Are SMEs the vital keys to nudge Malaysia’s Digital Economy to 20% GDP goal?

With Malaysia's Digital Economy now accounting for more than 17% of GDP, Malaysian Government agencies such as MDEC, MITI, and SME Corp are calling on VCs and GLCs to play a more aggressive role.

By AvantiKumar
June 28, 2017

International startups welcome

Currently, there are more than 400 local startups and scale-ups, most of these are primarily grouped as Digital Economy components. These include eCommerce, Big Data Analytics (BDA), Internet of Things (IoT), and Financial Technology (Fintech) sectors. Examples include Touristly, iPay88, Avana Asia, Go Get and MyCash Online.

At the inaugural pitching session, two companies planning to scale-up and two other startups were selected to take part. The four - Forest Interactive, MDT Innovations, The Lorry, and Fave - proposed their business plans to a panel of prospective investors comprising 12 GLCs, six GLICs, nine MKDs, and six local VCs.

According to Dato' Jailani Johari, deputy minister at Ministry of Communications and Multimedia, the added benefits for local companies and the investing companies participating in this programme will include networking opportunities to further their business objectives and partnerships, as well as capability building programmes to enhance their competitive edge on the global stage.
"Malaysian GLCs and GLICs should play a bigger role in the Digital Economy. They should look into raising capital in technology investment," Jailani said.

The following message was also emphasised: The door is open in Malaysia's Digital Economy to international players. To step up its role in the startup and scale-up space and move up the ranks to become more relevant and prevalent for funding efforts, Malaysia will not only complement its diverse investor space, but also attract those seeking new funding ventures that are not limited to their home/host nation. 

This funding platform is expected to grow with more GLCs, GLICs, MKDs and VCs participating. Two more pitching sessions are being planned in the next three months - tentatively in July and August 2017 respectively.

For more insights on Digital Malaysia, and the local ICT industry, visit:

 MDEC CEO Dato' Yasmin Mahmood unveils Malaysia's Digital Economy report card
Exclusive deep dive interviews with MDEC CEO Dato' Yasmin Mahmood on the Digital Malaysia framework:  Deep Dive into Malaysia's Digital Economy with MDEC CEO Dato' Yasmin Mahmood - Part 1 and Part 2
What's really in store for Malaysia's IT industry in 2017?
Securing the Internet of 'Nano-Things,' an exclusive with NanoMalaysia CEO Dr Rezal Khairi Ahmad

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