KUALA LUMPUR, 5 September 2023 – Selangor Information Technology and Digital Economy Corporation (Sidec) marks a momentous occasion with the inception of the Selangor E-Commerce Xccelerator (ECX) 2023 and the much-anticipated 6th cohort of the Selangor Accelerator Programme (SAP) 2023 edition.
The opening ceremony, organised to unveil the shortlisted applicants for both programmes, was honoured by the presence of YAB Dato’ Seri Amirudin Shari, Selangor Chief Minister. He was joined by YB Teo Nie Ching, Deputy Minister of Communications and Digital, YB Ng Sze Han, Selangor State Executive Councillor for Investment, Trade & Mobility, Mr Saipolyazan Bin Mat Yusop, Chief Operating Officer of MBI Selangor; YBhg. Dato’ Hasan Azhari Bin Haji Idris, CEO of Invest Selangor, YBhg Dato’ Paduka Syed Mashafuddin Syed Badarudin, Chief Executive Officer, Affin Islamic Bank Berhad, and Yong Kai Ping, CEO of Sidec.
Sponsored by Affin Bank, these initiatives by Sidec are designed to be catalysts in propelling Selangor to the forefront of the digital economy, transforming Selangor into ASEAN’s digital hub. By nurturing startups, fostering innovative e-commerce solutions, and building a robust support system for budding entrepreneurs, Sidec envisions a thriving ecosystem where tech-driven enterprises can flourish and redefine the business landscapes not only in Selangor but across Malaysia.
Winners of the esteemed ECX23 and SAP23 awards will then be inducted into the CXO Club, an exclusive enclave, representing a league of premier businesses. Members of this multi-million growth club will reap benefits such as networking within an affluent community, and forging valuable connections leading to new ventures and partnerships.
The CXO Club also offers mentorship from 24 seasoned entrepreneur leaders who have navigated public and ACE market-listed companies, orchestrated sizable fundraising and have even nurtured unicorns. They will serve as both mentors and beacons illuminating the complex pathways of industrial evolution.
“We are at a pivotal moment in our digital journey,” says Yong Kai Ping, CEO of Sidec.
“These programmes are more than just opportunities for growth; they are part of a larger vision to make Selangor the heart of tech innovation in ASEAN. The focus on the rising tech innovations such as AI and Biotech, in particular, is a reflection of our commitment to embracing the future of business and ensuring that Malaysia is at the forefront of technological advancement.“
Today’s event is jointly organised by Sidec, Affin Bank and Invest Selangor Berhad in collaboration with an array of esteemed partners. Razer Merchant Services serves as our Strategic Payment Partner, while Lazada stands as our Strategic E-Commerce Partner. Our additional strategic affiliations comprise Pos Malaysia, EasyStore, Mystatr, Locus-T, Wilstech, Autocount, AWS, Microsoft, Bioeconomy Corporation, Permodalan Negeri Selangor Berhad, and The Hive Southeast Asia.
Furthermore, our initiatives are bolstered by the unwavering support from partners including MDEC, Endeavour, NexMind, Swipey, Oval, Sprii Commerce, Work, ValuingIP, and Rtist.
Chief Executive Officer of Affin Islamic Bank Berhad, Y.Bhg Dato’ Paduka Syed Mashafuddin Syed Badarudin said, “Being the backbone of the Malaysian economy, it is crucial for our SME to be equipped with all the important tools and encouragement to ensure their sustainability and maintaining digitalisation transformation momentum.
“We are truly honoured to be the main sponsor of the Selangor E-Commerce Xccelerator 2023 (ECX23) and the Selangor Accelerator Programme (SAP) 2023 6th Cohort as part of our ongoing commitment to be the “Most Creative Financial Company in Malaysia” for SMEs for Malaysian SMEs and their digital business journey.”
He added “We offer a wide selection of financial inclusion products and services including our SME Colony mobile app because we are aware of the difficulties that start-up businesses and entrepreneurs may encounter. This multi-award-winning digital tool is an SME community-centric tool which serves as a hub of resources for SMEs to improve business knowledge, enhance financial well-being, and expand commercial networking. This is consistent with our “Always About You” slogan, which highlights that our clients come first in all we do.”
ECX23: Accelerating Growth, Empowering Entrepreneurs
The Selangor E-Commerce Xccelerator (ECX23) stands as a pioneering initiative specifically tailored to equip e-commerce entrepreneurs, business owners, and founders with the essential tools through a series of intensive workshops and pitching clinics and insights needed to navigate the competitive digitally-driven market while offering exposure to funding & investment opportunities, network building, market access visibility, mentoring sessions.
These top 30 SMEs have been shortlisted based on strict selection standards that highlight their dedication and potential for growth. These standards include an annual Gross Merchandise Value (GMV) of RM500,000 to RM10,000,000. Additionally, participants should be either the founders or co-founders of their businesses.
Upon completion of the program, participants stand for cash prizes and international trips, opening doors for business expansion and networking opportunities.
SAP23: A Launchpad for Future Startup Unicorns
The 6th Cohort of SAP23 unveils Selangor’s unwavering commitment to driving innovation within startups, placing a spotlight on verticals including Sustainability Impact, Healthtech, Agritech, and the newly added realms of Artificial Intelligence (AI) and Biotech.
The program, championed by Sidec, is designed to offer early-stage tech startups unparalleled advantages, ranging from mentorship and training to networking opportunities, establishing Selangor as an epicentre for tech advancements.
Furthermore, the 38 participating startups will benefit from a myriad of perks such as USD 10,000 in Amazon Web Services (AWS) cloud credits, a prime exhibition slot at the esteemed 8th Selangor Smart City and Digital Economy Convention (SDEC) 2023, and co-working space access at Selangor Sandbox. The top 10 winners from SAP23 will further share a prize pool worth RM200,000, enjoying benefits like cash prizes, global recognition, international market exposure through field trips and a conduit to investment opportunities.