Malaysian SMEs Need To Adopt AI For ESG Compliance And Thrive In Future Economy -- Gobind

KUALA LUMPUR, June 30 (Bernama) -- Malaysian small and medium enterprises (SMEs) need to embrace digital technology, especially artificial intelligence (AI), to meet the environmental, social and governance (ESG) expectations and thrive in the future economy, said Digital Minister Gobind Singh Deo.

He said that his ministry aims to build an ecosystem that enables the digital transformation of the country, one of which is through the initiative launched today — the ESGAMConnect platform aimed to help SMEs achieve their ESG targets.

“SMEs make up a large portion of businesses in our country, about 97 per cent of the entire national economy, so they play a crucial role in helping to boost the nation's digital economy.

“I hope that the collaboration with Malaysia Digital Economy Corporation (MDEC) and the Ministry of Digital will support our efforts to raise awareness among all SMEs about the importance of ESG in the coming years,” he said after launching the ESGAMConnect platform here today.

ESGAMConnect is an Al-powered ESG platform developed by the ESG Association of Malaysia (ESGAM) and iForte Intelligence Sdn Bhd (iForte) that provides an integrated digital ecosystem supported by an Al virtual assistant to help businesses navigate the ESG value chain. 

In a statement, ESGAM said the platform offers ESG learning and talent development, digital assessment tools to identify ESG gaps and a sector-specific marketplace that connects businesses with verified partners including ESG consultants, trainers, auditors and solution providers.

“It also supports ESG reporting and audit readiness, provides referrals to accreditation bodies and recommends relevant carbon credit platforms and markets. 

“In addition, ESGAMConnect's dedicated financing and grants hub links businesses with government assistance schemes and green loan facilities, catalysing ESG growth and unlocking new investment opportunities,” it said.

Meanwhile, ESGAM honorary advisor and strategic alliance chair Eric Chong said the platform is expected to reach to 1.2 million SMEs in Malaysia through their collaboration with MDEC, National Tech Association of Malaysia (PIKOM), SME Association of Malaysia (SMEAM) and Malaysian CSO-SDG Alliance (MCSA). 

He said the platform, which is currently in its first phase, will be improved based on customer feedback and is expected to be enhanced in its second phase by the third or fourth quarter of this year.

-- BERNAMA