Malaysia Digital Acceleration Grant Program

Deadline: 28-Jul-23

Applications are now open for the Malaysia Digital Acceleration Grant Program to encourage and promote strategic, high growth and high impact activities in the digital focus areas in moving up the value-chain and ecosystem.

Malaysia Digital Acceleration Grant intent is to accelerate the growth of Malaysia Digital Status companies that are in commercialisation and expansion stages to become regional champions and is aligned with Malaysia Digital promoted sectors and tech enablers.

Objectives

• To accelerate business activities that bring significant impact to Malaysia’s Digital Economy in the context of expansion or enhancement of operations via technology adoption and continuous digital innovation;
• To ensure competitive and sustainable growth of the companies and be the testament of Malaysia as digital economic powerhouse.

Digital Promoted Sectors

• Digital Agriculture
• Digital Services
• Digital Cities
• Digital Health
• Digital Finance
• Digital Trade
• Digital Content
• Digital Tourism
• Islamic Digital Economy

Tech Enabler

• Artificial Intelligence & Big Data Analytics
• Blockchain
• Cloud & Data Centre
• Cybersecurity
• DroneTech
• Internet of Things
• Robotic, Automation & Extended Reality
• Creative Media Technology including extended reality (XR) and/or mixed reality (MR)
• Integrated circuit (IC) design and/or embedded software
• Advanced network connectivity and/or telecommunication technology

Funding Information and Duration

• Local Owned Company
  • Up to 70% of total cost or up to RM5 Million whichever is lower.
  • Duration: The quantum of Funding period of up to three (3) years.
• Foreign Owned Company
  • Up to 70% of total cost or up to RM5 Million whichever is lower. Officially registered and currently operational in Malaysia.
  • Duration: The quantum of Funding period of up to three (3) years.

Expected Outcomes

• Accelerated growth of MD status companies with mature technology.
• Drive companies based on Malaysia Digital Investment Strategy on Tech Enablers and Focus Areas.
• Scale companies with proven and validated technologies and/or solutions.
• Creation of regional players in the next 3 years.

Eligibility Criteria

• Eligible company
  • Incorporated in Malaysia under Companies Act 1965 or the Companies Act 2016;
  • Minimum paid up capital of at least RM50,000.00
• Incorporated for more than one (1) year; or If Incorporated less than one year, the Applicant/Recipient company is to provide the following documents:
  • Parent companies SSM search or equivalent to SSM search;
  • A copy of latest Audited Account of the parent company.
• Not the subject of liquidation/winding up/bankruptcy order and has no going concern issue. [If the Applicant/Recipient’s has going concern issue (as reported in their latest audited account), the Applicant/Recipient is to provide a letter of undertaking by the shareholder and/or authorised director (whichever applicable as per the Applicant/Recipient’s level of authority) to undertake that in the event that their application is approved, the Applicant/Recipient shall perform its obligations under the terms and conditions to be issued by MDEC and the said shareholder and/or Authorized director to provide financial support to the Applicant/Recipient to enable the Applicant/Recipient to meet its obligations and/or liabilities under the terms and conditions].
• Director(s) and shareholder (s) of the eligible Applicant/Recipient to declare any business relationship/ family relationship with any of the MDEC’s director or employee.
• Director(s) and shareholder(s) of the eligible Applicant/Recipient to declare if they are under any litigation or legal proceeding. i.e. litigation/legal proceeding relating to criminal offences, offences under any applicable laws, insolvency, or cases related to MDEC.
• Director(s) and shareholder(s) of the eligible Applicant/Recipient to declare if they are blacklisted by Malaysia Anti-Corruption Commission (MACC).
• Applicant/Recipient with common shareholder(s) can only apply for one grant per one project administered by MDEC at any one time (this requirement is not applicable to venture capital investors and registered market operator e.g.: Equity Crowdfunding Platforms).
• If the Applicant/Recipient company previously has received any MDEC/government grant, the Applicant/Recipient must:
  • Demonstrate the completion of the funded project(s);
  • Declare any notice of non-compliance/breach being recorded during the period of the funded project(s). Limited to five years’ records from the date of approval of the Grant
• The company must be related to technology as per stated in the SSM; and/or Company demonstrated technology related to MD focus area & tech enablers.
• Must be approved MSC Malaysia/Malaysia Digital (MD) status company within twelve (12) months or to remain as MSC Malaysia/Malaysia Digital (MD) status from effective date of the Grant Period.

For more information, visit Malaysia Digital Economy Corporation.