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Investors Bullish on Malaysia’s Digital Economy

Asia Blockchain Review
July 9, 2019
  • Malaysia Tech Week, the launch event for MDEC’s #SeriouslyDigital month attracts strong investor interest in Startups, Fintech, E-Commerce
  • Government accelerates initiatives to establish Malaysia as the tech and
    digital hub in ASEAN

Kuala Lumpur, 2 July 2019 – International investors and established digital economy ecosystem builders are bullish and committed investments in Malaysia’s digital economy, as the government forges ahead with initiatives to establish Malaysia as the tech and digital hub in ASEAN.

Organised by the Malaysian Digital Economy Corporation (MDEC), the government agency under the Ministry of Communications and Multimedia Malaysia mandated to drive the nation’s digital economy forward, MTW19, the launch event to MDEC’s #SeriouslyDigital month, registered strong interest from international and regional tech and digital companies keen to participate in Malaysia’s mature and innovation-led digital economy ecosystem.

Over 2,000 participants, which included the cream of Malaysian corporations, ecosystem partners, tech startups, international investors, regulators and government officers congregated in Kuala Lumpur to share experiences, explore investment opportunities and discuss new modalities of Public Private Partnerships. The MTW19 was held alongside MyFintechWeek 2019, which was organised by Bank Negara Malaysia.

The #SeriouslyDigital month-long showcase of all things digital in Malaysia followed the well-received Malaysia 5G Showcase also driven by the Ministry of Communications and Multimedia Malaysia, has firmly established Malaysia as a favoured tech and digital investment location and innovation hub in ASEAN.

Over 33 event programmes, which included 10 corporate innovation workshops and 5 startup pitching sessions, were organised across 20 locations for MTW19 in Kuala Lumpur throughout the week. One hundred and seventy (170) speakers from Malaysia and throughout the world presented ideas and shared experiences and how Tech and Digital innovations will inevitably impact our society, economy and the way we live. Throughout the week, more than 5,000 business meetings occurred, some of which were captured on the event’s mobile app while many took place during networking sessions and Corporate Innovation workshops.

Dynamic Ecosystem for both Islamic and Digital Economy

The MTW19 attracted RM30 million investment inflows, demonstrating strong confidence by established venture and investments funds that Malaysia is firmly on track to becoming the preferred hub of ASEAN’s digital economy.

Catalysing Growth In The Islamic Digital Economy

  • Ficus Venture Capital announced a USD 6 Million (RM 25 Million) allocation to
    Islamic tech startups in ASEAN, with Malaysia chosen as the distribution hub for the fund dispersal. This includes USD 2.5 Million (RM 10 Million) that was committed to startups during MTW19.
  • China-based VC fund Gobi Partners announced a USD1 million (RM4.13 million) award to IslamicMarkets.com, a platform that unlocks Islamic investment and business opportunities.
  • The Islamic Track included a speed dating business matching session, which
    attracted 23 participants; a role-play session with a Shariah Advisor in which 40 participants received mentorship on Shariah Regulatory advisors. Additionally, the ‘TaqwaTech’ vertical “Pitch-Pit” event saw 10 innovative startups serving Muslim consumers, businesses and communities. Modest Forever and ALAMI, who emerged second and third respectively at the same event, took home USD 10,000 (RM 41,300) in the form of Digital Ocean cloud credits.

Minister of Communications and Multimedia Malaysia YB Gobind Singh Deo said, “Over the past two decades, Malaysia has dedicated its efforts to transform digitally, to create a vibrant and world-class digital economy.”

“We have long been a hub for traders, with the Straits of Malacca being favoured as a major route connecting the Asia, Europe and the Middle East. Malaysia today has evolved to being a hub of highly skilled talent, thriving within a vibrant business ecosystem founded on world-class infrastructure. Malaysia continues to offer limitless opportunities for anyone who has a vision for the future and a passion to make it happen. ” added YB
Gobind Singh Deo.

He added that Malaysia has gone ‘Seriously Digital’, noting the MSC’s Cumulative Total Investment has reached US$79 billion (RM330 billion), with export sales worth US$39.74 billion (RM166 billion), creating a total of over 180,000 jobs. Over 4,000 companies have been awarded with MSC Malaysia status – seventy-four percent of these companies are Malaysian-owned, while 26% of them are foreign-owned, including 180 MNCs.

“I am also encouraged that Malaysia has been ranked 2nd in the Ease of Doing Business within ASEAN Countries World Bank Report, 2nd in Global Competitiveness World Economic Forum Report and 10th in the FDI Confidence index, among others.”

Surina Shukri, CEO of Malaysian Digital Economy Corporation (MDEC) said, “The #SeriouslyDigital month and MTW19 highlighted strong support from the Malaysian tech ecosystem who came together to showcase what our digital economy offers the world. The range of programmes MDEC curated through the MTW19 highlights the frontier technology and thinking in our ecosystem that places us firmly as the investment and innovation destination for all things tech and digital in ASEAN. I look forward to further successes with Wild Digital which will take place from tomorrow.”

MDEC’s “Seriously Digital” month-long celebration will also showcase the startup conference Wild Digital from 3 to 4 July and Beyond Paradigm happening on 17 to 18 July.


ABOUT MALAYSIA DIGITAL ECONOMY CORPORATION (MDEC)

Malaysia Digital Economy Corporation (MDEC) is the government agency under the Ministry of Communications and Multimedia Malaysia entrusted to lead the nation’s digital economy forward.

MDEC’s mandate includes driving digital adoption, development of industry
ready tech talents, digital economy policies and global champions.

To future proof Malaysia for the digital age, MDEC will leverage its proven track record, industry credibility and experienced leadership to connect, catalyse and commercialise digital initiatives to advance a thriving and sustainable digital economy placing diversity and inclusivity at its core.

#LetsBuildTogether #DigitalMalaysiaForward

To find out more about MDEC’s Digital Economy initiatives, please visit www.mdec.my or follow us on:

For further media enquiries, please contact:

Sharifah Syazreen Syed Agail  

  • Senior Executive, Communications
  • Malaysia Digital Economy Corporation (MDEC)
  • Tel: 03-8314 1839
  • Email: [email protected]

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