Malaysia is advancing its digital economy through an e-Invoicing initiative, aiming to enhance efficiency, transparency, and global trade interoperability. At the E-Invoicing Exchange Summit 2024, leaders emphasized the transformative impact of this system on businesses and its alignment with national digital strategies.
3 December 2024 – Malaysia is advancing its role in the global digital economy through the adoption of electronic invoicing (e-Invoicing), a transformative initiative aimed at enhancing efficiency, transparency, and compliance in business processes. Speaking at the E-Invoicing Exchange Summit 2024 in Kuala Lumpur, Deputy Minister of Digital Datuk Wilson Ugak Kumbong described e-Invoicing as a “springboard” for accelerating digital transformation across the nation.
“E-Invoicing is not just about adapting to the future; it’s about actively shaping it,” said Datuk Wilson. “This initiative empowers businesses to streamline operations, minimize errors, and unlock new growth and innovation opportunities globally.” He emphasized that while transitioning to e-Invoicing may pose initial challenges, it redefines how businesses approach processes in the digital age.
The summit, hosted in Malaysia for the first time, highlighted the nation’s significant strides in establishing itself as a leader in e-Invoicing. Malaysia Digital Economy Corporation (MDEC), as the country’s Peppol Authority, is driving the National e-Invoicing Initiative, which aligns with key national strategies, including the 12th Malaysia Plan, the Malaysia Digital Economy Blueprint (MyDigital), and the National e-Commerce Strategic Roadmap.
MDEC CEO Anuar Fariz Fadzil noted that Malaysia now ranks among the top five globally in Peppol membership, reflecting its robust e-Invoicing ecosystem. “Peppol ensures seamless interoperability, particularly beneficial for companies engaged in international trade,” he added. Through collaborations with service providers and the Inland Revenue Board of Malaysia (IRBM), MDEC is ensuring compliance and ease of implementation for businesses.
The event, organized by Vereon AG and supported by MDEC, brought together global policymakers, digital economy experts, and business leaders to discuss the future of digital trade and the benefits of interoperable e-Invoicing systems.
