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MTDC To Nurture More FinTech Companies


Last update: 10/10/2017

By Nurul Jannah Kamaruddin

KUALA LUMPUR, Oct 10 (Bernama) -- Malaysian Technology Development Corporation (MTDC) is evaluating a few financial technology (FinTech) companies to be nurtured and assisted in terms of funding.

Director of Technology Ventures Division Mohammad Hazani Hassan said these companies were involved in the development of financial software.

"We have a few that we are evaluating. We want to make sure that it's not just another apps but something that will add on, something that can be very big later," he told Bernama.

He cited Loanstreet Sdn Bhd, a comprehensive online loan comparison website providing loan advisory services and tools for its customers, as among the companies that had benefited from such assistance.

As to whether MTDC will assist cryptocurrency companies, Mohammad Hazani said the agency was ready to help cryptocurrency development in the country pending approval of its rules and regulations.

There is a possibility for it to be commercialised as long as it is in line with Malaysia's technology roadmap and has intellectual property, he said.

MTDC is currently supporting 14 technology sectors such as green, biotech, electrical and electronic, semi-conductor, aquaculture breeding, Internet of Things (IoT) and artificial intelligence.

Under the 11th Malaysia Plan, MTDC received RM925 million from the government to be channeled through various type of funds.

These funds provide support to local companies, helping them enhance technology content, increase capacity, capability and competitiveness.

As of now, RM240 million have been disbursed while another RM230 million have been approved for 14 key sectors, including green technology, electronics and electrical, biotechnology.

-- BERNAMA