Malaysia has appointed seven new members to the Malaysian Venture Capital and Private Equity Development Council (MVCDC), said the Securities Commission (SC) Malaysia on Tuesday.
Established in 2005, the MVCDC is an inter-ministerial council with representatives from both the public and private sectors to provide vision and direction for the overall development of the VC and PE industry.
The new members are appointed for a term of two years from March 1, 2019.
State-linked private equity firm Ekuiti Nasional Bhd (Ekuinas) CEO Syed Yasir Arafat Syed Abd Kadir as well as co-founder of Vynn Capital Victor Chua, who is also the president of Malaysian VC and PE Association, are among the newly-appointed members of the council.
Other MVCDC members include Ministry of Energy, Science, Technology, Environment and Climate Change secretary general Dr. Mohd Azhar Haji Yahaya; Ministry of Finance deputy director of National Budget Office for general services sector Suhara Salleh; Malaysian Business Angels Network (MBAN) president Dr V. Sivapalan.
The new CEO of Malaysian Digital Economy Corporation (MDEC) Surina Shukri is also one of the seven new members, along with state-linked investment fund Permodalan Nasional Bhd (PNB) senior vice president and head of private investments Mohd Irwan Ahmad Mustafa.
The MVCDC is chaired by the SC Chairman Syed Zaid Albar. The SC’s deputy chief executive Zainal Izlan Zainal Abidin is also a member of the Council.
“Given the importance of VC and PE financing in spurring entrepreneurship and catalysing the government’s efforts to move the country towards a high-income value-add economy, the MVCDC has undertaken various initiatives in close engagement with the government to accelerate the industry’s growth. These include measures to enhance tax incentives, attract investments by corporates, encourage entry of foreign industry players, streamline government funding and expand pool of industry professionals,” said the SC.
It added the SC’s chairmanship of the MVCDC is in line with its role as the capital market regulator which includes overseeing the development of alternative funding channels such as VC and PE, as well as equity crowdfunding and peer-to-peer financing.