mdec ideas xchange

1

iDEASXChange

GLOBALisationYOUR GATEWAY TO

MDeC’s high growth companies are all set to grab global

opportunities

FinexusFinexusFINEXUS International Sdn Bhd has long enjoyed success in ASEAN. Next up, the world!

eCEOseCEOseceos sdn bhd’s jailani mustafa,

dreams big in global expansion

The Next Global

Invasion

The Next Global

Invasion

issue 1 vol 1

2 3

SETTING UP A GLOBAL FOUNDATION

CEO ADDRESSBY DATO’ YASMIN MAHMOOD | MDEC

STRIKING A BALANCEMDEC CONTINUES TO GROW THE MALAYSIAN ICT INDUSTRY, BOTH ON LOCAL AND GLOBAL PLATFORMS.

PERSPECTIVE

NORHIZAM KADIRVICE PRESIDENT OF INFOTECH DIVISION, MDEC.

A s Malaysia heads towards becoming a digital economy, the development and emphasis on ICT has taken precedence since the introduction

of MSC Malaysia by the Multimedia Development Corporation (MDeC) two decades ago. As announced by MDeC in its 2014 Performance report, the initiative has since generated RM38.52 billion(bn) in revenue in 2014, with RM20.09bn in new investments – 55% of it coming from direct domestic investments (DDI).

“While foreign direct investments (FDIs) are important, DDIs are equally crucial for the Malaysian ICT sector. This is especially vital as the agency spearheads its globalisation initiative, where we are bringing the bustle to Malaysia. We would like to emulate our very own Silicon Valley here,” says Norhizam Kadir, Vice President of Infotech Division, MDeC.

“The initiative is part of a transformation plan within MDeC to expand the MSC footprint on a more global level. We have a portfolio of successful Malaysian companies that have made their mark on the global platform.”

GLOBAL PLATFORMUnder this newly introduced initiative, Norhizam shares that the agency hopes to provide ICT players in the country with the essentials and support to go global in the

highly competitive business environment. The programme highlights four key pillars: market access; technology disruption; funding ecosystem; and building capabilities and leadership.

“We want to help Malaysian technopreneurs tap into the wide range of opportunities outside of the country; even in ASEAN itself, there is a huge market opportunity. It is an open field for ICT players. To do this, we must identify technology disruptions and ensure companies are future proof,” he says.

There are five focus areas, which MDeC have deemed to be future proof, namely Big Data Analytics; the Internet of Things (IoT); Cloud Computing and Data Centres; e-Commerce and Information Security.

Norhizam adds: “We are also continually educating and reinforcing the importance of research & development (R&D) in ensuring their businesses are sustainable.”

This is further emphasised as MDeC Americas Inc, an entity under MDeC, signs a Memorandum of Understanding (MoU) with Palo Alto Research Centre (PARC) to enable MSC Malaysia companies to leverage Silicon Valley’s innovation ecosystem for the creation of new or enhanced Intellectual Property (IP).

The partnership aims to facilitate the global footprint expansion of Malaysian MSC-status companies through shared R&D programmes,

as well as opening up opportunities to work with PARC research scientists and officers.

On the funding front, the agency is providing guidance on how to navigate various capital injection platforms, including but not limited to venture capitals and private equity investors.

He adds: “In fact, just recently, we took a total of 21 high growth companies to Silicon Valley for an immersive training for these companies to connect and accelerate their busineses with the valley’s ecosystems.”

ENHANCING MALAYSIAThough MDeC’s globalisation initiative is targeted towards high growth MSC companies, the agency is doing equally as much for the smaller growing local ICT players looking to expand their footing in the Malaysian and regional markets.

Of course, the path to holistically realising the Digital Malaysia initiative is not without its challenges. Norhizam reveals that a conducive environment is just the beginning in accelerating opportunities within Malaysia. While the country is already on track with its policies and initiatives, the challenge of enhancing these players further still remains.

“We have to date 3,600 MSC-status companies from more than 40 countries operating in Malaysia, with two-thirds being local and mostly Small to Medium Enterprises (SMEs). We have the quantity of companies to partake in our globalisation initiative, but we must also ask ourselves if we are providing enough infrastructure within Malaysia for them to reach that level,” he shares.

Moving forward, Norhizam and his team is looking towards IT from a holistic point-of-view, where it complements, enhances and reinforces existing initiatives to grow the ICT industry, as well as create and nurture a competitive technology eco-system. This will position Malaysia as a globally attractive ICT hub and preferred location for ICT companies to operate from resulting in increased domestic Gross National Income (GNI), revenue, and job creation.

