COMMENT | In 2020, despite Covid-19, Singapore raised 25 times more capital for tech start-ups than Malaysia. Indonesia raised 22 times more; Vietnam, the Philippines and even Myanmar all eclipsed Malaysia – which only out-paced Cambodia amongst its Asean peers.

By this measure, the institutions charged with modernising the economy – Malaysian Digital Economy Corporation (MDEC) included – need to up the ante quickly. Yet, changing this dynamic and bridging this gap defies any simple quick-fix; it calls for a grassroots change to take hold in the mindset of society.

As the digital age of the Fourth Industrial Revolution (4IR) dawns upon us, it foretells a society evermore deeply integrated with technology.

It is the mission of Malaysia 5.0 that this interplay of technology and society be inclusive and equitable, instead of further widening the gap between the haves and have-nots. In doing so, it aspires to unify society beyond creed and colour towards common shared values that promote shared prosperity.

Powerful 4IR technologies such as artificial intelligence, block chain and internet will usher in digital transformation of society with the potential to decentralise data into the hands of the people creating it for the first time, resulting in a democratisation of sorts of information.

It is the critical task of MDEC to equip the rakyat with the tools and skills to not only navigate 4IR in the disruptive era ahead but to thrive and enjoy personal progress and economic growth at every level of society, leaving no one behind.

We have announced MDEC’s ‘reinvent’ mission nearing its 25-year silver jubilee anniversary this year, which heralds a paradigm shift to prepare for the uncharted terrain of the new normal, that will linger around longer than many would have expected.

Our ‘reinvent’ mission calls for a new approach and fresh perspectives to establish the digital economy as a key driver of national growth.

The key hallmarks of the mission are radical transparency and good governance; education from primary to tertiary (university) level; and collaboration within the government and across the private sector.

On the first hallmark, MDEC has undertaken an independent and holistic governance review to recalibrate our capability and capacity to deliver on our ‘reinvent’ mission. MDEC has seen human capital movement at all levels that allows us to now bring in leading industry-focused talents and technocrats. This is in addition to the many super amazing talents already at MDEC.

The second hallmark is undertaking a comprehensive and wholesome education to increase public understanding of 4IR technology and making 4IR technology easily available to SMEs (especially small and micro-SMEs which have the greatest risk of being left behind as 4IR technology is widely implemented).

The third hallmark involves extensive outreach and engagement to instill interest and integrate advanced technologies across all sectors of the economy, thereby ensuring equitable and inclusive growth and development of under-served segments, especially in the rural areas.

4IR has the power to change this with a new narrative to move society beyond the informational age and into the ideal age of 4IR and digital transformation - Malaysia 5.0 as we have termed it - in which society is at the centre of technology, not the other way around, and data is decentralised.

Admittedly, these are gigantic tasks beyond the capability of any one institution. The tasks have to be undertaken through inter-ministerial, intra-ministerial and inter-governmental agencies, without any silos.

We envisage MDEC’s role to be one of engaging in all levels of society to partake in and contribute towards the new mindset required to sustain Malaysia 5.0, where society is deeply integrated with technology and governed by inclusive and equitable ‘eco-vironmental’ principles and practices.

AS MDEC chairperson, I will take this narrative forward to ensure that Malaysia 5.0 will nurture a participatory culture in which social benefits belong to the people.

This has three main components: firstly, instilling a new core identity philosophy that transcends individual and societal divides and upholds the value of shared prosperity. Secondly, adopt, value-add and produce digital transformation and 4IR technologies centred on solving eco-vironmental problems. And thirdly, produce well-rounded citizens who are well-positioned and empowered to face, navigate and thrive in the 4IR.

The goals of Malaysia 5.0 include deep integration of 4IR technologies at every level of society - individual, industry, government and environment - and transforming and reforming the national education system to reflect ground realities from primary school to tertiary education.

4IR and digital transformation are inevitable global phenomenon and Malaysia needs to embrace it by taking appropriate actions to realise Malaysia 5.0. We must embark on this mission immediately, so as not to be left behind.

RAIS HUSSIN is the chairperson of the Malaysia Digital Economy Corporation (MDEC).

The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.