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Cybersecurity accelerator scheme offers RM200 milion to start-ups

Last update: 18/04/2019
KUALA LUMPUR, April 18 (Bernama) -- ACE Accelerator Network Sdn Bhd said a total of RM200 million has been allocated under its Asia Cybersecurity Exchange's (ASIACYBERX), Cybersecurity Accelerator Programme to scale up start-ups to the next growth level.

In a statement today, it said the accelerator programme emphasises active mentorship, from commercialisation of solutions and products, establishing the right business models, and securing funding and networking opportunities within its existing network of more than 20 mentors, entrepreneurs and industry experts.

Launched in April 2018, ASIACYBERX was a collaboration between LE Global Services Sdn Bhd (LGMS) and ACE Holdings Bhd to propel Malaysia to be a major cybersecurity hub in the region.

LGMS chief executive officer Fong Choong Fook said the programme will not limit the selection process to pure cybersecurity players and it is open to start-ups in IT security, big data analytics, and cybersecurity-related solutions.

“We hope the accelerator programme will allow us to cast the widest net possible to attract new start-ups to develop next-generation cybersecurity solutions.

"That’s why the programme is uniquely designed to enable us to bring together key industry stakeholders, including policymakers, providers, industry experts and academia, to work together to grow a broader pool of talent and entrepreneurs,” Fong elaborated.

He said according to the Ministry of Communications and Multimedia, Malaysia is one of the top three ASEAN countries for cyber security services, which are expected to contribute a combined 75 per cent of the regional market share by 2025.

Meanwhile, ACE group chairman Tan Sri Ahmad Fuzi Abdul Razak said there is a need to build a competitive ecosystem for the local cybersecurity industry to continue to thrive.

“The cybersecurity industry offers phenomenal growth opportunities.

"ACE Group is supporting promising start-ups to grow their ideas and scale their business to take up global cybersecurity challenges, from right here in Malaysia.” he added.

-- BERNAMA



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