Malaysia Digital Economy Corporation (MDEC) has launched a new program to help companies raise funds, especially those struggling with cash-flow issues due to the global pandemic.

The new program, also known as the Alternative Funding Program, is a partnership between MDEC alongside 11 equity crowdfunding and P2P platforms to provide financing support.

The partners include ATA Plus, CrowdPlus.asia, Eurecca, Leet Capital, pitchIN, B2B Finpal, CapBay, Funding Societies, microLEAP, MoneySave, and QuicKash.

To be eligible, companies must be incorporated in Malaysia for at least a year and have generated a minimum annual turnover of RM300,000 (~$74k).

This is MDEC’s second year running the same program, led by its Global Growth Acceleration Division (GGA).

Last year, 16 companies participated in the program, raising a total of RM19.89 million ($5 million)

“With the continued disruption to businesses caused by the COVID-19 pandemic in 2020, it is crucial for startups in Malaysia to be able to explore multiple avenues for funding. While initiatives like the Dana Penjana Nasional have done much to address the funding gaps for startups in Malaysia, it is in the best interest of MDEC for them to have more options to ensure sustainable cash flow,” said Surina Shukri, CEO of MDEC.