The New Industrial Master Plan 2030 Strategic Co-Investment Fund, NIMP CoSIF, is a government fund set up by the Ministry of Investment, Trade and Industry (MITI) and the Securities Commission Malaysia (SC). It puts government money into equity crowdfunding (ECF) and peer-to-peer financing (P2P) campaigns run by small and medium enterprises (SMEs) and mid-tier companies (MTCs), alongside private investors, at a ratio set by sector.
What the fund is for, and why a company would use it
The SC’s scheme page gives the fund three objectives: to “support strategic and high-impact missions to advance the Malaysian manufacturing sector, as outlined in the NIMP 2030”; to “reduce the risk profile for investors and increase attractiveness of projects to fundraise in the capital market”; and to “spur the growth of SMEs and MTCs by facilitating access to capital market financing”.
For a manufacturer, the practical effect is more money from the same campaign. The fund comes in once a campaign meets its funding target and the criteria. At the 1:1 ratio the page currently shows for Priority Sectors, a campaign that raises RM5 million from private investors on the platform attracts a further RM5 million from NIMP CoSIF, up to RM20 million per campaign. For P2P financing, the page also lists a concessionary rate of 2.5%. Under the second objective, the government money is meant to make the campaign more attractive to private investors.
It is not free money. On an ECF platform the company issues shares to the fund as well as to private investors, and on a P2P platform it takes on debt. The fund also sets conditions of its own, covered below.
The SC’s scheme page reports that from September 2025 to June 2026, 32 SMEs and MTCs received co-investment, with RM60.08 million put in by NIMP CoSIF and RM87.63 million from private investors alongside it. On 14 October 2026 the SC Chairman said the fund “has facilitated over RM243 million in public-private fundraising since its launch last year”.
Start with the document gate rather than the ratio, because a company that fails it gets no co-investment however well its campaign does. The terms and conditions require the issuer to hand the platform a copy of either a Manufacturing Licence or a Manufacturing Licence Exemption Letter. If you have neither on file, that is your first job, and it runs through the Malaysian Investment Development Authority (MIDA), not through the platform.
The six eligibility conditions
The scheme’s Terms and Conditions, first issued on 27 March 2025 and administered by Capital Markets Malaysia (CMM), an SC affiliate, open NIMP CoSIF only to ECF and P2P issuers that meet all six of these conditions in paragraph 2(A):
- The issuer is a “permitted issuer” under the Guidelines on Recognized Markets. Microfunds are excluded for ECF campaigns.
- The issuer meets the requirements of the platform it raises on.
- The issuer is a small or medium enterprise as defined by SME Corporation Malaysia, or a mid-tier company as defined by the Malaysia External Trade Development Corporation (MATRADE).
- The issuer falls within one of the 21 NIMP 2030 sectors or four new growth areas.
- The issuer has given the platform a copy of a Manufacturing Licence or a Manufacturing Licence Exemption Letter.
- The campaign is intended to meet one of the NIMP 2030 missions, or relates to one of its Mission-Based Projects.
Conditions 1 and 2 are the platform’s to apply. Conditions 3 to 6 are where a manufacturer can prepare in advance.
Condition 5: the licence or the exemption letter
The Industrial Co-ordination Act 1975 (ICA) requires a manufacturing company with shareholders’ funds of RM2.5 million and above, or with 75 or more full-time paid employees, to apply for a Manufacturing Licence. Applications go to MIDA, and approval is by MITI. MIDA’s guideline on the licence states that applications are made online at investmalaysia.mida.gov.my.
A company below both thresholds can apply to MIDA for an exemption from the licence. MIDA’s guideline says the application is made “by submitting ICA10 online application to MIDA”, and the CoSIF eligibility criteria ask for a “Copy of ML Exemption Letter under ICA 10”. MIDA’s approvals page adds that a company exempted through the Exemption Letter can apply for import duty exemptions on machinery, equipment and raw materials, sales tax exemptions, and investment incentives, subject to their own criteria.
Two definitions decide which side of the line you are on. Both come from the ICA as MIDA sets them out:
- Shareholders’ funds are the aggregate of paid-up capital, reserves and the balance of the profit and loss appropriation account. Bonus shares issued out of a capital reserve created by revaluing fixed assets do not count towards paid-up capital, and revaluation reserves and provisions for depreciation do not count as reserves. MIDA’s guideline also lists the balance of the share premium account.
