Types of Business to Consider in Malaysia
Despite the pandemic, there are many business opportunities available in Malaysia. Here are some of them:
Fintech and Cryptocurrency Business
If you have a finance background or even without background, this is the era of online financial business. As the wisdom words “The Market is always right” where the value has increased more than 300% since covid. Cryptocurrency is a form of digital asset that can be exchanged online for goods and services. Your Fintech business can utilise blockchain technology create payment gateway platform for different users to use different types of cryptocurrencies to transact goods and services.
Since Covid started, there is a surge in usage of online transactions where lots of people working from home resulted in payment and personal information are being uploaded online. As per latest Strait’s time news:
“Malaysians suffered RM2.23 billion losses from cyber-crime” and “Complaints on online transactions rise 112.5%”
Therefore, Covid resulted in triggers epidemic of cyber fraud hence there is certainly an increase in the demand of cybersecurity business from corporate to consumer markets.
Online E Commerce Business
More than 26 million Malaysians use the internet today, and data from GlobalWebIndex shows that 80 percent of users between the ages of 16 and 64 are already shopping online.
While fashion retail was recognised as one of the hardest hit industries due to the pandemic, both consumers and businesses have been taking major steps by going online to adapt to the situation. Luxury brands saw an increase in search traffic in Southeast Asia after the COVID-19 breakout compared to before. Starting an ecommerce business in Malaysia is surely a popular option to consider. Even if you don’t have a shopping website setup of your own, you can still make this one work. Malaysia has several reputable online shopping websites which have a lot of business and traffic going on each day. Examples of these sites would be Zalora, Lazada, Shopee and Best Buy where you can quickly setup an account and start selling your goods.
Mobile app developer
An app developer is one of the best business ideas Malaysia in recent years due to the Covid-19 pandemic, many has lost their jobs and took the freelance job role. Mobile apps are a great source of revenue as there will always be market shares available to be sought by those who wants it. According to Tech in Asia, as long as you have sufficient knowledge about programming languages such as Java or Python or Swift, you are ready to go!
As a professional app developer, you are required to write out a proper code and have the ability for graphic designs and coding skills. It is undeniable that there are many app developers in the world, you are to strive to stand out from the crowd by constantly polishing your expertise and start practicing now!
Transportation is another thriving sector in the country! Private transportation has revolutionised the industry with the e-commerce viability. This can be shown by the success of companies such as Grab and MyCar. Private transportation business is designed for personal or individual usage and unlike public, customers won’t be encountering mass crowds.
Some of the services you can provide for in the transportation industry include:
- Rental of Vehicles for Events: Company trips, school trips, weddings, party bus, minibus charter
- Corporate Services: Executive ride shares, limo services, airport transfers
- Miscellaneous Services: School bus, delivery services, e-hailing cabs, private hotel tours
There is no place like Malaysia when it comes to delicious cuisines which are sure to delight your taste buds. The Malaysia Food and Beverages Industry (F&B) is identified as a fast-growing market and one of the main contributors to the national account. The F&B industry in Malaysia is very diverse with a wide range of processed food for Asian taste and dietary preference as well as many western recipes. Locals and foreigners alike love eating out and there’s no shortage of food options to choose from. From fine dining to local street food, starting an F&B business could be your calling.