Malaysia Fintech Industry News - September 2017

Malaysia VC scene lags behind

According to a report, Malaysia has accounted for just 3.9% of all Venture Capital (VC) funds raised in the region, with a total of US$400.4 million raised between 2012 and July 31, 2017. This new figure places Malaysia in third place behind Indonesia and Singapore. Indonesia obtained 10.6% share with US$1.1 billion raised. Singapore raised US$8.46 billion during the same period.

Public Bank offers Alipay mobile wallet service

Malaysians can now try the Alipay system which is fast becoming a norm in China. At the same time, Chinese travelers in Malaysia can now use Alipay from their phones to make purchases in Malaysia. Alipay will partner with Public Bank to roll out the Alipay payment system in Malaysia, and it can be used at merchants such as: Degem Collection, Eu Yan Sang, Lazo Diamond Jewellery, L'occitane, Malindo Airways, Star Cruise, Swiss Luxury Watch & Jewelry, The Swatch Group, Vitacare Pharmacy and others.

Malaysia-based insurtech startup PolicyStreet raises seed funding.

PolicyStreet provides insurance for travel, dental and personal accidents as well as niche services for insuring musical instruments etc. The seed money raised will help the company expand its products and partnerships. PolicyStreet succeeded amongst seven startups to win the best startup award at Seedstars Kuala Lumpur 2016.

MAVCAP to invest and partner with Gopi Ventures

Malaysia Venture Capital Management Bhd (Mavcap) invested in Gobi Partners’ Meranti Asean Growth Fund, which is valued at US$50 million. The fund will be investing into Series B and C rounds of IT companies in ASEAN. The other two partners for the growth fund are Korean-based GS Shop and Indonesian-based investment firm PT Mahanusa Capital.

For full version of Collyer-Bytes, please contact Isa.Seow@collyerlaw.com to subscribe.