Futurise inks MOU with Korea Development Institute towards sharing knowledge, running co-research

• Understanding regulation around autonomous vehicles & online healthcare tech
• Gain knowledge from regulators on how regulations & innovation can function

Futurise Sdn Bhd (Futurise) today announced a cooperation and collaborative effort with Korea Development Institute (KDI) towards promoting knowledge sharing and to pursue co-research activities on key areas of common interests. The collaboration includes the design and management of sustainable regulatory sandbox programmes and open innovations platforms. 

The Memorandum of Understanding (MOU) outlines the purpose of cooperation to foster expansion of knowledge and expertise in the areas of regulatory sandbox operations that also includes research and development (R&D) initiatives. Both parties are to gain better understanding of the impact of technology on the economy and society. The cooperation also looks towards discussions to anticipate future needs for regulatory framework for both countries.

“Many development challenges are common across the world but the solutions to them usually remain localised. This collaboration is looking towards solutions that can be adapted, scaled up or replicated depending on the community and the ecosystem. With this effort we are able to bring resources together that will lead to the overall goal of creating a conducive environment for knowledge creation both for Futurise and KDI.” says Futurise CEO, Mahadhir Aziz.

Dr Jungwook Kim, Director of the Centre for Regulatory Studies at KDI, explains: “We are looking forward to conducting joint research programmes on the regulatory sandbox focusing particularly on the anticipated future trends for innovation and emerging technologies with Futurise.” 

“At the initiation stage of the collaboration, Futurise and KDI will be focusing on an in-depth understanding of regulation surrounding Autonomous Vehicles (AV) and online Healthcare technologies implemented in both countries and the impact to society” Mahadhir adds. 

In December 2020, Futurise announced the approval of the Cyberjaya Malaysia Autonomous Vehicle (MyAV) Testing Route that was developed together with the Ministry of Transport (MOT) under the National Regulatory Sandbox (NRS) initiative. 

For the AV technology, the main outcome of the collaboration will be revisiting and updating the current MyAV Testing Route guideline with accordance to current regulatory and technology trends as well as best practices in South Korea. The improved guideline will be the point of reference at the national level, that can be adopted and mobilised at other locations in Malaysia. The collaboration with KDI is to spur the adoption of autonomous vehicles in Malaysia.

In terms of online healthcare, the unprecedented pandemic has opened a ‘floodgate’ of ideas relating to the delivery of healthcare services during the Movement Control Order (MCO) period. To date, there are many online health service (OHS) providers in Malaysia that offer limited healthcare services. Due to restricted Acts and Laws in Malaysia, some of the services can only be performed at the hospital premises. It is expected through this collaboration, Futurise and KDI will acquire knowledge from the respective regulators on how regulations and innovations can function in ‘tandem’.  One of the goals of the collaboration for online healthcare services is aimed at the area of regulatory impediments on healthcare services.

Under the framework, part of the plans and initiatives will include activities such as joint workshops, seminars aimed at sharing knowledge and exchanging information, and consultation in the interest of identifying additional areas such as artificial intelligence, data sharing, circular economy and many more.