MoF elects 7 members to MVCDC

By NG MIN SHEN / Pic By MUHD AMIN NAHARUL

The Securities Commission Malaysia (SC) yesterday announced that seven new members were appointed to the Malaysian Venture Capital and Private Equity Development Council (MVCDC) by the Minister of Finance for a term of two years, starting from March 1, 2019.

The MVCDC was established in 2005 as an inter-ministerial council with representatives from both the public and private sectors.

It aims to provide vision and direction, advise the government and facilitate greater coordination of strategies for the overall development of the venture capital (VC) and private equity (PE) industry.

The new MVCDC members are Ministry of Energy, Science, Technology, Environment and Climate Change secretary general Datuk Seri Dr Mohd Azhar Yahaya, Ministry of Finance deputy director (general services sector) for the National Budget Office Suhara Salleh, Ekuiti Nasional Bhd CEO Syed Yasir Arafat Syed Abd Kadir, Malaysian Business Angels Network president Dr V Sivapalan, Malaysian Digital Economy Corp CEO Surina Shukri, Malaysian VC and PE Association president Victor Chua, and Permodalan Nasional Bhd senior VP and head of private investments Mohd Irwan Ahmad Mustafa.

“Given the importance of VC and PE financing in spurring entrepreneurship and catalysing the government’s efforts to move the country towards a high-income value-add economy, the MVCDC has undertaken various initiatives in close engagement with the government to accelerate the industry’s growth,” the regulator said.

These initiatives include measures to enhance tax incentives, attract investments by corporates, encourage entry of foreign industry players, streamline government funding, and expand the pool of industry professionals.

SC chairman Datuk Syed Zaid Albar chairs the MVCDC, while SC deputy CEO Datuk Zainal Izlan Zainal Abidin also sits on the council.

“The SC’s chairmanship of the MVCDC is in line with its role as the capital market regulator which includes overseeing the development of alternative funding channels such as VC and PE, as well as equity crowdfunding and peer-to-peer financing,” the regulator said.

In February this year, the SC said it was reviewing eight recommendations to spur the VC industry further, including making public VCs more commercially driven and the liberalisation of VC tax incentives.

These were among the eight recommendations proposed by the Institute for Capital Market Research (ICMR) in an independent report which highlighted the need for targeted government interventions to catalyse greater private sector participation, more integrated cooperation among VC ecosystem stakeholders and the adoption of a global mindset.

The ICMR study was commissioned by the SC as part of ongoing efforts to facilitate the intermediation of risk capital and enhance access to financing for start-ups and early stage companies in the domestic capital market.

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