MDV strengthens fintech partnership with Capbay through US1.2 mil facility to boost SME growth 

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  • Attempts to increase supply chain banking solutions, provide financial products to M’sian SMEs&nbsp,
  • CapBay facilitated over US$ 813M in funding, with US$ 239M in Shariah-compliant cash

Left to Right: CapBay directors Darrel Ang, Dion Tan, Mohd Mokhtar Mohd Shariff (Chairman), Ang Xing Xian (CEO), Jasmine Lau, and Edwin Tan celebrate RM1 billion financing journey

Malaysia Debt Ventures Berhad ( MDV), a leading fintech company specializing in Peer-to-Peer ( P2P ) financing and supply chain finance, announced the continuation and expansion of its strategic partnership. MDV is extending a new US$ 1.2 million ( RM5 million ) facility to CapBay to further support tech-driven SMEs and improve access to alternative financing solutions.

MDV second partnered with CapBay in 2021 by providing a pilot account for purchase through CapBay’s P2P system. This fund, aligned with the Ministry of Science, Technology, and Innovation’s ( MOSTI ) 10-10 Malaysian Science, Technology, Innovation, and Economy ( MySTIE ) framework, aimed to support the industry’s recovery from the pandemic. The captain account has since grown six-fold, demonstrating MDV’s trust in CapBay’s revolutionary approach to Business funding and its powerful performance.

CapBay, globally recognised for its leadership in fintech, has facilitated over US$ 813 million ( RM3.4 billion ) in financing, including US$ 239 million ( RM1 billion ) in Shariah-compliant funding, benefiting 1, 800 SMEs across 20 industries. Featured in CNBC and Statista’s Global Fintech Companies list ( 2023 and 2024 ) and ranked 30th on the FT High-Growth Companies Asia-Pacific 2024 list, CapBay has achieved an 18x expansion and a 166 % compound annual growth rate ( CAGR ) from 2019 to 2022.

]RM1 = US$ 0.29 ]

Through its Multi-Bank Supply Chain Finance system, CapBay has transformed SME funding in Malaysia since its founding in 2017. It uses AI-powered credit rating, advanced information study, and machine learning to evaluate SMEs that are frequently overlooked by traditional lenders. With this strategy, CapBay is able to offer targeted financing while still maintaining a default rate of less than 0.3 %. CapBay’s P2P platform, which is licensed by the Securities Commission Malaysia, gives investors access to private credit deals with average net returns of up to 8.3 % annually while strategically diversifying funds across multiple financing notes to reduce risks and maximize returns.

The new RM5 million facility highlights MDV’s confidence in CapBay’s ability to provide effective financing solutions for startups and SMEs, particularly those battling traditional funding. With this partnership, CapBay intends to expand its supply chain financing offerings and offer creative financial solutions to Malaysian SMEs. These funds will enable the business to keep providing alternative financing options to Malaysian SMEs, many of whom are battling traditional banks to obtain loans. This aligns with MDV’s long-term goal of leveraging digital fundraising platforms to diversify financing options for technology-based companies.

” Our partnership with CapBay underscores MDV’s commitment to driving innovation in Malaysia’s rapidly evolving FinTech landscape”, said Rizal Fauzi, CEO of MDV. ” As SMEs face challenges accessing traditional financing, especially in the tech sector, we are facilitating critical funding that empowers these businesses to scale, innovate, and contribute to Malaysia’s economic resilience and growth. This partnership is a sign of our belief that underserved businesses can benefit from the potential of digital finance.

Mohd Mokhtar Mohd Shariff, chairman of CapBay, also expressed gratitude for MDV’s continued support. ” We deeply value MDV’s continued support and confidence in CapBay’s vision. The significant advancements we are making in the transformation of SME financing are reflected in our ongoing partnership with MDV. This collaboration provides meaningful opportunities for growth for us to promote innovation that targets underserved businesses. We are working together to promote long-term economic resilience and competitiveness in Malaysia by supporting SMEs ‘ success and also by creating a more inclusive financial ecosystem.

The collaboration between MDV and CapBay demonstrates a mutual commitment to fostering innovation in the financial industry. Through CapBay’s platform, MDV is helping technology-based SMEs access alternative financing solutions, overcoming traditional funding barriers and achieving sustainable growth.

Fintech, in our opinion, is revolutionizing the future of finance by providing novel ways to expand access to capital and help businesses succeed in a fast-paced digital world. We are confident in our ability to help underserved SMEs overcome traditional financing obstacles and accelerate their growth as MDV continues to champion forward-thinking partners like CapBay, said Rizal.

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Aspire sets new standards for compliance excellence with 5x growth in IT security, risk and compliance teams

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  • Appointed Summer Yu as global brain of Conformity
  • Tommaso Scarpa has been appointed Singapore’s Nose of Compliance.

