Malaysia on top in median 5G download speed in Asia Pacific - Teo Nie Ching

Citing the report, Teo noted that Malaysia's median 5G download speed stood at 512.10 Megabit per second (Mbps), surpassing South Korea at 503.99 Mbps and Singapore (387.15 Mbps).

"Of course our 5G adoption rate is relatively still low, I believe when the 5G infrastructure is ready, it means that we are more ready for better digital adoption and (we) hope we can still maintain that speed.

"We are right on track to ensure that 5G coverage will reach 80 per cent of populated areas by the end of the year, and by having Maxis sign up the subscription agreement with Digital Nasional Bhd (DNB), more users will have access to 5G," she told the media today.

Earlier, Teo officiated at the launch of Boston Consulting Group's (BCG) tech build and design unit, BCG X in Malaysia and unveiled Malaysia Digital Economy Corporation's (MDEC) joint report on digital ecosystem in collaboration with BCG.

Themed 'Harnessing the Power of Technology: Building a Strong Digital Economy for Malaysia's Future', the report examined factors like where local companies currently stand in terms of digital transformation, key drivers of change and challenges to overcome.

The joint report was anchored by two proprietary frameworks, namely MDEC's Business Digital Adoption Index (BDAI) and BCG's Build For the Future (BFF) framework.

According to the report, BFF found that Malaysian companies lag behind global and Southeast Asia companies across the digital transformation journey, with a relatively higher mix of Malaysian companies in the emerging and stagnating segment (39 per cent) versus global (13 per cent) and regional (17 per cent).

Teo said the research collaboration and the launch of BCG X serve as pivotal milestones, further illuminating the path for a Golden Digital Decade in Malaysia.

"Our comprehensive plan will focus on strengthening the communication infrastructure, enhancing cybersecurity and fostering continuous growth in the digital economy," she added.