Mohd Redzuan: Don’t just do traditional business

by NG MIN SHEN/ pic by ARIF KARTONO

MALAYSIAN entrepreneurs should employ digital technology in order to innovate beyond traditional barriers, said Entrepreneur Development Minister Datuk Seri Mohd Redzuan Md Yusof.

He pointed to MNC Wireless Bhd and Urban Setup Sdn Bhd’s initiative to develop a mobile gold retail platform as an example of “exploring beyond the boundary with creativity”.

“You have to upskill what you want to do and this is what we’re promoting…don’t just do traditional business. You can break down anything with new technology,” Mohd Redzuan said at the signing ceremony between MNC and Urban Setup in Kuala Lumpur yesterday.

He also urged regulators to improve themselves and keep abreast with technology, in order to avoid misunderstanding businesses’ ideas and innovations.

MNC and Urban Setup yesterday inked a memorandum of understanding (MoU) to provide a mobile physical gold retail platform targeted at the mass market.

Slated for launch by end-2019, the platform will allow consumers to buy physical gold at international gold spot live prices via the mobile application with a minimum fraction value of one sen.

Mohd Redzuan said investing in gold would be ideal given its reputation as a safe haven asset class, as the metal holds its value over long periods of time.

MNC is providing the infrastructure for the platform, while the rights to the platform have been licensed to Urban Setup by SGPMX (M) Sdn Bhd, a related party of gold dealer Singapore Precious Metals Exchange Pte Ltd.

Users will be able to buy and sell their gold in fractions with mobile accounts via various payment channels including Payments Network Malaysia Sdn Bhd.

Notably, the platform has yet to garner approval from the relevant authorities such as Bank Negara Malaysia, although MNC ED and CEO Christopher Tan Chor How is “fairly confident” that the company would obtain approval prior to launch.

“The size of the gold bullion trading industry in Malaysia stood at RM10.7 billion in 2017. It is estimated to rise to RM12.4 billion in 2018 and RM15.8 billion in 2019.

“This encouraging growth of trading volume would provide strong demand for our gold e-commerce platform,” he added.