24 March 2023, George Town – Digital Penang signed a Memorandum of Understanding (MoU) with Malaysian Business Angels Network (MBAN) to boost the growth and success of early-stage tech startups in Penang. The MoU outlines key areas of collaboration between the two organisations, including identifying promising startups, providing mentorship and access to funding, and creating opportunities for networking and collaboration. It will also play a pivotal role in developing corporate venture investment for the growing startup ecosystem in Penang.
In his speech, YB Zairil Khir Johari, EXCO of Infrastructure and Transport; and Vice Chairman of Digital Penang said, “We believe that our region has the potential to become a hub for tech innovation, and we are committed to providing a conducive environment for entrepreneurs to succeed”. He also hoped that the partnership will spur innovative solutions and services from Penang startups, and the state will support the growth of 500 startups by 2030.
MBAN brings a wealth of experience, expertise, and resources that will be invaluable in connecting startups with the right investors, mentors and opportunities for collaboration with Corporate Members. Coupled with Digital Penang’s access to more than 100 startups in Penang boasting strong tech focus areas in Fintech, EdTech, IoT, E-Commerce, Aqua and Agritech, Marketing Tech and Health Tech, the collaboration hopes to create a cohesive ecosystem for startups in their business ventures. The emphasis on early-stage tech startups is based on the government agency’s active engagement and partnerships with local academia, resulting in an increased interest in the startup scene among young talents and budding entrepreneurs.
“We are excited to partner with Malaysian Business Angels Network (MBAN) to create a vibrant and dynamic startup ecosystem that drives innovation, creates jobs, and makes a positive impact on society,” said Ts. Ng Kwang Ming, CEO of Digital Penang. “Through this partnership, we hope to create a virtuous cycle of growth and success for startups, providing the vast number of startups in the state with local and global opportunities in order to succeed.”
“MBAN and Digital Penang has a shared vision in creating a thriving startup ecosystem, and we believe that our network will be a solid backbone for early-stage startups seeking financial and mentorship support. This partnership will facilitate cross-collaboration, allowing both parties to leverage their strengths and resources to create mutually beneficial outcomes contributing to Penang’s economic growth. In addition, MBAN has established a Penang-based chapter led by Mr. Alan Ong, the Protem Committee Chairman, to further support the ecosystem and advance the growth of angel investors in Penang.” said Mr. Alan Lim, President of MBAN.