Malaysia Targets To Register 5,000 Startups This Year - Chang

PETALING JAYA, Jan 18 (Bernama) -- Malaysia aims to register 5,000 new startup companies by this year, according to Science, Technology and Innovation Minister Chang Lih Kang. 

He said the target is in line with the Malaysia Startup Ecosystem Roadmap (SUPER) 2021-2030 and noted that there are currently 4,415 startups registered.

"We are on track and we are close to our target but of course, we hope we can achieve more," he told reporters after the launch of Versa Quests, a feature in the Versa app, a digital wealth management platform. 

Chang said in order to further support the growth of homegrown startups like Versa, the ministry is  committed to assist companies by providing coaching to connect them with potential investors and customers. 

He said the ministry offers grants, including CIP SPARK and CIP SPRINT, through Cradle Fund to eligible companies.

Meanwhile, Versa chief executive officer Teoh Wei Xiang said the launch marks the company’s first step in evolving from a transactional platform to an experiential one as it incorporated 'quests' and gamification into the platform, making learning about finance and managing wealth more enjoyable. 

Versa Quests is designed to make saving money more rewarding for users. By participating in various challenges known as 'quests', users can stack multiple 'booster rewards' which enable them to achieve higher net returns on their Versa Cash or Versa Cash-i account. 

In a span of three years, Versa has grown to nearly 300,000 users, with over RM500 million in assets managed in 2024. 

Versa's ambassador Khairy Jamaluddin said that Versa Quest resonates with his personal objective, which is to make sure that young Malaysians have the opportunity to save and invest. 

"I myself use Versa. I invested, meaning I save my money in Versa and many products in Versa are Shariah compliant, so this increases confidence, especially among Muslim investors in Malaysia," he said.

Earlier, the launch of Versa Quests was officiated by Tengku Arif Temenggong Pahang Tengku Fahd Mua'adzam Shah Sultan Ahmad Shah.

Also present were Deputy Digital Minister Datuk Wilson Ugak Kumbong and Versa chairman Datuk Noorazman Abd Aziz.

-- BERNAMA