Kuala Lumpur: Malaysia must embark on a digital transformation within its economic and financial sectors, prioritising areas such as blockchain and cryptocurrency to remain at the forefront of the digital age, said Prime Minister Datuk Seri Anwar Ibrahim. Speaking at a press conference at the conclusion of his visit to the United Arab Emirates (UAE) on Tuesday, Anwar stressed that digital transformation encompasses more than just data centres and artificial intelligence (AI).

According to BERNAMA News Agency, Anwar stated, "We are confronted with numerous challenges and shifts. We must move away from outdated business models and the antiquated financial system, instead focusing on forward-thinking digital policies, such as fintech." Anwar, who also serves as the Minister of Finance, emphasized the need for Malaysia to adapt to the evolving digital landscape.

He urged relevant agencies, including the Securities Commission, the Treasury, and Bank Negara, to examine critical areas to ensure Malaysia keeps pace with global developments, while maintaining oversight to protect public interests. Anwar highlighted the importance of innovation in reshaping the financial landscape and warned against lagging behind other nations.

"This innovation will reshape the financial landscape. We should not wait for others to lead the way. The UAE is already ahead in this field, and closer cooperation with Malaysia offers valuable opportunities. We cannot afford to start from scratch; we must learn from the experiences of others," he added.