ScaleUp Malaysia and Singapore-based venture capital firm Quest Ventures on Tuesday announced they will invest a total of $680,185 in 11 companies. In a separate development, fintech firm MyMy Payments Malaysia and loan management solutions firm Sukaniaga have formed a consortium to bid for a digital banking license.
ScaleUp Malaysia, SG’s Quest Ventures to invest in 11 startups
ScaleUp Malaysia, a country-focused accelerator, and Singapore-based venture capital firm Quest Ventures on Tuesday announced they will invest a total of $680,185 in 11 companies they have selected in their Cohort 2 programme.
Each company will receive $61,844 to grow its business regionally.
“This was a very difficult decision but ultimately, the investment committee selected the companies that they believed had the potential to grow their business regionally with the support of our partner, Quest Ventures,” ScaleUp Malaysia managing partner Tay Shan Li said.
The 11 companies selected include electronic waste recycling firm ERTH, digitalised farm operator Fefifo, logistics tech firm Hatio, mobile workforce solution provider Hauz, building materials marketplace operation Homa2u, babysitter platform Kiddocare, on demand logistics platform Load2Go, food-based company MMC, car wrap advertising firm MyBump media, automotive maintenance platform Pomen and student community app firm Quadby.
ScaleUp Malaysia announced an exclusive partnership with Quest Ventures to invest and scale the regional growth of Malaysian startups in September last year.
Fintech firm MyMy ties up with Sukaniaga to bid for digital banking license
Fintech company MyMy Payments Malaysia and loan management solutions firm Sukaniaga have formed a consortium to bid for one of the five digital banking licenses to be issued by the central bank next year, local media New Straits Times reported.
The consortium is also seeking an additional strategic partner to further strengthen its bid for the digital banking license, according to the report.
MyMy chairman Tunku Ahmad Burhanuddin said the company’s ambition is to become the world’s first shariah-compliant digital bank.
“Since receiving our investment from Malaysia’s Armed Forces Cooperative, we have been working diligently on utilising digital financial services for the betterment of the co-operative community,” he said in a statement.
Malaysia’s Armed Forces Cooperative has invested RM10 million ($2.41 million) in MyMy, according to media reports in September.
Sukaniaga provides end-to-end solutions to digitise loan application processes. It also develops digital wallet, business digital platform among others.