Can Malaysia Build the Next Apple or Amazon?
As Southeast Asia’s second-largest economy, Malaysia has talent, resources, and ambition. But can it ever produce a company that ranks among the global giants?
From towering Petronas Towers to bustling tech parks in Cyberjaya and the emerging digital corridors of Penang, Malaysia presents the image of a country ready to compete. Its economy is diversified, its workforce is multilingual, and its digital infrastructure ranks among the best in the region. Yet, when it comes to the upper echelons of global corporate power—the likes of Apple, Amazon, Google, and Microsoft—Malaysia is notably absent.
So the question is provocative, but not unworthy: Can Malaysia ever create a global top 10 company? To answer this, we must examine the raw materials of ambition—talent, capital, innovation, government support—and the real-world roadblocks standing in the way.
The Global Top 10: What It Takes
First, consider what defines the world’s largest and most valuable companies. As of 2025, the top 10 global firms by market capitalisation are dominated by U.S. and Chinese tech giants: Apple, Microsoft, Alphabet (Google), Amazon, Nvidia, Meta, and Tencent, alongside energy titan Saudi Aramco. These are trillion-dollar juggernauts with global reach, massive R&D spending, brand dominance, and deep control over their ecosystems.
Their common denominators include:
- Cutting-edge technology and IP ownership
- Global scalability from day one
- Aggressive expansion fuelled by vast venture or public capital
- Strong government or institutional alignment
These are not just companies; they are infrastructures in themselves.
Malaysia’s Starting Line: Talent, Trade and Ambition
Malaysia doesn’t start from zero. It has the foundational assets many developing countries envy. It boasts one of the highest literacy and tertiary education rates in the region, and its digital economy contributes over 22% to GDP as of 2023. The country is also the third-largest semiconductor exporter globally, with Penang often dubbed the “Silicon Valley of the East.”
In 2024, Malaysia attracted over RM329 billion in approved investments, including RM60 billion in electrical and electronics (E&E). Major players like Intel, AMD, and Infineon are expanding local operations, signalling global confidence in Malaysia’s tech capabilities. Kuala Lumpur, Johor, and Penang are fast becoming hubs for startups in fintech, green energy, logistics, and smart manufacturing.
The government is not idle. Initiatives like the Malaysia Digital Economy Blueprint (MyDIGITAL) and the New Industrial Master Plan 2030 (NIMP 2030) aim to foster homegrown champions. Budget 2024 commits RM100 million to scale-ups, and Khazanah Nasional and EPF have launched co-investment vehicles for tech innovation.
Still, despite the promise, no Malaysian company has cracked the global top 100—let alone the top 10.
What’s Missing?
The truth is, Malaysia faces several structural and cultural challenges that stand in the way of building a global behemoth.
1. Risk Appetite and Funding Scale
Malaysian startups often suffer from undercapitalisation. Series A and B rounds typically raise a fraction of what U.S. or Chinese firms secure. While public agencies like Cradle and MAVCAP are helpful, the venture capital ecosystem remains risk-averse. Unicorns are rare—Carsome and Capital A Digital are among the few to approach billion-dollar status, and even they haven’t scaled internationally at the pace of their peers in Indonesia or Singapore.
2. Regulatory Bottlenecks
Despite digital-friendly blueprints, bureaucratic red tape can slow company formation, fundraising, and foreign market entry. Tech regulation in areas like data, AI, and fintech remains patchy or ambiguous, discouraging aggressive innovation.
3. Market Size and Language
Malaysia’s domestic market is small—33 million people compared to Indonesia’s 270 million or China’s 1.4 billion. To go global, firms must scale fast outside their borders. That requires not only capital, but branding, cross-border legal fluency, and market access—areas where many Malaysian founders lack experience.
4. Brain Drain
While Malaysia produces world-class engineers, designers, and developers, many leave for better opportunities in Singapore, the U.S., or Australia. According to the World Bank, nearly one million Malaysians live abroad, many of them highly skilled.
The Opportunities: Where Malaysia Could Win
Despite the challenges, there are reasons for optimism. Malaysia doesn't need to build another Apple or Google to succeed. It just needs to own the right vertical at the right time—and scale globally.
1. Semiconductors and Advanced Manufacturing
Malaysia already plays a vital role in the global semiconductor supply chain. With growing tensions between the U.S. and China, Malaysia is seen as a neutral, high-trust destination. Companies like Inari Amertron and Vitrox are well-positioned to climb the global value chain, especially with government incentives targeting front-end chip design and fabless innovation.
2. Green Tech and Energy Transition
With ESG mandates rising and Malaysia’s NETR (National Energy Transition Roadmap) setting ambitious decarbonisation goals, the country could lead in solar, hydrogen, and battery tech. Yinson Holdings and Solarvest are quietly becoming regional leaders in clean energy.
3. Islamic Finance and Halal Economy
Malaysia is already a global leader in Islamic banking and halal certification. As the global Muslim population grows—set to reach 2.2 billion by 2030—the demand for Shariah-compliant digital products, fintech, food tech and fashion opens vast international markets. A Malaysian platform that integrates halal finance, commerce and logistics could scale globally.
4. AI and SaaS in Bahasa and Multilingual Markets
Most global AI tools are built in English or Mandarin. A Malaysia-based AI platform built for Southeast Asia’s 600 million people—across Bahasa, Thai, Tagalog, and Vietnamese—could own the regional market. Companies like Fusionex, despite internal turbulence, hint at this potential.
Learning from Singapore and Indonesia
Malaysia can draw useful contrasts from neighbours who have produced unicorns with global traction.
Singapore’s Grab and Indonesia’s GoTo succeeded by marrying scale with capital access and regulatory alignment. Singapore’s Temasek and GIC acted as early backers. Indonesia offered sheer scale.
Malaysia’s advantage lies in being a middle ground—politically stable, cost-effective, and multi-ethnic. But to succeed, it needs a private-public coalition to bet big on a few clear verticals—and back them to global scale.
What Would It Take?
To create a top 10 global company, Malaysia would need:
- A clear industry focus (semiconductors, green energy, Islamic digital platforms)
- Deep and patient capital from both public and private institutions
- Regulatory reform to reduce red tape and ease foreign expansion
- Talent repatriation schemes to bring back global Malaysians
- A moonshot mindset that tolerates failure in pursuit of scale
The good news? These are not impossibilities. They are choices. And Malaysia is already making some of the right moves.
Final Word: A Matter of Intent
Can Malaysia build a global top 10 company? Yes—but not by accident. It will require deliberate choices, bold leadership, and a national mindset shift from playing safe to thinking globally.
The next Apple or Amazon may not look like a hardware firm or an e-commerce giant. It might be a chip design powerhouse from Penang, a green energy platform from Johor, or a multilingual AI company based in KL.
The question is not whether it’s possible. The question is—who’s willing to bet big enough to make it happen?
Kevin Wu is the editor and focuses on curating stories and articles relevant for the modern-day business owner and corporate leaders in the South-east Asia region. More about Kevin Wu.
