MDEC introduced Malaysia Digital Hub™ and Malaysia Tech Entrepreneur Programme to Drive the Growth of Digital Economy
In line with its commitment to grow the nation’s digital economy, Malaysia Digital Economy Corporation (MDEC) today announced the introduction of Malaysia Digital Hub™, an initiative that supports tech and digital co-working spaces, their startups and communities with support from the government and a bigger opportunity to connect to ASEAN and global digital ecosystem.
“A startup journey is both rewarding and challenging. Realising this, we have been working with MDEC and private sectors to structure the Malaysia Digital Hub™. There is no doubt that Malaysia is committed to grow technology-related startup companies in this country. We hope that these efforts will continue to get the support from the startup community as well as private sectors” said YBhg. Tan Sri Dr. Mohd Irwan Serigar Abdullah, Secretary General of Treasury, Ministry of Finance.
As part of the efforts to push forward Malaysia’s plan to become a hub for tech startups, MDEC also introduced Malaysia Tech Entrepreneur Programme (MTEP) – an initiative by the Malaysian government that aims to attract gifted and ambitious individuals from all around the world, and help them to kick-start their startups in Malaysia.
Under the MTEP, both new and established entrepreneurs from all over the world are encouraged to apply if they wish to set-up their startup in Malaysia. The application process will take up to 21 days.
“Malaysia is gradually gaining interests from startups and entrepreneurs worldwide. Located at the heart of ASEAN, Malaysia is able to connect businesses to a regional market of more than 625 million people. With the introduction of Malaysia Digital Hub™ and MTEP, the local and global tech startup communities can now leverage these benefits that our country has to offer. We believe this will help to strengthen Malaysia’s position as a global hub for startups and entrepreneurs” said Dato’ Yasmin Mahmood, CEO of MDEC.
Malaysia Digital Hub™ offers startups the opportunity for global expansions, ready access to high-speed broadband and fibre optic connectivity, funding and facilitation opportunities, workforce-ready ecosystem, technologically focused and a holistic convenience and lifestyle experience. While it encourages the participation from all tech startups, Malaysia Digital Hub™ focuses on four categories – growing startups, global tech companies, accelerators and talent builders and investors.
The incentives include:
- Corporate tax exemptions for the tech startups
- Malaysia Tech Entrepreneurs Programme that issues passes for individuals who want to set up or expand their businesses into Malaysia
- Access to funding
- Coaching and mentorship
- Low cost of doing business
- High-speed broadband
- Stable business-friendly environment
- Freedom of ownership for foreign companies for investors
Currently, three digital hubs that have been approved by the government – APW, The Co. and Common Ground; all located in Klang Valley.
In further enriching the ecosystem in these hubs, MDEC has introduced the following strategic partners – Microsoft, Next Academy, Maybank, and Y Academy with Kejora to run programmes that would help the startups to grow further.
|Microsoft||· Training, mentoring and cloud services for startups at APW
· Training and assistance for VR/AR startups at the HoloLens Centre at APW
|· Talent Building Programme for Startups. Pilot is on Digital Marketing to assist startups in developing a stronger MVP (minimum viable product). Sessions to be held at APW.
|Maybank||· Mentoring, technology adoption and potential investments into participating startups. Programmes, initially to be held at The Co. include:
o Maybank In Residence – to be conducted once every 2 months, where Maybank will touch base with the community in the digital hubs.
o Maybank Fintech program: An annual programme, themed “Go-to-market with Maybank” with market access opportunities
|Y Academy supported by Kejora at all Malaysia Digital Hubs
|· Startups Talent Development Programme at Common Ground
· A customised market immersion programme, named “Frequent Flyer Geeks” that provides market insights and prepares startups for entry into the Indonesian market. Startups can connect with potential partners, investors and in certain cases regulators. The programme is a collaboration with an Indonesian-based venture builder, Kejora. It is open to all startups at Malaysia Digital Hubs.
For more information on the Malaysia Digital Hub™ initiative, please visit malaysiadigitalhub.my and to learn more about the Malaysia Tech Entrepreneur Programme, visit www.mtep.my.
About Malaysia Digital Economy Corporation (MDEC)
Malaysia Digital Economy Corporation or MDEC (formerly known as Multimedia Development Corporation Sdn. Bhd.) is the lead agency in driving the digital economy in Malaysia under the Ministry of Communications and Multimedia Malaysia. Since its inception 20 years ago, MDEC’s mission is to develop the nation’s digital economy. MDEC’s implementation efforts are centred on driving investments, building local tech champions, catalysing digital innovation ecosystems and propagating digital inclusivity.
MDEC is also responsible to ensure that Malaysia plays an integral part in developing and nurturing talent to drive digital innovation around the world, while attracting participation from global ICT companies to invest and develop cutting edge digital and creative solutions in the country.
To know more about MDEC’s efforts and initiatives in driving Digital economy, please visit www.mdec.my or follow us on: