PM Najib

ICT Entrepreneur’s Reaction for the Prime Minister’s Budget 2013 Announcement

MOL Global’s Group Chief Executive Officer Ganesh Kumar Bangah would like to applaud the Prime Minister for the inspiring 2013 Budget that’s policies is believed to be able to holistically fill the gap in Malaysia’s ICT ecosystem.

“These are great policies to promote the information and communication and technology (ICT) industry,” he said. The Government’s move to encouraging alternative sources of funding at the early stage of business through the incentive of providing a tax deduction equal to the amount of investment made by an angel investor in a early stage businesses is applauded as this will provide an effective mechanism of filling the funding gap between early stage start-up and growth businesses.

The Government’s move to provide tax incentives and tax exemption for companies that invests in their subsidiary company that undertakes the commercialisation of R&D findings is another innovative policy that will further bring the country’s economy into a higher value-add economy. The ICT industry will directly and indirectly benefit from this incentive.

In addition, the policy to enable SMEs to further expand their businesses by using intellectual property rights (IPR) as collateral to obtain financing is another creative and innovative policy to further build high growth companies that have potential but do have hard assets such as properties to use as collateral.

 

“All in all, these basket of policies for the ICT industry in the 2013 Budget is the best gift that the government has given to the Malaysian ICT Industry since the formation of the Multimedia Super Corridor in 1995,” he commented.

 

About MOL AccessPortal Sdn. Bhd.

MOL AccessPortal Sdn Bhd (MOL) is one of Asia’s leading payment service providers. MOL handles over 60 million transactions per year, with an annual payment volume of more than US$300 million. MOL leverages on a network of more than 680,000 payment collection points across more than 80 countries, with links to over 88 banks worldwide via online banking. MOL was recognized as one of Asia Pacific’s fastest growing technology companies in the Deloitte Technology Fast 500 Asia Pacific Awards 2010. MOL is headquartered in Malaysia with offices across Asia Pacific. For more information, please visit us at www.mol.com

About MOL Global Pte. Ltd.

MOL Global is one of Southeast Asia’s biggest internet companies and fully-owns both the payment service provider, MOL AccessPortal Sdn. Bhd. (MOL) and the social networking pioneer, Friendster Inc. (Friendster). Through its ownership of MOL and Friendster, MOL Global has one of the region’s largest end-to-end content, distribution and commerce networks. For more information on MOL Global, please visit us at www.molglobal.net