The Malaysia Co-Investment Fund (MyCIF) has co-invested RM165 million in 5,349 Equity Crowdfunding (ECF) and Peer-to-Peer Financing (P2P) campaigns, benefitting 1,197 Malaysian micro, small and medium enterprises (MSMEs) by the end of 2020.
Since its October 2019 inception, these co-investments were deployed alongside private sector investments which totalled RM431 million.
Additionally, MyCIF has generated a positive net return on capital as at the end of 2020. The SC reported the fund’s activities and performance up to end-December 2020 in MyCIF’s inaugural annual report, which was released on April 26.
SC Chairman, Syed Zaid Albar said the SC supports and encourages new digital financial innovation and MyCIF has been successful in assisting startups and MSMEs to meet their funding needs in this challenging period of post pandemic economic recovery.
“MyCIF enhances the liquidity of our ECF and P2P Market to provide financing to this critical segment of the Malaysian economy, while at the same time, crowd in a larger pool of investors. This has helped MSMEs get funding and swiftly deploy them for their business needs,” he added.
A fund administered by the Securities Commission Malaysia (SC) on behalf of the Ministry of Finance (MoF), MyCIF was set up as part of Belanjawan 2019 within an initial RM50 million allocation to co-invest in MSMEs alongside private investors via ECF and P2P platforms.
Subsequently, MyCIF received an additional RM50 million allocation as part of Belanjawan 2020, with an additional RM10 million specifically for social enterprises.
The release of the Annual Report reflects MyCIF’s commitment to good governance, and its commitment in promoting transparency on the deployment of public funds and the identity of beneficiaries of the said funds.
Several MyCIF’s ECF platform are Ata Plus Sdn Bhd, Crowdo Malaysian Sdn Bhd, and Crowdplus Sdn Bhd while some of MyCIF’s P2P platforms are Microleap PLT, B2B Finpal Sdn Bhd, and MoneySave Capital PLT.
The MyCIF Annual Report, as well as details of the scheme, can be found at the SC’s website.