National Regulatory Sandbox – Innovating and Futureproofing Malaysia

Futureproofing remains as one of the most challenging aspects of any development. How does a society or country ensure that innovations and new technology it develops is able to withstand the trial of time? That’s where a Futurise comes in for Malaysia, as a one stop centre in the development of futuristic innovation ecosystems.

The progress of wide scale Industry Revolution 4.0 improvements would be halted if regulations and the authorities do not stay ahead of the changes of time. As a government agency, Futurise also aims to foster an environment and ecosystem that nurtures new innovations by removing the rigid regulations that hinders fast-paced technological changes. As such, one of their leading programmes is the National Regulatory Sandbox, an effort by Futurise to allow creators and innovators to shift away from tedious compliance efforts and change the focal point of their business onto fine-tuning their products.

The National Regulatory Sandbox benefits innovators and regulators alike; it allows innovators to minimize legal uncertainty and time-to-market cycle which allows them to shift their focal point onto their products and investment funding while also retaining control for regulators and helping regulators to stay ahead in legislation and policies. This in turn ensures a well-functioning ecosystem where innovators and regulators move at a faster rate in a collaboration that will churn out cutting-edge products and services for the country with minimal regulatory obstacles.

The birth of Futurise stemmed from a call for Malaysia to have a hub that will serve as a confluence point between innovators and corporations who will benefit the most from cutting-edge innovations. Nestled in the heart of the Innovation City of Cyberjaya, Futurise is now a one-stop centre for corporate companies and universities to develop prototype products and accelerate innovation.

Nurturing the intangible future of technological innovations is no easy feat but through a series of projects and programmes, Futurise aims to lead the development of futuristic innovation ecosystems in Malaysia. One such project is their Cyberjaya Autonomous Taxi, a collaborative project with SCOMI, eMooVit & UTM Autonomous vehicles to realise a futuristic Malaysia through the piloting of Malaysia’s first on-demand driverless electric taxi solution and driverless electric shuttle solution in Cyberjaya.

Even before the public dabbled in aerial photography with the use of drones as an unmmaned aerial vehicle (UAV), Futurise has identified its ability to exponentially change the way most industries solve its pain points. In its effort to bridge the gap between the drone entrepreneurship industry, stakeholders, regulators, enthusiasts and hobbyists, Futurise organised Malaysia’s first ever drone expo on June 2019 called the MyDroneX.

MyDroneX also helped discover some of the young innovators within the drone industry. Futurise is now mentoring the winners of the MyDroneX University Competition for a year with hopes of commercialising their prototypes that helped them win the competition. Believing in the potential within youths and students, Futurise has also been providing support to promising talents in the Malaysian Education System. It does this by collaborating with the local education institutions under the purview of the Ministry of Education on robotics.

The journey of futureproofing a country’s innovations is one without an end and requires constant tending to. Investing in the human capital behind innovation, the innovators of young and old, is also a continuous effort that Futurise will always invest in. While the world searches for the big breakthrough in technological advancement, Malaysia can rest assured that with agencies such as Futurise, this country’s innovations will always find itself in an ecosystem that will support and nurture it to its full potential.

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