- Full-time paid employees are all persons normally working in the establishment for at least six hours a day and at least 20 days a month for 12 months during the year and who receive a salary. MIDA’s guideline adds that this includes directors of incorporated enterprises, except those paid solely for attending board meetings.
The exact boundary is worded differently in different documents. Every document agrees that RM2.5 million and above, or 75 or more employees, means a licence. The exemption side is not worded consistently. The CoSIF terms say “less than RM2.5 million and employs fewer than 75”. The CoSIF criteria say “not exceeding RM2.5 million and employing less than 75”. MIDA’s approvals page says “not exceeding RM2.5 million and employing not more than 75”. If your company sits exactly at RM2.5 million of shareholders’ funds or exactly 75 employees, confirm with MIDA which document you fall under before you apply.
If your activity is exempt from the licence by the Act itself. MIDA’s guideline lists three activities the ICA exempts from needing a Manufacturing Licence: milling paddy into rice, milling oil palm fresh fruits into crude palm oil, and producing and processing raw natural rubber. The CoSIF terms still ask for a copy of a licence or an exemption letter. If this is your business, ask the platform at the outset what it will accept.
Condition 3: SME or mid-tier company
SME. SME Corp’s Guideline for SME Definition (updated March 2026) treats a manufacturing business as an SME if its sales turnover does not exceed RM50 million or its full-time employees do not exceed 200. That is only the first of three conditions. The business must also be locally incorporated under the Companies Act 2016 or registered under one of the other listed statutes, and its shareholding must pass the guideline’s tests. Subsidiaries of large firms, multinational corporations, government-linked companies, Syarikat Menteri Kewangan Diperbadankan and state-owned enterprises are not SMEs, nor are companies listed on a main board and their subsidiaries.
Foreign ownership on its own does not disqualify a company. SME Corp’s guidance says foreign ownership “does not indicate the size” of a business, but adds that “Foreign equity usually is taken into account for Government funded programmes.” If you are foreign-owned, raise it with the platform before you prepare a campaign.
MTC. Capital Markets Malaysia’s Mid-Tier Programme page states MATRADE’s definition: manufacturing companies “with annual revenues of between RM50 million and RM500 million”.
Condition 4 and condition 6: sector and project
The eligible sectors are set out in three groups. Priority Sectors: aerospace, chemical, electrical and electronics, pharmaceutical, and medical devices. Other Sectors: digital and ICT, automotive, food processing, global services and professional services, halal, machinery and equipment, manufacturing related services, metal, mineral, palm oil-based products, petroleum products and petrochemicals, rail, rubber-based products, shipbuilding and ship repair, textile, apparel and footwear, and wood, paper and furniture. New Growth Areas: advanced materials, electric vehicles, renewable energy, and carbon capture, utilisation and storage.
The campaign itself must serve one of the four NIMP 2030 missions (advance economic complexity; tech up for a digitally vibrant nation; push for net zero; safeguard economic security and inclusivity) or relate to one of nine Mission-Based Projects, which include “Transform 3,000 smart factories”, “Launch locally-manufactured EV” and “Deploy large-scale CCUS solutions”. Write the campaign’s use of funds so that the link is plain.
The ratio: read the live page, and confirm it
The SC’s scheme page currently shows these terms:
| Group | Ratio | Maximum per campaign |
|---|---|---|
| Priority Sectors | 1:1 | RM20 million |
| Other Sectors | 1:2, but 1:1 for eligible campaigns from 8 July 2026 to 31 December 2027 | RM10 million |
| New Growth Sectors | 1:1 | RM20 million |
| Semiconductor Scheme | 2:1 | RM20 million |
| Smart Manufacturing Scheme | 2:1 | RM20 million |
The page also lists a JS-SEZ scheme for companies in the Johor Singapore Special Economic Zone and a MyABE scheme for companies holding Malaysian-ASEAN Business Entity status, both at 1:1. Each line carries a concessionary rate of 2.5% for P2P financing.
