KUALA LUMPUR, July 24 — HSBC Malaysia and the Malaysia Digital Economy Corporation (MDEC) have signed a memorandum of understanding (MoU) focused on enhancing the adoption of technology among small and medium enterprises (SMEs), large local corporates and multinational companies (MNCs) in the country. 

The signing marked the first MoU between both organisations, highlighting the critical role of public-private partnerships in mitigating the adverse effects of Covid-19 on businesses in Malaysia by encouraging companies to embrace digitalisation.

It will identify targeted investments spanning businesses across multiple sectors including technology, healthcare, electronics, manufacturing, education and more from a host of countries including but not limited to China, the USA, the UK and Japan.

"The initiative will be pivotal to thrusting Malaysia forward as a major global digital powerhouse,” HSBC Malaysia said in a statement today. 

HSBC Malaysia chief executive officer Stuart Milne said the collaboration will help to create opportunities in times of adversity through the effective adoption of technology. 

"Covid-19 has intensified the need for businesses of all sizes to incorporate innovative digital solutions and strategies into their daily operations.

"Built on our shared commitment to enable the economy’s digital transformation, together with MDEC, we aim to amplify the integration of technology and fuel business growth in Malaysia,” he said.

Meanwhile MDEC’s CEO Surina Shukri said corporations like HSBC possess market knowledge, resources, established networks, and the validation that companies aspire to attain, while the technology companies possess the agility and novel ideas that corporations value. 

She said MDEC aims to harness these complementary strengths, which will not only advance the nation’s digital agenda but potentially lead to the creation of deep-tech solutions in problem solving. 

"We look forward to fostering more corporate partnerships to attract digital investments to the country as this will also serve to augment Malaysia’s pursuit to be the Heart of Digital Asean,” said Surina. 

The agreement also includes, where relevant and necessary, providing advisory and other banking services to SMEs, large local corporates and multinational companies that are looking at entering the market or expanding their business in the country. — Bernama