PM announces Social Impact Exchange initiative for start-ups

Najib says that the Social Impact Exchange or SIX programme will be jointly implemented by the National Innovation Agency and the Malaysian Global Innovation and Creativity Centre (Magic). — Bernama pic
Najib says that the Social Impact Exchange or SIX programme will be jointly implemented by the National Innovation Agency and the Malaysian Global Innovation and Creativity Centre (Magic). — Bernama pic

KUALA LUMPUR, Dec 12 ― Prime Minister Datuk Seri Najib Razak today announced a novel initiative to aid social entrepreneurs for their start-up projects.

Named the Social Impact Exchange or SIX, Najib said that the programme would be jointly implemented by the National Innovation Agency and the Malaysian Global Innovation and Creativity Centre (Magic).

“SIX will be Malaysia's first pay-for-impact exchange, designed to parallel a traditional stock exchange, and will be the focal point for funding social purpose organisations, or SPOs, and their intervention projects.

“There are all part of the many initiatives this Government has put in place since I took office in 2009. The Economic Transformation Programme (ETP) we outlined in 2010, has had considerable results,” Najib said, adding that the initiative had also aided in the creation of 2.26 million jobs.

In his speech, Najib also urged the public sector to lead the country’s digital revolution and keep up with fast changing times.

Steve Case, one of the pioneers of the internet and the co-founder of AOL, argued that there were three major waves in digital technologies. The first wave was building the internet, the second wave was the mobile revolution and the third, creation of the app economy.

“Now we are making the transition into the third wave. This is when digital technologies and the internet leave the traditional infrastructure and move to highly regulated sectors of health, energy, transport and finance.

“If Steve is right, then the public sector will need to become far more innovative, for at this stage, private sector innovation will be more dependent on public sector innovation,” he said.

Najib added that the government is determined to make this revolution happen in Malaysia, adding that this was why he had announced the Futurise Centre in the 2018 Budget, aimed at accelerating innovation.

He also expressed confidence that each and every Malaysian can do their part and play a significant role in propelling Malaysia forward in the digital technology sector.

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