MDEC’s Tech Adoption Summit sequel focuses on the impactful role of blockchain

• Blockchain is set to significantly boost Malaysia’s economic growth
• Event highlighted how blockchain enhances SME productivity, reduces costs

The Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead digital agency, has hosted the second edition of the Malaysia Digital Tech Adoption Summit, focusing on blockchain. The event, officiated by Wilson Ugak Anak Kumbong, Deputy Minister of Digital, reinforced the nation’s ambitions to position itself as the digital hub of Asean, in line with the Malaysia Digital (MD) national initiative.

Blockchain adoption in Malaysia has seen remarkable growth in recent years. As of 2024, over 840,000 Malaysians have opened accounts with regulated digital asset exchanges, and the sector saw US$5 billion (RM21 billion) in digital assets traded in 2021 alone, a significant increase from US$330.8 million (RM1.4 billion) in 2020.

[RM1 = US$0.23]

This technology is expected to contribute substantially to Malaysia’s economic growth, playing a crucial role in sectors such as digital finance, supply chain traceability, and public service transformation. Furthermore, the global blockchain market is projected to grow significantly, with an estimated US$69 billion market size by 2032.

According to MDEC, the Malaysia Digital Tech Adoption Summit provided a platform for cross-industry collaboration, bringing together business leaders, policymakers, and innovators to explore blockchain’s potential in driving Malaysia’s digital future. The event also highlighted Malaysia’s role as a critical enabler of Industry 4.0 transformation, fostering innovation and efficiency through emerging technologies such as blockchain.

Themed “Empowering Malaysia’s Digital Future Through Blockchain Adoption,” the summit emphasised blockchain technology's critical role in sectors such as finance, healthcare, and supply chain management. The technology’s ability to enhance transparency, security, and operational efficiency is vital for maintaining Malaysia’s competitiveness in the global economy.

The event showcased the potentials of blockchain and how it empowers SMEs by boosting productivity and cutting costs, while helping large enterprises scale more effectively. Key discussions covered the regulatory landscape, blockchain's role in innovation, and success stories from businesses that have leveraged the technology. Alongside knowledge-sharing sessions, the summit provided networking and business matching opportunities to foster collaboration between tech providers and enterprises, aiming to build secure, transparent, and efficient digital infrastructures for long-term growth.

The Malaysia Digital Tech Adoption Summit aligns with the broader goals of the nation, such as the MyDigital and Fourth Industrial Revolution (4IR) frameworks, which aim to increase productivity by 30% through technology-driven solutions.

MDEC emphasised that it remains unwavering in its commitment to driving technological advancement. By championing adoption and fostering innovation across industries, the company is not only accelerating the local tech landscape but also positioning Malaysia at the forefront of the region’s digital future. With strategic initiatives like this summit, MDEC stated that it will continue to pave the way for transformative growth, ensuring the nation’s competitive edge in the global digital economy.