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CPA Australia: Young Malaysian small business owners drive up tech focus

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72.2% expect to grow in 2023, compared to 54.6% last year Increasing attention on innovation & technology will support long term growth Malaysian small businesses are upbeat about their business and the economy. Meanwhile, young business owners are driving an increasing focus on technology and innovation in their small businesses. These are some of the findings from a new regional survey by CPA Australia, one of the world’s largest professional accounting associations.

Increasing attention on innovation & technology will support long term growth

“An increasing focus on e-commerce will position many Malaysian small businesses for future growth,” said Malaysia Division president Surin SegarThe survey found 63.9 per cent earned more than 10 per cent of their revenue from online sales in 2022. Consistent with this, almost three-quarters received more than 10 per cent of their sales through digital payment technologies such as GrabPay, Touch n’ Go, Boost.

They continue to have a reasonable focus on innovation, particularly in comparison to small businesses from Australia, New Zealand, Singapore and Taiwan. Over a third said they will introduce a new product, process or service to Malaysia or the world in 2023, up from 25.3 per cent last year and is the highest on record for Malaysia.

“Younger business owners surveyed were more likely to run businesses that are growing, creating jobs, innovating, using emerging technologies and exporting,” Surin added.

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