KUALA LUMPUR: Small and medium enterprises must embrace artificial intelligence (AI) and e-invoicing to remain competitive in Malaysia’s evolving digital economy, said Digital Minister Gobind Singh Deo.
Speaking at the SME Business Talk Series: Empowering AI in Finance and E-Invoicing here today, he said digitalisation is no longer optional as businesses that fail to adapt risk falling behind.
“The future of business is digital. The question is not if businesses will adopt AI and e-invoicing, it’s when,” he said in his keynote address.
He further said that technology has become a necessity rather than a luxury, underscoring the need for businesses of all sizes to adopt digitalisation to maintain competitiveness, compliance and sustainability.
“SMEs are the backbone of Malaysia’s economy, contributing over 38% to Malaysia’s gross domestic product (GDP) and employing millions of Malaysians, yet many still rely on outdated processes that slow down efficiency, limit growth, and create unnecessary financial risks.
“To thrive in the modern economy, SMEs must take advantage of AI-driven solutions and digital financial tools to enhance business operations, reduce costs, and improve compliance efficiency,” he said.
Regarding Malaysia’s move toward full implementation of e-invoicing, he said the initiative goes beyond regulatory compliance, serving as an opportunity to digitalise business operations and a crucial step in modernising the country’s financial ecosystem.
“E-Invoicing offers several benefits, including faster payments, lower administrative costs, and improved tax compliance through a seamless, fraud-resistant system. Transitioning to e-invoicing now will put you ahead of the curve and give you a competitive advantage in Malaysia’s digital economy,” he said.
He added that the Malaysian government is committed to supporting businesses in their digital transformation journey, highlighting the establishment of the National AI Office last year as a central authority to drive the country’s AI agenda. – Bernama
