Malaysia launches MyCreative Venture Capital

MyCreative Venture Capital will provide enterprises with loans and promote new projects in the VC space, while angel investors in start-ups could receive tax relief under other incentives currently being considered by the government. Early-stage technology companies also stand to see the regulations affecting crowd-sourcing funding amended in their favor.

"Malaysia is fostering a new entrepreneurial culture that places high value on innovation and ingenuity," said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, according to The Malaysian Insider. "We want to create companies of the future, driven by entrepreneurs with new ideas."

Nazrin Hassan, CEO of state seed capital agency Cradle, said that the new tax incentives should be modeled on those employed in the UK to persuade more Malaysians to back technology start-ups, and fill the hole left by dwindling numbers of venture capital firms. A greater number of angel investors would also place less strain on government funding for such projects.

Last year, another government-backed fund - albeit in the realm of private equity - acquired the domestic holding company of the Asia Pacific Institute of Information Technology and Asia Pacific University College of Technology and Innovation. Ekuiti Nasional paid MYR102 million for the education- and real estate-focused asset.

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• Topics
• Southeast Asia
• Fundraising
• Venture
• Malaysia
• Fund formation
• Venture