Kuala Lumpur, 24 April 2020 – The Science, Technology and Innovation Ministry (MOSTI) is working with the Finance Ministry (MOF) to come up with an intervention package for start-ups to help them cope with the COVID-19 impact.
Minister Khairy Jamaluddin said a study by the ministry found 40 per cent of the start-ups in Malaysia will run out of cash in the next two months.
“We are in ongoing discussions with the MOF to see whether something can be announced for the tech sector, especially the start-ups, immediately.
“I will also announce something next week,” he said during a discussion with the EU-Malaysia Chamber of Commerce and Industry here today.
The ministry, he said, is holding consultations with the technology companies and start-ups to listen to their concerns.
“Under my ministry, we also have a funding ecosystem for start-ups and those funding agencies Cradle Fund Sdn Bhd, Malaysia Venture Capital Management Bhd (MAVCAP) and also Malaysian Debt Ventures Bhd.
“We are working hand-in-hand trying to see how we as one can help the tech companies stay afloat,” he said, adding MOSTI will continue engaging with European Union companies to help the tech sector cope with the COVID-19 impact.