Malaysia seeks to boost VCs with new fund, tax incentives

KUALA LUMPUR — Malaysia aims to boost the country’s lackluster venture capital (VC) landscape through a national fund and tax incentives, hoping to help new businesses that would play roles in the country’s industrial development.

Last week, sovereign wealth fund Khazanah Nasional announced the launch of Jelawang Capital, a 1 billion ringgit ($237 million) fund that invests in VC firms operating in the country. Named after Malaysia’s tallest waterfall, Jelawang is designed to act as a catalyst to increase investments in early-stage startups by empowering both local and regional VCs.