Image credit: Bernama
KUALA LUMPUR: The Malaysian Investment Development Authority (Mida), through its dedicated unit, the Domestic Investment Coordination Platform (DICP), has enabled a Malaysian financial technology (fintech) start-up Neurogine Sdn Bhd to seal an acquisition deal with Hadigy Ltd, an investment holding company based in the UK.
The signing of the shareholders’ agreement would allow Hadigy Ltd to acquire a 30% stake or 1.929 million ordinary shares of Neurogine, a company specialising in digitalisation of mobile banking, mobile payment and digital asset solutions.
The signing ceremony between Neurogine chief executive officer Owen Chen Chee Onn and Hadigy Ltd executive director Hari Iyer was held virtually between Kuala Lumpur and London recently, witnessed by the Mida CEO Datuk Azman Mahmud at Mida headquarters here.
“Among the major challenges for small and medium enterprises (SMEs) and start-ups to scale up is limited access to funding. Hence, Mida has taken a proactive approach through DICP in supporting local companies, SMEs and start-ups in addressing the funding gap.
“The presence of foreign funders such as Hadigy in this space would certainly help in accelerating the adoption of technology and stimulating the growth of fintech services in Malaysia, ” said Azman.
In the wake of Covid-19, the local technology segments of e-commerce, fintech and medical technology would be able to entice foreign equity or venture capital investments.
He said the sectors, which provide remote solutions by minimising and eliminating physical contacts, have emerged stronger, driven by the renewed demands from industry users.
Source: https://www.thestar.com.my/business/business-news/2021/03/10/mida-bridges-malaysian-fintech-start-up-with-uk-firm