More than 3.7 thousand tech startups, including 900+ public ones, including there, are the top 15 startup companies in Malaysia. Malaysia is the nerve centre of the SEA startup ecosystem in the new millennium world order.
The Malaysian economy ranks 39th in the world, with a nominal GDP of USD 380 billion in 2021. Its economy is dominated by its service sector, comprising 56.2% of the GDP and employing 53% of the labour force.
Malaysia has a thriving startup ecosystem supported by essential factors such as:
- Location
- Natural resources
- Transportation and logistics
- Government regulations
You can find almost everything in this country, like technology companies including fintech, e-commerce, healthcare education and also entertainment. With the evolving process, these companies grew bigger.
Fintech Startup
Let's start with fintech. It's a technology that serves to streamline and digitise financial services. Fintech platforms allow run-of-the-mill tasks like transferring, paying bills, and applying for financial aid.
1. Paywatch
Paywatch is a fintech platform that allows companies to provide employees with real-time salary access, so they can withdraw their salary whenever they want. Since 2017, Paywatch has gone through single-round funding in January 2022. There are several benefits to using Paywatch, such as:
Employees:
- Paying bills on time
- Emergency conditions (which require money)
- Financial planning
Corporate:
- Reduce turnover
- Increase productivity
- Reduce absenteeism
Founded: 2017
HQ: Kuala Lumpur, Malaysia
Founders: Richard Kim, Alex Kim
2. Imortgage2u
Imortgage2u is a fintech company that provides pre-loan screening to obtain maximum loan eligibility. The goal is to minimise the risk that occurs to the loan provider. Imortgage2u becomes a bridge for business partners.
Founded: 2016
HQ: Puchong, Malaysia
Founders: Aw Chee Weng, Janice Ang, Jeffrey Tan Kau Meng, Kevin Cheong, Liz Ang, Johnson Au Weng Wah
3. MyMy
MyMy is a Malaysian financial technology specialising in digital payments and financial inclusion. MyMy adopts an e-wallet system equipped with a card, making it easier for transactions.
Founded: 2018
HQ: Kuala Lumpur, Malaysia
Founders: Joe McGuire, Kishore Samuel
4. iMoney
iMoney operates as a financial aggregator that empowers Malaysian to make #IntelligentMoney decisions in all phases of their lives. iMoney has helped 11 million users with their financial journey since 2012. With more than 55 partners and 700 products, iMoney officially became part of JurisTech, a Malaysian-based B2B fintech, in 2020. From credit cards, broadband, loans, investment, and insurance, iMoney can provide recommendations according to needs.
Founded: 2012
HQ: Kuala Lumpur, Malaysia
Founders: Lee Ching Wei, Bruno Araujo
5. Jirnexu
Jirnexu made its start in 2012 in Kuala Lumpur, Malaysia, with the idea of giving individuals the financial advice and tools to spend money wisely. Jirnexu allows financial institutions and service providers to innovate their way of doing business. Jirnexu's financial comparison tools provide customers with the power to make wiser financial decisions and save money.
Founded: 2012
HQ: Kuala Lumpur, Malaysia
Founders: Lucas Ooi, Hann Liew, James Barnes, James Wong
E-commerce/Marketplace Startup
There are two types of e-commerce in Malaysia; SaaS (Software as a Service) and PaaS (Platform as a Service). For example, a SaaS product is a project management tool. You can try a project management tool using VirtualSpace. Here’s the list of E-commerce startups.
1. Dropee
One of the SaaS-based e-commerce in Malaysia is Dropee. Dropee allows independent retailers to stay connected with different brands on its platforms. Dropee also provides logistics to help suppliers deliver more value to serve retailers.
Founded: 2017
HQ: Kuala Lumpur, Malaysia
Founders: Lennise Ng, Aizat Rahim
2. iPrice
iPrice is an e-commerce discount and coupon site in Southeast Asia. Besides that, iPrice provides various brands from hundreds of partners in Southeast Asia. They are in Malaysia, Indonesia, Vietnam, Singapore, Hong Kong, Thailand, and the Philippines.
