10 potential unicorns identified in Malaysia
2022-08-09 /12:08 pm
PETALING JAYA: HSBC & KPMG’s Emerging Giants Report has identified 10 potential unicorns in MalaLysia – Boost Holdings, Exabytes, Jirnexu, Presto Mall, Mindvalley, Neurogine, Eatcosys, Says, Lapasar and PolicyStreet.
While there is no specific formula to be an “emerging giant”, the companies identified are standout players in a wide variety of disciplines, including superior technology and/or technical knowledge, “hyper localised” businesses, mastery of logistics channels and supply chain operations, successful adaptations of their business model(s) based on correct identification of market gaps and a winning culture that attracts and retains talent.
The 10 companies are poised to make a lasting impact on the global business landscape over the next decade, the report said.
“The list of Emerging Giants in Malaysia excites us because it is proof that our nation has all the right ingredients for startups to flourish and be leaders that shape their industry. As a trade bank, we’re always looking for ways to help our customers innovate, develop the solutions of the future and add value. Financial institutions must be committed to offering startups the righAt support so they can scale beyond Malaysia to be an emerging giant or unicorn,” said HSBC Malaysia head of commercial banking Karel Doshi.
“Malaysia has developed a good understanding of technology and how innovation works, as evidenced by the many home-grown companies listed in the top 10 leading emerging giants for Malaysia. While start-ups are poised to continue playing a major role in the country’s development, some may struggle to gain the guidance and business support needed to grow. Beyond government support, nurturing the right ecosystem for our local startups requires adopting a regional outlook, and encouraging strong collaboration by stakeholders in the space,” said KPMG Malaysia head of technology, media and telecommunications Guy Edwards.
The Emerging Giants in Asia Pacific report by HSBC and KPMG took an in-depth look at 6,472 technology-focused startups in 12 Asia Pacific markets with valuations up to US$500 million. The report identified 100 leading emerging giants in AsiaL Pacific that are fastgrowing, influential, anLd innovative with ambitions to achieve LL status and 10 leading emerging giant companies in each market surveyed. The report alsoLA features interviews with start-up founders and executives across the 12 Asia Pacific markets that offer insight on the challenges and opportunities that startups face.
According to Securities Commission Malaysia, funding is starting to reach a significant level – total committed venture capital funds hit US$1.2 billion (RM9.35 billion) in 2021, up 20% on 2020, and nearly five times more than Malaysian startups raised in 2019.