By Ranjit Singh
MALAYSIAN businesses and regulators are finding it difficult to keep abreast of technological change, says Baker McKenzie.
About 88% of Malaysian business leaders consider themselves “disrupted rather than a disrupter,” the legal firm said in its Dec 17 report titled The Age of Hypercomplexity: Technology, Business and Regulators in Asia Pacific.
Further, only 8% of local business leaders believe their companies are “highly adept” at exploiting the benefits of technological developments, it added.
“Meanwhile, worryingly, innovation has dropped down the list of challenges that businesses are prioritising, particularly as regulatory enforcement in other areas bites,” Baker McKenzie said.
Regulators, said Baker McKenzie, would have an “almost impossible task” as businesses believe public officials were behind the curve in dealing with technological disruptions.
But “China and Singapore are seen to be most in tune with new tech developments, with advanced regulatory awareness supporting tech-driven change,” added Baker McKenzie. – Dec 17