Aspire sets new standards for compliance excellence with 5x growth in IT security, risk and compliance teams

Aspire, a leading all-in-one fintech firm, has announced the development of its compliance, threat, and IT security groups, which have grown tenfold in the last 24 weeks. The company stated in a statement that this action supports its optimistic global development strategies while upholding the highest safety standards for its partners and clients.

It further stated that it is making significant investments in its worldwide compliance team, which has grown by a whopping 2 % in the last year. This development expands its breadth of knowledge to help consumers navigate global markets confidently. Aspire’s expansion into its global footprint, which was marked by the purchase of an MSO permit in Hong Kong, a significant step in the company’s expansion plans, is critical to compliance.

Aspire sets new standards for compliance excellence with 5x growth in IT security, risk and compliance teamsWith two fresh strategic management meetings, the organization is also bolstering its compliance group. Summer Yu ( pic ) has been appointed global head of Compliance, and Tommaso Scarpa ( pic ) as head of Compliance ( Singapore ). Yu brings over 20 years of experience.Aspire sets new standards for compliance excellence with 5x growth in IT security, risk and compliance teamsexperience in international regulation at PayPal, Bytedance, and HSBC, while Tommaso’s prior experience includes serving as Group Head of Financial Crime at Currencycloud ( a Visa solution ). Both will play crucial roles in enhancing Aspire’s ability to adhere to compliance standards and improve its economic violence prevention framework.

Aspire has specialized groups that collaborate strongly with the Risk, IT Compliance, and Legal agencies to maintain a robust IT security framework in APAC, where a reportedly 20 % increase in economic crimes in the region has been reported over the past year.

The business has established an information security management program that is compliant with the most recent Standard requirements and is PCI-certified. Additionally, it has established a risk management strategy that includes regular reviews of IT and security risk exposures, to make sure that its operations are in line with its commitment to protecting information for its 20 000 world clients.

” A powerful compliance lifestyle sets the base of Aspire’s growth”, said Andrea Baronchelli, CEO of Aspire. ” As we gear up for important rise, we are building a group of the best business professionals. By investing heavily in our adherence, danger, and IT security teams, we maintain that Aspire not only meets but exceeds international regulatory standards, paving the way for a strong and sustainable potential”.

Aspire is a trusted spouse to Asia’s fastest-growing SMEs and companies. The business opened its first Financial Technology Excellence Hub in Singapore and was named one of CB Insights ‘ top 100 global fintech companies after obtaining a US$ 100 million ( RM425 million ) Series C funding round and achieving profitability in 2023.

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Shopee partners with government agencies to empower local sellers with regulatory knowledge

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  • Over 1, 000 native sellers attended the Summit
  • Sellers introduced to perspectives on business membership, Internet &amp, false regulations&nbsp,

Participants and experts from MOH, KPDN and JAKIM at the second series of Shopee DIgital Upskilling Summit

Through a five-part program, Shopee Malaysia wrapped up its next Digital Platform Upskilling Summit by providing over 1, 000 local retailers with vital governmental knowledge. In partnership with key federal agencies, the mountain addressed compliance, product integrity, and customer trust, aligning with the government’s efforts to enable MSMEs and job workers. &nbsp,

The second line introduced sellers to aspects of regulation conformity whereby experts provided insights on business membership, product accreditation, intellectual property, and beauty product regulations, while the second series delved into food advertising laws, pricing, counterfeit goods regulations, and Halal certification.

Md. KPDN Selangor’s Zaki al Abd Samad expressed his gratitude for the summit, saying,” This event has been instrumental in closing the gap between buyers and authorities. The cross structure, which combines in-person sessions with virtual membership, allowed us to participate directly with sellers, answers their queries, and understand complex regulations”. He continued,” This conversation helps buyers avoid legal pitfalls and strengthens their capacity to comply.”

The Ministry of Health’s Food Safety and Quality Department’s Badruzzaman al Abdul Rahim emphasized the tournament’s educational value, saying,” This program is a fantastic way for Shopee vendors to achieve a deeper knowledge of food marketing regulations. It’s important that product descriptions and advertisements comply with our laws. This workshop helps sellers gain the knowledge they need to act boldly in order to create a dependable and trustworthy market.

Additionally, Shopee University lessons on increasing traffic, increasing sales, and optimizing listings using sophisticated tools like ChatGPT were beneficial for participants.

Dealers who attended the conference shared their opinions on the program. Bibi Farizona Mahdi, user of Umairah Homemade Cakes on Shopee, remarked,” This program has been important for understanding state laws. The insight we gained are crucial for crossing regulations and moving our company forward. However, Wu Chih Ping, public manager of Local Income at Chek Hup, a renowned Malay coffee brand, added,” Shopee’s cooperation with government organizations has boosted my confidence in the program. Their commitment to providing us with information on compliance issues strengthens trust and provides us with valuable knowledge.

