The use of digital technology in financial access such as mobile banking, QR code payments, digital wallets and online product sales has contributed a large part in Malaysia's digital economy.
This sector is expected to reach a value of RM107 billion by the end of 2023 and increase to RM325 billion in 2030, according to the Southeast Asia e-Conomy report.
According to the Google, Temasek and Bain & Company reports, the increase in the digital economy in Malaysia is in line with the country's economic recovery.
Malaysia's digital economy is seen to be on a good track with a growth rate of 14% by 2025.
The growth is expected to boost by 7% by the end of this year, although it is lower than in 2021 which was 16%.
According to the data, digital applications in Malaysia are said to continue to increase in the future and show that Kuala Lumpur is the leader.
The report also mentions that the average user in Malaysia spends more on online games with an average of 13.4% of users.
This overall growth is seen to have a lot of impact in the third quarter of this year.
