Futurise Inks Memorandum of Understanding (MOU) with Korea Development Institute (KDI) to Collaborate towards Knowledge Sharing and Co-research Activities

KUALA LUMPUR, Malaysia, Feb. 15, 2021 /PRNewswire/ -- Futurise Sdn Bhd (Futurise) today announced the cooperation and collaborative efforts with Korea Development Institute (KDI) towards promoting knowledge sharing and to pursue co-research activities on key areas of common interests. The collaboration includes the design and management of sustainable regulatory sandbox programs and open innovations platforms.

The Memorandum of Understanding (MOU) outlines the purpose of cooperation to foster expansion of knowledge and expertise in the areas of regulatory sandbox operations that also includes research and development (R&D) initiatives. Both parties are to gain better understanding of the impact of technology on the economy and society. The cooperation also looks towards discussions to anticipate future needs for regulatory framework for both countries.

"Many development challenges are common across the world but the solutions to them usually remain localised. The collaboration is looking towards solutions that can be adapted, scaled up or replicated depending on the community and the ecosystem. With this effort we are able to bring resources together that will lead to the overall goal of creating a conducive environment for knowledge creation both for Futurise and KDI," commented Futurise CEO, Mahadhir Aziz.

"At the initiation stage of the collaboration, Futurise and KDI will be focusing on an in-depth understanding of regulation surrounding Autonomous Vehicle (AV) and Online Healthcare technologies implemented in both countries and the impact to the society," said Mahadhir.

In December 2020, Futurise announced the approval of the Cyberjaya Malaysia Autonomous Vehicle (MyAV) Testing Route that was developed together with the Ministry of Transport (MOT) under the National Regulatory Sandbox (NRS) initiative.

For the AV technology, the main outcome of the collaboration will be revisiting and updating the current MyAV Testing Route guideline with accordance to current regulatory and technology trends as well as best practices in Korea. The improved guideline will be the point of reference at the National level, that can be adopted and mobilised at other locations in Malaysia. The collaboration with KDI is to spur the adoption of autonomous vehicles in Malaysia.

The unprecedented pandemic has opened a 'floodgate' of ideas relating to the delivery of healthcare services during the Movement Control Order (MCO) period. To date, there are many online health service (OHS) providers in Malaysia that offer limited healthcare services. Due to restricted Acts and Laws in Malaysia, some of the services can only be performed at the hospital premises. It is expected through this collaboration, Futurise and KDI will acquire knowledge from the respective regulators on how regulations and innovations can function in 'tandem'.  One of the aspirations of the collaboration for the online healthcare services will be aimed in the areas of regulatory impediments on healthcare services.

Dr. Jungwook Kim, Director of the Centre for Regulatory Studies at Korea Development Institute, commented "We are looking forward towards conducting joint research programmes on regulatory sandbox focusing particularly on the anticipated future trends for innovation and emerging technologists with Futurise."

Under the framework, part of the plans and initiatives will include activities such as joint workshops, seminars aimed at sharing knowledge which include the exchanges of information and consultation in the interest of identifying additional areas such as artificial intelligence, data sharing, circular economy and many more.

More information can be found here: KOREA

About Futurise

Futurise is a wholly-owned subsidiary of Cyberview Sdn Bhd under the Ministry of Finance, that plays an active role as the Public Policy Advisor to Ministries and industries in shaping Malaysia for the Future Economy.

The company has been mandated by the Malaysian Government to lead the National Regulatory Sandbox initiative to expedite regulatory intervention, deploy innovation and technology solutions and establish new innovation ecosystems.

The NRS provides a forward-looking approach to regulation, allowing minimal barriers by creating a controlled regulatory testing environment. This initiative will also help the Government better understand the importance of the impact of technology for economic growth and human capital development based on the principle of 'data-driven policy intervention'.

About Korea Development Institute

The KDI Center for Regulatory Studies (CRS) conducts theoretical/empirical analyses and research for the implementation of regulatory impact analyses and regulatory cost management in addition to cost and benefit analyses for regulatory proposals submitted by various ministries. It also offers educational programs and consulting services.