Weekly Digital News Roundup
Morph Digital
Morphing businesses with data-driven strategies to the forefront of the global market
Welcome to another round of Morph Digital’s Weekly Digital News Highlights - where you will get the latest insights and happenings in the digital world throughout Malaysia, Asia, and the world. Keep checking in weekly to know the latest news in the digital scene.
Boost Bank Launches as Malaysia's First Homegrown Digital Bank
Malaysia's first homegrown digital bank, Boost Bank, has officially launched, offering seamless account opening via its e-wallet app. Targeting the underbanked and unbanked, the app provides robust security features such as ‘Freeze Account’, ‘Device Binding’, and a 24/7 fraud hotline. Strategic partnerships with retailers like CelcomDigi and MYDIN offer users rewards and savings. Boost Bank introduces the “Platinum President” loyalty rank, providing promotional interest rates up to 3.6% p.a. Deposits are insured by PIDM up to RM250,000. Prime Minister Anwar Ibrahim supports this initiative, emphasizing its role in enhancing digital and financial literacy.
Malaysia Expands DE Rantau Programme to Attract Diverse Digital Nomads
The Malaysia Digital Economy Corporation (MDEC) has broadened its DE Rantau programme to include a wider range of professions, aiming to make Malaysia a prime destination for global digital nomads. Originally for IT professionals, the DE Rantau Nomad Pass now welcomes founders, CEOs, tax accountants, and more, with a minimum income requirement of USD 60,000 annually. As of May 31, 2024, the programme has 3,096 applications from 78 countries. Additionally, the programme includes parents as dependents and offers support from partners in co-working, healthcare, accommodation, and more. Upcoming community events include the Scale Summit @ Langkawi and DE Rantau Fest 2024.
Governments Worldwide Are Transforming Public Services Through Digital Infrastructure
Governments globally are enhancing their digital infrastructure to deliver innovative and inclusive e-services. Shenzhen, one of China’s most efficient cities, has successfully migrated over 230 core services to the cloud with Huawei's help, reducing enterprise registration times to under one minute. Huawei's involvement in over 120 countries has facilitated digital government transformations, particularly in healthcare and education. For instance, Serbia's Ministry of Education has created smart classrooms, and China's Ningxia University developed an intelligent teaching ecosystem. In healthcare, Huawei's solutions have streamlined medical processes in Shenzhen and Shanghai, showcasing the vast benefits of digital transformation.
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Malaysia Introduces Tax Incentive Scheme to Boost Digital Companies
The Malaysia Digital Economy Corporation (MDEC), supported by the Digital and Finance ministries, has introduced a new tax incentive scheme for Malaysia Digital (MD) companies. This scheme offers benefits to companies leveraging technologies like AI, cybersecurity, and blockchain. Eligible companies can receive corporate tax rate reductions on intellectual property (IP) and non-IP income, as well as Investment Tax Allowance (ITA) for capital-intensive activities. This initiative, aligned with Budget 2024, aims to strengthen the economy by fostering high-growth sectors, attracting global talent, and positioning Malaysia as a leading digital hub in ASEAN.
The Launch of Southeast Asia’s First Fully 5G-Connected Factory Showcases the Future of Smart Manufacturing
Huawei Technologies and Midea have opened Southeast Asia’s first fully 5G-connected factory in Thailand. The facility, one of the region's largest air-conditioner manufacturers, leverages 5G, AI, big data, and cloud computing to enhance efficiency and reduce production errors. This digital transformation aligns with Midea's strategy of full digitalisation and has improved operating efficiency by up to 20%. The factory employs 5G-enabled automated guided vehicles for seamless transport and AI for quality inspection, significantly boosting productivity. Huawei's involvement underscores the pivotal role of 5G in driving industry innovation and transformation.
These are the highlights we found interesting last week. Do you have any news you want to share? What news caught your attention? Share your thoughts in the comments!
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