- Three (3) Malaysian start-ups among 12 in EY Foundry Cohort 4
- Start-ups to receive US$120k worth of Microsoft Azure credits for technology stack development
- EY teams to share industry insights and experience to help the start-ups accelerate business growth
EY today announced 12 winning start-ups that have been selected to be part of EY Foundry Cohort 4. EY Foundry is a dedicated incubation program for early stage start-ups in the accounting, tax, fintech, legal tech, regulation tech and HR tech space.
Unlike previous years, the program for EY Foundry Cohort 4 will be run virtually. This year also marks its first expanded geographic coverage across Asean and Oceania, to include New Zealand, Indonesia, Philippines, Malaysia and Sri Lanka. Previous editions of the program were carried out in Australia and Singapore.
Over 270 applications were received for this year’s program and Cohort 4 is set to be the largest cohort size that the EY Foundry program has incubated. The 12 winning start-ups of EY Foundry Cohort 4 are as follows:
Amarjeet Singh, EY Asean Tax Leader and Tax Managing Partner, Ernst & Young Tax Consultants Sdn Bhd shares:
“The eight winning participants from Asean offer an impressive range of business services that includes making accounting and payments smarter, automating business processes, improving credit accessibility, as well as helping leaders gain insights into their business and people data. These start-ups demonstrate how the application of technological innovation can be used by businesses to accelerate their own digital transformation – a key business priority in the post-pandemic new normal.
“We are greatly encouraged by the Asean start-up ecosystem’s support and interest in the EY Foundry program. Thank you to all start-ups, incubators, accelerators, investor networks, various government bodies and other players in the start-up ecosystem who have helped to provide referrals and promote the program.”
Programme Director of EY Foundry in Malaysia and Malaysia Tax Markets Leader, Ernst & Young Tax Consultants Sdn Bhd, Farah Rosley adds:
“We’re delighted that three of the 12 winning start-ups are from Malaysia. It’s a positive reflection of the innovative, skilled and entrepreneurial talents as well as the healthy start-up ecosystem and dynamic digital environment that we have in the country. There were 33 applicants in total from Malaysia and we wish to record our appreciation to MDEC and Cradle for their support in identifying and encouraging Malaysian start-ups to participate in the inaugural edition of the EY Foundry program in Malaysia. With the recent launch of the MyDigital Blueprint, we look forward to welcoming more winning start-ups from Malaysia in the program. We’re very excited to begin the journey with the selected participants and we look forward to working together to solve some of the pressing issues and challenges that EY clients are facing.”
Cohort 4 begins in early March 2021 for a period of six months. Participants will receive US$120k worth of Microsoft Azure credits, part of the ongoing support from Microsoft for Start-ups, a long-standing supporter of EY Foundry. These credits will go towards helping the start-ups develop their technology stack. The start-ups will also benefit from a wealth of EY industry insights and experience to accelerate business growth, including testing and validating their technology ideas and refining their implementation strategy for cross-border growth.
EY Foundry takes no equity in the participating start-ups, allowing the founders to maintain full ownership and control of their businesses.
Over the past two years, the EY Foundry program has incubated three cohorts (a total of 12 start-ups), facilitated over 450 meetings and product demonstrations to the EY organization and enterprise teams, and helped facilitate technology pilots within the global EY network.
For more information, visit www.ey.com/eyfoundry
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This news release has been issued by Ernst & Young Advisory Services Sdn Bhd.