Sarawak’s Wondaleaf retail brand gets RM30 mln investment boost
07 Sep 2023
Sarawak-based medical device company Twin Catalyst Sdn Bhd has inked a licensing and technology transfer memorandum of understanding (MoU) with Savewo International Ltd, a Hong Kong-based company specialising in health protection gear.
In a statement, Twin Catalyst said the MoU would involve an investment worth over RM30 million to license and manufacture Wondaleaf products and distribute them globally.
Wondaleaf is the retail brand of Twin Catalyst.
Via this cooperation with Savewo, Twin Catalyst foresees Wondaleaf products being present in Taiwan, Hong Kong, Europe, Sri Lanka, and other places by next year, pending a successful safety assessment by authorities, it said.
“A lot of effort goes into bringing a new, high-risk, medical product to the market,” said Twin Catalyst chief executive officer Dr John Tang at the MoU signing ceremony held recently in Beijing, China.
According to the release, the ceremony was witnessed by Sarawak’s Deputy Premier Datuk Amar Awang Tengah Ali Hasan, Ministry of Education, Innovation, and Talent Development permanent secretary Azmi Bujang and Sarawak Research and Development Council general manager Peter Morin Nissom.
Awang Tengah was quoted as saying that the investment would represent Sarawak’s growing medical innovation and manufacturing industry and demonstrate the efforts by the government to support small and medium enterprises in introducing local products to the world.
Furthermore, Nissom said the deal indicated the potential of Sarawakian research and development (R&D).
He said last year, the state government announced the establishment of the Sarawak Medical Innovation and Technology Hub in Tanjung Kidurong, adding that research and development was a high priority for the state government and that the council was actively seeking to support local R&D initiatives.
“Innovation and new technologies are important on the road to achieving high-income status by 2030. We will assess and support new and emerging technologies developed in Sarawak,” he said.
Meanwhile, Savewo co-founder and general manager Harry Wong stated that the company was keen on investing further in technologies and companies from Sarawak.
“We are pleased to work with Twin Catalyst as its vision to help others through innovative technologies is similar to ours,” he said.
Twin Catalyst was first supported by Cradle Fund and the Ministry of Science, Technology and Innovation to conduct clinical trials and intellectual property submissions.
Subsequently, it was funded by the Sarawak Research and Development Council and the Malaysian Technology Development Corporation to conduct further research and commercialisation activities worldwide.