KUALA LUMPUR (Oct 30): Malaysia Digital Economy Corporation (MDEC) has partnered with regional venture capital firms to bring in up to RM200 million aimed at strengthening the country’s digital economy.

Under the memorandums of understanding (MOUs) signed with Singapore’s Ascent and Indonesia’s Central Capital Ventura, the partnership will focus on accelerating growth of local start-ups, according to a press release from the agency under Ministry of Digital.

“The combined funding will be instrumental in fostering the growth of Malaysian start-ups, particularly in line with Malaysia’s KL20 initiatives, and reinforcing our country’s position as a key player in the Southeast Asian start-up ecosystem,” MDEC said.

Ascent will invest in early-stage Malaysian start-ups across sectors including financial technology, embedded finance, healthcare, sustainable agriculture, “enablers” of small- and medium enterprises (SMEs), artificial intelligence (AI), and robotics.

Central Capital, the venture arm of Indonesia’s largest private bank Bank Central Asia, will facilitate collaboration opportunities for Malaysian start-ups within its extensive regional network operation in Southeast Asia.

The collaboration will extend to key areas like AI, cybersecurity, blockchain, and digital finance, offering vital support for Malaysian start-ups in high-growth sectors, MDEC noted.

“These collaborations will offer Malaysian start-ups access to international markets, mentorship from industry experts, and potential follow-on investments,” MDEC added.