KUALA LUMPUR (April 22): A total of 193 companies were awarded the Malaysia Digital Status by Malaysia Digital Economy Corp (MDEC) in the first quarter of 2024 (1Q2024).

Digital Minister Gobind Singh Deo said half of the recipients were information technology (infotech) companies leveraging technologies such as the blockchain, Web3 and artificial intelligence. 

"We have also recently signed a memorandum of understanding with the world’s leading pre-accelerator, Draper University, to set up a base in Kuala Lumpur — its first campus outside Silicon Valley. 

"This is vital in supporting and spearheading the pipeline of venture capitals and start-ups looking to enter and expand in Malaysia," he said in his opening speech at the KL20 Summit 2024 here on Monday.

Malaysia Digital Status is awarded by MDEC to eligible companies which participate in any of Malaysia Digital’s activities, and they are offered a set of incentives, rights and privileges to enable them to operate, expand and invest in the country.

Gobind said Malaysia's digital economy is an important pillar to the country's economy, as it contributed 23% of gross domestic product.

"Malaysia embarked on its digitalisation journey in 1996. We have, without a doubt, made great strides in building our digital economy through the decades," he said.

On another note, Gobind said Malaysia is now ranked 20th in the World’s Strong Starters Ranking list based on the Global Startup Ecosystem Report 2023 published by Startup Genome.

He said it is estimated that Malaysia’s start-up ecosystem is now valued at US$46 billion (RM220.08 billion) and growing.

"We have over 3,000 local start-ups in the ecosystem, operating in different sectors — from financial technology and e-commerce, to health technology and Islamic finance.

"Malaysia is eager to stamp its mark in the region. As such, the government is looking forward to our Asean chairmanship in 2025. We are already gearing up for it, and plans for engagements in the region are under way," he said.