The launching of Metaverse Entrepreneur Hub at Phoenix Asia Rebirth Campus on Gat Lebuh Chulia, George Town, today represented an important milestone for MVU Metaverse Universal Holdings and Phoenix Asia Academy of Technology.
State Entrepreneurial Development, Trade and Industry Committee chairman Datuk Abdul Halim Hussain said the event marked a significant step in the development of the metaverse ecosystem.
“I am delighted to see the private sector’s proactive engagement in driving the growth and development of the metaverse as it is a new frontier of innovation and entrepreneurship, and a critical component of the digital economy.
“The Metaverse Entrepreneur Hub constitutes a critical platform that will provide indispensable support to metaverse startups and entrepreneurs. It will establish a conducive environment that nurtures creativity, fosters collaboration, and encourages innovation, thus catalysing the growth of the metaverse ecosystem.
“The state government recognises the metaverse’s significance as a key driver of economic growth and development. The metaverse offers a vast array of opportunities for entrepreneurs and innovators, and has the potential to create new industries, jobs, and revenue streams.
“The launching of the Metaverse Entrepreneur Hub is an excellent example of the public-private partnership needed to drive the metaverse’s growth. By combining the resources and expertise of the private sector with the government’s support and guidance, this initiative creates a powerful engine for innovation and growth,” Abdul Halim said during his speech.
He also congratulated MVU/Phoenix Asia of Technology on their significant achievement.
Abdul Halim added that the outbreak of Covid-19 three years ago has accelerated the adoption of technology.
When Penang celebrated its 50th year of industrialisation last year, he said the question he was posed was ‘What next for Penang?”
“This adoption of technology, like digitalisation, is the future. We need to adopt and adapt. And this is why we are here today (launching of the Metaverse Entrepreneur Hub),” Abdul Halim said before he was invited to launch the event by signing on a plaque.
He said the state could also look into the film content and games industry to trigger new talents, as its revenues have come mainly from the E&E (electrical and electronic), tourism and wellness sectors.
MVU/Phoenix Asia of Technology founder and president Kenneth Quah said his organisation was excited to embark on this transformation journey to create a more connected, innovative, and exciting world in the metaverse.
He said the metaverse is a rapidly evolving technology that is still in its early stages of development, but it has the potential to become a massive market in the future, with some estimating it could be worth trillions of dollars.
Citing a report by Ark Invest estimates, Quah said the metaverse could be worth US$1 trillion by 2030, driven by growth in virtual real estate, digital goods and advertising.
Other estimates, he said, are even more bullish by estimating metaverse could be worth US$2 trillion by 2030
“As we are all aware, the metaverse is the future of the internet, and it is rapidly evolving. At MVU/Phoenix Asia, we strongly believe that the metaverse holds immense potential to transform the way we live, work, and play.
“We aim to provide a space for entrepreneurs and innovators to explore new possibilities, experiment with cutting-edge technologies, and build the future of the metaverse. Our hub will offer a range of resources and services to support the growth of metaverse startups, including access to mentorship, funding, and networking opportunities.
“We believe that the Metaverse Entrepreneur Hub will be a game-changer for the metaverse ecosystem. By bringing together the best minds and resources, we can create an environment that fosters innovation, creativity, and collaboration. We are confident that this hub will play a pivotal role in shaping the future of the metaverse and driving its growth,” Quah said in his speech.
Also present were Asia e University founder and president Prof Datuk Dr Ansary Ahmed, Cattospace Consultancy founder Low Sing Chyuan, SME Association of Seberang Perai president Dr Francis Wong and Study Penang executive director Datuk Khoo Boo Lim.
Quah founded Phoenix Asia in 2017, and went on to form Phoenix Asia Holdings in 2019, becoming the pioneer of educational investment organization in the areas of International Education Development, International Students Services and Educational Technology.
In December 2021, Phoenix Asia Holdings invested in metaverse technology to accommodate new learning methodologies and technologies in education. Not long after that, Phoenix Asia Holdings upon obtaining approval from the Government, changed its name to MVU Metaverse Universal Holdings (MVU)
The Phoenix Asia Rebirth Campus on Gat Lebuh Chulia was launched on 8 July, 2022 by Chief Minister Chow Kon Yeow.
Later after the launching of the Metaverse Entrepreneur Hub, Abdul Halim also witnessed a Memorandum of Understanding signing ceremony between Dr Ansary (representing Asia e University) and Quah (representing MVU/Phoenix Asia of Technology).
Story by K.H. Ong
Pix by Ahmad Adil Muhamad