"Under the terms of the MoU, both parties will jointly promote initiatives that will benefit and drive growth of the tech ecosystem in the country.
"This collaboration between George Kent and MDEC is a mutually beneficial public-private partnership that enables the government to accelerate the growth of the country’s tech ecosystem while at the same time assisting private sector businesses like George Kent to access new growth opportunities," it said.
Under the partnership, George Kent will set up an investment arm to provide the necessary funding and recources including financial, expertise, mentorship and market access opportunities for local and regional tech companies.
MDEC’s support comes in the sourcing of deal flows for George Kent including facilitating the introduction of venture capital and investors to George Kent for co-investment opportunities.
MDEC will also provide assistance in the form of valuation, mentoring and market access opportunities to the investee companies in the collaboration.
"MDEC and George Kent share common goals to promote and facilitate digital transformation, talent nurturing and the development of the digital technology industry.
"Furthermore, this collaboration with MDEC is in line with the Group’s Strategic Plan of investing in new growth areas for the Group," said George Kent chairman Tan Sri Tan Kay Hock.
MDEC CEO Mahadhir Aziz added that George Kent possesses the resources and experience MDEC looks for in its joint collaboration intiaities to drive the growth of the country's tech system.