Crowdfunding set to boost Sabah’s economy

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KOTA KINABALU: Malaysia’s leading Equity Crowdfunding platform, pitchIN, has expanded into Sabah, marking a significant milestone in alignment with the Hala Tuju Sabah Maju Jaya development plan.

In his officiating speech, Deputy Chief Minister Datuk Seri Panglima Dr Jeffrey Kitingan emphasised the transformative potential of the equity crowdfunding platform.

“Over the years, equity crowdfunding has become a very viable funding solution for Malaysian businesses. With pitchIN setting up an office in Sabah, we believe that our local businesses can showcase our creativity and outstanding business models to all potential investors,” he said.

Since its inception in 2015, equity crowdfunding has made a significant impact in Malaysia, raising over RM560.34 million across 330 campaigns.

PitchIN, a Registered Market Operator (RMO) with the Securities Commission capable of offering both conventional and Shariah compliant ECF deals, has played a significant role in this, having raised over RM295 million from more than 7100 investments to date.

Jeffrey said the establishment of PitchIN in Sabah opens up new prospects for the local economy, as businesses will gain access to a wider investor base.

“They are convinced that there are many Sabah businesses with great potential. They believe that Sabahans will come together and support these businesses as investors and together grow our economy,” he said.

He hoped that pitchIN Sabah will empower local businesses to overcome the limitations of small markets or population factors that often lead to market disequilibrium.

“Sabah businesses now can cast away all the limitations and restrictions of small market or population factor.

“I hope businesses and factories from Sabah can grow bigger through equity crowdfunding, increase their output productivity and hopefully sell all their products not just to every corner of Sabah, but also to every corner in our neighbouring states, Sarawak and West Malaysia, or even further, South East Asia or global.,” he said.

According to Jeffrey, three Sabah companies are already gearing up to launch their campaigns on the PitchIN platform, with an additional six or seven companies on the horizon.

“I hope our entrepreneurs and our investors, those who want to expand their businesses, I encourage them to engage with pitchIN,” he said.

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