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MyDIGITAL: How Accountants Are Crucial to Malaysia’s Digital Transformation

February 26, 2021
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MyDIGITAL: How Accountants Are Crucial to Malaysia’s Digital Transformation

The accountancy profession is poised to play a critical role in the nation’s ongoing journey of digital transformation towards becoming a digitally driven nation.

On 19 February 2021, Prime Minister Tan Sri Muhyiddin Yassin launched the MyDIGITAL vision, to be implemented via the Malaysia Digital Economy Blueprint. This is indeed welcomed as MIA had also issued its own Digital Technology Blueprint (MDTB) in 2018.

Tagged as a whole-of-nation approach, MyDIGITAL aims to achieve digital transformation and digital inclusivity for all segments of society and economy.

MyDIGITAL’s aspirations will be achieved through the Malaysia Digital Economy Blueprint, which:

  • sets the direction;
  • outlines the strategies, initiatives, and targets to build the foundation for digital economy growth and bridge the digital divide; and
  • leverages on existing opportunities to prepare the country for embracing digital technology.

What Do MyDIGITAL and the Malaysia Digital Economy Blueprint Mean for Members?

MyDIGITAL and the Malaysia Digital Economy Blueprint will create a connected nation characterised by integrated digital ecosystems. All stakeholders including accountants must adapt with immediate effect and embrace digital technology in order to support the MyDIGITAL aspirations.

MIA has identified the impact on members arising from the implementation of MyDigital and the Malaysia Digital Economy Blueprint, as follows:

National Level Initiatives encompassing the whole nation are aligned with the following 6 Thrusts (Ts):

Sectoral Initiatives affecting Specific Sectors

Accountancy falls into the category of Professional Services, one of the 10 sub-sectors under Services.

The Sectoral Initiatives for Professional Services are to:

These Sectoral Initiatives will support members and accountants in enhancing their digital skills and competencies for future relevance and to meet employer expectations. Members will also be guided to adhere to good governance practices through the adoption of industry and regulatory standards and requirements.

The following are some key digital initiatives that MIA has rolled out to support members on their journey of digital adoption:

For more information on these grants, please click here.

As the voice of the profession, MIA actively engages with governments and agencies to advocate for digital transformation and communicate the profession’s perspectives on digital adoption and digital economy. To support the achievement of MyDigital, MIA constantly monitors salient developments in technology that affect business and the profession. MIA also actively contributes as a member of the Digital Economy Blueprint’s Emerging Technology cluster, which is chaired by the Minister of Science, Technology and Innovation.

MIA welcomes MyDigital and the Malaysia Digital Economy Blueprint as gateways to an inclusive and integrated digital economy. MIA President Dr. Veerinderjeet Singh cautions members that digital adoption is not the end-goal, but a stepping stone to the profession and the nation’s sustainability and growth in the digital century. “Digital tools will help accountants, the profession and the nation to evolve and remain future relevant. We have to be prudent to adopt the right technologies and tools that will drive us forward. We must also invest in the culture change, education and mentoring that will help our talent to make full use of these tools.”

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