The Malaysian Economy Minister, Rafizi Ramli, has announced that the government plans to reform the country’s startup ecosystem. A proposal outlining these reforms will be presented to the Digital Economy Council by the end of July.
The minister explained how the government will focus on enhancing funding and investment opportunities, particularly at the seed and angel investor stages. He emphasized Malaysia’s potential to become a regional hub for digital investors, comparable to neighboring Singapore and Indonesia.
In addition to focusing on funding and investment, Economy Minister Rafizi Ramli highlighted the government’s efforts to integrate and streamline the back-end systems supporting startups in the digital and technology ecosystem. The government aims to adopt a single-window approach similar to the country’s visa application system.
Rafizi expressed his ambition for Malaysia to go beyond being just a gateway into the startup ecosystem in the region. He emphasized the importance of increasing investments at the seed and angel investor stages, aiming to foster a vibrant startup landscape.
During the Ilham Mavcap talk series organized by Malaysia Venture Capital Management Bhd in Kuala Lumpur, the minister shared his vision, highlighting the need to create more startups at these early stages.
He mentioned plans to convene a meeting on June 21 with the Ministry of Communications and Digital and the Ministry of Science, Technology, and Innovation to ensure coordination and alignment among the relevant agencies. The objective is to establish a unified approach, similar to the visa application system, that facilitates a seamless experience for startups and stakeholders.
“We will have more clarity about how exactly we will be doing this, on what single window approach, by sometime in August because after the Digital Economy Council meeting at the end of July, we hope to get clearance for us to make a big announcement that involves some big investments,” he stated.