Cyberview-MDV MoU to offer funding access for Cyberjaya tech companies
By Digital News Asia December 17, 2021
- Access to various MDV financing schemes for Cyberjaya tech firms
- Create strong growth momentum for both national tech ecosystem
Cyberview Sdn Bhd and Malaysia Debt Ventures Bhd recently signed a Memorandum of Understanding (MoU) to leverage each other's strengths, networks, and capabilities with the goal of assisting tech companies in Cyberjaya in obtaining funding and ultimately, enabling them opportunities to advance in Malaysia’s digital economy.
Present at the ceremony were Najib Ibrahim, Managing Director of Cyberview and Nizam Mohamed Nadzri, Chief Executive Officer of MDV. This strategic collaboration aims to offer seamless access to funding for Cyberjaya tech companies via an array of financing schemes by MDV, ensuring growth and enabling these companies to strengthen and rebuild their resilience.
Najib, said, "Due to a shortage of funding, startups and SMEs have struggled to grow and scale their business before their full potential can be realised. This MoU with MDV is important for tech companies in Cyberjaya to sustain and, crucially, to get the right support for their business continuity, especially following the impact of the pandemic. At Cyberview, we do our best to ensure that the tech-driven economic foundation for Malaysia will continue to be well-supported and is given every opportunity to thrive. As a firm believer in embracing a collaborative multi-stakeholder approach, we are optimistic that this MoU will be extremely beneficial in further strengthening the Cyberjaya tech ecosystem."
Commenting on the MoU, Nizam said, “MDV’s mission to develop the technology and startup ecosystem is consistent with Cyberview’s own commitment to technology and innovation. In this regard, we are pleased to be able to collaborate with Cyberview in providing better financing access to technology companies in Cyberjaya through MDV’s product offerings, which include our project and contract financing, as well as our own dedicated programmes for startups such as the Liquidity Financing for Technology Start-Ups (LIFTS) and Venture Financing. We firmly believe that this initiative could potentially support and accelerate these technology companies post-pandemic recovery and progress, and help create a strong growth momentum not only for the Cyberjaya tech ecosystem, but for the technology sector as a whole.”
As a technology financier, MDV plays a key role in the Malaysian technology financing ecosystem to advance the government’s initiatives in promoting a technology-based economy. MDV bridges the funding gap faced by technology companies, particularly the Micro, Small, and Medium Enterprises (mSME), that are generally under-served by commercial financial institutions due to their non-conventional business model, and lack of track record and collateral.
To-date, MDV has disbursed approximately US$3.01 billion (RM12.71 billion) for more than 965 projects from various sectors of the technology industry. These funds have been channeled to about 836 technology and technology-based companies in Malaysia, in which 55.8% are Bumiputera-owned companies and 87.2% are technology-based SMEs.