- Malaysia’s tech scene is heating up.
- Selangor state is also jumping on the bandwagon.
- The KL20 Summit saw a wave of international VCs committing to expand into Malaysia.
Malaysia’s corporate VCs are diving into the tech scene, particularly in the sizzling semiconductor space.
Penang-based BlueChip VC, led by former Intel engineer Lai Pin Yong, has emerged as a mysterious player, aiming for annual returns of over 20% from investments in semiconductor-related startups.
Selangor jumps on the semiconductor bandwagon
The Malaysian government has taken notice, roping BlueChip into the country’s semiconductor roadmap and teaming up with sovereign wealth fund Khazanah Nasional and civil servants’ pension fund KWAP to invest in a whopping US$630 million fund jointly.
Malaysia’s richest state, Selangor, is also hopping on the semiconductor hype train.
The state is gearing up to host the Selangor IC Design Park, a collaboration between the state government, Malaysia’s federal government, and international semiconductor firms and venture capitalists.
This move showcases Selangor’s determination to carve out its slice of the semiconductor pie and attract top talent and investment to the region.
VCs flock to Malaysia’s shores
The recent KL20 Summit saw a wave of VC firms making commitments to open offices in Malaysia, including big names like Nordstar, GP Bullhound, K3 Ventures, and Openspace Ventures.
Additionally, The Hive Climate AI and China Galaxy Securities (CGS) pledged to launch funds in the country at an unspecified date.
Taiwan-based VC firm and accelerator AppWorks also agreed to expand its operations to Malaysia, adding to the growing list of international players eyeing the nation’s tech potential.
To read the original article: https://www.techinasia.com/malaysias-fintech-vc-sectors-heating
