MDEC partners Ascent, CCV to boost Malaysia's digital hub status

KUALA LUMPUR: The Malaysia Digital Economy Corporation (MDEC) has partnered Singapore's Ascent and Indonesia's Bank Central Asia's (BCA) venture arm, Central Capital Ventura (CCV), to attract up to RM200 million in capital, driving innovation, accelerating local startup growth, and strengthening Malaysia's position as a leading ASEAN digital hub.

MDEC said the signing of two groundbreaking memoranda of understanding (MoUs) with Ascent and CCV marks a significant milestone in its efforts to strengthen Malaysia's digital economy.

"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," it said in a statement.

Ascent has committed to invest towards early-stage Malaysian startups in critical sectors, including fintech, embedded finance, healthcare, sustainable agriculture, small and medium enterprises enablers, and next-generation technologies such as artificial intelligence 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.

MDEC reiterated that attracting global investments like these reinforces MDEC's commitment to nurturing talent, driving digital inclusion, and strengthening Malaysia's role as a regional leader intechnological 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," it said.

-- BERNAMA