STORY: Malaysia's digital economy to reach 31 bln USD in 2024: report
SHOOTING TIME: File / Nov. 19, 2024
DATELINE: Nov. 28, 2024
LENGTH: 00:00:57
LOCATION: Kuala Lumpur
CATEGORY: ECONOMY

SHOTLIST:
1. various of customers making digital payments
2. various shots of AI products at the Smart Nation Expo 2024 (Shooting Time: Nov. 19, 2024)

STORYLINE:

Malaysia's digital economy is poised to reach 31 billion U.S. dollars in gross merchandise value (GMV) this year, an increase of 16 percent from last year, according to the latest e-Conomy SEA 2024 report by Google, Temasek and Bain & Company.
   
The trio said in a statement on Tuesday that Malaysia's digital economy has progressed towards profitability while maintaining double-digit growth for GMV.
   
Deeper digital participation among users, effective monetization strategies, and the recovery of pandemic-impacted sectors are expected to drive continued growth, said the statement.
   
According to the report, e-commerce remains the largest contributor to the digital economy in Malaysia, with its GMV growing by 17 percent year on year to 16 billion U.S. dollars this year.

Online media in Malaysia has shown consistent growth with its GMV expected to grow 10 percent year-on-year to 4 billion dollars this year, driven by the increasing popularity of digital content, games and streaming services.
   
Malaysia's digital financial services continue on an upward trajectory as various digital banks offer compelling features and ease of access.
   
The report also estimated Malaysia's current data center capacity at 120MW and expects that to expand five times over the coming years.

Xinhua News Agency correspondents reporting from Kuala Lumpur.
(XHTV)