Penjana Kapital, a venture capital firm focused on startups and backed by the Malaysian government, has entered into a memorandum of understanding (MoU) with two asset managers in Indonesia.
The two firms are Indies Capital Partners, an alternatives firm with US$800 million of assets under management, and AC Ventures, a venture capital firm with $500 million in AuM.
The agreement, signed in Jakarta during a state visit from Malaysian prime minister Anwar Ibrahim, will enable co-investment in startups in both Indonesia and Malaysia.
It is also designed to promote cross-border investments and technology transfer in the data centre, education, hospitality, mobility and waste management sectors.
The value of trade between the two countries increased by 43.5% between 2020 and 2021 to $21.73 billion, according to data from the Malaysian External Trade Development Corporation.
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