Malaysia Artificial Intelligence: Navigating Malaysia’s Future Economy with the Help of AI
Last Updated February 01, 2023
Industry experts and governments view AI as a powerful catalyst for both advanced and emerging economies. A study by Accenture found that AI has the potential to increase yearly economic growth by 2035 in 12 developed countries. PwC’s research also indicates that AI could raise global GDP by 14% by 2030, equating to an extra $15.7 trillion and making it the largest business opportunity in the rapidly changing economy.
AI brings substantial economic benefits and increased productivity. McKinsey reports that half of work hours in Malaysia are spent on repetitive tasks that can be easily automated. AI can automate these routine tasks, enhance employees’ abilities, and free up time for more challenging and high-value work. AI has the potential to create 6 million new jobs in Malaysia by 2030, leading to a need for new skills and continuous learning across the workforce.
To achieve success with AI, Malaysia needs to establish an AI innovation ecosystem as soon as possible. AIRmap aims to be a hub for catalyzing innovation by creating a data-driven ecosystem. It serves as a platform for consortiums to come together to tackle national “grand challenges” and harness AI to drive innovation and growth. These solutions will be unique and utilize AI in cutting-edge ways, critical to the country’s journey to become a data-driven leader in the digital economy. It must prioritize national needs, adhere to principles, and most importantly, benefit the people, particularly the B40 communities.
An Overview of AI in Malaysia
The Fourth Industrial Revolution is here and it’s changing the way we live and work. With advancements in technology like robotics, VR, and AI, we are now able to do things we never thought possible. AI is no longer a futuristic idea, it’s already integrated into our daily lives in the form of virtual assistants like Alexa, Siri, and Cortana. This article takes a closer look at how AI is being used in various industries in Malaysia, and how the growth of AI in Malaysia compares to that of the UK and US.
The healthcare industry in Malaysia has embraced AI with the development of the Stethee Pro, a collaboration between the Malaysian Investment Development Authority, Collaborative Research in Engineering, Science and Technology (Crest), and M3DICINE. Stethee Pro is an AI-powered stethoscope that can transmit heart and lung recordings to a smartphone or tablet through Bluetooth technology. The recordings are then analyzed to create a personal biometric signature for each patient and detect the presence of any heart or lung diseases. The technology platform behind the Stethee AI engine, Artificial Intelligence and Data Analytics (AIDA), also tags geolocation and environmental data for analysis by healthcare professionals.
Custlr, an online tailoring brand, is using artificial intelligence to improve their business. With the help of AI technology, they will focus on optimizing inventory, conversion rates, and customer purchasing patterns. Saratix, an AI and machine learning platform, offers precise body measurement technology that can be done in seconds with a mobile device, rather than relying on average-based profiles. The platform, SARA, was developed with the help of universities in Malaysia and uses deep learning and neural networks to analyze data and produce reports to help grow the business and reduce return rates. Saratix and BESTWEB Technologies are working together to enhance the AI technology for even more powerful and intelligent results.
The first ever Digital and Artificial Intelligence Legal Aid Centre in Malaysia is being established in Sabah. The aim of the center is to offer legal advice to the public. It will open its doors in Grand Merdeka Shopping Mall, Telipok in November. The center will provide legal advice and computer services that will give users access to various legal resources such as statues, case laws, text books, agreements, forms and precedents. Although the legal advice will be free, users will need to pay to access the computer services. This project is being set up with the help of lawyers including Marcel Jude.
Artificial Intelligence Startups in Malaysia
Aerodyne is a company that provides software and artificial intelligence-based drone services. The company uses drones to collect data which is then processed by its proprietary AI software to provide useful information. Its drones return to charging stations after missions, where data is automatically downloaded and the drones are recharged for their next mission. This company serves various industries including oil and gas, power, telecom, renewable energy, construction, agriculture, and infrastructure. It has a presence in multiple countries including Australia, Japan, Malaysia, Singapore, Brunei, the United States, the United Arab Emirates, Chile, and Indonesia.
This platform is a peer-to-peer (P2P) marketplace that focuses on supply chain financing. It works by connecting businesses, individual investors, and institutional investors through its platform, providing a way for them to secure financing through invoice financing. The process involves the user providing unpaid invoices as collateral to secure customized financing options. AI technology is used to match borrowers with lenders, making the process more efficient and streamlined.
This technology focuses on developing advanced neural networks through a unique approach. It promises to create networks that are both faster and bigger compared to traditional neural networks. The company provides a toolbox that can be used to implement machine learning in various fields like language translation, bioinformatics, robotic movement, robotic speech, and semantic analysis.
4. Pipeline Network
Pipeline Network is working on creating a platform that connects electronic and electric devices, such as light bulbs. The platform provides intelligence to these devices through the use of edge gateways. The goal is to connect as many devices in a home as possible through a single platform that can be managed on a large scale, thus allowing for data convergence. It can predict and control power wastage, outages, and real-time supply.
An app-based asset management platform aimed at consumers that provides an all-in-one platform for managing investments, deposits, expenses and more. The platform is accessible on both Android and iOS devices.
This company offers an AI and blockchain-based insurance platform for both insurance providers and payers. It has created software that helps manage wellness and includes features like managing personal health data, processing images, handling prescriptions, and more.
CyGen Group is a healthcare startup that uses machine learning and big data analytics technologies to develop innovative solutions for preventive healthcare. The company operates in stealth mode, meaning that it is not publicly disclosing information about its products and services until they are ready for launch. By leveraging the latest advancements in AI and big data analytics, CyGen Group aims to help individuals and organizations take a proactive approach to healthcare, focusing on preventative measures to keep people healthy and reduce the risk of disease and injury.
Custlr is an app-based retail platform that provides custom-sized shirts using a variety of sizing options, including manual entry of body measurements, algorithm-based sizing using a picture of the user, standard sizing options, and a shirt size estimator based on height and weight. The platform promises a 5-day lead time for order preparation and delivery.
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Danesh is a scientist and a content writer with more than 2 years of experience. He is also a published author of a science fiction children’s book titled Imaginary Tales.
AI has always been in his mind and soul ever since the cult classic movie 2001: A Space Odyssey inspired him to become a writer. Seeing a lot of stigma and misconceptions on AI, he has decided to found Ava Machina as an Hub for people from different backgrounds to gather and learn about AI through expert insights as well as redirecting them to the right source.