These figures differ from the two documents linked on the same page. The Terms and Conditions (effective 27 March 2025) set 1:2 with a RM10 million cap for Priority Sectors and New Growth Areas, and 1:4 with a RM5 million cap for Other Sectors, and define 1:2 as NIMP CoSIF investing “RM1 for every RM2 successfully raised from private investors”. The eligibility criteria document shows the current group ratios but a 0.5% concessionary P2P rate. The page’s own worked example still says that for electrical and electronics the fund “will invest RM1 for every RM2”, which matches the old terms rather than the page’s table.
The terms say that later instructions or communications from CMM prevail over them, that amendments are notified by being displayed on the scheme webpage, and that participants must refer to the webpage for the latest terms. On that basis the webpage is likely to be the current position, but that is our reading, not something the SC has stated. The page does not explain how a 2:1 ratio is to be read. Before you build a funding plan around a ratio, ask the platform to confirm in writing the ratio, cap and rate that will apply to your campaign.
On P2P pricing, the eligibility criteria state that the interest rate on the government portion is set by the CoSIF Committee and the rate on the private portion by the platform operator, based on its evaluation of the campaign.
Other limits to check before you launch
- 10% cap. NIMP CoSIF’s total investment in one issuer, together with its related corporations under section 7 of the Companies Act 2016, is limited to 10% of the fund’s total funds.
- No MyCIF overlap. The fund will not invest in an ECF campaign that has applied for or received money from the Malaysia Co-Investment Fund (MyCIF).
- Discretion. CMM may refuse investment in any campaign without giving a reason.
- ECF campaigns. The secretariat may reject co-investment even where the criteria are met if more than one third of the private money comes from founders, persons associated with the founders, or persons associated with the issuer; if share redemption terms set no tenure and leave redemption at the issuer’s absolute discretion; or if the fund is not given an express option to sell its shares for cash at the earliest feasible exit, such as an IPO, merger or share sale. The option must appear on the campaign page and in the shareholder documents. Where an ECF campaign exceeds 50% of its initial target, the fund may reduce its co-investment percentage.
How to apply
The SC’s page directs companies to apply for financing through one of the participating platforms. The page lists six ECF platforms (Alta, Ata Plus, Crowdo, Leet Capital, MyStartr and pitchIN) and five P2P platforms (B2B Finpal, CapBay, Fundaztic, Funding Societies and Nusa Kapital).
On 14 October 2026 the SC also said that “a new strategic co-investment fund is planned for next year, in collaboration with the Ministry of Economy”.
What to do now
If you are a manufacturer considering an ECF or P2P raise: check whether you hold a Manufacturing Licence or an ML Exemption Letter. If you hold neither, work out your shareholders’ funds and full-time headcount on the ICA definitions and apply to MIDA first.
If you are near RM2.5 million of shareholders’ funds or 75 employees: confirm with MIDA which side of the line you fall on before you choose between a licence application and an exemption application.
If you are a subsidiary of a larger group or foreign-owned: test your SME status against SME Corp’s shareholding rules, or your MTC status against MATRADE’s revenue band, before you approach a platform.
If you are planning the campaign: tie the use of funds to a NIMP 2030 mission or Mission-Based Project, keep founder and associated-person money at or below one third of the private total for ECF, and get the platform’s written confirmation of the ratio, cap and rate.
If you would like help preparing an ICA10 exemption application, a Manufacturing Licence application, or the eligibility file a platform will ask for, we can work through it with you.
Sources: Securities Commission Malaysia, NIMP CoSIF scheme page; Terms and Conditions Relating to the NIMP CoSIF Scheme, first issued 27 March 2025; NIMP CoSIF Co-Investment Criteria; SC media release, “SC Showcases Capital Market Financing Options to Sabah MSMEs and MTCs”, 14 October 2026; MIDA, Approval and Licensing page and Guideline on Application for Manufacturing Licence; SME Corp. Malaysia, Guideline for SME Definition (updated March 2026); Capital Markets Malaysia, Mid-Tier Programme page. All retrieved 20 October 2026. This article is general information current as at 20 October 2026 and is not legal or professional advice. The scheme’s ratios have changed since launch and its terms may be amended by notice on the SC webpage, so confirm the live position with your platform before acting.