Tan Ming Kit, head of Marketing and Business Intelligence at Shopee Malaysia, emphasised,” Our commitment goes beyond providing tools for success. We recognise that selling online involves adhering to industry frameworks on business registration, advertisements, data protection, and payment regulations. By developing positive partnerships with government entities and stakeholders, we hope to strengthen the e-commerce ecosystem and give local sellers more autonomy. We work hard to unlock their full potential and advance Malaysia’s digital economy. Working together, we can make a lasting impact and support the growth of our entrepreneurs”.

Between November and the beginning of the 2025 season, the next installment of the Shopee Digital Platform Upskilling Summit is scheduled to take place. &nbsp,

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inDrive aims to strengthen growth in Malaysia with benefits to attract more drivers

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  • Introduce everyday insurance, grow driver support facilities to Penang, JB
  • Malay ride hailing is projected to reach US$ 570 million by 2029.

The number of users in Malaysia's ride-hailing market is expected to grow, reaching 11.47 million by 2029, with user penetration increasing from 28.1% in 2024 to 31.5% by 2029.
At a media event in Kuala Lumpur last week, Natalia Makarenko ( pic ) as marketing director APAC of inDrive, said,” We are committed to providing innovative, community-focused mobility solutions that resonate with local needs.

A global mobility and urban services platform named inDrive ( short of Independent Drivers ), which was founded in Yakutsk, one of the oldest and coldest cities in Siberia, Russia, in 2013 and expanded to include Malaysia, one of the hotter and more humid regions of Southeast Asia.

Since entering Malaysia in 2021, inDrive has expanded its footprint from the Klang Valley ( Kuala Lumpur and Selangor ) to Penang, Johor Bahru, and to East Malaysia in Kuching, Miri, Sibu, Bintulu, and Kota Kinabalu. It is currently looking into starting businesses in Melaka in the upcoming season.

Explaining its confidence in Malaysia, the company shared data from market data outfit Statista that showed the Malaysian market is set to grow at a CAGR of 3.5 % from 2024 to 2029, reaching a projected market value of US$ 570 million ( RM2.48 billion ) by 2029. The number of users in the ride-hailing market is expected to grow, reaching 11.47 million by 2029, with user penetration increasing from 28.1 % in 2024 to 31.5 % by 2029.

In the first half of 2024, it’s confidence increased by 20 % more rides and 21 % more active users. &nbsp,

InDrive stated in July that it had reached 10, 000 drivers in total by the end of June in Malaysia and was boldly aiming to increase this to 20, 000 by the end of 2024. By the end of this year, it anticipates an increase in the number of active drivers of 23 %. Effective drivers are defined as those who have completed at least one walk in the previous 30 days according to InDrive.

allowing the driver and customer to communicate fare in a fight with Grab and Gojek

Meanwhile the Southeast Asian ride-hailing market is expected to reach US$ 8.87 billion ( RM38.51 billion ) in revenue by 2024, growing at a CAGR of 5.39 % between 2024-2029. With such promising development leads, inDrive is positioning itself as a major player in the area, which poses a threat to business leader Grab and Gojek in Indonesia.

One of the characteristics of inDrive that it considers to allow it to compete with Grab and Gojek is that it enables drivers and passengers to instantly bargain fares.

Although both the vehicle and the customer have the option to bargain prices that are higher or lower than the app’s recommended price, there are limitations in place to ensure fairness for both parties. What proportion of trips are based on this strategy is unknown.

However, Govin Kumaar Panirsheeluam ( pic ), inDrive’s business development lead in Malaysia, declined to share what the limits are citing confidentiality. &nbsp,

Beyond ride-hailing, inDrive offers a range of utility solutions, including city and interstate travel, messenger, and “inDrive Services”, a system for users to supply for specialists from household assistance to pet services, catering to the varied needs of the Indonesian market.

Malaysia match strategy

InDrive is organizing a number of strategic initiatives in Malaysia to support expansion and expand its services. One involves obtaining drivers ‘ regular insurance policy, seeing how many individuals find it unnecessary to obtain monthly or yearly coverage based on their driving habits.

Govin said,” We are in debate to have regular e-hailing plan as a solution which will help individuals to get their license-to-drive with us, faster”.

This supports a profit that they already have. ” We now have established partnerships in area for car hire and insurance as well, where individuals can get them at a discounted level,” he said.

Govin anticipates that such incentives will lead to a rise in drivers because the Klang Valley’s ride-hailing industry has a known lack of drivers, which has increased customer wait times, which has led to poor motorist behavior, including canceling bookings.

Additionally, it intends to expand driver support centers to important cities like Penang and Johor Bahru, as well as look into the potential launch of an electric vehicle ( EV ) fleet to promote sustainable and creative mobility solutions, which will be implemented in all of the cities where inDrive is active.

These initiatives help the company realize its overall plan to leverage on Southeast Asia’s progress and provide its customers with value-driven solutions.

