Kuala Lumpur: Cooperatives have been urged to implement digitalisation initiatives immediately and make full use of modern technology to ensure they remain competitive. Cooperatives Commission of Malaysia chairman Datuk Ahmad Norihan Jalal said the current business environment in Malaysia was challenging and required cooperatives to use technologies such as artificial intelligence (AI) and Internet of Things (IoT).

According to BERNAMA News Agency, Ahmad Norihan emphasized the necessity for cooperatives to adapt to the changing business landscape, warning that failing to embrace digital transformation could leave them lagging behind. He highlighted the potential benefits of digitalisation, noting that it could expedite processes within cooperatives, enhance efficiency, and create more job opportunities.

Ahmad Norihan further described digital transformation as a long-term investment for cooperatives, acknowledging that while technologies like AI and IoT have been around for some time, their integration into cooperative operations is crucial for sustained growth. He commended Koop Sahabat for its innovative approach in launching an AI-based virtual support system, YATI, which facilitates prompt feedback and improved access for its members.

In the same event, Koop Sahabat chairman Mohd Najib Mohd Noor announced a 10 percent dividend for the 2024 financial year, amounting to RM10.5 million for 449,848 members. He reported a significant revenue increase, with profits reaching RM37 million, marking a 140 percent rise from the previous year. The Ar-Rahnu business was noted as the primary revenue contributor, followed by investments in real estate and housing projects.