“Infotech supports both the MSC and Digital Malaysia’s desire to expand and enrich the use of ICT services in moving towards Vision 2020. We want to generate catalytic reactions and create the right environment for our companies to grow. We want to keep growing and continue to attract the right companies to invest in Malaysia,” he concludes.

This year, MDeC is celebrating its 20th anniversary and throughout the years, MDeC has been successful in attracting investments from

world-class and cutting-edge companies from an extensive range of industries. Since its inception, MSC Malaysia has contributed over RM275.04 billion in revenue to the Malaysian economy, RM206.14 billion worth of investments and has created more than 147,000 jobs. These include 436 companies in the Creative Multimedia Cluster, over 110 Institutions of Higher Learning and Incubators, 2,665 Information Technology companies and more than 400 Shared Services & Outsourcing providers.

MDeC’s mandate was expanded by the Prime Minister in 2011 to strive towards Malaysia’s vision of a fully developed digital economy by 2020 through Digital Malaysia. MDeC was conferred to develop a sustainable digital economy built upon a vibrant ICT industry with a transformational use of digital solutions, together with a robust

and enabling ecosystem. The effort has seen the Digital Economy agenda contributing a significant growth to our nation’s gross domestic product (GDP).

THE NEXT STRATEGIC LEAP We are, of course, not resting on our laurels. Another milestone is in the works for MDeC and we are working hard to realise it. Among many of the charters that we need to focus on are strengthening Malaysia’s position as a top shared services and outsourcing hub, attracting more ICT investments (both foreign and local), ensuring a growing pool of talent for the ICT sector, as well as promoting the growth of a new generation of MSC-status companies to achieve success and high annual growth rate.

To ensure that we achieve all that we have set out to do, we need to bolster and build our existing globalisation strategy, which has led to the launch of MDeC Americas.The primary functions of the Silicon Valley office are to assist promising MSC-status

companies with market access, funding opportunities, technology capabilities and opportunities for mergers and acquisitions. Our expansion will also act as a launchpad for Malaysian companies to target the global market.

There are many notable MSC Malaysia-status companies. Today we would like to draw attention to two companies. They are Finexus and eCEOs. Finexus specialises in Banking Solutions and Outsourcing services, with presence in 10 major ASEAN cities, while eCEOs specialises in Business Intelligence Solution & PMO Outsourcing, with offices in Kuala Lumpur and Jakarta. These two companies have proven that going global can take their businesses to another level. They are great examples of success that we all can look up to and we do hope that more will follow in their footsteps.

Read all about these two success stories in this handout to find out what it takes to bring your business to the global marketplace.

4 54

THE OFFICIAL LAUNCHING OF MDEC AMERICAS

EVENT

OFF TO SILICON VALLEY!

EC-Council 2015

Cloud SEA 2015

ASEAN Market Entry Strategy Seminar

MyGlobalExportPilot Program

GoRegionalStrategy by eCommerce Focus AreaLevel Up Media Briefing

Group photo at Forbes event

Home to many entrepreneurs, start-ups and global technology companies in the United States, and perhaps the landmark for all things technology,

Silicon Valley in Northern California has gained credence as the place to be for industry players. It is unsurprising that business hopefuls look up to success stories emerging from the famed area as guidance to how they too can succeed.

Aiming to provide some insights and inspiration to Malaysian technology companies, the Multimedia Development Corporation (MDeC) – together with its American counterpart MDeC Americas Inc. - hosted its inaugural Silicon Valley Immersion programme early November 2015.

“It is timely for us to take our MSC-status companies to the next level through globalisation. We are looking at companies who have growth rates in excess of 15% or revenue in excess of RM50 million (or both). About 20% of our 3,600 MSC-status companies are already in that category, and this is really good because these are the kind of companies who will want to scale up – they are not start-ups - and are ready to expand,” says Dato’ Dan E Khoo, President of MDeC Americas.

“What we are doing in MDeC Americas is to see how we can help these companies expand their global footprint in the United States…starting out with Silicon Valley.”

A total of 21 high growth MSC companies were selected by the agency to experience the hustle and bustle of Silicon Valley, as well as witness firsthand on what it takes to be a global technology player.

“Silicon Valley is well-known globally to be an innovative technology ecosystem that is constantly evolving. (Through this programme,) we want our companies to be there to understand these changes and how to take advantage of them, to better compete with the rest of the world,” he adds.

The five-day programme started off with delegates meeting with Accelerators, such as RocketSpace, Galvanize and BootUp World, to help them better understand what each of these companies can offer.

