MYCentre4IR and Bursa Malaysia launch Global Innovation Challenge to accelerate ESG adoption
By Digital News Asia August 8, 2024
- Five most promising ideas will receive pilot project funding opportunities
- Aims to uncover innovative solutions that address industry challenges
The Malaysia Centre for the Fourth Industrial Revolution (MYCentre4IR) has announced the launch of the Malaysia Centre4IR ESG Innovation Challenge (Innovation Challenge).
In collaboration with Bursa Malaysia and powered by the World Economic Forum's (The Forum) UpLink platform, this initiative invites startups and entrepreneurs from Malaysia and around the globe to submit their cutting-edge digital solutions aimed at enhancing the Environmental, Social, and Governance (ESG) efforts of five Malaysian Public Listed Companies (PLCs) namely CJ Century Logistics Holdings Bhd, Globetronics Technology Bhd, Malayan Banking Bhd, REDtone Digital Bhd and Sunway Innovation Labs (representing Sunway Group).
(An expression of interest was launched post an ESG Tech Based Innovation Workshop held at Bursa Malaysia and received interest from these five PLCs.)
Empowering innovators, driving change
This Innovation Challenge seeks to connect bright minds and promising startups with Malaysian PLCs in diverse sectors such as agriculture, construction, financial services, logistics and manufacturing. The challenge aims to uncover innovative solutions that address industry challenges, potentially increasing competitiveness and benefit businesses and the environment in Malaysia and beyond.
Strategic collaboration
Partnering with Bursa Malaysia, one of Southeast Asia's largest bourses, and powered by UpLink, The Forum’s open innovation platform, this challenge leverages the strengths and networks of these prestigious organisations.
The partnership with UpLink will enable the challenge to have global reach and attract high-calibre submissions from around the world. The Innovation Challenge aligns with Pillars 2, 4, and 5 of Bursa Malaysia’s Public Listed Companies Transformation Programme, as it promotes the development and adoption of technologies that further ESG principles whilst providing a valuable opportunity for PLCs to explore corporate venture capital practices. This initiative not only supports startups and entrepreneurs but also aids PLCs in becoming more sustainable.
PLC Transformation Programme by Bursa Malaysia is underpinned by five pillars, which includes:
- Creating Purpose and Performance-Driven PLCs;
- Being Sustainable, Socially Responsible and Ethical PLCs;
- Strengthening Stakeholder Management and Investor Relations;
- Being Digitally Enabled, and;
- Contributing towards Nation Building
Focus areas
With a focus on process automation and net-zero solutions, the Innovation Challenge centres on the following areas:
CJ Century Logistics Holdings Bhd
- Data collection for logistics fleet management
- Predictive model for data analysis and sustainability planning
Globetronics Technology Bhd
- Efficiency improvement in manufacturing
- AI-assisted virtual production assistants
Malayan Banking Bhd
- Building climate resilience: Opportunities in climate mitigation and adaptation
- Waste to wealth: Helping SMEs generate savings on their recurring waste costs
REDtone Digital Bhd
- Leveraging Internet of Things (IoT) for smarter Malaysian farms
- Unlocking AI's potential for Malaysian agriculture
Sunway Innovation Labs (representing Sunway Group)
- Preventative health and well-being
- Circular economy
Application and selection process
Applications are now open via UpLink and will close on 31 Aug. A panel of industry experts and representatives from MYCentre4IR, Bursa Malaysia, and the World Economic Forum will evaluate the submissions. The Innovation Challenge will culminate with a Demo Day at Bursa Malaysia on 7 Nov, where five of the most promising ideas will receive pilot project funding opportunities and access to a network of industry leaders and investors.
For more information about the Malaysia Centre4IR ESG Innovation Challenge and how to participate, please visit the challenge page here or contact [email protected].
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