialing Guidelines in Cyberjaya with the Ministry of Transport of Malaysia for autonomous vehicles testing on public roads.