KUALA LUMPUR, Aug 11 2017 : Mobile applications (apps) are set to create more business opportunities for Malaysian youths under the National Transformation Programme (NTP) by enabling them to tap the vast business opportunities being generated by innovations in financial services.
Malaysia University of Science and Technology chief executive/ president, Dr Premkumar Rajagopal said unlike the developed countries, Malaysia’s financial technology (fintech) is still in its infancy, with tremendous opportunities remaining unexplored.
“Currently, there are only a handful of apps covering certain areas, such as bill payments and currency comparison, available in the country.
“But, almost all, are created by digital-savvy millennials,” he told Bernama recently.
He believed that more apps covering wider areas, ranging from investments, business bidding, to those which are able to settle the daily errands, would be developed in the near future to cater to the needs of people.
“Young people love getting things done online with less hassle, so there are enormous business opportunities awaiting them to explore,” he said.
Meanwhile, Premkumar said an improvement in the Internet speed in Malaysia, had encouraged the adoption of new technology.
“The high-speed Internet access provides an impetus for the development of apps. It has increased the number of smart phones and Internet users in the country. This will result in a rise in demand for apps,” he added.
A recent survey by an international content delivery network service provider, Akamai, showed that Malaysia’s average Internet connection speed ranked among the top 10 fastest in the Asia-Pacific for the first quarter of 2017.
“The average speed stood at 8.9 Megabits per second (Mbps), a 40 per cent jump from the same quarter last year,” it said.
Asked if the current Internet penetration rate which stood at around 70 per cent would lead to brighter prospects for the development of apps, Premkumar opined that more awareness campaigns are necessary.
“As a developing country, the penetration rate is considered high, but still lags behind other advanced nations such as Singapore, the United States and Japan,” he said.
To improve the situation, he pointed out that the Malaysia Digital Economy Corporation (MDEC) is playing a vital role in educating the people on digitalisation to pave the way for Industry 4.0.
“Of course, cyber security has to be strengthened as well,” he said.
Financial services, as well as communications content and infrastructure, are among the 12 National Key Economic Areas under the NTP to lead Malaysia towards the high-income and developed status in 2020.
The initiative was introduced by the Performance Management and Delivery Unit (Pemandu) under the Prime Minister’s Department in 2010. – Bernama