One of the most revolutionary breakthroughs in modern artificial intelligence research over the past decade has been the introduction of foundation models - deep learning models trained on extensive datasets that can be adapted to tackle a wide range of downstream tasks. The rise of foundation models has significantly accelerated the adoption of AI in healthcare where there is increasing digitalization, enabling the integration of medical imaging, clinical notes, and genomic data to provide a more holistic understanding of patient health and supporting personalized interventions. In this Editorial, we will explore how foundation models are catalysing insights in precision health and offer our perspective of how foundation models can be integrated into the Malaysian healthcare system. In addition, we will also highlight some of the issues concerning governance, ethical, regulatory and policy challenges of implementing these foundation models in the Malaysia.