“For companies who are ready to expand into the Americas, we want to help them in their landing into this market through three key initiatives: Immerse, Connect and Accelerate. Through four vertical areas, namely Market access, IP Creation; Mergers & Acquisitions; and Risk Capital; we want to help them so that they can be ready to basically land and hit the ground running,” Khoo shares.

Accelerators are a key component in Silicon Valley’s innovative ecosystem, as they provide support to early-stage high-growth potential companies – from office space, internet access, mentoring to networking, accounting and legal services, besides being an ideal place to discover new technologies, talents, business models and products.

Additionally, participants were also brought to meet a handful of mentors - a mix of market experts, notable serial entrepreneurs and venture capitalists - to discuss market access strategies, funding opportunities and business models.

This was a good opportunity for the 21 company representatives, as these mentors are the best people to provide feedback. In fact, many are established entrepreneurs who were more than willing to share their pains and gains in attaining success.

Aside from providing participants with a wealth of knowledge on how to make their businesses ready for the global market, the immersion programme also featured a panel discussion on how to do business in the US, which included identifying opportunities, understanding the process of incorporating their business there and how to navigate the tax and legal systems respectively.

For many of the participants, it was an eye-opening experience – one that doesn’t come very often. MDeC hopes that through the programme, the selected business owners can further advance their leadership and entrepreneurial skills; be connected to a network of venture capitalists, market leaders and notable entrepreneurs; giving participants international market exposure and access; identifying investment opportunities within US-based companies; and kickstarting the process of establishing presence in the US.

MDeC Americas, which has been operational since August 2015, aims to drive the global expansion of Malaysia’s ICT industry and catalyse the interconnection of Silicon Valley and MSC Malaysia’s ecosystems to enhance our digital transformation. Headed by Dato’ Dan E Khoo, the office acts as a gateway for high-growth MSC Malaysia companies to penetrate the American and global market, as well as attracting Foreign Direct Investments (FDIs) from US-based ICT multi-national corporations into MSC Malaysia.

Specialised Marketing Mission(SMM) on ICT to Bangkok, Thailand

World Economic Forum (WEF) 2015

Highlights of 2015

6 7

FINEXUS INTERNATIONAL SDN BHD HAS LONG ENJOYED SUCCESS IN ASEAN. NEXT UP, THE WORLD!

THE WAVE OFEXPANSION

Our Success

TAKING ON ASEANIts region-wide success did not happen overnight. Through hard work and perseverance, Loh and his business partners built the company’s repertoire by accepting systems integration services jobs for the first five years.

“We have come a long way. We started with RM250,000 seed money but within six months, we were only left with RM150,000 – I was anxious at the time. At that point, we did anything our clients asked us to, as long as there was cash flow into the company. From cabling and writing ad-hoc program, to conducting training, we did it all! Whatever to stay afloat.

We invested our hard earned-money into the R&D of our banking solutions. It paid-off! Today, we have a suite of banking solutions,” Loh shares.

Since then, FINEXUS has become one of the preferred banking solutions provider in the region, while growing its business portfolio with outsourcing services at the same time. The affable Loh reveals the company ventured and established its presence in ASEAN since 2007 and today, its annual revenue exceeds RM30 million.

FINEXUS

GOING GLOBALFINEXUS’ 16-years success story does not stop here. Loh shares his dreams of expanding to the United States and Europe within the next five to seven years – an ambition that he hopes would come true with the guidance of the Multimedia Development Corporation Sdn Bhd (MDeC).

“In line with our global expansion plans, we are both honoured and privileged to be chosen by MDeC as a potential global company. We had the opportunity to travel to the famed Silicon Valley with 20 other Malaysian ICT companies in November 2015. It was an amazing experience, which brings us a step closer to realising our goal - a business that has not only expanded regionally, but globally as well. I want to be known as a global company born and bred in Malaysia.”

Additionally, through MDeC’s diverse network, Loh hopes to learn and tap into other successful entrepreneurs under the government agency’s programmes. One

of the advantages of becoming an MSC-status company, FINEXUS continues to benefit from the wealth of information and incentives to increase its global footprint.

KEEPING UP WITH TRENDSDespite its success as both a banking solutions and outsourcing services provider, FINEXUS is not resting on its laurels. It is currently venturing into a new business endeavour – one that addresses the current financial services trends.

