With an excellent track record of technology breakthroughs over the years, the UK is harnessing a wealth of experience and knowledge to support industries and enhance businesses not only within the UK but also around the world.
UK businesses already have a strong history of working together with those in Asia Pacific to deliver technology that is changing lives every day. In Malaysia, the UK is collaborating with local partners in research and knowledge exchange in areas of Artificial Intelligence, Cyber Security and 5G, among others, to put the best of innovations into practice across various industries that contribute to Malaysia’s economic growth.
Cyber Security and Financial Crime
To combat insurance fraud, the Malaysian insurance industry has partnered with BAE Systems, a British multinational defence, security, and aerospace company. Globally, insurers use BAE’s sophisticated analytics and visual investigation and alert management tools. Malaysian insurance market is working on a Fraud Intelligence System initiative with BAE Systems to prevent organized motor claims fraud, identify and prevent serious criminal activity that harms them, their customers and the wider society.
BAE Systems also collaborate closely with Cyber Security Malaysia on Cyber Threat Intelligence, sharing insights and research in to the most advanced threat actors and their tactics, techniques and procedures, to elevate cyber defences and improve detection of serious cyber activities that impact Malaysia.
Cyber Talent
Malaysia and UK has jointly launched a CyberSecurity Talent Zone to cater the industry’s pressing need for technically competent CyberSecurity professionals. The initiative was a joint effort between Asia Pacific University of Technology and Innovation (APU) as the main academic partner and host, Malaysia Digital Economy Corporation (MDEC) being the primary driver and PGI UK, which delivered the course content accredited by UK GCHQ. The programme was delivered at APU's CyberSecurity Talent Zone comprising a state-of-the-art Cyber Range and Security Operations Centre. This collaboration - which has already successfully produced an impressive number of certified SOC specialists - is aimed at driving upskilling to address a rapidly growing need for specialists in Cybersecurity in Malaysia and the region.
Artificial Intelligence
By 2030, AI’s contribution to the UK economy is worth an estimated £630 billion and UK’s National AI Strategy is aimed at harnessing this potential. The UK government and the AI sector have agreed to a Sector Deal to boost the UK’s global position as a leader in developing AI technologies and will anchor UK as the go-to destination for AI innovation and investment.
The Malaysian government is currently devising the National AI Framework to develop its own AI ecosystem. The UK is supporting Malaysia by sharing knowledge, which will feed into the development of strategies and action plans here.
Commending the collaborations, the British High Commissioner to Malaysia, H.E Charles Hay MVO said, “Innovation spurs growth and opens doors. I am thrilled to see that the UK’s longstanding relationship with Malaysia is taking us into the digital era, particularly in areas of partnership which change the way businesses operate and improve people’s lives. Innovation is indeed GREAT, and we are investing the best of UK’s innovation in our partnership with Malaysia.”
Financial Technology
Malaysia is moving towards a cashless society with infrastructure being put into place to facilitate e-payments which have more than doubled per capita from 2011 to 2017. Data released by Bank Negara Malaysia revealed an increase in cashless transactions. The amount of cash being circulated in the economy last year dropped to 7.4 per cent of the country’s GDP compared to 7.7 per cent in 2017, coinciding with the wider application of mobile and online payments in Malaysia.
Banking solutions need to keep up with the shifting needs of clients in this increasingly digital world. Recognising this, Standard Chartered Bank has ramped up its digital investments so its clients in Malaysia can enjoy simple, convenient and secure banking. Standard Chartered Bank's first Global Collective Intelligence and Command Centre (CnC) is housed in Malaysia. The CnC is the nerve centre of the Bank, operating 24/7 and focuses on situational awareness and response management.
To learn more about the UK’s technology capabilities and innovative solutions that could help your business grow, contact the UK’s Department for International Trade (DIT) team in KL directly for tailored advice for Malaysian companies, or visit DIT’s UK Innovation website in South-East Asia.