Future programs focus on improving the general driver practice, including the introduction of superior benefits such as insurance protection, loyalty programs, and training aid. &nbsp,

In a bid to undermine its industry that has been dominated by Grab, inDrive announced recently that it will offer 100 % of its 8, 000 individuals in the Philippines. Before receiving the formal approval in December 2023, InDrive was unregistered in Manila in January 2023.

Natalia declined to respond when asked if Indonesia or Malaysia might have similar ideas. Instead, she stated that” we aim to keep the payment we apply to the driver side of the market as low as possible and not exceed 10 %.”

She also declined to disclose how much of the US$ 300 million in cash it received from General Catalyst next month is being used to expand into new markets.

inVision aims to benefit&nbsp, 1 billion life by 2030

With the intention of favorably impacting the existence of over 1 billion people by 2030, inDrive continues to make a good impact on local communities through its generous shoulder, inVision. &nbsp,

Activities like BeginIT, which educates and discovers children from homes, boarding schools, and remote institutions about the future of systems, Aurora Tech Award, which supports female tech startup members, and Underdog Tech Award, an worldwide award for the best tech companies outside big tech hubs and areas. These activities are available to submissions and entries from Malaysia, and they are open to submissions and entries from all over the world.

Through responsible practices and positive initiatives, Natalia said,” Our objective is to not only offer a better ride-hailing experience but also be a valuable part of the communities we serve.”

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SAS collaborates with the government to advance Malaysia’s data analytics and AI capabilities

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  • attempts to have a 100-person workforce trained in AI and data analysis by 2025.
  • Engages with MDEC to help government’s modern transformation work

Left to Right: Amir Sohrabi, regional vice president for ASEAN-Korea and head of Digital Transformation for Emerging EMEA & Asia Pacific, SAS, guest-of-honour, minister of Digital Malaysia, Gobind Singh Deo, Febrianto Siboro, managing director (Malaysia, Indonesia, Vietnam), SAS.

Data and AI leader SAS announced its partnership with Premier Digital Tech Institutions ( PDTI ) by Malaysia Digital Economy Corporation ( MDEC ), furthering its commitment to Malaysia’s development as a digital leader. Through offering training and qualifications in Data Science and AI, the collaboration aims to provide support for MDEC’s Workforce Reskilling and Upskilling Initiative and provide students and teachers with data insights and AI abilities.

In a speech, SAS outlined its goal of training 100 pupils and teachers across PDTIs by the end of 2025, laying a solid foundation for Malaysia’s online business. This was made known during the opening of the new office for SAS, which was hosted by Gobind Singh Deo, the minister of digital Malaysia, at Menara IQ ( Persiaran TRX ). Through education courses and certifications, SAS’s announcements aim to bridge the gap between native talent desire and local talent provide.

” As a chief in information and AI, SAS is playing a crucial role in this national endeavor. Through our partnership with MDEC, we are committed to promoting retraining and upgrading in data analytics and AI, and equipping the workplace for today’s electric economy, according to Amir Sohrabi, local vice president for ASEAN-Korea and mind of modern transformation for Emerging Europe &amp, Asia Pacific, SAS.

” Our engagement with MDEC aims to ensure that Malaysia’s online business has a strong, future-ready skills network. We look forward to strengthening our engagement between the government, economy, and educational organizations to crystallize Malaysia’s leadership in modern technology. Also, we plan to make our training and certifications more visible and affordable”, he added.

However, Gobind said,” SAS has been at the vanguard of business analysis, having been established in Malaysia for over 40 times. The organization is recognised as the number one industry leader in AI and advanced analysis, with 91 of the best 100 Fortune 500 corporations as SAS clients. This partnership between SAS and MDEC is very welcome, and I encourage more businesses to work with the Ministry of Digital to expand the talent pool.

” The beginning of our Regional Hub KL business is a significant step in the SAS’s journey through Malaysia and the area. This company serves as a regional hub for Malaysia, Indonesia, and Vietnam, fostering synergies across regions and leveraging our regional partner system to deliver and implement SAS systems for local businesses and institutions”, said Febrianto Siboro, managing director ( Malaysia, Indonesia, Vietnam ), SAS.

” Along with our colleagues, we will deliver relevant activities and solutions to help local businesses in banking, insurance, and other businesses harness AI properly for fraud prevention, risk reduction, and strategic decision-making”, he added.

Operating in Malaysia for more than 35 times, SAS is trusted by banks, state, and local organisations to alleviate chance and meet regulatory conformity through its solutions.