“We would like to be a FinTech company as we are moving into the retail market. Our current business model mainly deals with Business-To-Business (B2B) and Business-To-Government (B2G). We are exploring the Business-To-Consumer (B2C) landscape through the introduction of our in-house contactless Mobile Point-of-Sale (POS) for mobile payments and SME business solutions in the form of Software-as-a-Service (SaaS) business model,” he shares.

With all these plans in place, it certainly sounds like FINEXUS is well on its way to becoming a global contender in the banking space by continually innovating and investing in R&D.

“If we remain contented with what we have achieved thus far, we will most likely not sustain in the ever-changing technology landscape. I am building a business to last!” and that is a legacy Loh hopes to achieve with FINEXUS.

T he banking/finance industry has long been one of Malaysia’s bigger economic contributors. As we enter a highly competitive

environment, the performance of financial services need to be improved with the use of new technologies, to achieve operational efficiencies from the front to back office.

In a recent speech, Dato’ Muhammad bin Ibrahim, Deputy Governor of Bank Negara Malaysia (BNM), shares the banking sector in Malaysia has come a long way - growing both in strength and stature - and has undergone some fundamental changes brought on by the Financial Sector Masterplan (FSMP). Such changes include addressing transformational technology, which will further propel Malaysia’s banking sector into one that is best-in-class - fitting of a developed nation.

Having been involved with the banking sector from the start of his career, Clement Loh, Group Managing Director of FINEXUS International Sdn Bhd, saw the vast opportunities in improving banking operational processes using technology.

“Even 20 years ago, the banking industry has been one of the largest consumers of technology. Back then, everything was done manually - it was tedious and unproductive. We saw great potential to automate banking operations,” says Loh.

The company has since grown leaps and bounds since its inception in 2000, starting from just two people to now employing more than 250 talents across ASEAN, mostly located in its hub in Kuala Lumpur. It is currently servicing Central Banks and many banking institutions within the ASEAN region, including the ones in Malaysia.

CLEMENT LOH, GROUP MANAGING DIRECTOR OF FINEXUS INTERNATIONAL SDN BHD

8 9

eCEOs DREAMS BIG INGLOBAL EXPANSION

BEST IN CLASS From just offering project management products and services, the company has expanded to offer other services such as Business Intelligence; KPI Management; Enterprise Content Management; Change Management; and Supply Chain Consulting.

“Currently, our project management solutions and services contribute 70% of our revenue. In this space, we compete with multinational consulting companies that provide PMO (project management office) services as part of their portfolio,” he shares of the highly competitive area the company competes in.

eCEOs was also one of the 21 chosen high-growth companies that participated in the recent Silicon Valley immersion programme organised by the Multimedia Development Corporation (MDeC).

“It was an eye opener for me personally. Instead of being the victim of disruptive business models, we are in the process of developing a number of products and services ourselves that we believe will be the ones bringing the disrupt! To achieve that, we must continue to innovate ourselves,” says Jailani.

Having said that, he believes eCEOs is poised to be the best-in-class for PMO services as competitors are not on par with eCEOs’ standards in the way they deliver their services.

“Our PMO services take it a step further as we ‘walk the talk’ by delivering a digital project management service. We have seized many opportunities through the use of our cutting edge solutions especially with our online project management solution, ePMO,” he reveals.

It is no wonder eCEOs evinces an extensive list of blue chip companies and established regional clients under its belt. The exhaustive list includes PETRONAS, Telekom Malaysia, TOTAL, the

ON THE GETGO

World Bank and US-based Millennium Challenge Corporation. Academic institutions such as University Technology PETRONAS (UTP) and MIT Global Scale Network are also its patrons.

“Our work with these clients has lent credence to the quality and ingenuity of our products and services. We believe that eCEOs is a leader in the most dynamic, sought after, and rapidly growing segment of the information technology space,” Jailani boasts.

He extends his gratitude to MDeC as eCEOs has benefitted greatly from the various programmes and initiatives by the agency. Moreover, the agency has played a pivotal role in its success during its expansion into new markets.

A challenge for eCEOs was when it encountered a shortage of skilled talent for a specific domain, which could only be solved by reaching out to foreign talents.

“Even on this end, we have managed to solve this problem through the help of MDeC. Through its knowledge worker programme, it had enabled us to train many foreign employees whom we later used to establish our overseas market,” reveals Jailani. It would not have been able expand into new markets easily without the assistance of people based in that locality, people who understand and operate in that market, which is part of MDeC’s task.

“We would not have achieved what we have to date without the MSC initiative. MDeC has been the most value adding government agency that we have worked with. We continue to rely on MDeC to help us become a global technology company,” he concludes.

