- 6 hours ago
Program GEAR-uP menyaksikan GLIC menyalurkan RM20.3 bilion pelaburan domestik pada 2025, dengan sasaran RM120 bilion menjelang 2028. Namun persoalan lebih besar ialah sama ada Malaysia mempunyai cukup syarikat berpotensi tinggi untuk menukar modal tersebut kepada juara serantau dan global.
Category
🗞
NewsTranscript
00:00Lembaga Tabung Haji THD saran mengumumkan prestasi kewangan dan pelaburannya setiap suku tahun seperti dilaksanakan kumpulan wang simpanan pekerja KWSP.
00:09Menurut Ketua Ahli Ekonomi Bank Mamanan Malaysia Berhad Dr. Mohd Afzal Nizam bin Rashid ia sebagai antara langkah memperkukuh ketelusan
00:17dan meningkatkan keyakinan pendeposit.
00:23Jelas Afzal Nizam pendekatan itu akan membolehkan pendeposit mengikuti dan menilai prestasi kewangan TH secara berkala selain mendapat gambaran lebih
00:31jelas mengenai pengurusan dana institusi berkenaan.
00:34Mohd Afzal Nizam berkata perkongsian maklumat yang lebih konsisten juga penting dalam membina keyakinan pendeposit terhadap institusi itu.
00:42Beliau berkata keyakinan terhadap TH penting memandangkan institusi itu mempunyai kira-kira 9.8 juta pendeposit serta mempunyai kaitan dengan
00:52sistem kewangan dan pasaran modal negara.
00:54Katanya TH seperti syarikat pelaburan berkaitan kerajaan GLIC lain merupakan antara pemain utama dalam pasaran modal termasuk pasaran bon dan
01:03saham yang turut mempunyai hubungan dengan sistem perbenkan.
01:07Sehubungan itu keupayaan tabung haji untuk mengumumkan dividen itu semakin mengukuh.
01:12Pada 29 Julai lepas, laporan Suruhanjaya Siasatan Diraja RCI mengenai TH mengeluarkan laporan setebal 211 halaman berhubung siasatan terhadap pengurusan
01:22dan operasi institusi berkenaan bagi tempoh 2014 sehingga 2020.
01:31Malaysia's Geared Up program is gaining momentum as government-linked investment companies, GLICs, step-up efforts to strengthen the domestic
01:39investment ecosystem.
01:40In its latest progress report, GLICs deployed RM20.3 billion in domestic investments in 2025, more than triple the RM6
01:49.6 billion recorded in 2024,
01:52with a target of RM30 billion this year as part of a broader commitment to mobilise RM120 billion between 2024
02:00and 2028.
02:01The initiative aims not only to inject capital, but also to catalyze private sector investment, develop local talent and strengthen
02:08strategic industries.
02:09But as more institutional capital flows into the ecosystem, a bigger question emerges.
02:14Can Malaysia actually convert this growing pool of funding into globally competitive companies?
02:19So to discuss further with me virtually is Raja Hamzah Abideen Rajanongcik, Director RHL Ventures.
02:24Good morning, Raja Hamzah. Hope you're well.
02:27Good morning, Nabilah.
02:28Thank you for joining us this morning. We're seeing more GLIC capital entering the venture capital and also growth ecosystem.
02:34But from your perspective, Raja Hamzah, as an investor, is Malaysia's problem really a lack of capital?
02:39Or are we still lacking enough investable companies that can actually absorb and also deploy that capital effectively?
02:48I think now we are an interesting point in the ecosystem.
02:52There's a lot of opportunities around, but at the same time, there are also a lot of people chasing those
02:58opportunities.
02:59So what that means is that there is a sort of a vibrant ecosystem targeting different sectors of the ecosystem,
03:07meaning that there are companies that are targeting the growth stage, there are companies that are targeting the early stage,
03:11they're also targeting IPO and IPO companies.
03:14If you look at some of the recent IPOs, SkyCube's example, I mean, Stratus and other,
03:20so it's oversubscribed about a hundred plus times, right?
03:22So that means that there's actually strong capital demand at a late stage.
03:26And if you look into kind of the growth stage with what I think Coop is doing under the, you
03:32know,
03:32Tomachu program, there's a lot of GPs, foreign GPs, partnered with local individuals that have come to invest
03:38in that space as well.
03:40So I think the whole ecosystem now, I would say it's pretty vibrant, but at the same time,
03:46there needs to be more managers playing in the early stage.
