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Business Times
5 days ago
- Business
- Business Times
Malaysia launches Digital Asset Innovation Hub to speed up growth of fintech and blockchain
[KUALA LUMPUR] Malaysia unveiled its Digital Asset Innovation Hub on Tuesday (Jun 17), with an eye on accelerating growth in the digital economy, particularly in the digital finance sector. Prime Minister Anwar Ibrahim, in his speech at the event, described it as the beginning of a new chapter, 'one that calls for deeper collaboration between regulators and industry players'. The innovation hub, unveiled at the Sasana Symposium 2025, aims to provide a controlled environment – a regulatory sandbox – for local and international fintech and digital-asset firms to test their products and services. The symposium on Jun 17 and 18 homes in on pressing economic issues and policy reforms and is hosted by Bank Negara Malaysia in Kuala Lumpur. The participants include policymakers, industry leaders, academics and the business community who are taking part in discussions and workshops. The sandbox-like setup of the hub is aimed at ensuring regulatory compliance and relevance to Malaysia's evolving digital economy. Anwar said the hub would be a key catalyst for innovation, enable use cases such as programmable payments, ringgit-backed stablecoins and supply chain financing. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 'Our ambition is clear – to align infrastructure, policy and talent, across both the public and private sectors, in pursuit of a digitally capable, future-ready Malaysia,' he said. Further details on the programme were not disclosed. The move underscores Malaysia's broader ambitions to position itself as a regional fintech hub. In April, Anwar met with Binance founder Changpeng Zhao to discuss the country's potential in the cryptocurrency space. Zhao pleaded guilty to US money laundering violations in 2023, and was reprimanded by Malaysia in 2021. By the following year, however, Binance had secured a regulated presence in Malaysia through its minority stake in MX Global, operating under local oversight. Anwar said that Malaysia is charting a bold course in digital transformation, guided by national strategies such as the Digital Economy Blueprint, the Financial Sector Blueprint and the Capital Market Masterplan. Ensuring stability amid rapid evolution Malaysia is charting a bold course in digital transformation, guided by national strategies such as the Digital Economy Blueprint, the Financial Sector Blueprint and the Capital Market Masterplan. PHOTO: BT FILE Bank Negara governor Abdul Rasheed Ghaffour, in his opening remarks, said as a steward of financial stability, the central bank acknowledges the rapid evolution of the digital asset landscape, so it is pursuing digitalisation to ensure Malaysia's financial system remains fit-for-purpose and capable of serving the national economy. He added: 'From the modernisation of Rentas, our payment systems infrastructure, to the expansion of cross-border payment linkages, and now, the exploration of asset tokenisation and other digital solutions, we aim to build a strong foundation for an adaptive and resilient economy.' Thailand's digital-asset sandbox programmes In a panel discussion on the future of digital assets held on the opening day of the symposium, Naphongthawat Phothikit, senior director of payment systems and financial technology policy department at Bank of Thailand, shared insights on Thailand's digital asset regulatory sandbox programmes and how these have helped fintech companies enhance their marketability while ensuring security. Thailand launched its Digital Asset Sandbox last August, he said. There are two types of sandbox programmes: The first enables service providers to offer conventional financial services using new technologies; the other sandbox will be for unregulated activities, particularly in payments involving stablecoins. Banks testing the use of cryptocurrencies (such as stablecoins) for cross-border fund transfers, for example, would use the first type of sandbox for their trial runs. While their customers still transact in fiat currency, the use of cryptocurrencies would mitigate the risk of price fluctuations and ensures that customers receive the full transferred amount, said Phothikit. (Transactions between Thai and US banks use USDC, a stablecoin with its value pegged to the US dollar.) Another use case entails private-sector banks developing blockchain networks to streamline bond issuance. Through blockchain, they can effortlessly calculate principal and interest, using e-money for payments to bondholders. 'These examples demonstrate the application of new technology within traditional business models,' he added. Referring to the sandbox for unregulated activities, particularly in payments involving stablecoins, he said: 'We have regulations that require stablecoins to be pegged to the Thai baht, but they are not listed on secondary markets.' The sandbox provides a controlled environment to test the functionality and safety of these payment solutions before they are introduced to the wider market, he added.
