Malaysia to host India-Asean Startup Summit next month

PETALING JAYA: More than 600 local and international startups are expected to converge at the inaugural India-Asean Startup Summit (IASS 2023) to be held at the Sunway Pyramid Convention Centre here on Dec 12 and 13.

A pioneering initiative by Malaysia’s DEWI Wealth Accelerator, IASS 2023 will showcase groundbreaking ideas and solutions with a focus on innovation, collaboration and women empowerment, said a statement from the organisers.

The summit will also witness the participation of 50 local and international investors as well as 100 startup hubs, accelerators, government agencies and two leading Indian startups --Startup India and Invest India.

DEWI Wealth Accelerator founder Datin Malliga Subramaniam said the summit will highlight the exceptional opportunities for Malaysian startups to delve into the extensive potential of cross-border collaborations with their Indian counterparts.

“At IASS 2023, we are excited to create a platform where Malaysian startups can gain insights from India’s thriving digital technology ecosystem. India’s expansive market and favourable incentives for businesses in emerging sectors offer fertile ground for innovation.

“ This summit will open doors for Malaysian startups to benefit from the Indian market, fostering a reciprocal exchange of ideas and strategies,“ she said.

The statement said a special focus of the summit is to empower women-led startups, addressing unique challenges and opportunities in this sector.

The statement quoted Indian High Commissioner to Malaysia B.N. Reddy as saying that IASS 2023 will boost economic and innovative ties between the two countries which have seen growing bilateral trade and investment.

“ Indian startup companies such as Oyo, Perfios, Pine Labs and Razorpay are now well-established in Malaysia and are exploring opportunities in the Southeast Asian region that presents a big opportunity,“ he said.

Reddy added that India has the world’s third largest startup ecosystem in the world with consistent growth of 12-15%. At present there are over 115,000 startups in India recognized by the government with 110 startup unicorns valued at over US$1 billion (RM4.7 billion).

Indian startups are also actively collaborating with Malaysian startups.

He cited as an example Razorpay, India’s leading fintech player which had been working with Curlec of Malaysia and had even acquired a majority stake in it.

Curlec is now a leading player in the B2B digital payments space and has recently joined Paynet as a direct member with plans to expand significantly in Malaysia and the Asean region.