KUALA LUMPUR, June 22 – Malaysia must build an artificial intelligence (AI) ecosystem that enables wider access and adoption of technology, said Digital Minister Gobind Singh Deo.
He said there must be an ecosystem that allows access to technology at a reasonable cost.
“There must be an ecosystem which allows each and each of you to have access to technology at a cost that befits. It must be reasonable,” he said in his keynote address at the launch of the report “From Oversight to Advantage: How Boards Can Accelerate AI Adoption in Malaysia’s Financial Institutions”, yesterday.
Gobind said adoption can be affected by cost and connectivity. “You must adopt technology, but ultimately it can be too expensive. Or you do not have connectivity, and as a result you are not able to access it,” he added.
He said the government is working to build ecosystems that support the delivery and use of technology. “So we have to start thinking of how we can build ecosystems that deliver technology to you,” he said.
He reiterated awareness, access and adoption are the three elements in preparing for AI adoption. “That is awareness, then it is access. And third, we must make sure that you adopt technology,” he said.
He said AI must be “humanised”, with users understanding its strengths and risks while remaining in control.
“We must at all times remain in control. We must shape AI in a way that pushes it to evolve with us, not the other way around,” he stated.
Gobind said these considerations also apply to governance, adding that policy development requires engagement with industry to understand sector needs before deciding on the right framework.
He said the National AI Office National AI Office was set up following two years of engagement with industry players to better understand challenges across sectors.
The office will support coordination of Malaysia’s AI development approach as part of efforts to strengthen the ecosystem needed for wider adoption.
He added boards should also consider awareness, access and adoption when assessing AI readiness.
“When you sit on a board, you too will have to start asking yourself about ecosystems, awareness, access and ultimately whether you are prepared to adopt,” he said.
His remarks came as findings from a joint report by FIDE Forum and Accenture Malaysia showed that 71 per cent of Malaysian banks have adopted at least one AI application, while 17 per cent of financial institutions have scaled strategic AI initiatives across their organisations.
The report said insurers have yet to scale such initiatives, while no participating financial institution has achieved full enterprise-wide AI integration.
It said scaling AI could lift pre-tax profits by up to 16 per cent for Malaysian financial institutions, representing an estimated US$1.8 billion (RM7.7 billion) in additional value.