- The grant provides up to RM2 million funding for technology companies and technology accelerators to expand their global market presence via innovation and commercialisation of market-driven products, as well as to set up Centres of Excellence.
- The goal is to support the scaling-up of Malaysian technology companies into the global arena by way of empowering innovation, development and commercialisation of products and services
- Open to both local and foreign-owned tech companies that are incorporated in Malaysia
CYBERJAYA, 26 AUGUST 2021: Malaysia Digital Economy Malaysia (MDEC), Malaysia’s leading agency in digital transformation, has announced the Global Technology Grant (GTG), an initiative aimed at nurturing global champions, driving investments, and catalysing a digital innovation ecosystem through the development and commercialisation of commercial-driven products or services.
GTG’s objective is to support the scaling-up of Malaysian technology companies into the global arena by way of empowering innovation, development, and commercialisation of disruptive or innovative products and services.
The grant works by supporting research and development (R&D), scaling up of provision of R&D services, development of new technologies, establishment of Centres of Excellence, and the creation of new market-driven products or services for the global market.
The GTG also serves to support high-impact ecosystem development initiatives, including the development of ecosystem players that ultimately contribute to the growth of the digital economy, such as new job creations, expansion of export and investments, and talent development that all fall under MDEC’s focus areas.
The Grant offers two types of incentives: Type 1, which is directed at Technology Companies, and Type 2, for Technology Accelerators.
For Type 1, the GTG aims to help local scale-up tech companies who are ready to enter their first global market or expand their existing global market presence via technology innovation and commercialisation of market-driven products or services. The purpose, ultimately, is to drive a potential Malaysian unicorn in the making.
Type 1 of the Grant covers up to 50 percent of total project costs or up to RM2 million, whichever is lower, for locally owned companies. As for foreign-owned companies, the grant covers up to 30 percent of total project costs or up to RM2 million.
Under Type 2, the GTG targets foreign technology companies to set up Centres of Excellence to conduct high-value tech innovations and R&D activities leading to the development and commercialisation of market driven, innovative products and services for the global market, on top of contributing to the development of the ecosystem. Type 2 covers up to 30 percent of the project cost or up to RM2 million, whichever is lower.
The Global Technology Grant is open to both Local and Foreign Owned companies. For local companies to be eligible, it must be incorporated in Malaysia under the Companies Act 1965 or the Companies Act 2016 and in operation for at least one year; have a minimum issued and paid-up capital of RM20,000; and a minimum of 51 percent equity held by Malaysians. For companies which shareholders are from another company, the same rule applies.
For foreign-owned companies to be eligible, they must be incorporated in Malaysia under either Companies Acts, with a minimum issued and paid-up capital of RM500,000. They must also be in operation for at least one year.
The Global Technology Grant is open for submission on 27 August 2021, and the closing date for submissions on 15 September 2021, with evaluation and approvals set to be completed by October. The project execution phase will begin in November and December.
“In order to compete in an increasingly globalised market, technology companies in Malaysia need innovations, ideas and globally-relevant products. One way to do so is to create an ecosystem that supports R&D and innovation. Malaysia has a vibrant R&D landscape – we are ranked 8th Most Innovative Country among Asian Economies in the Global Innovation Index 2020 by the World Intellectual Property Organisation (WIPO).
“It’s thus important for us to maintain and improve the vibrancy of this ecosystem. The Global Technology Grant aims to nurture global champions out of local innovators by allowing them to develop and commercialise innovative and commercially driven products or services. This will have a snowball effect that ultimately leads to export revenue increases, the upskilling of local founders and talents, and a rise in digital investments that contribute towards the goals set by the Malaysia Digital Economy Blueprint (MyDIGITAL) and Malaysia’s vision to be the Heart of Digital ASEAN,” said Gopi Ganesalingam, Vice President, Tech Ecosystems and Globalisation, MDEC.
For more information on the Global Technology Grant and the application process, visit www.mdec.my/gtg
MDEC’s Global Technology Grant was announced during Week Four of Malaysia Tech Month 2021, a virtual, month-long curation of electrifying digital and technology events aimed at promoting Malaysia as a digital investment hub. Week Four, titled the Digital Disruptors Week, delves into the digital-led disruptions of today, from Islamic FinTech and cryptocurrency to mobile commerce, digital banks, and mobile eSports
For more information on Malaysia Tech Month 2021, visit https://malaysiatechmonth.hubilo.com/
About Malaysia Tech Month 2021
Malaysia Tech Month 2021 (MTM 2021) is a virtual, month-long curation of electrifying digital and technology keynotes, workshops, discussion panels and business-matching sessions. It will feature distinguished group of local and international industry speakers and investors to share their expert thoughts and experiences in 4IR-driven digital economy.
MTM 2021 will see exciting programmes that will allow the spotlight to be shone upon digital ecosystem leaders and creators, leading-edge companies as well as talents, enabling all stakeholders to discover new perspectives on domestic and global trends in artificial intelligence, drone tech, data analytics, fintech and digital workforce.
Drawing out new tech conversations from public sector and enterprise decision makers, entrepreneurial and academic circles, MTM 2021 aims to drive MDEC’s aspirations in establishing Malaysia as the Heart of Digital ASEAN and further reinforce Malaysia’s position as the first-mover for the rise of the digital economy in the present and post-pandemic era.
About Malaysia Digital Economy Corporation (MDEC)
Malaysia Digital Economy Corporation (MDEC) is the agency under the Ministry of Communications and Multimedia Malaysia leading the digital transformation of the economy for 25 years. We aim to enable a nation that is deeply integrated with technology, providing equitable digital opportunities to society, people and businesses, in line with the Malaysia 5.0 agenda.
To achieve this, MDEC will execute on its NADI (Nadi Digital) framework, based on the four thrusts: New skills, Adoption, Disruptors and Investments. NADI will drive our core programmes for the rakyat, industry and investors. MDEC will continue to lead Malaysia’s digital economy forward towards becoming a globally competitive digital nation, anchored on innovation, sustainability and shared prosperity, firmly establishing Malaysia as the Heart of Digital ASEAN.
#MyMDEC #NadiDigital #SayaDigital #HeartofDigitalASEAN #Malaysia5.0