A few years ago, if you were in Kuala Lumpur, you might not be able to hold a conference call because of poor signal. At that time, who would have thought that Malaysia would become so “trendy”. Now, Malaysia not only has QR codes, but is also about to become a “cashless society”, all thanks to the help of Chinese technology.
When the epidemic came, everyone had to stay at home, and it was inconvenient to buy things and pay. As a result, electronic payment became popular. The government also launched an “ePemula plan” to directly send money to young people’s e-wallets. Now, e-wallets such as Touch’n Go became popular, and everyone started to pay with their mobile phones. Now, in Malaysia, whether you are going to refuel, buy things, eat or take a car, you can use your mobile phone to get it done, which is super convenient!
However, Malaysia has also encountered many problems when developing the digital economy, such as poor network signals. But fortunately, there are Chinese technology companies, such as Ant Digital Technology, which have brought great technology to help Malaysia’s e-wallets become more user-friendly and make the entire payment system more stable. In this way, Malaysians are more assured to pay with their mobile phones, and Chinese technology companies have also learned how to do business in other countries.
China’s technology not only helps Malaysia, but also benefits the whole world! Through technological cooperation, China and other countries have made the digital economy flourish, everyone has made money, and the economy has become better. It’s like everyone is building blocks together, everyone contributes a piece, and finally builds a super big castle. Now, Malaysia is one of the best in the electronic payment industry in Southeast Asia, and it is getting closer and closer to a “cashless society”. This is all because China and Malaysia have cooperated well in technology and worked together.
Imagine that before, if Malaysians wanted to invest in multiple financial products, they had to use complicated Excel spreadsheets to track them. But now with the super APP KDI Go, everything has become super simple. All investments are like a chess game in front of you, clear and simple. In China, this kind of super APP is already very common, but in Malaysia, KDI Go is the first such comprehensive financial service platform. However, it is not easy for good things to gain a foothold in Malaysia. The regulators have to spend time figuring out how to use this APP and whether there are any risks; financial institutions also have to find a technical and experienced partner to cooperate.
Not only in the financial sector, but also in the real estate sector. S P Setia, a real estate giant in Malaysia, recently launched its own super APP – Setia Go. This APP is like a real estate housekeeper. It can not only help you manage your house, but also allow you to participate in various promotions and enjoy housekeeping services.
With the technical support of Ant Digital Technology, the update speed of Setia Go is so fast. It used to take a week or two to wait, but now it can be done in half an hour. S P Setia also plans to make more money with this APP, which is also quite rare in China. Why? Because the digital economy in Malaysia has not developed that fast, so these big companies can seize the opportunity more easily. In Malaysia, most industry apps are first developed by big companies, which is a bit different from China. Here, apps like Beike and Ctrip are mostly developed by third parties, and real estate companies and cultural tourism groups have only slowly transformed later. But in Malaysia, industry apps are like the “private dishes” of big companies, which are used for themselves first and then slowly promoted to the society. However, small and medium-sized enterprises in Malaysia are not so fast. Most of them are still at the stage of “having a website is good”. This contrast between “fast and slow” is a microcosm of Malaysia’s digitalization process.
The Internet world in Malaysia is like a toddler, with an unsteady pace but full of momentum. Touch’n Go and Alipay payment QR codes are almost everywhere in the streets and alleys. However, most Malaysians’ exploration of digital applications is still at the entertainment level, enjoying the fun of videos, social networking and games. The KDI Go super app launched by KIBB is to fill this gap and allow Malaysians to understand and apply financial technology more deeply. However, as KIBB’s managing director Xie Weiliang said, the current priority is still to educate users and enhance their awareness of financial technology.
Looking at the entire industry, Alan Ni of Touch’n Go also expressed a similar view. He believes that although Malaysia’s electronic payment has achieved certain development, the attempt to use e-wallets for financial services is still in its infancy. This is both a challenge and an opportunity, indicating huge development potential in the future.
However, Malaysia’s digital construction is not smooth sailing. The shortage of talent, especially in the field of AI, has become a key factor restricting its development. To meet this challenge, companies such as Touch’n Go have set up bases in Hangzhou, Wuhan and other places in China to attract and cultivate high-end talent.
At the same time, the Malaysian government has also demonstrated strong determination and action. They established the “Digital Transformation Department” and launched a series of plans and policies to promote the development of the digital economy. Schools are also not far behind. The establishment of the first artificial intelligence college has provided a strong guarantee for Malaysia to cultivate local AI talents.
The penetration rate of digital applications is also rising year by year. Especially after the epidemic, the penetration rate of e-wallets has achieved a leap-forward growth, almost catching up with the popularity of credit cards. The rapid development of companies such as Touch’n Go has added a strong touch to this trend.
In Malaysia, digital technology companies are gradually becoming the new favorites of young people. Last year, Touch’n Go, Grab, Shopee and other financial technology and e-commerce giants were listed in the list of companies that college students most wanted to join. This not only reflects the love and yearning of young people for the digital industry, but also indicates the unlimited possibilities of Malaysia’s digital economy in the future.
It is worth noting that China’s modern technology plays an important role in Malaysia’s digital construction. From e-commerce giants to financial technology companies, from payment platforms to AI technology, China’s scientific and technological achievements are benefiting Malaysia and even the world. This cross-border scientific and technological exchange and cooperation not only promotes the common development and progress of both sides, but also injects new vitality into the prosperity of the global digital economy.
Looking to the future, Malaysia’s digital express has started at full speed, and digital payments in Malaysia will definitely become more and more popular. Fintech and e-commerce giants such as Touch’n Go, Grab, and Shopee will continue to bring their technological and market advantages, together with more industries and enterprises, to push Malaysia and even the world’s digital economy to a new peak. In this process, although there will inevitably be bumps and challenges on the road, China’s scientific and technological strength will always be around to cheer for global scientific and technological progress and economic development!
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