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Malaysia Digital Tech Adoption Summit stresses acceleration of AI adoption

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  • Onboarded 140 AI alternative services into habitat with US$ 232mil revenue&nbsp,
  • 372 Mfis have completed onboarding at the Dattel Asia led MyDataHub. Ai

(L to R): Tan Aik Keong, CEO of Agmo Group; Ir. Wan Murdani Wan Mohamad, Head of Digital Industry Acceleration, MDEC; Syed Ibrahim Syed Noh, Chairman of MDEC; Gobind Singh Deo, Minister of Digital and Fadzli Abdul Wahit, Head of Transformation, MDEC.
In his opening address at the Malaysia Digital ( MD) Tech Adoption Summit: Artificial Intelligence ( AI), which was the first in a series of events aimed at accelerating AI adoption across industries, Gobind Singh Deo, Minister of Digital, stated that” through its AI initiatives, the Malaysia Digital Economy Corporation ( MDEC ) has successfully onboarded 140 AI solution providers into the digital ecosystem and has successfully generated US$ 232.2 million ( RM1 billion ) in revenue. &nbsp,

According to MDEC, these homegrown providers within the Malaysia Digital ( MD) AI ecosystem include a diverse mix of SMEs, larger non-SME companies and several public-listed entities. No specific date was given for the time frame during which the US$ 232.2 million revenue was generated.

The revenue achieved speaks volumes about the role AI is already playing in Malaysia’s economic transformation, said Gobind, from boosting productivity in small-and-medium enterprises ( SMEs ), to enhancing efficiency in large corporations.

The mountain, which is hosted by MDEC, provides a system for showcasing cutting-edge AI improvements, fostering business contacts across sectors, and promoting the widespread adoption of AI systems across various sectors.

Syed Ibrahim Syed Noh, Chairman of MDEC, said,” This summit is not just an event, it is a platform for action, as under the Malaysia Digital’s ( MD) national strategic initiative, this summit brings together industry leaders, innovators, early adopters, and key stakeholders to share insights, explore opportunities, and collaborate on AI-driven solutions that will define the future of our digital economy”.

As Malaysia continues its rapid modernization, AI implementation is key to unlocking the region’s potential possible. Emerging technologies, such as generative AI, are set to contribute US$ 113.4 billion ( RM488.9 billion ) in productive capacity by 2030.

Gobind likewise provided an update on the MDEC and Dattel Asia Group’s MyDataHub. Ai system, launched in June, to support SMEs gain access to US$ 34.79 million in funding and connect organizations and partners.

]RM1 = US$ 0.232 ]

” In only three times, I am happy to show that this program has reached out to more than 10, 000 MSMEs with 3, 613 expressing curiosity to ship onto the MyDataHub. Ai system. 372 Enterprises have completed their recruitment, and are benefiting from solutions offered via MyDataHub. Ai”, Gobind said.

While AI implementation promises a substantial effect across all levels of the company ecosystem, there are concerns nontheless, especially in terms of the eager energy use taken for each Artificial inquiry made and, particularly, from data centers. &nbsp,

Gobind assured that the government has measures in place to address the power issue and is aware of the concerns. We are aware that energy is a big issue in data centers. When requesting investments from global players, the government has taken these factors into account.

It is crucial to grasp that AI can also help us take preventive measures, Gobind said. Because we can identify the issues and take steps to resolve them, it saves us from trying to find out what the problem is and how to solve it.

Syed Ibrahim agreed, stating that “it is crucial that we build a society where AI is embraced at every level.” This includes ensuring that Malaysians from all walks of life have access to the tools and resources they need to participate in this AI-powered future by investing in upskilling our workforce, encouraging continuous learning, and making sure that we build a society where AI is embraced.

The summit aligns with Malaysia’s broader goals under the Malaysia Digital Economy Blueprint ( MyDIGITAL ), which seeks to transform the country into a digitally driven, high-income nation. The summit directly contributes to the objectives of the Fourth Industrial Revolution ( 4IR ), which aim for a 30 % increase in productivity through AI-driven solutions.

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Petronas wraps up digital acceleration programme for 2024 with inaugural cohort in Penang

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  • 12-day program strengthens students ‘ electronic literacy, increase job prospects
  • More copies to travel via collaboration with higher learning institutions, business

Excited participants with their facilitators at the conclusions of the bootcamp in Penang.

PETRONAS announced the successful completion of its 10-year BeDigital Program line, which likewise marked the program’s entry into the Peninsula Malaysia Northern Region.

Since its inception in 2022, the course has online empowered 860 individuals with 276 effective work matches after the implementation of 10 cohorts, supported by a total of 27 regional universities and over 90 hiring partners.

Held at Universiti Teknologi MARA’s ( UiTM) branch at Permatang Pauh, Penang, the cohort saw the participation of 98 final-year students from five universities namely UiTM Penang, Universiti Sains Malaysia, Universiti Utara Malaysia, Universiti Malaysia Perlis and Universiti Teknologi Petronas. This is BeDigital’s second place for 2024, following its workshops in the East Coast, the Southern Region as well as Sabah and Sarawak.

The final meeting was graced by Penang Governor, Ahmad Fuzi Abdul Razak, along with Petronas Senior Vice President of Malaysia Petroleum Management, Ir. Bacho Pilong.

