Institute of Strategic and International Studies executive chairman Faiz Abdullah says the biggest challenge facing businesses is the imposition of too many rules.
Institute of Strategic and International Studies executive chairman Faiz Abdullah said industry often moved faster than the legislative process, creating challenges for regulators.
“While we do have regulations, we need to make sure they will not stifle or block the growth of innovation,” he said at the International Regulatory Conference 2026.
He said Malaysia, in strengthening its position as a regional technology hub, needed a regulatory environment that supported the development of artificial intelligence, data centres and the wider digital ecosystem, while remaining grounded in social justice.
Asked about the biggest regulatory challenge facing businesses, Faiz said it would be when too many rules were imposed.
“Regulation should not be for the sake of exerting power, or to ensure that because we are the powers that be, therefore we impose rules,” he added.
Meanwhile, Malaysian Communications and Multimedia Commission senior operations adviser Zulkarnain Yasin said regulators should act as facilitators that built trust between the government, investors and industry players.
He expects future regulation to place greater emphasis on good governance rather than simply introducing more red tape to build a platform founded on trust.
Zulkarnain also said regulation should not hinder investment or innovation. Instead, it should create a trusted ecosystem that would bring together innovators, investors and regulators.
He proposed adopting a regulatory sandbox approach, allowing regulators and stakeholders to jointly develop and test solutions before introducing products to the market.
He said such a model could reduce compliance costs, accelerate innovation and ensure regulations are more practical and better aligned with market needs. - FMT
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