MPC, FUTURISE TEAM UP TO FACILITATE IMPLEMENTATION OF MYDIGITAL REGULATIONS

KUALA LUMPUR, April 7 -- Malaysia Productivity Corp (MPC) and Futurise Sdn Bhd are collaborating to facilitate the implementation of regulations stipulated in the Malaysia Digital Economy Blueprint 2021 (MyDIGITAL).

In a statement today, MPC director-general Datuk Abdul Latif Abu Seman said the rapid development of new technology requires Malaysia to be updated with necessary regulations that meet the demand of businesses.

"The establishment of this reciprocal working cooperation enables MPC and Futurise to foster a close and cordial relationship to work on regulatory improvements and reforms.

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"Both agencies will formulate a code for cooperation in accordance with their jurisdictions on regulatory works and functions through agile regulation approach," he said in a joint statement today.

In addition, the parties will also coordinate and establish cooperation plans and actions in the areas of governance, work processes, reporting and data exchange.

Abdul Latif said improvement and reform through regulation approach is critical, especially with the global economic fallout due to the impact of the COVID-19 pandemic.

"We are also looking into the time taken to process and develop new regulations. Normally, it takes time for new regulations to be approved.

"Agile regulations enable regulators to develop regulations suitable with the current and future needs of businesses," he said.

Hence, Abdul Latif said it will require policymakers and regulators to change their delivery of regulation and quickly adopt digital technologies to reduce regulatory burdens that may hinder businesses to enhance productivity, innovation, and competitiveness.

"The challenges for regulators and policymakers are to use new technologies such as algorithmic market surveillance, automated data collection about service performance, and to design effective regulations that can achieve high compliance.

"Agile regulatory enable a reduction in unnecessary regulatory burden for businesses and reduce the cost of doing business, which is crucial in attracting and maintaining existing investors," he added.

The MPC is a statutory body under the Ministry of International Trade and Industry while Futurise is a company under the Ministry of Finance that focuses on innovation, regulation and commercialisation.

-- BERNAMA