KPMG joins MDEC to grow Malaysia’s next generation of unicorns

PETALING JAYA, 13 March 2023 – KPMG in Malaysia has agreed to collaborate with the Malaysia Digital Economy Corporation (MDEC) to accelerate the growth of high-potential Malaysian technology companies to become national unicorns by 2025.

This latest collaboration draws KPMG’s support towards MDEC's Founders Centre of Excellence (FOX) program, guided by the new strategic initiative of Malaysia Digital (MD). Through this collaboration, KPMG will provide customized consulting and advisory support covering areas such as market insights, technology updates, risk management, governance, regulatory compliance, and more, depending on the needs of the company.

Speaking at the official ceremony, Datuk Johan Idris, Managing Partner of KPMG in Malaysia, said, “Malaysia as a nation has all the right ingredients for technology companies to grow, supported by modern infrastructure, progressive policies for business, skilled workforce, a tech savvy customers base and geographic proximity to a fast-growing Asia Pacific region. There is tremendous potential for homegrown companies to grow beyond our border and make their mark in the global map.

“KPMG is proud to play our part, working closely with MDEC to help these 20 high-potential start-ups reach their true potential. Having been part of Malaysia’s history since 1928, we at KPMG are ready and excited to contribute towards building up our national heroes one success story at a time,” Datuk Johan added.

Ts. Mahadhir Aziz, CEO of MDEC shared, “MDEC's objective is to grow five unicorns out of Malaysia by 2025 by focusing on a 2-pronged strategy, namely capability building and enhancement programs for all tech founders that are looking to accelerate their growth, and customized support through six key pillars of the FOX intervention that includes policy intervention, business expansion, high-value investment, amplification and consultancy, talent acquisition and mentoring.

"We are confident that MDEC’s collaboration with KPMG will benefit these 20 startups by providing them with the right knowledge, tools and support that will enrich their business growth journey. KPMG as a professional services firm with an extensive global network is well positioned to help catalyze the growth of our local startups. Furthermore, there is high anticipation that the successful completion of the FOX program by these selected pioneers will inspire the next generation of entrepreneurs within Malaysia,” he said.

The FOX program sits under the new national strategic initiative, Malaysia Digital, which seeks to grow the digital capacities and capabilities of the nation as well as raise the overall ecosystem value, so as to accelerate the growth of the digital economy in establishing Malaysia as the digital hub of ASEAN.

The shortlisted companies participating in the FOX program are those that are privately held in Malaysia and have demonstrated a strong growth track record measured by having revenue above RM20 million or raised Series A or have a strong 3-year growth track record. Leveraging on MDEC’s support and KPMG’s consultative guidance, the collective goal is to nurture the progress of these startups over the next two years so they can scale their business and ultimately deliver lasting economic impact for Malaysia in the form of high skill, high value jobs creation, revenues, and exports. 

For media-related queries, please email marcom@kpmg.com.my