KPMG and MDEC join hands to nurture Malaysia tech unicorns

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KPMG Malaysia has joined hands with the Malaysia Digital Economy Corporation (MDEC) to accelerate growth of Malaysian start-ups to become the future of technology unicorns by 2025.

Via this collaboration, KPMG will be extending support to MDEC’s founders centre of excellence (FOX) programme. The FOX program sits under the new national strategic initiative, Malaysia Digital, which seeks to build the country’s digital capacities and capabilities while raising the overall ecosystem value, so as to accelerate the growth of the digital economy in establishing Malaysia as the digital hub of ASEAN.

As part of its contribution, KPMG will be providing customised consulting and advisory support covering areas including market insights, technology updates, risk management, governance, regulatory compliance, and more, depending on the needs of the company.

Managing partner of KPMG Malaysia, Datuk Johan Idris said at the official ceremony that Malaysia has the right assets for its technology companies to grow, such as modern infrastructure, progressive policies for business, a skilled workforce along with a tech-savvy customer base and geographic proximity to a fast-growing APAC region. He highlighted that the country’s homegrown businesses hence have large potential to grow beyond the Malaysian border.

“KPMG is proud to play our part, working closely with MDEC to help these 20 high-potential start-ups reach their true potential,” he added.

Tan Sri Mahadhir Aziz, CEO of MDEC, pointed out the two-prong strategy implemented by MDEC to grow five unicorns by 2025. The first prong includes capability building and enhancement programs for all tech founders that are looking to accelerate their growth. Second prong is the provision of customised support through six key pillars of the FOX intervention that includes policy intervention, business expansion, high-value investment, amplification and consultancy, talent acquisition and mentoring.

"We are confident that MDEC’s collaboration with KPMG will benefit these 20 startups by providing them with the right knowledge, tools and support that will enrich their business growth journey. Furthermore, there is high anticipation that the successful completion of the FOX program by these selected pioneers will inspire the next generation of entrepreneurs within Malaysia,” he said.

This is not the first time KPMG has taken part in initiatives to grow tech capabilities. In 2018, Alibaba Group's cloud computing arm Alibaba Cloud and KPMG formed a global alliance to provide digital transformation to businesses of all sizes and across multiple industries initially in Asia-Pacific and Europe.

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