KUALA LUMPUR, April 22 – The KL20 Summit 2024, launched today at the Kuala Lumpur Convention Centre, marks a pivotal moment in Malaysia’s journey to be among the top 20 global startup hubs by 2030 and solidifies Malaysia’s position as a premier destination for startups and venture capitalists. Yayasan Usahawan Malaysia (YUM) Chairman, Nitesh Malani, expressed strong support for the launch by the Honourable Prime Minister at the KL20 summit this morning. Nitesh sees a promising trajectory for Malaysia, envisioning robust growth and active positioning as a central hub or launch pad for businesses in Asia.

In his keynote address at the inaugural KL20 Summit, Prime Minister Datuk Seri Anwar Ibrahim announced the allocation of RM1 billion to establish a “National Fund-of-Funds” by Khazanah Nasional. “I am pleased to share that Khazanah Nasional will launch a ‘National Fund-of-Funds’ with an initial RM1 billion allocation to invest in innovative high-growth Malaysian companies,” said the Prime Minister.

This fund underscores the government’s commitment to supporting local companies, including bumiputra entrepreneurs, start-ups, and SMEs, aligning with the Budget 2024 announcement last year. “The government is also aiming to centralise investment agencies such as Malaysia Venture Capital Management Bhd (Mavcap) and Penjana Kapital under Khazanah Nasional,” added Datuk Seri Anwar.

Additionally, announced were agreements involving 25 entities from various sectors of the start-up ecosystem to foster cutting-edge technology ventures in Malaysia. Notable among these agreements is the Asean Investment Initiative between Khazanah Nasional, Kumpulan Wang Persaraan, and Blue Chip Venture Capital, which will invest RM3 billion in the South-East Asian and Malaysian business ecosystems. Also revealed plans for 12 international venture capital firms to set up offices in Kuala Lumpur, facilitating Malaysian start-ups’ discovery and nurturing them towards global success.

YUM through its platform SEBA will focus on strengthening Malaysia’s position through alliances with key ministries and agencies as it welcomes a regional participation at its 11th edition of SEBA Northen Regional Edition being held in Langkawi this July 2024. This unique Entrepreneurs Retreat sets a tone to bring a culmination of entrepreneurs to Connect, Communication and Share, encapsulating a thematic Gala Recognition evening.

With its theme “Beyond Boundaries,” SEBA is ready to redefine recognition, networking, and growth for entrepreneurs across the region. A 3 day unique experience sets to be Asia’s most anticipated Entrepreneurs Retreat: Beyond Boundaries, in conjunction with the SEBA 2024 Northern Regional Edition. This program is fully supported by LADA and various government agencies, NGO’s, Trade Organisation, and Business leaders, says Nitesh Malani, Chairman of Yayasan Usahawan Malaysia. 

For more information, please contact:
About Yayasan Usahawan Malaysia (YUM)
Yayasan Usahawan Malaysia is a non-government organisation that strives on the frontier of gathering, creating, and developing sustainable companies with strong entrepreneurship traits. The organisation builds credibility by serving as a platform that supports the development of companies across all businesses. It offers programmers tailored with their best interest to ensure that they can achieve their goals while sustaining core values. 

For media inquiries, please contact:
Ms. Selina Perera
+60 12-790 0572
support@seba.asia / media@seba.asia