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The City University of Hong Kong (CityU) and the Malaysia Digital Economy Corporation (MDEC) solidified their collaboration by signing a Memorandum of Understanding (MoU). The primary objective of this agreement is to strengthen the ties between the innovation and entrepreneurship ecosystems in Hong Kong and Malaysia, with a particular focus on nurturing start-ups and helping them excel on a global scale.
The MoU was formally endorsed by the President of CityU and the CEO of MDEC. The agreement represents a significant step towards fostering cross-border collaboration between CityU and MDEC. Notably, this marks the first instance where MDEC has entered such an MoU with a higher education institution in Hong Kong. The collaboration holds great promise in facilitating international market access and accelerating the growth of start-ups and tech companies affiliated with HK Tech 300, CityU’s extensive innovation and entrepreneurship program.
The primary goal of this partnership is to assist promising Malaysian start-ups in expanding their operations into Hong Kong and mainland China. Simultaneously, it aims to pave the way for HK Tech 300 start-ups to enter the Malaysian market and beyond. Leveraging the distinctive advantages and resources offered by both CityU and MDEC in Hong Kong and Malaysia, this collaboration seeks to create a supportive environment for the growth and development of start-ups from both regions.
The CityU President emphasised the significance of this collaboration, stating that CityU, as an innovative hub renowned for world-class research and teaching, is uniquely positioned to contribute to the partnership with MDEC. He emphasised the university’s commitment to utilising its resources and strengths to nurture the growth of start-ups on both sides of the collaboration, further enhancing the region’s innovation and technology capabilities.
The Chief Executive Officer of MDEC shared the CityU President’s enthusiasm and noted that this landmark collaboration with CityU represents a significant milestone in their aspiration to establish Malaysia as the digital hub of ASEAN. He highlighted MDEC’s strategic initiatives, including the Malaysia Digital national program and the dynamic PEMANGKIN programs, aimed at elevating the nation’s digital capabilities, fostering tech company growth, and attracting digital investments to bolster the digital economy. The CEO underscored MDEC’s steadfast commitment to nurturing and empowering promising start-ups and tech firms, enabling them to gain global recognition and access overseas markets in the ever-evolving digital landscape.
To facilitate growth opportunities for young entrepreneurs and translate CityU’s research achievements and intellectual property into practical applications, CityU initiated HK Tech 300 in March 2021. With a total allocation of HK$600 million, this program has already made a significant positive impact. In May, CityU hosted its inaugural HK Tech 300 Southeast Asia Start-up Competition in Kuala Lumpur, in collaboration with partners from universities and incubators across the region, including MDEC.
The Memorandum of Understanding between the City University of Hong Kong and the Malaysia Digital Economy Corporation represents a significant stride towards strengthening the ties between the innovation and entrepreneurship ecosystems of Hong Kong and Malaysia.
This collaboration, centred around the growth and global success of start-ups, leverages the unique resources and advantages of both institutions to create an environment where promising ventures can thrive and make their mark on the global stage. With a focus on fostering innovation and technology capabilities in the region, this partnership is poised to make a substantial contribution to the digital landscape of both Hong Kong and Malaysia.
