MDEC launched the National e-Invoicing Open Day & Accreditation Ceremony, promoting e-Invoicing solutions to enhance business efficiency and compliance. This initiative supports Malaysia’s digital transformation and economic growth, aiming for full e-Invoicing adoption by 2025.
17 July 2024 – The Malaysia Digital Economy Corporation (MDEC), the nation’s lead digital economy agency and the Peppol Authority in Malaysia, celebrated a significant milestone with the launch of the inaugural National e-Invoicing Open Day & Accreditation Ceremony. Officiated by Yang Berhormat Tuan Gobind Singh Deo, Minister of Digital, this landmark event aims to empower businesses by promoting the adoption of e-Invoicing solutions, a crucial step in accelerating Malaysia’s digital transformation since 2020.
The event provided a platform for businesses to explore and consult with various e-Invoicing solution providers, helping them identify the most suitable solutions to streamline operations and enhance efficiency. During the ceremony, MDEC honoured the first cohort of 31 Malaysia Peppol Service Providers (SP) and four Peppol-Ready Solution Providers (PRSP), creating a trusted pool of partners for businesses. These accredited providers facilitate system-to-system e-Invoice exchange and ensure compliance with tax regulations.
Peppol SPs function as gateways to the Peppol network, securely connecting businesses and routing e-Invoices to intended recipients. PRSPs, on the other hand, are accounting software, ERP systems, or e-Invoice platforms capable of sending and receiving e-Invoices in Peppol format, connecting through an access point.
Malaysia’s status as the 21st Peppol Authority, and its ranking in the Top 10 for the number of Peppol members as of April 2024, underscores the strong interest in e-Invoicing adoption driven by tax compliance mandates. The Peppol framework, the most widely implemented e-Invoicing system globally, ensures systematic interoperability between disparate systems, facilitating seamless e-Invoice exchange.
“As the designated Peppol Authority in Malaysia, MDEC is actively accrediting organisations to facilitate their operations within the country. As of June 2024, MDEC has received over 150 applications for SP and PRSP accreditation. This initiative, formalised by the accreditation ceremony, forms the foundation of Malaysia’s e-Invoicing community, leveraging the Peppol framework,” said Ts. Mahadhir Aziz, Chief Executive Officer of MDEC.
With the digital economy GDP projected to reach 25.5% by 2025, this initiative is poised to bolster growth, benefiting businesses of all sizes. The adoption of e-Invoicing is also projected to boost tax revenue contribution to between 14% and 15% of GDP once fully implemented across all businesses by 1 July 2025.
MDEC’s National e-Invoicing Initiative, leveraging the Peppol framework, is part of several national-level blueprints, including the 12th Malaysia Plan (RMK12), the MyDigital Blueprint, and the National eCommerce Strategic Roadmap (NESR) 2.0. As Malaysia advances towards a digital economy, the adoption of e-Invoicing is a crucial step, helping businesses streamline operations and boost efficiency, driving economic growth and increasing tax revenue.
