MalaysianUpdates

Tag: #EconomicGrowth

  • PolicyStreet Secures Second Sovereign Wealth Fund in Series C First Close, Boosting Growth

    PolicyStreet Secures Second Sovereign Wealth Fund in Series C First Close, Boosting Growth

    PolicyStreet has secured RM84 million (US$21 million) in the first close of its Series C funding round, marking a significant step forward in its regional growth ambitions. The round is led by Cool Japan Fund, with participation from existing investors Altara Ventures and Gobi Partners, alongside other contributors. This latest investment brings added momentum to the company’s expansion strategy, particularly as it continues to strengthen its position as a leading insurtech player across Asia.

    The funding milestone follows PolicyStreet’s strong financial performance in FY2025, where the company reported over RM4 million (US$1 million) in profit—an important achievement in its journey towards building a sustainable and profitable insurtech platform. With fresh capital in hand, PolicyStreet plans to accelerate its regional footprint, enhance its technology infrastructure, and deepen strategic partnerships within Asia’s rapidly evolving digital economy. The company’s focus on embedded insurance solutions is expected to play a key role in driving long-term growth and improving accessibility to insurance services.

    According to Co-Founder and Group CEO Yen Ming Lee, the participation of Cool Japan Fund means PolicyStreet is now backed by two sovereign wealth funds, further validating its business model and long-term potential. This development underscores growing confidence in embedded insurance as a critical component of Asia’s digital ecosystem. By integrating insurance seamlessly into digital transactions, PolicyStreet aims to address trust gaps and provide consumers with greater confidence in cross-border e-commerce activities.

    The investment also aligns with Cool Japan Fund’s broader mission to support the international expansion of Japanese products and services. By enhancing trust and risk management frameworks in digital commerce, PolicyStreet is helping to create a more secure environment for businesses and consumers alike. This, in turn, supports the growth of cross-border trade and strengthens the adoption of high-quality offerings from Japan across Asian markets.

    Since its previous funding round led by Khazanah Nasional in 2023, PolicyStreet has demonstrated rapid growth under the leadership of Yen Ming Lee, Wilson Beh, and Winnie Chua. The company has doubled its customer base from 5 million to over 10 million, while increasing its total sum insured from RM24 billion (US$6 billion) to more than RM40 billion (US$10 billion). This growth has been supported by strategic partnerships across key sectors such as gig economy platforms, mobility, travel, logistics, and telecommunications.

    Investors continue to express strong confidence in PolicyStreet’s trajectory. Altara Ventures highlighted the company’s disciplined execution and consistent performance since its Series A investment in 2021, while Gobi Partners emphasised its ability to deliver both commercial success and meaningful social impact by addressing protection gaps across the region. These endorsements reinforce PolicyStreet’s standing as a high-growth insurtech company with strong fundamentals and a clear vision for the future.

    The company’s achievements have also been recognised internationally, including its inclusion in the Financial Times and Statista’s High-Growth Companies Asia-Pacific 2026 list and its win at The Asset’s Triple A Digital Awards for Best Digital Insurance Project. As PolicyStreet continues discussions with potential investors for the remainder of its Series C round, it remains focused on scaling its technology platform, strengthening partnerships, and expanding its presence across Asia’s dynamic digital landscape.

  • Penang Convention & Exhibition Bureau (PCEB) Introduces the “Penang Inspiring Meetings x Visit Malaysia 2026” Campaign to Promote the State as a Premier Meetings Destination

    Penang Convention & Exhibition Bureau (PCEB) Introduces the “Penang Inspiring Meetings x Visit Malaysia 2026” Campaign to Promote the State as a Premier Meetings Destination

    The Penang Convention & Exhibition Bureau (PCEB) has officially launched its latest business events initiative, “Penang Inspiring Meetings x Visit Malaysia 2026,” at the Penang Waterfront Convention Centre (PWCC) on 24 November 2025. The event, fully hosted by PWCC, underscored the venue’s strong support and partnership in promoting Penang as a premier destination for business events. This campaign aims to elevate Penang’s status as a leading hub for conferences, incentive groups, and other business gatherings, while aligning with the national Visit Malaysia 2026 initiative to attract international visitors and showcase the state’s unique offerings.

    Through the “Penang Inspiring Meetings” campaign, PCEB seeks to highlight Penang’s vibrant business events ecosystem spanning both the island and mainland. CEO of PCEB, Mr. Ashwin Gunasekeran, emphasized that the initiative reflects Penang’s readiness to welcome the world and aims to create meaningful connections while generating sustainable impact. “We aim to elevate Penang’s reputation not only as a premier meetings and incentives destination but also as a hub where meaningful connections and sustainable impact are created,” he said.

    A key element of the campaign is its focus on sustainability and corporate social responsibility. PCEB has chosen to spotlight the Penang Turtle Sanctuary in Pantai Kerachut, highlighting turtle conservation efforts as a symbol of endurance, balance, and harmony with nature. The turtle represents values that resonate with PCEB’s commitment to developing the business events industry responsibly. “This collaboration demonstrates how business events can deliver not just economic benefits but also positive contributions to Penang’s environment and community,” added Ashwin, underlining the bureau’s dedication to blending economic growth with environmental stewardship.

    Looking ahead, PCEB plans to expand its support to new sectors in 2026, fostering diverse, high-impact business events that align with Penang’s vision for sustainable and inclusive growth. This includes implementing enhanced mechanisms for meetings, conferences, and exhibitions that encourage innovation, knowledge exchange, and social responsibility. By doing so, PCEB seeks to create an ecosystem where business events not only stimulate the local economy but also contribute to community development and environmental conservation.

    The launch of Penang Inspiring Meetings x Visit Malaysia 2026 reaffirms PCEB’s mission to position Penang as Malaysia’s leading hub for high-value, high-impact business events. Through strategic initiatives, sustainability-focused programs, and collaboration with key stakeholders like PWCC, PCEB continues to drive Penang’s economic growth while promoting a responsible and inclusive approach to the development of the state’s business events industry. With the campaign, Penang is set to welcome international business visitors with world-class facilities, culturally rich experiences, and a commitment to leaving a positive legacy for both the community and the environment.