The Star
06-05-2025
- Business
- The Star
SHAPING DIGITAL NATIVES
(From left) Hijjaz, Wong and Tan at the Diploma in Digital Design launch with representatives from the programme's work-based learning industry partners — Ethan Teng (Crave FX), Jason Low (Virtualtech Frontier) and Nina Hayani (iTrainKids). AS Malaysia positions itself to become a leading digital economy—projected to contribute over 25.5% to the nation's GDP this year—Taylor's College is stepping up to meet the demand for agile, digital-first talent with the launch of its new Diploma in Digital Design (DIDD). The programme aims to equip students with the practical know-how and essential skills needed to thrive in today's technology-driven economy. Students benefit from state-of-the-art facilities like the Taylor's Virtual Online Future Technology and Extended Reality (VORTEX XR Lab) and 3D modelling studio at Taylor's Lakeside Campus. These immersive environments allow students to integrate real-world objects into digital settings through extended reality (XR) applications and develop full-scale 3D virtual reality (VR) simulations. Hands-on access to such technologies prepares graduates for specialised roles across digital media sectors. According to DIDD programme director Hijjaz Hamidi Abdul Aziz, the curriculum is supported by both cutting-edge facilities and experienced faculty, with a strong focus on industry readiness. 'We want to produce people who can interact, collaborate and solve real-world problems using digital design - in their thinking, attitude and ethics,' he said. Aligned with national goals The DIDD also aligns closely with Malaysia's Digital Economy Blueprint by cultivating agile digital talent to excel in diverse digital fields. Taylor's College campus director Josephine Tan highlighted that the programme addresses critical skill gaps in Malaysia's growing digital and creative sectors. 'Our forward-thinking curriculum and hands-on learning approach are designed to produce graduates who are not only industry-ready but are also capable of making meaningful contributions to Malaysia's development as a global digital hub,' she said. Experience-driven learning Taylor's College is among the few Malaysian institutions incorporating work-based learning (WBL) into a digital design diploma. Delivered as a 20-week module in the final semester, this structured industry placement provides students with practical, in-demand skills. Unlike traditional internships, the WBL component is designed to boost students' credibility as modern digital architects. Hijjaz Hamidi noted that students will be guided by leaders in established digital companies. Industry partners such as CraveFX, FusionWorks, iTrainKids, Geek Fam, Cause Effect Consultants and Virtualtech Frontier have committed to offering close mentorship, guiding students through real-world projects and helping them refine their capabilities in professional settings. 'WBL offers our students a significant advantage by bridging the gap between academia and industry,' Taylor's College School of Diploma and Professional Studies head Dr Wong Chee Kong shared. 'This mode of learning provides continuous mentorship from industry experts, enhancing students' learning experiences and significantly boosting their employability upon graduation,' he added. Crafting competent creators During the launch's experiential session, Hijjaz Hamidi showcased some of the creative and technical competencies students will develop throughout the programme. He also emphasised the importance of connecting with global creative communities, where students design and contribute 3D assets—such as characters, props and virtual accessories—to shared online libraries. 'Designers today don't work alone,' he said. 'They build with others, share resources and support each other. That's the kind of designer we want to produce.' This collaborative mindset is woven into the curriculum, encouraging students to adapt, problem-solve and innovate in dynamic digital environments. DIDD graduates can also advance to related Bachelor's degrees at Taylor's University, including the Bachelor of Design (Honours) in Creative Media or enter Year 2 of the Bachelor of Interactive Spatial Design (Honours). From 2021 to 2023, Taylor's College's Diploma graduates achieved a 100% employability rate, as verified by the Higher Education Ministry, a testament to the institution's focus on producing job-ready talent.
