KUALA LUMPUR: Maybank has become the first bank to formalise its partnership with Malaysian Global Innovation & Creativity Centre (MaGIC) to boost entrepreneurship in the Asean region.

On Monday, the two parties signed a memorandum of understanding to formalise the collaboration and pave way for future initiatives. Maybank and MaGIC have been collaborating to host a series of engagements and joint initiatives since April 2015 to boost start-ups in the region.

Under the partnership, Maybank would leverage on MaGIC‘s expertise, regional reach and resources to nurture upcoming local and regional startups. It will act as the financial services partner for MaGIC’s Asean Centre of Entrepreneurship (ACE), a startup support services platform offering services such as legal advice, IP consultations, visa application and company secretarial services through its partners.

This platform will support Malaysian startups looking to expand into Asean countries and for Asean startups to expand into Malaysia.

MaGIC CEO Cheryl Yeoh said that this partnership will help in boosting the development of startups and social enterprise initiatives not only in Malaysia, but in the region.

“We are pleased at this collaboration with Maybank – both as a main partner for our startup support services platform as well as providing the opportunities for fintech startups to grow locally and regionally,” she said.

Maybank will also act as an advisory partner to MaGIC’s Accelerator Programs and Academy, especially in building viable propositions in the context of regional opportunities in the financial services industry, help facilitate market validation and identify potential “go-to-market” partners.

“The collaboration with MaGIC will allow Maybank to play a more prominent role in the supporting the start-up ecosystem regionally,” said Maybank head corporate development and innovation Amran Hassan.

He said Maybank has taken the lead in the high-growth start-up ecosystem as part of efforts to support promising technology start-ups across the markets it operates in.

“We will continue to work with strategic industry partners in providing competitive platforms in our efforts to help build Asean into a global centre for innovation,” Amran said.

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