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Press ReleaseApplications for Jelawang Capital’s Next Emerging Fund Managers’ Programme (“EMP”) is Now Open
Supported under Khazanah’s Dana Impak initiative, EMP introduces year-round submissions to broaden access for emerging Malaysian fund managers.
Khazanah Nasional Berhad (“Khazanah”) and its subsidiary, Jelawang Capital (“Jelawang”) announces the opening of applications for the Emerging Fund Managers’ Programme (“EMP”) second cohort. This reflects Khazanah’s continued commitment, through Dana Impak, to catalyse Malaysia’s venture capital (“VC”) and startup ecosystem in fostering innovation and supporting economic growth.
Khazanah Managing Director Dato’ Amirul Feisal Wan Zahir said, “We are pleased to invite applications for the EMP second cohort 2026, now enhanced with all-year round submissions. Since the selection of the first three EMP fund managers in June 2025, we are encouraged by the early progress, including attracting more than RM30 million from other capital providers beyond Jelawang’s commitments and collectively deploying over RM60 million across more than ten early-stage companies, the majority of which are Malaysian startups. This reflects EMP’s contribution to supporting the development of emerging fund managers and the domestic venture capital ecosystem.”
Dato’ Feisal added, “Strengthening Malaysia’s venture capital ecosystem remains a crucial component under our Advancing Malaysia strategy for 2026. Through Dana Impak, we remain committed to building a deeper and more vibrant venture capital ecosystem.”
As Malaysia’s national fund-of-funds, Jelawang Capital channels its investments through VC fund managers under the EMP and Regional Fund Manager’s Initiative (“RMI”) which employ a programmatic approach to nurture and strengthen the VC ecosystem. The EMP is designed to support the next generation of Malaysian fund managers through crowding in capital and institutionalising fund managers. The first three EMP fund managers in the first cohort are Vynn Capital, Kairous Capital and First Move.
The upcoming EMP cohort introduces several refinements including a rolling Request for Proposals (“RFP”) and a streamlined submission process that enable year-round applications, a lowered minimum fund size for pre-seed and seed strategies, and greater flexibility during the application phase in relation to early fundraising progress.
Khazanah and Jelawang Capital invites eligible Malaysian VC fund managers raising their first, second or third fund to apply for the EMP. For application and eligibility criteria, please visit and submit your applications: https://www.jelawangcapital.com/emerging-fund-managers-programme-emp.
These initiatives under Dana Impak and Jelawang Capital support the broader Ekonomi MADANI framework and form part of Khazanah’s RM1.0 billion commitment to the Government’s GEAR-uP initiative to spur Malaysia’s venture capital ecosystem, nurture high-growth entrepreneurs and crowd-in capital in early-stage fundraising.
PublicationChris Leong of Soft Space: An Unconventional Journey for Malaysia’s Fintech Champion
One Malaysian company has quietly amassed a growing global footprint in the fintech space, riding the global wave of the cashless payments trend and succeeding in markets rarely explored by local startups.
Soft Space, a fintech payments infrastructure company, has scaled steadily since its founding in 2012. The company attracted backing from international financial institutions once its innovations were recognised and adopted with key partners including PayNet, Visa and JCB.
Soft Space’s chief strategy officer Chris Leong frankly acknowledges that the fintech payments infrastructure industry is not easily understood by most Malaysians.
Despite this, the company still formed the backbone for faster adoption of digital payments, enabling Malaysia’s shift into becoming a cashless society.
“It started with a simple thought. Merchants everywhere were already using mobile devices, yet digital payments still depended on expensive hardware terminals.”
The real shift happened when PayNet became the first organisation in the world to deploy software point-of-sale (SoftPOS) with PIN using Soft Space’s technology.
This milestone changed how regulators and partners viewed the potential of software-based acceptance.
Through its Fasstap solution, Soft Space became the first SoftPOS provider in the world to achieve end-to-end certification. This gave it a first mover advantage and sets the company apart from competitors who are only partially certified.
Fasstap transforms any NFC-enabled mobile device into a secure payment terminal. For many small and micro businesses, this removed the need for costly, dedicated payment terminals. Merchants could accept secure contactless payments using devices they already owned, lowering upfront costs, shortening onboarding time, and making participation in the digital economy more accessible.
“It highlighted something important. Malaysia’s payments infrastructure was far more advanced than most people realised. If our home market could pioneer a global first in SoftPOS standards, then a Malaysian company could build a global fintech infrastructure platform.”
Soft Space currently serves over 90 financial institutions and partners across 30 global markets, offering both merchants and consumers a range of solutions, ranging from contactless payments through mobile devices to comprehensive white-label e-wallet services.
Corporate Backing, Then VC
Starting out in a tightly regulated market such as payment services was not easy. Soft Space had an idea, but it needed long term support from backers who understood what it takes to thrive in the fintech-as-a-service (FaaS) space.
The company’s fundraising journey is a unique one, having received early stage backing from corporate institutions. VC is not always the first source of capital for new businesses, particularly in a regulated infrastructure such as fintech payments.
In a later Series B1 round, the company raised US$31.5 million from multiple investors, including VC funding from RHL Ventures via Penjana Kapital, now part of Jelawang Capital.
“In enterprise payments, credibility matters as much as capital. Our early investors recognised that this industry rewards long-term discipline rather than quick wins.”
Soft Space’s backers helped strengthen governance, tighten operational discipline and operate with the rigor expected of a global company.
“It was important that we attracted patient capital. These investors understood that enterprise FaaS compounds gradually. Their alignment allowed us to make the correct architectural decisions without the pressure to chase short-term numbers.”
Leong says these victories were hard fought. He says the company’s most difficult period was during the COVID years, where uncertainties threatened to undo what the team have successfully built over nearly a decade.
“Like many founders, I spent that time quietly thinking through survival scenarios. The uncertainty was heavy and the consequences of misjudgment were significant.”
But at the same time, the world shifted. Due to lockdowns and social distancing measures, contactless payments went from optional to essential almost overnight. This enabled Soft Space to capitalise on a generational opportunity.
“Because of the credibility we had built over the years, we were able to secure major global customers such as PayPal, through Zettle. We also delivered SoftPOS technology for JCB, the major card scheme in Japan, while continuing to support all major international schemes,” he explains.
Following an investment and strategic partnership with Japan’s transcosmos, in 2017, followed by additional funding by Sumitomo Mitsui Card Company, in 2018 and JCB, in 2022, Soft Space made headways in the Japanese market – a rarity for Southeast Asian startups.
In September last year, Soft Space was selected by the Tokyo Stock Exchange (TSE) as one of 20 supported companies in TSE’s annual Asia Startup Hub programme – a glowing regional recognition for a Malaysian startup which also paves the way to tap into further business opportunities in Japan and beyond.
What This Means for the VC and Startup Ecosystems
Soft Space’s journey shows how crucial it is to build a globally competitive product or service from the start. Its backers understood the potential of the business, and the company was positioned at the right time to benefit from a shift in global trends.
The company’s ability to raise capital from private investors was also an early signal of readiness. VC is not always the first source of funding, but becomes most effective when a company is prepared for its next stage of growth.
These are not the results of short-term thinking. They come from years of building, refining, gaining recognition, and winning the support of patient capital. Having investors whose vision were aligned with the company’s founders were essential in Soft Space’s journey.
At Jelawang Capital, we see regionalisation as an expected outcome of growth. Our fund managers encourage their startup investees to think big from the start, to raise funds when they are ready for the next stage of growth, and to find ways to thrive in new or unexplored markets.
