MIDA Bridges Malaysia Fintech Start-up and UK Investment Firm
The Malaysian Investment Development Authority (MIDA) through its dedicated unit, the Domestic Investment Coordination Platform (DICP), in facilitating local SMEs to develop further, has enabled a Malaysian financial technology (Fintech) start-up, Neurogine Sdn. Bhd. to seal an acquisition deal with Hadigy Limited, an investment holding company based in the UK.
The signing ceremony between Mr. Owen Chen Chee Onn, Chief Executive Officer (CEO) of Neurogine Sdn. Bhd. and Mr. Hari Iyer, Executive Director of Hadigy Limited was held virtually between Kuala Lumpur and London, witnessed by the CEO of MIDA, Dato’ Azman Mahmud at MIDA HQ.
“Among the major challenges for SMEs and start-ups to scale up is the limited access to funding. MIDA has taken a proactive approach through DICP in supporting local companies, SMEs and start-ups in addressing the funding gap. The presence of foreign funders such as Hadigy Limited in this space would certainly help in accelerating the adoption of technology and stimulate the growth of fintech services in Malaysia,” said Dato’ Azman Mahmud.
In the wake of the COVID-19 pandemic, the local technology segments of e-commerce, fintech and medical technology would be able to entice foreign equity or venture capital investments. These sectors, which provide remote solutions by minimising and eliminating physical contacts, have emerged stronger, driven by the renewed demands from industry users in observing the SOPs of COVID-19 as recommended by the World Health Organisation (WHO).
In line with the national investment aspiration to increase economic complexity and build Malaysian conglomerates, the Government, through MIDA and its DICP unit seeks to connect Malaysian start-ups with international venture capital firms. The unit will facilitate a sustainable growth path and a vibrant ecosystem for high-profile start-ups to thrive and flourish
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