Conducted mainly by Petronas talents in collaboration with tech partners, the 12-day programme aims to strengthen students ‘ electronic literacy, increase job prospects, increase marketability, and explore electronic entrepreneurship in support of the nation’s online aspirations.

The units are regularly updated to reflect market demands and cover in-demand digital skills like artificial intelligence and cyber security as well as powerful presentation abilities gained through a” fish tank pitch.”

Petronas Vice President of Group Project Delivery, Project Delivery and Technology, Ir. It is an enormous honor to introduce the BeDigital Course to the Northern Region for the first time, according to Shah Rizal Dahlan. This achievement demonstrates our commitment to expanding opportunities for growth and education for communities across the country.

Petronas, according to him, is anticipating more editions as a result of its ongoing collaboration with higher education institutions, key players in the sector, and hiring lovers who share its vision for the country’s online future.

Petronas BeDigital Bootcamp was first introduced in Kota Kinabalu, Sabah in March and August 2022, with 18 and 50 pupils both.

(Left to right): Maria Teo, Senior General Manager, Global HR Partners, Project Delivery & Technology (PD&T), Petronas; Prof Ts. Dr. Zaliman Sauli, Vice Chancellor, Universiti Malaysia Perlis; Ruslan Halim, Vice President and Group Chief Human Resource Officer, Petronas; Ir. Bacho Pilong, Senior Vice President, Malaysia Petroleum Management, Petronas; Ahmad Fuzi Razak, Governor of Penang State; Ir. Shah Rizal Dahlan, Vice President, Group Project Delivery, Project Delivery & Technology (PD&T), Petronas; Prof Ir. Ts. Dr. Mohamed Ibrahim, Vice Chancellor, Universiti Teknologi Petronas; Professor TPr. Dr. Jamalunlaili Abdullah, Deputy Vice Chancellor, Universiti Teknologi MARA Shah Alam branch; and Professor Ir. Dr. Haji Ahmad Rashidy, Universiti Teknologi MARA branch Pulau Pinang in a group photo at the closing ceremony of Petronas BeDigital Bootcamp, Northern Region.

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Carsome announces most successful quarter with over US0mil revenue in 2Q2024, new financing line from Maybank

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  • Revenue grew 9 % QoQ &nbsp, with over 3x EBITDA jump, GPU up by over 5 %
  • Push secondary business, particularly Carsome Capital with&nbsp, working funds ranges from banks

Carsome has just added a new working capital facility from Maybank to add to the RM100 million facility it got from AmBank in July. While it has not disclosed the amount yet, it is believed to be more than RM100 million.

The most profitable quarter to date for CARSOME Group Inc., the largest included car e-commerce platform in Southeast Asia, announced another significant step in the direction of its much-anticipated future IPO.

According to the company, in 2Q2024, it maintained a leadership position with about 35, 000 vehicles traded ( includes cars sold through Carsome&nbsp, via retail and B2B&nbsp, and CarTimes in Singapore ) and claimed it grew revenue by 9 % quarter-on-quarter ( QoQ ) to above US$ 310 million ( RM1.3 billion ). The EBITDA increased over 3x Ruler, and the gross margin increased by over 10 %. Despite the challenging macroeconomic environment, this continues the profitable development speed that Carsome first demonstrated in December 2023.

In line with the strong results, Carsome announced various new financing partnerships, such as with Ambank Group ( announced in July ) and Maybank ( not officially announced yet ), which will provide over US$ 46.17 million ( RM200 million ) in new working capital lines to support Carsome’s expansion plans. Carsome intends to utilize its market-leading level to promote its financing, plan, aftersales, and another auxiliary offerings to provide its dealers and customers with a complete one-stop option.

Carsome announces most successful quarter with over US$310mil revenue in 2Q2024, new financing line from MaybankEric Cheng ( pic ), Carsome’s co-founder, chairman and Group CEO, said,” This quarter’s results are a continuation of our profitable growth strategy. Our GPU ( Gross Profit per Unit ) is up by more than 5 % QoQ, even as customer acquisition costs continue to come down significantly, which is a testament to our strong execution, our value proposition, and our brand equity. We will remain on the right track to record-setting time. He cited the benefits of Carsome Capital’s support for expanding its secondary products, particularly Carsome Capital.

With NPL below 2 % for retail and 0.1 % for wholesale ( referring to B2B), we have established a strong operational track record. We are well positioned to utilize our magnitude to develop this business more thanks to the extra funding support and our demonstrated capabilities. This will keep Carsome top-of-mind as we better serve both current and new customers throughout the duration of their car ownership trip.

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Midwest Composites set to compete in Startup World Cup Grand Finale

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  • Midwest Composites may compete for the US$ 1 million royal prize.
  • Company will angle in front of international investors, network with leading VCs

(From left): Cradle Fund Group CEO, Norman Matthieu Vanhaecke; Midwest Composites CEO, Sethu Raaj; Growth Charger director, Iskandar Shafi’i and Pegasus Tech Ventures Investor, Yonathan Vincent Xavier.

