Monday, 28 Sep 2020
15/07/2020 10:22 PM

KUALA LUMPUR, July 15 -- The Ministry of Science, Technology and Innovation (MOSTI) today announced that applications to participate in MOSTI's National Technology and Innovation Sandbox (NTIS) are now open.

MOSTI in a statement today said tech start-ups can start applying through NTIS's official website at https://sandbox.gov.my.

It said four types of funding schemes are available under NTIS including the Single Site Sandbox which offers a maximum financing amount of RM250,000 in full grant and a single site sandbox solution.

“The second is the Multi-Site Sandbox with a maximum financing amount of RM500,000 in the form of a partial grant (70 per cent) to fund multiple site sandbox solutions; the third is the Commercialisation scheme with maximum financing of RM4 million in the form of a hybrid fund, grants and convertible promissory notes to finance the commercialisation of the sandbox solution.

“The last one is the Matching Fund with Investors/Corporates, with a maximum allocation of RM15 million as a matching fund with investors and corporate companies.

“The financing instrument will be subject to agreement between MTDC (the Malaysia Technology Development Corporation) and the participating investors and corporates,” the statement said.

Prime Minister Tan Sri Muhyiddin Yassin previously announced a RM100 million allocation under the National Economic Recovery Plan (PENJANA) for NTIS, to help the nation's digitalisation process.

NTIS is spearheaded by MOSTI with the Malaysian Global Innovation & Creativity Centre (MaGIC) as the lead secretariat assisted by Technology Park Malaysia (TPM), MIMOS Bhd, MTDC and Futurise Sdn. Bhd.

-- BERNAMA

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