Tech trends to watch in Malaysia for 2024

Dan Lain-Lain (Malay for “and others”) is a weekly column by Tech in Asia journalist Emmanuel Samarathisa that dissects the goings-on in the Malaysia tech scene but with a heavy mix of current affairs, policy, and politics. Click here to read past articles.

Time flies. It seemed like yesterday when I wrote about trends to watch in 2023, but here we are talking about what to expect next year.

Malaysia has had a bittersweet 2023. The country, under Prime Minister Anwar Ibrahim, maintained its quarterly economic growth with the central bank holding to its 4% to 5% GDP growth target for this year. Anwar himself was busy jet-setting to meet leaders of various countries or attend key international conferences to sell Malaysia to the world.

More importantly, Anwar’s government didn’t collapse, unlike what happened with his predecessors, which is a nod to political stability.

But the prime minister has had to deal with a weak ringgit, a phenomenon beyond his control to a certain extent, but it’s become ammo for critics and opponents. Some of his policy statements also came under scrutiny for being contradictory.

Anwar is currently unpopular among Malaysians, with a 50% approval rating, according to pollster Merdeka Center.

Next year will continue to be choppy water for Anwar, I argue. That will also be reflective of the state of the nation as it navigates economic and political headwinds.

That doesn’t mean all’s bleak or boring in Malaysia, especially for tech. Below are some trends and developments to watch in 2024.

All eyes on Islamic tech

Muslims make up about 70% of Malaysia’s population, so anything around Islamic tech will be sought after. One startup that has been making rounds is Islamic lifestyle app TheNoor.

For starters, local celebrity Noor Neelofa Mohd Noor is a co-founder. And recently, the company struck a partnership with Saudi investor Taibah Valley and will be moving its headquarters to Medina.

Some functions of TheNoor include tracking prayer times and collecting and facilitating alms distributions. The app counts 500 Global among its seed investors, according to Crunchbase.

On the policy front, Malaysia has also earmarked 100 million ringgit (US$21.1 million) for the Malaysian Co-Investment Fund – a fund the government uses to co-invest alongside private investors in MSMEs and social enterprises – to back Islamic finance initiatives. These will be done in collaboration with each state’s Islamic council.

Can Malaysia’s digibanks pass muster?

That brewing battle

Wither Malaysia’s most valuable tech firm?

Kuala Lumpur: Malaysia’s tech hub