13 October 2023, George Town – Digital Penang, the state government-linked company tasked with capturing opportunities in the digital economy, announces a strategic initiative “Market Access Program”, poised as inaugural initiative to assists Penang technology startups to tap on regional market opportunities and established ecosystem collaboration between Penang and Indonesia.
The Penang State Government recognises the pivotal role that technology and digitalisation play in transforming the state into a dynamic digital technology hub as envisioned in Penang2030. In the last 3 years, the Penang State Government, through Digital Penang, has actively cultivated an ecosystem to nurture, develop, and facilitate the thriving of local technology startups.
“The vision of Penang2030 includes the creation of 500 technology startups in Penang by 2030 and currently we have achieved slightly more than 100 startups that are in diverse technology verticals ranging from e-commerce, hardtech, deeptech, agritech, fintech and lots more,” said YB Zairil Khir Johari, Penang EXCO Infrastructure, Transport, and Digital.
The “Market Access Programme”, Digital Penang’s latest market and capital access initiative, is set to lead 10 Penang technology startups to participate in the upcoming Tech in Asia Conference from 18 to 19 October 2023, serving as a gateway to the Indonesian market. To foster cross-border collaboration, Digital Penang will establish collaborative relationships with key Indonesian ecosystem developers, namely Telkomsel Corporate Accelerator (TINC), Innovation Factory (official operator of Block 71 Jakarta), and KUMPUL.ID.
The establishment of these strategic alliances will ensure the Penang-based startups venturing into Indonesia receive the necessary support for business development and access to funding from investors based in Indonesia. During the regional conference, the 10 Penang-based startups will seize the opportunity to pitch to investors at the Speed Dating event and showcase their innovative solutions to potential customers at the Startup Factory arena within the conference.
Ts. Ng Kwang Ming, Chief Executive Officer of Digital Penang, expressed the significance of the Tech in Asia Conference, stating, “Tech in Asia Conference offers opportunities for our startups to expand market access, promote knowledge sharing, facilitate partnerships with stakeholders, and engage potential venture capitalists in Indonesia.”
As of 2022, Indonesia boasts 15 unicorns and 2 decacorns, ranking second in ASEAN after Singapore. Jakarta, ranked 1st in Indonesia and 29th globally in terms of ecosystem maturity and development according to Startup Blink, provides an ideal environment for startups in this program to tap into Indonesia’s market potential.