Dear Valued Customers,
Growing Our Digital Economy
Welcome to our July Newsletter! We’re starting it off with some wonderful news! Malaysia is beginning its Recovery Phase! That is welcome news to many, I’m sure.
Malaysia Commencing Recovery Phase
With the Recovery Phase, many businesses and activities will resume. The phase is part of the country’s gradual exit strategy from the Movement Control Order (MCO).
A Growing Digital Economy
The impact of COVID-19 and the MCO measures taken to combat it have highlighted the importance for businesses to be plugged into the digital economy. Malaysia has scope for higher digital penetration and the Ministry of International Trade and Industry recognises the need to increase the usage of digital technologies and participation to grow the digital economy. This was supported in the World Bank’s report, “Malaysia’s Digital Economy – A New Driver of Development”.
The Boom of the eWallet Malaysia Platforms
There was a silver lining amid the pandemic. Electronic payments in Malaysia are now stronger than ever. eWallets have become the preferred method of payment over traditional cash payments. Even more so during the COVID-19 and the MCO.
The Move to Virtual Meetings
COVID-19 has prompted directors and shareholders to tap ever more into technology now. Securities Commission Malaysia stated that listed issuers shall only conduct fully virtual general meetings during the MCO stage. This move is in tandem with the national digitalisation effort. In doing so, however, it could change the way annual general meetings are conducted in the future. This is an interesting development to watch moving forward.
These are the highlights in Malaysia for the month. Until next time, may everyone stay safe and stay healthy!
Thank you.
Lawrence Chai
Founder, 3E Accounting Group
Read More in our E-Newsletter July 2020.