03:49What that means is when a company is young, when it's, you know, your seed, your series A,
03:54I do feel there needs to be more capital players and more managers playing in that space.
03:59I think the question is, should a GLEC play in this space?
04:03I think a GLEC has an asset allocation, including asset allocation into private equity,
04:10venture and private markets.
04:11To me, if the risk is done where it's a certain portfolio,
04:17a percentage of portfolio that's put into riskier assets,
04:20I think it's pretty okay for within a whole broader asset allocation of a GLEC.
04:26Going to the returns over the past few years,
04:28I think it was just announced.
04:31I mean, I think the returns by the GLECs are still very strong.
04:33I think between, I mean, Coop doing 8 plus percent,
04:37Kazana 6 plus percent for the past five years.
04:40I think it's a pretty strong performance vis-a-vis some of the neighbours.
04:44If you look into what GIC, our neighbours in Singapore have produced,
04:48I think in the past five years, that returns about 3.4, 3.6%.
04:51So again, I think we are doing pretty well as a whole GLEC ecosystem,
04:57but how do we actually channel it in the right way and through the right managers to grow the pie.
05:03But talking about readiness, are Malaysian actually, Malaysian startups,
05:06generally investment ready or are we sometimes putting capital into companies
05:10before they have proven their business model?
05:14I think in the ecosystem, we always think of mistakes of the past.
05:18What that means is if there's failures in the past, if some companies are not doing too well,
05:23or if some companies go bust, there's always the remembrance of those kind of situations.
05:30But at the same time, there are good success stories.
05:32If you look into some of the recent IPOs in the consumer space,
05:37if you look into the semiconductor-related exits, there are good returns too.
05:41So it really depends how you take a portfolio approach to investing into Malaysian companies.
05:47Actually, if you speak to most investors or even regional investors,
05:51they are hungry for deals in Malaysia.
05:53One is because Malaysia has become a hub for semiconductor investments in the region.
05:58So, one, they are looking out for that.
06:01Number two, I think within the consumer space,
06:03Malaysia has proven to sustain very good multiples for IPOs.
06:09So what that means is as a good consumer business,
06:11IPOs are an option in Malaysia.
06:15So I feel that big startups nowadays are a bit more investment ready compared to before.
06:20When I first started this business about seven, eight years ago.
06:23But at the same time, I think investors are also a lot more educated.
06:26So what that means is they have access to opportunities in Malaysia, in Singapore, in the US.
06:32So they're always comparing, hey, if I'm doing something here locally,
06:35it has to match up to the returns of an investment deal in the US.
06:39If not, I will just stay up.
06:40So I think startups nowadays are to be a lot more competitive to succeed in this market.
06:47Rajamza, we see that GLICs manage money ultimately belonging to millions of Malaysians.
06:52but at the same time, venture capital is inherently risky and many startups will fail.
06:58So how do you actually strike the balance between protecting institutional money
07:02and taking enough risk to find the next big Malaysian company?
07:06What's your thoughts on that?
07:08Yeah.
07:08So as I mentioned earlier,
07:11VC should only be a small portion of the asset allocation of a GLIC.
07:15So again, whether it's, you know, a percent or one to two percent of the private markets asset allocation.
07:22So what that means is that, yes, people think it's risky,
07:25but it is when you craft a portfolio, there is, you know, equities,
07:29there is bonds and fixed income, which is lower risk.
07:32So as a blended portfolio,
07:36even if you do some investments with venture,
07:39as a blended portfolio, your risk is managed at a portfolio level.
07:42So yes, there is that thought about,
07:45hey, any money going to venture capital, is it too risky?
07:47I think as an individual investor also,
07:49you think of those considerations when you invest.
07:52But again, I think if the asset allocation is done right
07:56and where we can carve out a portion for,
07:59you know, venture and higher risk investments,
08:02I think as a blend of a portfolio, you're still doing okay.
08:04And if you do some of our neighbours in Singapore,
08:08some of the funds in the US and Hong Kong,
08:09they all are pretty active in venture investments.
08:12So it is pretty common.
08:13It's more often than not that you hear, you know,
08:15pension funds, sovereign wealth funds do investments in venture.
08:18It's just how much of the portfolio that they do.
08:21And again, I think that has to be done more work
08:23in terms of the asset allocation to have a view on that.
08:27If you had to identify three sectors
08:29where Malaysia has the strongest potential
08:31to build globally competitive companies
08:33over the perhaps five to ten years,
08:34what would they be and why
08:36and what is the one sector
08:38where you think Malaysia is currently
08:40overestimating its potential?
