KUALA LUMPUR: Malaysia is reinforcing its position in the global digital economy through its electronic invoicing (e-invoicing) initiative which serves as a "springboard" to further drive digital transformation nationwide.
Deputy Digital Minister Datuk Wilson Ugak Kumbong said e-invoicing for business digitalisation represents a fundamental shift towards greater efficiencies, transparency and compliance, while facilitating seamless cross-border trade.
"By strategically adopting e-Invoicing, businesses are not just adapting to the future but actively shaping it, unlocking opportunities for growth and innovation on a global scale," he said.
"Malaysia's journey into e-invoicing began with a clear vision: To empower businesses to be more efficient, transparent and future-proof, all for the greater good of local businesses and the rakyat."
Wilson added that e-invoicing transforms how businesses handle invoicing and tax reporting, offering a seamless, automated solution that minimises errors and accelerates transactions. "
"The shift enhances business efficiency, reduces errors, frees up valuable resources, enabling businesses to focus on what matters most to them: growth and innovation.
"As with any transformative initiative, the first step is always the most challenging, but it is also the most fulfilling and rewarding. For new users, this journey is about embracing a paradigm shift, and a change in mindset that reimagines how we approach processes and operations in the digital age."
He was speaking at the E-Invoicing Exchange Summit 2024 here recently.
The event was organised by Vereon AG and supported by Malaysia Digital Economy Corporation (MDEC) together with various other industry players.
Also present were MDEC chief executive officer Anuar Fariz Fadzil, Vereon AG CEO Johannes Von Mulert and OpenPeppol secretary general Andre Hoddevik.
As Malaysia's Peppol authority, MDEC spearheads the National e-Invoicing Initiative aligned with the nation's digital economy agenda and embedded within three national level blueprints: The 12th Malaysian Plan (RMK-12), Malaysia Digital Economy Blueprint (MyDigital) and the National e-Commerce Strategic Roadmap.
Peppol, or the 'Pan-European Public Procurement Online', is a set of standards and a secure network designed to facilitate the electronic exchange of procurement documents - like invoices and orders - between businesses and government agencies across Europe and internationally.
Anuar said MDEC has diligently worked to introduce an e-Invoicing framework aligned with international standards, encouraging adoption through partnerships with service providers and businesses.
He added that Malaysia now ranks among the top five countries globally in Peppol membership.
"Malaysia's high ranking in this area worldwide reflects the robust growth of local e-invoicing service providers and a collective commitment to fostering a competitive global e-invoicing ecosystem," said Anuar.
"Peppol is particularly beneficial for companies engaged in international trade or dealing with foreign clients and suppliers, enabling interoperability across diverse e-Invoicing systems worldwide."
The summit was hosted by Malaysia for the first time, marking the country's growing commitment to advancing digital transformation and fostering international interoperability in e-Invoicing.