Futurise Lead RegTalk 2024: Agile Regulations Crucial to Fulfilling NIMP Target
PR Newswire
4 min read
KUALA LUMPUR, Malaysia, Nov. 4, 2024 /PRNewswire/ -- In a Regulatory Talk 2024 (RegTalk) by Futurise Sdn Bhd (Futurise) through the National Regulatory Sandbox gave its commitment to support Malaysia's New Industrial Master Plan (NIMP) 2030 vision. The event, themed "Regulatory Agility: Fostering Enablers for NIMP 2030," brought together policymakers, industry leaders, and technology experts to explore how Malaysia's regulatory frameworks can adapt to support new and emerging technologies, a collaborative effort hosted together with Zaid Ibrahim & Co (in association with KPMG Law) at the Aloft Hotel, Kuala Lumpur.
Panel Session 2: Making AI Work for You: Are Malaysian Industries and Regulators Equipped for the Future?
The event featured a keynote address by YBhg. Dato' Hairil Yahri Yaacob, Secretary General of the Ministry of Investment, Trade and Industry (MITI) of Malaysia, who highlighted the importance of agile regulatory systems to create a sustainable and inclusive economy in alignment with NIMP 2030. He emphasised MITI's commitment to a resilient economic future by integrating advanced technologies and ensuring that regulatory systems evolve in tandem with industrial innovation.
The RegTalk 2024 focused on identifying potential gaps in Malaysia's current regulatory framework that could impact economic growth and innovation, urging collaboration between regulators and industry stakeholders. Key discussions centred on how regulatory reforms and sandbox environments can support the NIMP 2030 ecosystem, laying the groundwork for an agile, efficient, and future-ready framework that fosters economic acceleration and strengthens partnerships across industries.
"We hope that the insights shared at this RegTalk 2024 session will lay the foundation for a resilient regulatory framework - one that not only accelerates economic growth but also drives innovation and fosters strong partnerships among key players in Malaysia's evolving economy. By working together, we can build an ecosystem that is adaptive, forward-thinking, and poised to meet the demands of tomorrow." said Futurise CEO, Rosihan Zain Baharudin.
Key Highlights of RegTalk 2024:
The session titled "Is Malaysia Prepared for Quantum Technologies," presented by Frost & Sullivan, moderated by Futurise, delved into Malaysia's readiness to adopt and regulate quantum technologies. This presentation highlighted both the promising opportunities and regulatory challenges associated with quantum advancements, offering insights into how Malaysia can position itself at the forefront of this transformative field.
In Panel Session 1: "The Role of Regulatory Sandbox in Enabling the NIMP Ecosystem," moderator Ari Zulkarnain of Zaid Ibrahim & Co led a discussion with speakers from Jentayu Sustainables Berhad, Zaid Ibrahim & Co, Futurise, and Boston Consulting Group. The panellists explored how regulatory sandboxes provide a secure environment for testing new and emerging technologies, paving the way for Malaysia to achieve its New Industrial Master Plan (NIMP) objectives.
Panel Session 2: "Making AI Work for You: Are Malaysian Industries and Regulators Equipped for the Future?" was led by Hilmy Yazid from Zaid Ibrahim & Co and featured perspectives from Cisco Systems Malaysia, Zaid Ibrahim & Co, Abdullah Chan and Universiti Malaya. This panel focused on the regulatory and operational challenges of AI adoption, addressing the crucial steps Malaysian industries and regulators must take to remain competitive and prepared for the future of artificial intelligence.
Futurise CEO, Rosihan Zain Baharudin, remarked, "Regulatory agility is key to fostering an environment that enables innovation while protecting public interests. RegTalk 2024 is a testament of our dedication to bridging the gap between technology and regulatory frameworks, supporting Malaysia's NIMP 2030 aspirations."
"The NIMP 2030 is driving measurable progress, with a 4.7 percent increase in GDP contribution, amounting to RM4.2 billion, alongside the addition of 200,000 jobs over the past year. Events like RegTalk are essential platforms for sharing these achievements and aligning on strategies to further empower SMEs, nurture homegrown talent, and prepare for Malaysia's ASEAN Chairmanship in 2025, strengthening our regional impact," said YBhg. Dato' Hairil Yahri Yaacob, Secretary General of MITI.
At the closing session, Zaid Ibrahim & Co, Managing Partner Gilbert Gan said "An agile regulatory approach empowers industries to innovate, experiment, and respond swiftly to market changes", thus providing insights into the day's discussions and underscoring Futurise's impact in shaping Malaysia's regulatory landscape.
About Futurise Futurise is a wholly-owned subsidiary of Cyberview Sdn Bhd under the Ministry of Finance. It is mandated by the Government of Malaysia to manage the National Regulatory Sandbox, providing public policy advisory and acting as a key enabler of regulatory solutions to expedite innovation and future-proof Malaysia's economy.
About Zaid Ibrahim & Co Zaid Ibrahim & Co (in association with KPMG Law) is a full-service and leading law firm in Malaysia. It is part of a global network and has a reputation for innovative and practical solutions customised to their clients' needs.
The firm's track record features engagements by local and multinational banks and corporations in complex corporate transactions, policy advisory, debt and equity capital markets transactions, technology, infrastructure projects as well as law reform initiatives.
