MDV and Kenanga will be co-investors and joint managers of the fund that will help with the development of the industry in Malaysia.
“The fund will focus on fintech companies, as this segment yields great growth potential in addition to being a pillar of the country's digital economic agenda,” says Nizam Mohamed Nadzri, CEO of MDV.
VC firms prove their funding capabilities to fintech companies
Nadzri also stated that as the fintech sector continuously grows, it is likely to "attract funding opportunitiesfrom internet-only banks" (also known as neo banks), and other technology startups.
Furthermore, MDV Chairman Khairul Azwan Harun said that despite this, MDV will be fully committed to developing Malaysia’s funding ecosystem in the form of venture debt financing.
Claiming that they offer "better funding solutions" for fintech companies, Kenanga and MDV will showcase their strengths in equity and debt financing on fintech companies in Malaysia through the creation of this fund.
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