The Securities Commission Malaysia has teased plans to “reduce the regulatory burden in the fundraising process for startups and MSMEs”, while Malaysia’s largest bank Maybank has appointed a new Singapore CEO.
Securities Commission plans to ease rules for startup fundraising
The Securities Commission Malaysia, which regulates the country’s capital markets, has announced that it is planning to add a “small offering” exemption to companies next year through an amendment to the country’s Capital Markets and Services Act (CMSA).
Though details were not revealed, SC Malaysia executive chairman Awang Adek Hussin said that this comes in the wake of newer funding methods gaining popularity in the market.
“This is intended to reduce the regulatory burden in the fundraising process for startups and MSMEs, as well as provide clarity for instruments like SAFEs and convertible notes, which are becoming increasingly common in startup funding,” he said at the Malaysia Venture Forum, which was at held at the Asia School of Business in Kuala Lumpur on Wednesday.
Under a simple agreement for future equity (SAFE) programme, early-stage investors back startups in exchange for the right to receive equity in the future when a funding round is sealed.
In May, SC Malaysia announced that it is undertaking a holistic review of the CMSA, a key legislation that regulates the Malaysian capital markets.
Maybank names Alvin Lee as new CEO for Singapore
Malaysia’s biggest bank Malayan Banking Bhd (Maybank) has appointed Alvin Lee Han Eng as the CEO of Maybank Singapore. The appointment will be effective from January 1, 2024.
The bank counts Singapore as one of its home markets.
Lee, who is currently Maybank‘s head of community financial services in Singapore and Group Wealth Management head, will succeed John Lee Hin Hock, who is retiring from Maybank on December 31 after 12 years with the bank.