08:44I think it's quite rare that we overestimate our potential.
08:48I think most cases I find startups
08:50or in companies in the region,
08:51we underestimate what we can do.
08:53I think one area where we will and continue to be strong
08:56is definitely the semiconductor space.
08:57I think that one, you do see a, I think, capital,
09:02targeted capital coming to the space in Malaysia.
09:05Secondly, I do feel like Malaysia can be a hub
09:08for, you know, manufacturing and food manufacturing,
09:10especially given our halal status
09:13that's very competitive.
09:15And you do see consumer businesses
09:17and food-related businesses strive well
09:20in public markets here in Malaysia.
09:23Number three, I do feel like more and more
09:26you see tech companies
09:28also setting a hub in Malaysia.
09:31Historically speaking,
09:32you do see that happening more in Singapore.
09:36But I think with the rise of data centers,
09:38Malaysia has gotten a good brand for itself.
09:41So I do see more and more tech companies
09:44spending more on talent here
09:45to grow their presence as the regional hub
09:48rather than putting their regional hub in Singapore.
09:51I think where we are sort of overestimating ourselves,
09:55I don't generally have a view on that.
09:57I feel like, I think, across all sectors,
09:59you do see some potential
10:01and you do see strong growth.
10:02I do feel like sometimes we underestimate
10:05our capabilities of own founders
10:07and prefer to, you know,
10:08back foreign companies.
10:10So I think always,
10:11I'm a big proponent of supporting
10:13Malaysian businesses and Malaysian companies
10:15to grow and take the next step.
10:17All right.
10:17If I may add just one last question,
10:20Melissa has been talking about producing
10:21the next unicorn for many, many years,
10:23but we still haven't seen a long list
10:25of homegrown companies reaching that scale.
10:27So from where you see it,
10:28what are we getting wrong?
10:29Is the problem capital ambition
10:31or is it talent, market size,
10:32or maybe Malaysian founders
10:34simply not thinking globally early enough?
10:36And if you perhaps just had to fix
10:38just one thing in Malaysia's startup ecosystem tomorrow,
10:41what would you fix?
10:44I think there's a wrong obsession of unicorns.
10:47To me, unicorns just mean a value, right?
10:49So a billion dollars,
10:50let's say four billion ringgit.
10:52I think you can be a very good company
10:53where you're a billion ringgit.
10:55And if you investors put in money,
10:58let's say at a hundred million,
10:59they still make 10X out of it, right?
11:01So I think there's a bit of an unhealthy obsession
11:03of trying to hit the unicorn status,
11:06especially given in the region
11:08or in the whole Southeast Asian startup economy.
11:11I think there's a finite number of unicorns
11:13and even there are,
11:14it's just a paper value
11:15rather than an exitable value.
11:17So I think the key now is
11:19how do we create enough companies
11:22that have exited well
11:24and have provided value to shareholders.
11:26So the key part now
11:27what I'm telling my portfolios is
11:28hey, you've got to,
11:29number one is increase your bridge to profitability.
11:34I think that's key.
11:35What that means also is
11:37when you've grown big enough,
11:39the clicks, the kazanas,
11:40the corps of the world
11:41may be able to invest with you directly.
11:43I think when you're very small
11:44and when you're very early,
11:45you won't be able to get investments in them.
11:48I think number two,
11:49in terms of where you want to take the next step,
11:51I think as you grow
11:52and become a regional or global champion,
11:55I think it's key that
11:57you'll be able to list locally.
11:59What that also means is that
12:01in Malaysian markets,
12:02profits are very important.
12:04So I think more and more of the startups
12:05are having more focus on profitability
12:07rather than just a full focus on growth.
12:10I do think Malaysian founders
12:12are becoming more attuned to what's needed
12:15to grow both locally and regionally.
12:18It took time.
12:19It took a lot of failures as well.
12:20But I think one thing
12:22that I would love to increase it sharing
12:25is that we've seen more non-tech companies
12:28list historically speaking.
12:30and I would love for more of those experiences
12:32to be shared
12:32within the startup ecosystem as well
12:34so that we can see more success stories
12:36and success stories breed more success
12:38so we can all grow together as an ecosystem.
12:41So when the startups grow,
12:43the investors grow
12:44and also in the end,
12:46the glicks also grow, right?
12:47So I think it's a whole ecosystem
12:49that should self-reinforce itself.
Comments