HSBC, MDEC tie up to drive digital leap for businesses


HSBC Bank Malaysia Bhd and the Malaysia Digital Economy Corp (MDEC) have signed a memorandum of understanding (MoU) to enhance the adoption of technology among small and medium enterprises (SMEs), large local corporates and multinational companies (MNCs) in the country.

The signing, which marks the first MoU between both organisations, highlights the critical role of public-private partnerships in mitigating the adverse effects of Covid-19 on businesses in Malaysia by encouraging companies to embrace digitalisation.

Under the terms of the MoU, HSBC Malaysia will work jointly with MDEC to educate SMEs, large local corporates and MNCs in the country to leverage technology to strengthen their businesses and facilitate greater convenience in their day-to-day transactions.

HSBC Malaysia CEO Stuart Milne said Covid-19 has intensified the need for businesses of all sizes to incorporate innovative digital solutions and strategies into their daily operations.

“Built on our shared commitment to enable the economy’s digital transformation, together with MDEC, we aim to amplify the integration of technology and fuel business growth in Malaysia,” he said in a recent statement.

Facilitating this corporate partnership is MDEC’s Global Growth Acceleration division, which has mobilised 571 homegrown tech companies to assist 42 corporations with their digitalisation endeavours since January this year.

The technology solutions deployed ranges from fraud detection to automation of data entry and installation of sensors on machines to optimise plant operations. MDEC CEO Surina Shukri lauded HSBC’s proactive stance in supporting organisations to take the digital leap and further encourage Malaysia-based MNCs to join the effort to build the nation’s digital ecosystem and support local digitally-empowered businesses to grow globally.

“Corporations like HSBC possesses market knowledge, resources, established networks and the validation that companies aspire to attain, while the tech companies possess the agility and novel ideas that corporations value,” said Surina.