Dissecting Malaysia’s Budget 2025

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} Malaysia, just like certain other countries, has this tradition on Budget day: the prime minister and his finance ministry officials will pose with a suitcase. He’ll then tease the press by pulling just enough white space of the official budget document from the suitcase for the photo-op. It’s one of those traditions that take about an hour. And mainstream press and pundits would even comment about the PM’s choice of attire and how his get-up symbolizes this or that. Amusing, isn’t it? Or just a waste of time. During the tabling of the Budget, PM Anwar Ibrahim skipped a number of crucial items in his speech ostensibly due to a lack of time. He would have had enough time had he just dashed to parliament right after the customary Friday prayers for Muslims and a short lunch after. This is, in many ways, metaphorical of Malaysia. We’re caught up with all the customs and traditions but fail to execute where it matters most. The country’s budget for next year had some interesting ideas but it fell short on ideas to execute. That also applies to the items in the budget surrounding tech and startups. There were some interesting perks, but there was still an adherence to “the old ways.” For instance, there is a 15 million ringgit (around US$3.5 million) matching grant for government-linked companies (GLCs) to invest in startups. GLCs, as their name suggests, come with a whole bunch of privileges and perks, so much so they underperform against their private sector peers. Now, 15 million ringgit is a small sum. But it boggles my mind why we need to throw public money to get public institutions such as GLCs to invest. Grifters will disagree, saying that this is a good start since we need to begin a cycle of sorts. But this is the same thing with foreign VCs. They hype up Malaysia only when they see an opportunity to suck money from the government. Not that they actually believe in Malaysia, because if they did, they would move in on their own effort. We don’t need to use public money to incentivize the incentivized aka GLCs. What would have been great, you ask? Further shrinking government agencies involved in startups. The merger of Penjana Kapital and Mavcap was a start. The government should have just stepped on the gas and consolidated all of the other agencies into one entity. And, no, I am not referencing the all-in-one MYStartup platform that Cradle is working on. I am talking about a merger of all entities. Fire a bunch of people, restructure that entity, and make that an end-to-end single agency with its own KPIs. Maybe that’s too radical. But - and I know this is funny, since I am writing for a tech publication - we can do without many of these agencies. The man on the street cares little to nothing about unicorns and such. It’s an unpopular decision we can make because the public at large doesn’t really care. -- [Emmanuel Samarathisa]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Breaking down tech and startup perks in Malaysia’s Budget 2025]( Government funds and companies will be the lynchpin in the country’s ambition to cultivate more startups. 2. [Mapping Indonesian coal kings charging its EV industry]( Indonesian coal companies hold an important role in the country’s EV push. While surprising, the benefits are clear. 3. [Peak XV-backed MoneyTap improves its bottom line]( The company works with financial institutions to offer collateral-free loans to consumers. 4. [Grab COO breaks down ‘triple pivot’ strategy for profit]( Since joining in 2022, Alex Hungate has steadily risen as Grab's unofficial second-in-command. 5. [Shopee’s YouTube tag team a retort to TikTok-Tokopedia]( The tie-up with YouTube could strengthen Shopee's position as a market leader, but can the video platform deliver in sales? 6. [Waste4Change to offer up to 20% stake in push for expansion]( The Indonesian waste management startup wants to partner with a strategic investor to enter the Global South. 7. [AI interest is there, but the tech isn’t easy to adopt, firms say]( Some complicated functions still require experts to guide firms in setting up AI models. 8. [Series SEA: Who’s investing in the region’s education startups?]( We've compiled a list of investors that are pouring money into Southeast Asia’s education startups. 9. [Asia’s tech investors with the highest exit rates]( An investor's true worth lies in how well they head for the exits. 10. [Indonesia’s Sociolla says it hit profitability in Q1 2024]( Sociolla only had two offline stores in 2019 but now has 86 in Indonesia and 10 in Vietnam. ---------------------------------------------------------------  WITNESS THE NEXT BIG THING - BEFORE IT ACTUALLY GETS BIG  Walk away inspired by disruptive innovations Get ready for an electrifying showdown as nine startups from across Southeast Asia will battle it out live on November 21. Each of them will be given three minutes to captivate the audience and four esteemed judges with their game-changing solutions. Don’t just hear about it - be there to find out who will emerge as the champion. [Apply for an invite now!]( ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. [Tech in Asia’s Founders Meetup: Philippines on November 14]( Don't just dream it - do it. Connect with Southeast Asia’s tech visionaries and turn your startup aspirations into reality. You could unlock growth opportunities, master investment strategies, and spark game-changing connections. [Get your ticket now to save 20%!]( [DNA Leadership Summit on November 14-15 | Jakarta]( Struggling with the tough decisions and constant pressure that come with leadership? You're not alone. The DNA Leadership Summit is designed to address these challenges. Hear directly from top leaders at Sinar Mas Land, Blue Bird, Vidio, Cakap, and Binar, as they share their real-world experiences and strategies that helped them navigate complex business landscapes. This is your chance to gain practical insights from those who’ve faced similar challenges—and come out on top. [Sign up for free](. --------------------------------------------------------------- WHO'S HIRING  You can post a job [here]( or search for jobs [here](. [logo] [Business Editor]( at Tech in Asia Indonesia Jakarta, Indonesia Media & Journalism [logo] [Project Management Intern]( at Hangry Jakarta, Indonesia Project & Product Management [logo] [Data Journalist]( at Tech in Asia Indonesia Jakarta, Indonesia Media & Journalism [logo] [Quality Assurance Tester (Manual)]( at Jubelio Jakarta, Indonesia Jakarta, Indonesia [logo] [Embedded Hardware Engineer]( at Mamabox Corporation Pte Ltd Ho Chi Minh City, Vietnam Hardware & Embedded Systems [logo] [Freelance Copywriter]( at Female Daily Network Jakarta, Indonesia Marketing & PR [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  ---------------------------------------------------------------  Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi. Copyright © 2024 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894