Malaysia is undertaking a comprehensive review of all monopolies in the country, including Touch ‘n Go, the sole cashless payment system for highway tolls since 1997. Experts believe that the move is a step in the right direction, which could enhance Malaysia’s competitiveness and attract more investment.
Prime Minister Datuk Seri Anwar Ibrahim announced last month that all ministries had been tasked with studying the rationale behind allowing monopolies. “The principle of a transparent economic development warrants us to make some adjustment and shift from what I consider to be chaotic, obsolete and to cater to vested interests in terms of monopolies” he said at a press conference on Mar 24.
Touch ‘n Go has been criticized for high transaction fees and interoperability limitations. The review of Touch ‘n Go’s monopoly is expected to introduce more market competition, lower transaction fees, and improve customer experience.
The government’s move to break up monopolies is expected to impact several industries. Analysts believe that increased competition and innovation resulting from the review will create more opportunities for businesses to thrive, leading to economic growth in the country.
Malaysia has been struggling with high living costs, and monopolies and oligopolies have been partly blamed for this issue. The government’s review of monopolies is expected to promote a more competitive market, leading to lower prices for goods and services, benefiting consumers.
The decision to review all monopolies in Malaysia is a significant step towards achieving the country’s economic goals and creating a fair and competitive market. The government’s commitment to promoting transparency and enhancing the country’s competitiveness is expected to attract more foreign investment, leading to further economic growth in the country.
External Links: