COVID-19: MYR 100 Million Allocated to Malaysia Debt Ventures’ Technology Start-up Funding Relief Facility

Deputy Science, Technology and Innovation Minister, Ahmad Amzad Hashim, stated that Malaysia’s Ministry of Finance has agreed to an additional MYR 100 million allocation to Malaysia Debt Ventures (MDV) to finance the Technology Start-up Funding Relief Facility (TSFRF).

A survey done by Malaysian Global Innovation and Creativity Centre (MAGiC) conducted during the first week of April 2020, revealed that almost 50% of start-up companies required between MYR 500,000 to MYR 1 million to ensure sustainability of their businesses through 2020.

Launched on the 15th of May 2020, the TSFRF provides financial assistance to locally-owned technology start-ups (manned by majority Malaysian...