HSBC, KPMG’s identify 10 potential unicorns in Malaysia

  • Reports 100 fast growing, innovative emerging giants in Asia Pacific 
  • Identified startups in 12 markets with valuation of up to US$500 mil

HSBC, KPMG’s identify 10 potential unicorns in MalaysiaA joint report by HSBC Bank and KPMG has identified 10 companies that are poised to make a lasting impact on the global business landscape over the next decade.

Culled from the 'Emerging Giants in Asia Pacific' report, the two companies took an in-depth look at 6,472 technology-focused startups in 12 Asia Pacific markets with valuations of up to US$500 million (RM2.2 billion).

In a statement, the report also identified 100 leading emerging giants in Asia Pacific that are fast- growing, influential, and innovative with ambitions to achieve unicorn status and ten leading emerging giant companies in each market surveyed.

The list of ten emerging giants in Malaysia:

HSBC, KPMG’s identify 10 potential unicorns in MalaysiaAccording to Karel Doshi, head of commercial banking, HSBC Malaysia, “The list of emerging giants in Malaysia excites us because it is proof that our nation has all the right ingredients for start-ups to flourish and be leaders that shape their industry.

“Financial institutions must be committed to offering startups the right support so they can scale beyond Malaysia to be an emerging giant or unicorn,” said Doshi.

Guy Edwards (pic), head of technology, media and telecommunications, KPMG in Malaysia said, “HSBC, KPMG’s identify 10 potential unicorns in MalaysiaWhile startups are poised to continue playing a major role in the country’s development, some may struggle to gain the guidance and business support needed to grow.

“Beyond government support, nurturing the right ecosystem for our local startups requires adopting a regional outlook, and encouraging strong collaboration by stakeholders in the space,” said Edwards.

The report indicated that while there is no specific formula to be an 'emerging giant,' the companies identified were standout players in a wide variety of disciplines. 

This includes superior technology and/or technical knowledge, 'hyper localised' businesses, mastery of logistics channels and supply chain operations, successful adaptations of their business model(s) based on correct identification of market gaps and a winning culture that attracts and retains talent.

According to Securities Commission Malaysia, funding is starting to reach a significant level with total committed venture capital funds hitting US$1.2 billion (RM5.3 billion) in 2021, up 20% in 2020, and nearly five times more than Malaysian startups raised in 2019.

[RM1 = US$0.239]

It also stated that there has been an increase in venture capital deals in the region, with record-breaking numbers in 2021. 

Although 2022 looks unlikely to repeat the highs of 2021, Q1 2022 figures suggest that 2022 is on target to exceed both 2020 and 2019 funding levels for Asia Pacific as a whole, it said.

The report also features interviews with startup founders and executives across the 12 Asia Pacific markets that offer insight on the challenges and opportunities that startups face.

Click here to download a copy of the report.


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