Johor’s Iskandar Investment welcomes Budget 2020 initiatives for digital applications

JOHOR BAHRU, Oct 11 — South Johor’s investment and development firm Iskandar Investment Berhad (IIB) has welcomed the government’s initiatives for digital applications, especially the adaptation of blockchain technology, that was announced in today’s Budget 2020.

IIB Chief Operating Officer Datuk Akmal Ahmad said it lauds the allocation of RM25 million for the contestable matching grant fund to spur more pilot projects on digital applications such as blockchain technology.

He said the allocation is in line with IIB’s initiatives in developing a community hub that supports the emerging blockchain industry in the country.

“We look forward to attracting innovative international and local companies that will contribute a wealth of knowledge and expertise in training local talents in blockchain technology,” said Akmal in a text reply to Malay Mail today.

His response came following Finance Minister Lim Guan Eng’s announcement that the government will allocate RM25 million for digital application matching grants when tabling Budget 2020 in Parliament today.

Lim said the matching grants are to encourage more digital application pilot projects for delivery drones, self-driving cars, blockchain technology, and other products and services that will benefit investment in fibre optic and 5G infrastructure.

A blockchain is the structure of data that represents a financial ledger entry, or a record of a transaction. Each transaction is digitally signed to ensure its authenticity and that no one tampers with it, so the ledger itself and the existing transactions within it are assumed to be of high integrity.

On another matter, Akmal also noted with appreciation the Budget’s announcement that tax incentives to encourage alternative sources of funding for start-ups will be extended.

He said IIB was very pleased that tax incentives to encourage alternative sources of funding for start-ups and attract more foreign investment from venture capital and angel investors will be extended until 2023.

“We are committed to promoting the growth of start-ups in Iskandar Malaysia by connecting entrepreneurs and investors to create an ecosystem that will nurture knowledge sharing and investment for start-ups and small medium enterprises (SME) in Iskandar Puteri,” said Akmal.

Earlier today, the government announced it is giving grants to incentivise businesses to automate and digitalise their businesses.

Lim announced various initiatives and incentives for the development of digital applications, digital companies and digital Malaysians in Budget 2020 that was tabled in Parliament.

Source : Malay Mail