Govt allocates RM30 mln to MyCIF as additional fund to equity crowdfunding

KUALA LUMPUR: The government will be allocating RM30 million to Malaysia Coinvestment Fund (MyCIF) as an additional fund to equity crowdfunding in an effort to support start-up companies in the sustainability and social enterprise agenda.

"The government also plans to expand the scope of existing tax incentives for individual investors in start-up companies through equity crowdfunding to include investments made through nominated Limited Liability Partnership companies," Minister of Finance Tengku Datuk Seri Zafrul Abdul Aziz said at the tabling of the Budget 2023 at the parliament today.

He said new forms of financial innovation such as equity crowdfunding would continue to be supported.

"This instrument successfully provides capital funding to start-up companies such as Green Lagoon Technology, a biogas plant operator, through the circular economy to generate green energy from palm oil waste," he added.

-- BERNAMA