Cyberjaya, 30 October 2024 – The Malaysia Digital Economy Corporation (MDEC) today announced two groundbreaking Memorandums of Understanding (MoUs) with Singapore’s Ascent and Indonesia’s Central Capital Ventura (CCV), marking a significant milestone in its efforts to strengthen Malaysia’s digital economy. These strategic partnerships bring in capital investment up to USD45 million (RM200 million) to fuel innovation, accelerate the growth of local startups, and reinforce Malaysia’s role as a premier digital hub within the ASEAN region.
The signing ceremony, attended by the CEOs from MDEC, Ascent, and CCV, highlights the importance of cross-border collaboration in driving Malaysia’s digital economy forward. The combined funding will be instrumental in fostering the growth of Malaysian startups, particularly in line with Malaysia’s KL20 initiatives, and reinforcing our country’s position as a key player in the Southeast Asian startup ecosystem.
Ascent has committed to invest towards early-stage Malaysian startups in critical sectors, including fintech, embedded finance, healthcare, sustainable agriculture, SME enablers, and next-generation technologies such as Artificial Intelligence (AI) and robotics. This capital injection is expected to drive financial inclusion, promote digital transformation, and enable promising startups to scale regionally. By leveraging this investment, Malaysia can position itself as a leader in innovation across these domains.
Simultaneously, Central Capital Ventura (CCV), the venture arm of Indonesia’s largest private bank, Bank Central Asia (BCA), is committing to open access for Malaysian startups to collaborate with the regional ecosystem network that CCV has in Southeast Asia. This investment aligns with MDEC’s efforts to accelerate growth in key areas such as AI, cybersecurity, blockchain, and digital finance, offering critical support for Malaysian startups in these high-growth sectors.
Attracting global investments like these reinforces MDEC’s commitment to nurturing talent, driving digital inclusion, and strengthening Malaysia’s role as a regional leader in technological advancements. The strategic MoUs will enhance cross-border innovation, allowing Malaysian companies to leverage the resources and expertise provided by Ascent and CCV to expand their operations and compete globally. These partnerships will drive local innovation, foster talent development, and contribute significantly to Malaysia’s transformation into a dynamic digital-first nation.
These collaborations will offer Malaysian startups access to international markets, mentorship from industry experts, and potential follow-on investments. MDEC will work closely with Ascent and CCV to ensure the successful execution of these initiatives and to maximise their long-term impact on Malaysia’s digital economy.
