The bank is the first to partner the entrepreneurship empowerment agency, and the collaboration aims to boost entrepreneurship in the Asean region.
Prior to this partnership signing, Maybank has already been involved in a series of engagements and joint initiatives with MaGIC since April 2015.
Maybank would leverage on MaGIC‘s expertise, regional reach and resources to nurture upcoming local and regional startups, and will also take on a role as the financial services partner for MaGIC’s Asean Centre of Entrepreneurship (ACE). ACE was launched on Saturday amid the 1Asean Entrepreneurship Summit.
The ACE is a startup support services platform offering services such as legal advice, IP consultations, visa application and company secretarial services through its partners. The platform will support Malaysian startups looking to expand into Asean countries and for Asean startups to expand into Malaysia.
Maybank head corporate development & innovation, Amran Hassan said the bank has always viewed innovation as a key organizational competency that will help in identifying and shaping new sources of competitive advantages.
“The collaboration with MaGIC will allow Maybank to play a more prominent role in the supporting the startup ecosystem regionally.”
MaGIC chief executive officer Cheryl Yeoh noted that the partnership will help boost the development of startups and social enterprise initiatives not only in Malaysia, but in the region.
“We are encouraged by the support we are seeing from the private sector and Maybank as one of the early driver for private sector opportunities.”
In return, Maybank will act as an advisory partner to MaGIC’s Accelerator Programs and Academy, especially in building viable propositions in the context of regional opportunities in the financial services industry, help facilitate market validation and identify potential “go-to-market” partners.
Hassan added that the bank has taken the market lead in the high-growth startup ecosystem as part of its efforts to support promising technology startups across the markets where it operates.
“We will continue to work with strategic industry partners in providing competitive platforms in our efforts to help build Asean into a global centre for innovation.”