Indonesian payments unicorn Xendit will be relocating its financial hub to Malaysia, this was announced during a speech by Finance Minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz during the launch of Malaysia’s Capital Market Plan 3.
The Indonesian fintech firm recently earned its unicorn badge with a US$ 150 million Series C funding round led by Tiger Global Management.
The relocation of Xendit’s financial hub to Malaysia follows an investment from the Dana PENJANA programme.
Tengku Datuk Seri Zafrul Tengku Abdul Aziz said,
“This is a testament of how an initiative such us Dana PENJANA has spurred innovation and provided risk capital to nurture new businesses and startups in Malaysia.”
The Dana PENJANA initiative is a matching fund-of-funds programme, which is part of the Short-Term Economic Recovery Plan (PENJANA). The Government of Malaysia will match RM 600 million, on a 1:1 basis, to the funds raised by the VC fund managers from foreign and private domestic investors, with a target allocation of RM 1.2 billion.
This announcement follows the Malaysian government’s recent commitment to creating 5 unicorns within 5 years.
In July, the used car marketplace Carsome became Malaysia’s first unicorn, which also saw investment from the Dana PENJANA Nasional programme.
