Malaysia aims for digital investment hub status with startup ecosystem revamp
The Malaysian government seeks to reform the country’s startup ecosystem by focusing on funding and investment opportunities at the seed and angel investor stages, according to Economy Minister Rafizi Ramli. In a recent talk, Ramli highlighted Malaysia’s potential to become a regional hub for digital investors, on par with neighbouring Singapore and Indonesia. Plans are also underway to integrate back-end systems supporting startups in the digital and technology sectors, with a single-window approach similar to the country’s visa application system. The proposal for this integration will be presented to the Digital Economy Council by the end of July.
Ramli stated, “My view is to see how more investment (into startups) will be made at the seed and angel investor stages. These are the things that we want to see, how we can create more startups at the seed and angel investor levels.”
He also emphasised Malaysia’s potential to be more than just a gateway for the startup ecosystem in the region. “We have the right plan, (and) with all the agencies and ecosystem working together, we can catch up very quickly compared with our peers. We want to be a hub of choice for digital investors, at par with Singapore and Indonesia,” he said.
To achieve this, Ramli plans to collaborate with the Ministry of Communications and Digital and the Ministry of Science, Technology and Innovation to streamline the support provided to startups. “I will be sitting down with the Ministry of Communications and Digital and the Ministry of Science, Technology and Innovation responsible for the digital ecosystem on June 21 to get everyone on the same page and decide collectively how we are going to do this,” he explained.
The integration of back-end systems for digital and technology startups will be presented to the Digital Economy Council, chaired by the Prime Minister, by the end of July. Ramli added, “We will have more clarity about how exactly we will be doing this, on what single window approach, by sometime in August because after the Digital Economy Council meeting at the end of July, we hope to get clearance for us to make a big announcement that involves some big investments.”
