KUALA LUMPUR (June 7): The Malaysia Digital Economy Corporation (MDEC) is encouraging local companies to expand their horizons as investors are paying attention to fast-growing companies, citing the potential of the digital platform economy.
Speaking to EdgeProp at the Juwai IQI International Convention 2024 held here recently, MDEC senior vice-president and head of digital export Gopi Ganesalingam urged Malaysian businesses to “scale beyond the local market” by leveraging the reach of digital platforms.
He cited Juwai IQI as a prime example, a real estate firm that grew its network across the globe.
“Five years ago, Juwai IQI was a small company. Today, it has over 50,000 people in their network, including 10,000 agents across multiple countries,” Gopi noted. “Its success demonstrates the power of digital platforms in enabling rapid growth and global reach.”
Gopi outlined MDEC’s GAIN (Gateway, Amplification, Investor, Nurturing) initiative, which provides support for companies venturing globally. GAIN assists with market access, amplifies success stories, connects businesses with investors and fosters entrepreneurial growth.
“We want to showcase the potential of Malaysian companies on the global stage,” Gopi said, highlighting the Founders of Excellence (FOX) programme that provides additional support to high-growth companies like Juwai IQI.
“We are impressed by its (Juwai IQI’s) rapid growth and MDEC supports its success by facilitating market access, securing funding and advocating for regulatory reforms. Some of these companies are outpacing existing regulations and there is a need to adapt legal frameworks to support the speed of such innovations,” he added.
MDEC’s efforts extend beyond individual companies. Global expansion, Gopi explained, translates into increased exports, GDP (gross domestic product) growth, and job creations for Malaysia. Additionally, successful companies contribute to the national economy through taxes.
Over 400 companies are actively participating in the GAIN programme, and MDEC boasts connections to a network of over 100 venture capitalists.
As the digital landscape continues to evolve, MDEC’s role in supporting Malaysian businesses becomes increasingly important in ensuring they thrive internationally.
“With the right technology and talent, businesses can operate on a global scale. Digital platforms allow agents to transcend local confines and access a global market, increasing their earning potential,” Gopi stressed.
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Source: EdgeProp.my
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