KUALA LUMPUR (Reuters) – Malaysia approved the application of Japan Asia Investment Co., a top Japanese venture capital firm, to set up business in the southeast Asian country as part of a plan to increase private equity funding.
The Securities Commission said on Monday Japan Asia was the first foreign venture capital firm to be registered in Malaysia. There are 57 venture capital businesses in Malaysia.
“The presence of foreign venture capital firms in the local venture capital scene will add greater depth and breadth to the pool of players within the industry,” said the commission’s Chairman Zarinah Anwar in a statement.
Last week, the Commission handed a licence to Japan’s leading brokerage, Nomura Holdings (8604.T:), to set up a stockbroking company as part of a plan to attract more Middle Eastern investments to the country.
(Reporting by Niluksi Koswanage; Editing by David Holmes)