KUALA LUMPUR: Malaysia Digital Economy Corporation (MDEC) has signed two Memorandums of Understanding (MoUs) with Singapore's Ascent and Indonesia's Central Capital Ventura (CCV) in efforts to strengthen the country's digital economy.
In a statement, MDEC said the partnerships bring in capital investment up to US$45 million to fuel innovation, accelerate the growth of local startups, and reinforce Malaysia's role as a premier digital hub within the Asean region.
The signing ceremony, attended by the chief executive officers (CEO) from MDEC, Ascent and CCV, highlighted the importance of cross-border collaboration in driving Malaysia's digital economy forward.
Ascent has committed to invest towards early-stage Malaysian startups in critical sectors, including fintech, embedded finance, healthcare, sustainable agriculture, SME enablers, and next-generation technologies such as artificial intelligence (AI) and robotics.
"By leveraging this investment, Malaysia can position itself as a leader in innovation across these domains," it said.
CCV, the venture arm of Indonesia's largest private bank Bank Central Asia (BCA), is committing to open access for Malaysian startups to collaborate with the regional ecosystem network that the former has in Southeast Asia.
"This investment aligns with MDEC's efforts to accelerate growth in key areas such as AI, cybersecurity, blockchain, and digital finance, offering critical support for Malaysian startups in these high-growth sectors," it added.
MDEC said the collaborations will offer Malaysian startups access to international markets, mentorship from industry experts, and potential follow-on investments.
"MDEC will work closely with Ascent and CCV to ensure the successful execution of these initiatives and to maximise their long-term impact on Malaysia's digital economy," it added.