Malaysia Digital Economy Malaysia (MDEC), a government agency focusing on digital transformation, has announced on Thursday the Global Technology Grant (GTG), an initiative aimed at nurturing global champions, driving investments, and catalyzing a digital innovation ecosystem through the development and commercialization of commercial-driven products or services.

It will provide up to 2 million ringgit funding for technology companies and technology accelerators, MDEC said in a statement.

GTG’s objective is to support the scaling-up of Malaysian technology companies into the global arena by way of empowering innovation, development, and commercialization of disruptive or innovative products and services, the agency said.

The grant works by supporting research and development (R&D), scaling up of provision of R&D services, development of new technologies, the establishment of Centers of Excellence, and the creation of new market-driven products or services for the global market.

“The Global Technology Grant aims to nurture global champions out of local innovators by allowing them to develop and commercialize innovative and commercially driven products or services. This will have a snowball effect that ultimately leads to export revenue increases, the upskilling of local founders and talents, and a rise in digital investments that contribute towards the goals set by the Malaysia Digital Economy Blueprint (MyDIGITAL) and Malaysia’s vision to be the Heart of Digital ASEAN,” said MDEC Vice President (Tech Ecosystems and Globalisation) Gopi Ganesalingam.

The GTG also serves to support high-impact ecosystem development initiatives, including the development of ecosystem players that contribute to the growth of the digital economy, such as new job creations, expansion of export and investments, and talent development.

The grant offers two types of incentives: Type 1, which is directed at technology companies, and Type 2, for technology accelerators. The grant is open to both local and foreign-owned companies which are incorporated in Malaysia. These companies will have to fulfill requirements set by MDEC.

The GTG is open for submission on August 27, 2021, and the closing date for submissions on September 15, 2021, with evaluation and approvals set to be completed by October. The project execution phase will begin in November and December.

MDEC’s Global Technology Grant was announced during the Malaysia Tech Month 2021, a virtual, month-long curation of electrifying digital and technology events aimed at promoting Malaysia as a digital investment hub.

MDEC is the agency under the Ministry of Communications and Multimedia Malaysia leading the digital transformation of the economy for 25 years.

Featured image credits: Unsplash