Malaysia's m-commerce to reach $1.1B by 2015

Malaysia's Prime Minister Najib Razak says "upwardly mobile" citizens will help drive the growth of the local mobile commerce sector.

Malaysia's mobile commerce (m-commerce) industry will be one of the key beneficiaries of the Digital Malaysia initiative, and is expected to generate 3.4 billion ringgit (US$1.1 billion) in three years' time.

In a report by Bernama Tuesday, Prime Minister Najib Razak said the country's m-commerce had a milestone year in 2011 as the total spent using mobile devices grew from 101 million ringgit (US$32.7 million) in 2010 to 467 million ringgit (US$151.2 million) last year. This represented a 370 percent jump and formed a quarter of all online shopping last year, he added. 

Najib said: "By 2015, this market will grow more than seven times to hit 3.4 billion ringgit (US$1.1 billion), indicating that the nation is upwardly mobile ."

The development of the country's m-commerce sector is an example of how its Digital Malaysia initiative is progressing. Launched last October, the national project expects to increase the ICT sector's contribution to the gross national income (GNI) to 17 percent, or 294 billion ringgit (US$93.2 billion), by 2020.

The government hopes to generate about 31.2 billion ringgit (US$9.9 billion) worth of public-private partnership investments from this initiative in eight years' time.