Our startup ecosystem is the personification of the Malaysia Boleh spirit – a local slogan that epitomises courage, grit, and tenacity – and uniquely positions Malaysia as the heart of digital ASEAN.
With the ASEAN region boasting a population of more than 650 million, Malaysia offers startups not just access to a market of nearly three times the size of the U.S. but also the talent and support needed to grow. Malaysia's lead agency in digital transformation, Malaysia Digital Economy Corporation (MDEC), is spearheading efforts in connecting Malaysian founders with ecosystem stakeholders ranging from accelerators and coworking spaces to investors, mentors, and corporate customers; they offer end-to-end support at every stage of their companies’ growth. MDEC not only helps connect companies to investors, but its Founders Grindstone program also trains entrepreneurs in key fundraising skills such as preparing a pitch deck and investor relations. In 2020, MDEC introduced six different avenues for fundraising, thanks to which Malaysian startups have raised a total of $126 million as of August 2021. For eight years running Malaysia has been benchmarked #1 in the world by the Global Islamic Economy Indicator, with its vibrant Islamic Fintech ecosystem contributing greatly to its impressive performance. Working in collaboration with regulators, government agencies, and financial institutions, MDEC continues to build on the Islamic Digital Economy Ecosystem to position Malaysia as the Islamic Finance Hub 2.0. Malaysian startups have had a good start to 2021 in terms of fundraising. Notable funding news this year includes used car sales platform Carsome’s US$200 million round in September, which made the company Malaysia’s first unicorn, and ADA which raised a US$60 million corporate round in May.
Ecosystem by the numbers
Reasons to move your startup to Kuala Lumpur
Supportive Business Environment
Malaysia Digital Economy Corporation
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