AN agency under the Ministry of International Trade and Industry (MITI), the Malaysian Productivity Corporation (MPC) is urging startup companies to voice out their regulatory concerns that could hamper innovation in digital economy businesses.
Ironing out the issues revolving unnecessary regulatory burdens will be crucial to adopt a more agile approach to meet the needs of digital economy businesses.
“Tell us your regulatory challenges in operating digital economy businesses, as we aim to facilitate management of the legislative issues for your business to grow. It is important for us to know the barriers to link you to the right party and enable effective design of interventions for business to prosper,” said MPC director general Datuk Abdul Latif Hj Abu Seman.
“MPC is mandated to review regulatory requirements to facilitate innovation and expand coverage to include new technology and business models,” he further explained.
According to Abdul Latif, a more agile approach to regulation is vital to realise the full potential of new and emerging technology and digital economy in totality.
Regulators need to design regulatory frameworks which facilitate technology innovation, ensure an open and non-discriminatory business environment, protect consumers and workers, and tackle the unintended repercussions of disruption.
Companies registering their regulatory concerns at http://mymudah.mpc.gov.my/ are required to fill in the details of the issues faced and recommendations to address the issues.
Through the portal, companies are asked to state their regulatory challenges in technology adoption, information on acts or regulations which posed the challenges, and the responsible governing authority or party.
Businesses are also requested to attach the company’s pitch deck of not more than 20 pages.
Successful implementation of mandate entrusted to MPC is predicted to increase market entry for new businesses and create more opportunities to transform industry structure. – June 12, 2021
