MOSTI will assist Bursa Malaysia list local startups

Putrajaya will collaborate with Bursa Malaysia to assist entrepreneurs seeking finance to spur more innovation in Malaysia.

Chang Lih Kang, the Minister of Science, Technology, and Innovation (MOSTI), stated in Dewan Rakyat on 24 October that the ministry will give Bursa Malaysia market data on the local startup ecosystem to make it easier to identify businesses that might eventually listed on the bourse.

Chang claims that MOSTI’s attempt to support the government’s goal of having Malaysia place in the top 30 nations in the Global Innovation Index (GII) report by 2025 is in this endeavor. This goal is specified in the 12th Malaysia Plan (12MP).

Malaysia’s position in the GII rankings between 2022 and 2023 stayed constant at 36th place out of 132 nations, but with a higher GII score of 40.9 as opposed to 38.7 earlier.

He said Malaysia remains the second-place ASEAN nation after Singapore (which came in seventh).

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Other initiatives to accelerate Malaysia’s GII climb, according to Tanjong Malim MP, include stepping up innovation commercialization efforts, developing a National Planet Health Action Plan to address health issues related to the environment, biodiversity, and climate change, promoting more private sector participation in research, development, innovation, commercialization, and economy, and proposing the creation of a special committee for Science, Technology, and Industry.

A memorandum of engagement between Bursa Malaysia and state-owned venture capital firm Cradle Fund Sdn Bhd signed last month to increase startup awareness of funding possibilities in Malaysia, particularly those provided by the equity market.

It also aims to make it easier to identify businesses that could be listed on Bursa Malaysia early on.

The partnership is a part of MOSTI’s Fund Funnel program, a project created to simplify the investment process and provide businesses with all-encompassing support from the seed stage to the initial public offering.