The Malaysia Finals of Startup World Cup 2024 coincided with Malaysia’s Merdeka and Malaysia Day celebrations, reflecting the country’s aspirations to become a leader in the global startup ecosystem by 2030, as outlined in the Malaysia Startup Ecosystem Roadmap ( SUPER ) 2021-2030.

A total of ten high-potential startups, selected from a dynamic pool, presented their enterprise solutions across sectors such as learning technology, healthcare, clean energy, agriculture, and online platforms. These winners, chosen for their impressive techniques and market-ready options, impressed a panel of judges, including business leaders and owners from MDEC, The Hive Southeast Asia, Iris Capital Partners, Artem Ventures, Ignite Asia, MRANTI, and Sunway iLabs.

” Growth Charger is pleased to announce that Midwest Composites has won the Startup World Cup ( Malaysia ) 2024. Their success is a bible to the company ecosystem’s ability and creativity in Malaysia. As they head to Silicon Valley this October, we believe they will make a strong impact on the global stage and compete for a US$ 1 million ( RM4.35&nbsp, million ) investment. &nbsp, We are glad to Pegasus Tech Ventures, &nbsp, &nbsp, administrator of Startup World Cup 2024, and our colleagues for making this trip possible”, said Iskandar Shafi’i, producer and co-founder of Development Charger.

Sethu Raaj, CEO of Midwest Composites, said,” We are glad to have been selected as Malaysia’s official to the Startup World Cup in San Francisco. We look forward to demonstrating to the earth that Malay startups are world-class and have inventions that are comparable to those in any world ecosystem.

However, Norman Matthieu Vanhaecke, Group CEO of Cradle, said,” We are glad to help the skill and creativity demonstrated by our local companies at the Malaysia Finals of this year’s Startup World Cup. We at Cradle continue to look into ways and opportunities to display some of our top Malaysian businesses on the global stage, such as this Startup World Cup. These initiatives reflect our commitment to fostering and enabling these initiatives to realize their full potential both locally and globally, helping the nation achieve its goal of being one of the top 20 global company communities. Midwest Composites receives our sincere congratulations and wishes them the best of luck as they prepare to compete in San Francisco’s royal finals.

The event was supported by numerous key ecosystem players, including Cyberview and MDEC as strategic partners, WORQ and CloudMile as ecosystem partners, and supporting partners such as Invest Selangor, The Hive Southeast Asia, Gobi Partners, Iris Capital Partners, Curine Ventures, Kumpulan Modal Perdana ( KMP), Artem Ventures, Sunway iLabs, Ficus Capital, Ignite Asia, Indelible Ventures, TRIVE, Antler, International Medical University ( IMU), Endeavor, JomHack, NTT Group, NTT Startup Challenge, and Nestspace.

Shafinaz Salim, brain of Cyberview’s Tech Hub Development Division, said,” The Startup World Cup Championship is a testament to the amazing talent and vision of companies who are shaping Malaysia’s potential. We are thrilled to see Midwest Composites, a startup from our current Cyberview Living Lab® Accelerator ( CLLA ) cohort, emerge as the champion. We would also like to thank Vidanex and Faradays Energy, even from our present group, along with two of our students, Pandai and MengajiOnline, for making the list of winners. This success highlights their extraordinary skill and entrepreneurial spirit, underscoring the importance of supporting and nurturing them in their potential as Malaysia’s “next rainbows”

To promote a vibrant startup habitat in Malaysia,” CloudMile and Growth Charger work together.” With the goal of promoting the Malaysia business field, we provide the resources and tools they need to succeed. Madani Malaysia”! said Lester Leong, Country Manager of CloudMile Malaysia.

The Startup World Cup is a worldwide competition that connects company communities all over the world. The Malaysia Finals of the Startup World Cup 2024 represent a significant phase in Malaysia’s quest to become a global technology superstar because local championships are held abroad. &nbsp, Growth Charger, a company pedal and embryo, hosted the Malaysia Finals, with Cradle Fund Sdn Bhd as the Title Partner. The Asia School of Business ( ASB ) hosted the competition.

For more details about the Startup World Cup Malaysia Finals 2024, please visit: https ://www.growthcharger.com/startup-world-cup-malaysia-growth-charger-…

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MDEC opens application for 2024 digital grants in boost to creative firms and MD/MSC status companies

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  • Since its launch in 2016, DCG has played a significant role in assisting creative material companies.
  • Up to US$ 230k or 50 % of job prices are available through the Malaysia Digital Catalyst Grant.

Mechamato, created by Animonsta Studios, received a Digital Content Grant in 2019 for the development of the hit series.