Founded: 2014
HQ: Kuala Lumpur, Malaysia
Founders: Heinrich Wendel, David Chmelar
3. iProperty
If you are looking for a marketplace that sells or rents property, iProperty is the answer. Both residential and commercial properties are available on their platforms.
This startup has international services in several countries, such as Australia, Indonesia, India, Singapore, Thailand, the US, and Vietnam. Under the PropertyGuru company, iProperty has served more than 38 million monthly property searches. What a significant number!
Founded: 2007
City: Kuala Lumpur, Malaysia
Founders: Murli RK, Patrick Grove, Joshua Wong
4. Lapasar
A type of B2B marketplace that gives buyers access to suppliers. Lapasar already has suppliers of up to 10,000++. According to the website's tagline, Lapasar has become a "Corporate Marketplace" due to digitisation and simplification of the buy and sell process.
Founded: 2016
HQ: Sungai Buloh, Malaysia
Founders: Lakshman Das, Thinesh Kumar
5. Carsome
Carsome is the most integrated automotive e-commerce site in Southeast Asia. By redesigning and improving the automotive purchasing and selling experience, Carsome strives to digitalise the used car market. Carsome is available across Malaysia, Indonesia, Thailand, and Singapore.
For both buyers and used automobile sellers, Carsome offers end-to-end solutions. The services they provide are car inspection, ownership transfer, and financing. Carsome promises a reliable, practical, and effective service.
Founded: 2015
HQ: Kuala Lumpur, Malaysia
Founder: Eric Cheng, Jiun Ee Teoh
Healthcare Startup
Health is still a concern for people around the world. Now with healthcare startups, it is easier for people to make doctor's appointments or just buy some medicines.
1. Naluri
Naluri is a digital health solution that improves mental and physical health through a human-driven, AI-augmented approach. Naluri Life has various services such as companies, insurance providers, and individuals. Their concerns are mental health, obesity, diabetes, high blood pressure, and cholesterol.
Founded: 2017
HQ: Kuala Lumpur, Malaysia
Founders: Azran Osman-Rani, Jeremy Ting
2. BookDoc
BookDoc aims to improve access to health and maximise human resources. BookDoc's services are almost complete: book doctors, marketplace (buy medicine), teleconsultation, events & news, coaching, and employee benefits - which follow the slogan, Your one-stop solution in health and sickness.
Founded: 2015
City: Petaling Jaya, Malaysia
Founders: Dato’ Chevy Beh, Joel Neoh Eu-Jin
Education Startup
As if it never stops innovating, Malaysia also has an education-based startup called EduTech. Combining education and technology is a brilliant idea in this field. Unconsciously, EduTech created a new system for teaching and learning.
1. GuruLab
GuruLab is an EduTech that was born in 2021. A digital platform that provides insight into the English language to improve outcomes for students and teachers. Furthermore, parents can monitor their child's progress through the platform.
Founded: 2021
HQ: Kuala Lumpur, Malaysia
Founders: Kai Song Eer, Vicky Tan
2. Pandai
In line with GuruLab, Pandai was born in 2021. However, Pandai has different educational services like courses and competitions. Gamified quizzes, personalised learning, and various subjects are special features in Pandai. Their platform has three modes; students, teachers, and parents.
Founded: 2021
HQ: Kuala Lumpur, Malaysia
Founders: Khairul Anwar, Suhaimi Ramly, Akmal Akhpah
Entertainment Startup
An entertainment startup is an ecosystem that innovates in the technology and entertainment industry. Some examples of these startup models are Livestream, VR, and Metaverse.
1. iFlix
One of the well-known entertainments in Malaysia, almost Southeast Asia, is iFlix. A live streaming kit platform that offers unlimited access to movies, TV series, and original content. Through a subscription as a payment, iFlix presents many options: comedies, dramas, cartoons, and films from around the world.
Founded: 2014
City: Kuala Lumpur, Malaysia
Founders: Mark Britt, Patrick Grove
Closing
That's the list of the top 15 startup companies in Malaysia. Did we miss any else? Have you ever bought any products or services from them? Which one do you think provides the most useful product or service?
Building a startup is not easy way. It takes a long journey and process. Think of building your own startup. Browse their websites and find insights there!
