Cradle, Bursa Malaysia partner to boost local startup listings

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Cradle, an early-stage fund operating under the Ministry of Finance in Malaysia, has entered into a partnership with Bursa Malaysia, the nation’s stock exchange, with the aim of boosting local listings.

According to Tan Sri Abdul Wahid Omar, chair of Bursa Malaysia, the partnership is set to address a common challenge that plagues startups in the country: gaining access to funding opportunities.

Cradle will help the stock exchange gain market intelligence on the local startup ecosystem, aiding it in identifying potential candidates for listing at an early stage.

Meanwhile, Bursa Malaysia will analyze the data shared by Cradle and collaborate with the fund in organizing programs to improve access to funding.

In neighboring Indonesia, the public capital market has recently emerged as another potential avenue for raising capital, as external investment deals continue to decrease.

Cradle and Bursa Malaysia have signed a memorandum, with Chang Lih Kang, Malaysia’s Minister of Science, Technology, and Innovation (MOSTI), presiding over the signing ceremony.

The latest partnership is part of MOSTI’s Fund Funnel program, which is designed to simplify funding options and provide support to startups throughout their funding journey.

Founded in 2003, Cradle has backed over 1,000 Malaysian tech firms and contributed over 3.4 billion ringgit (US$727 million) to the country’s economy, the company said.

See also: Why Malaysian tech firms are shunning Bursa for Nasdaq

Currency converted from Malaysian ringgit to US dollar: US$1 = 4.67 ringgit.