Our Success

W ith the world becoming increasingly connected through technology, the business landscape is evolving in tandem with it. Businesses are facing

greater competition, where they can no longer afford to just remain within the domestic market. There is a plethora of opportunities available globally that one should take into consideration when expanding one’s business.

For eCEOs Sdn Bhd (eCEOs), the great ambition of going global has been ingrained within the mindset of its people and culture on the get-go. Jailani Mustafa, CEO of eCEOs says: “Although eCEOs started as a Malaysian company, we knew we could not just rely on Malaysia alone to grow our business.”

Jailani’s foresight in growing this premier IT company came from his 15 years working with Accenture, where a decade of his tenure at the global consulting firm was spent outside of the country. With over 20 years of experience under his belt, he has helped a multitude of large multinational clients to manage a number of global projects.

“I had many opportunities to work with people from various countries and cultures. I believe in the concept of unity from diversity,” he adds.

Today, eCEOs is a rapidly growing, multi-faceted IT company that currently operates in Malaysia and Indonesia.

Jailani shares: “Since our inception in 2000, we have swiftly risen through the ranks of Deloitte’s Technology Fast 500 reaching #52 in 2013 after being ranked #146 in 2012 – leaving a very long runway for brisk growth.”global platform.

JAILANI MUSTAFA,

CEO OF eCEOs sdn bhd

10 11

Financial Technology and Consumer Digital Technology TrendsTEN KEY TECHNOLOGY AREAS CREATING SIGNIFICANT VALUE FOR CONSUMER AND FINANCIAL SERVICES

CONSUMER FINANCIAL

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BLOCKCHAIN

CROWDFUNDING

37.4US$

billion

APAC Cloud Services

Software-as-a-service is the largest cloud segment with an estimated global market size of around US$37.4 billion in 2014 as per Frost & Sullivan. Growth rate in APAC from 2014 to 2019 is projected at 29.5%.

Frost & Sullivan estimates the global Data Centre & Cloud Services market to be valued more than US$42 billion in 2014, a growth of 17.0% over 2013.

42US$

billion=

CYBER SECURITY

Security spending setto grow in thebanking & financesector

10 CONNECTEDDEVICES/PERSON

Device Acceptance Technology Obsolescence and Changing Market Preferences Competition

Device Appeal & Cost

Customer Traction

Application &Device Ecosystem

IPRs & R&D Capability

Value Drivers Key Risks

Viability of Business Model & Funding Availability

Not Reaching EventualProfitability or Cash Flow Goals New Competitors andBusiness Models

Technological &Market Obsolescence

Scale & Funding

Customer Stickiness& Growth

Potential Market

EBITDA Margin &Working Capital

Value Drivers

Key Risks

WEARABLES

SOCIAL NETWORK EPAYMENT

BIG DATA &PREDICTIVE ANALYSIS

DATA CENTRE & CLOUD SERVICES

ECOMMERCE

INTERNET OF THINGS

transactions per day

2015

2012

2014

204,000

transactions per day 2,000

value of Bitcoin US$220


The global Big Data market is experiencing exponential growth, to reach US$78 billion by 2020, growing at a CAGR of 18.7% for the period of 2014-2020.

2014 2020Wearable Devices Shipments

in 2014-2020

54%61%

million units

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Activity TrackersOr Smart Bands

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US$36.9billion US$16.3

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5 6 7

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2015 2024

$US$112 billion

The ecommerce sector is undergoing explosive

growth, attracting

worth of investments globally in 2014

The increasing penetration of smartphones, at 24% of the global population in 2014, is influencing the growth of mobile payments.

Based on 2014 statistics,Asia is recording exponential growth in the crowdfunding market contributing 21% to the global funding volume.

2014

2019 29.5% Emerging Social Media Platforms

Valuation Metrics for Big Data Companies in Different Stages

Number of software downloads

Active Users

Growth

Sustainable revenue model and growth

Number of licences


EBITDA margin

Cash flow

Early Stage Growth Stage Late Stage

MicrobloggingSites that allow instant broadcast of short text, photographs and multimedia posts to a large audience or selected friends.

TextingSeveral text messaging platforms come with more privacy features such as self-destructing messages, time-limited pictures and anonymous posts.

Chatting & Dating New-generation mobile dating (or location-based) apps offering users an ever-increasing range of options.

Location-based, Query, Entertainment Find locations of interest based on recommendations, post news to be shared with those nearby or pose a question to a pool of users.

Globally, an estimated

is raised every hour

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Cash flow








US$87,000 21%

21%

58%United States

Europe

Asia


24%IN 2014