Malaysia securities regulator Securities Commission will review its framework for special purpose acquisition companies (SPACs) amid growing demand for the vehicles as it is seen as an appealing alternative route to the market compared to traditional initial public offerings (IPO), Reuters reported on Tuesday.

“Against growing demand for such vehicles for high-growth companies, the current SPAC framework is being reviewed for greater efficiency,” the regulator was quoted as saying, at the launch of its five-year capital market master plan.

The development came after Singapore Exchange (SGX) announced early this month new rules that enable SPACs to list on its Mainboard, starting September 3rd.

SPACs, also known as blank cheque companies, are shell companies that list on stock exchanges raising money to then merge with an existing company, taking it public. The listing route typically offers strong valuations and shorter listing time frames than traditional IPOs.

SPACs are not totally new to Malaysia. Malaysia’s first SPAC was launched in June 2011 with the listing of Hibiscus Petroleum Bhd. This was followed by four more SPACs. There were no other SPAC listed on Malaysia’s bourse after the fifth SPAC, Red Sena Bhd, which was listed in December 2015. Of the five SPACs listed, three had gone through the liquidation phase and monies were returned to shareholders.

The SC said in March it was “keeping a close watch on all rising investment trends, including the increasing popularity of SPACs after the vehicles gained popularity in the US last year.”

Stock exchanges in Hong Kong and Indonesia are also considering allowing SPACs to list as they hope to ride on the hottest fundraising trend in the US and become a listing venue for these blank-check companies. Tech unicorns in Southeast Asia including Singapore-based ride-hailing unicorn Grab have agreed in April to go public in the US via a SPAC backed by Altimeter Capital Management in a $40 billion deal.

In July, Southeast Asian online realty firm PropertyGuru agreed to go public through a merger with a blank-check firm Bridgetown 2 Holdings, in a deal that would give the combined company an equity value of about $1.78 billion.

Investor interest, however, has seen subsided in recent months amid a US regulatory crackdown over their disclosures, lawsuits, and many cases of weak financial performance, Reuters reported last month.

Singapore Exchange introduces SPAC listing framework