Applications for three important grants have been made available for the Malaysia Digital Economy Corporation ( MDEC ), an organization that is under the Ministry of Digital Malaysia’s ( MDDE ) control. These include the Digital Content Grant (DCG) for 2024/2025, the Malaysia Digital Catalyst Grant ( MDCG), and the Malaysia Digital Export Grant ( MDXG). These offers, available from 9 Sept, are part of the MADANI government’s continued commitment to improve Malaysia’s modern economy. How much money was given to the three offers, according to MDEC. &nbsp,

Introduced in 2016, &nbsp, MDEC had, up to 2021, approved 94 projects worth US$ 8.38 million ( RM36.4 million ), according to Annuar Musa in June 2022 when he was &nbsp, Minister of Communications and Multimedia. However it should be noted that Annuar’s predecessor, &nbsp, Saifuddin Abdullah, who helmed the role from&nbsp, March 2020 to July 2021, said in June 2021 that US$ 10.82 million ( RM46.99 million ) from the Digital Content Grant had been allocated to&nbsp, 81&nbsp, companies in 2021. The award at that&nbsp, time was not strictly for online companies and formed four categories, namely film grants, documentary film grants, marketing grant, and the TV/OTT Programme grant in particular collaboration with Astro. Saifuddin&nbsp, explained that the Digital Content Grant&nbsp, for 2021 was an improvement of the Malaysian Creative Industry Stimulus Package launched on Feb&nbsp, 5 to ensure the survival&nbsp, of the country’s artistic industry during the Covid-19 crisis.

Animonsta Studios Sdn Bhd, one of the businesses that has benefited from the provides, received one in 2019 for its popular animated series Mechamato, which premiered on Cartoon Network and is currently streaming on Netflix. WAU Animation Sdn Bhd, which received the award in 2018 and 2019 for its Ejen Ali and Ejen Ali Season 2 line, was another victim that parlayed the award into a powerful line. &nbsp, The whole list of consumers since 2016 is available here.

The lead characters from Ejen Ali Season 2.

Digital Content Grant (DCG) 2024/2025

Since 2016, the DCG has been instrumental in supporting Indonesian creative content companies, enabling the development, production, and commercialisation of online content across different sectors, including animation, online games, online comics, and innovative technology.

Three distinct grant categories are included in the DCG 2024/2025, which are intended for different online content producers:

    Mini Grant: This grant is aimed to support the development, production, and commercialisation of digital content products with a ceiling amount of US$ 34, 545 ( RM150, 000 ) per grant recipient.

  1. Prime Grant: This grant supports the development, production, and commercialisation of digital content products, with a ceiling amount of US$ 115, 156 ( RM500, 000 ) per grant recipient.
  2. Selling &amp, Commercialisation Grant: This offer supports commercialising online articles products, with a roof amount of RM300, 000 per give recipient. ]RM1 = US$ 0.230]

Qualified candidates for the Mini Grant include native digital information companies, enterprises, sole proprietorships, partnerships, and limited liabilities partnerships. Prime and Marketing &amp, Commercialisation Grants are available for any local company incorporated in Malaysia with a minimum of 51 % Malaysian, issued share capital of RM20, 000.00 and with the Malaysia Digital ( MD) Status and/or the Multimedia Super Corridor ( MSC ) Status. Details of the full eligibility standards can be found on the website: https ://mdec.my/grants/dcg.

Malaysia Digital Catalyst Grant ( MDCG)

The MDCG offers up to RM1 million or 50 % of job charges, whichever is lower, to drive development in Malaysia’s online business. Focused on fostering scalable, high- impact solutions, the grant supports projects within the Malaysia Digital ( MD) Promoted Sectors for up to one year.

Since 2021, MDCG has been awarded to 59 companies, leading to improvements such as a cloud-based fault management structure and a production resource plan that boosted Small and Medium Enterprises ( SME) activities. These projects highlight digital innovation’s transformative impact on Malaysia’s digital champions.

Malaysia Digital Export Grant ( MDXG )

The MDXG, which also offers up to RM1 million or 50 % of project costs, supports Malaysian companies poised for global expansion through high-value technological activities. With a project life of up to a year, MDXG has helped to expand internationally, including promoting a small, locally owned company with a blockchain-based electric vehicle app in Southeast Asia and deploying 5G network-powered IoT solutions for ATM protection in global markets.

Local or foreign-owned businesses with the MD status are the only ones who can access MDCG and MDXG. Companies who have not yet received the MD designation are encouraged to apply, as it opens the door to a number of strategic advantages.

By securing MD status, companies gain prioritised access to MDEC’s comprehensive support network, greater visibility within the digital economy, and valuable opportunities for collaboration and growth within Malaysia’s forward-looking digital ecosystem.

To provide further information, MDEC will host two briefing sessions for the DCG on 11 and 24 Sept, and three sessions for the MDCG and MDXG on 12 and 18 Sept, and the last one on 2 Oct.

Applications opened yesterday, 9 Sept and will remain open until the funds are fully committed. Interested parties can submit their applications online at https ://malaysiadigital .mdec.my/.

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