These 6 recently listed companies are shaping the future of Malaysia’s digital economy

[Written in partnership with Malaysia Digital Economy Corporation (MDEC), but the editorial team had full control over the content.]

When Malaysia talks about becoming a high-income, innovation-driven economy, it’s not a distant future. It’s already taking shape in our capital markets.

Over the years, Bursa Malaysia has been a launch pad for local small-and-medium enterprises (SMEs) looking to raise capital, fund future growth, facilitate acquisitions or provide liquidity for early investors, founders, and employees. 

While IPOs are used to raise funds, they also mark a very important business milestone—scaling up from a private enterprise to building a sustainable, transparent, and growth-focused company.

In 2025 alone, many firms took that leap and made their debut on Bursa Malaysia, each bringing something different to the table. 

Among them are six local businesses that show how Malaysian SMEs are evolving to drive the nation’s digital economy forward.

Mobility

1. HI Mobility

Image Credit: HI Mobility

Few companies understand Malaysia’s transportation challenges quite like HI Mobility. A subsidiary of Handal Indah Sdn Bhd, HI Mobility is the company behind the iconic yellow Causeway Link “smiley face” buses seen crossing between Johor Bahru and Singapore daily.

Fun fact: It’s the sole Malaysian operator providing cross-border bus services between the two nations since 2002.

Today, the company operates a fleet of over 740 buses, including 63 electric vehicles (EVs) backed by a growing network of digital platforms and smart infrastructure. Its LUGO app offers real-time bus tracking, while ManjaLink and ManjaPay provides seamless, secure cashless experiences. 

Image Credit: HI Mobility

HI Mobility debuted on the Main Market in March and raised RM115.9 million from its IPO. The funds are being used to power its next growth phase. This includes expanding its electric bus fleet, charging infrastructure, and scaling its smart mobility platforms.

Sharing with us, its CEO Lim Chern Chuen said “We see significant potential in leveraging AI for fleet automation, predictive analytics, and autonomous buses to create a safer, smoother, more efficient, and sustainable commuting experience.”

By combining sustainability with smart technology, HI Mobility is not just adapting to the future of mobility but helping define it.

2. TechStore

Image Credit: TechStore

Ever wondered who keeps Malaysia’s major public transport systems running smoothly? Well, TechStore is one of them.

Founded in 2011, the company specialises in enterprise IT solutions and offers services such as integrated systems, payment and security functions, and infrastructure and facility management.

It debuted on the ACE Market back in February and raised RM25 million from its IPO. The funds are going towards expanding infrastructure and location, as well as recruiting tech talents.

Managing Director Eugene Tan shared with us, “We knew the timing was right when our growth trajectory and market positioning reached a new level of maturity.”

Image Credit: TechStore

“The most important thing is to have clarity of purpose. Equally important is building strong internal processes, disciplined financial management, and a sustainable business model. These foundations not only prepare you for listing but also sustain your journey as a public company.”
– Eugene Tan, Managing Director of TechStore

Over the past decade, the firm has built a strong reputation through its involvement in large-scale national transportation projects, including the MRT and LRT lines and cross-border RTS Link.

With its expertise in integrating complex IT components into cohesive solutions, TechStore aims to be a regional leader in smart infrastructure and digital transformation. 

Technology & Digital Services

3. ICT Zone Asia

Image Credit: ICT Zone Asia

Established in 2000, ICT Zone Asia started off as an information and communication technology (ICT) equipment retailer. Today, it’s grown to be a leading firm that supports Malaysia’s growing digital ecosystem.

In a nutshell, the company provides IT lifecycle management solutions, helping businesses acquire, deploy, manage, and eventually recycle their tech hardware responsibly.

Following its transfer from the LEAP Market to the ACE Market on Bursa Malaysia, ICT Zone Asia raised RM26.6 million from its IPO. Most of the funds are going towards expanding its ICT asset base and strengthening its sales operations.

Image Credit: ICT Zone Asia

This move marks investor confidence in its sustainable business model built on recurring revenue streams. For example, its “Asset Lifecycle” strategy (leasing, refurbishing, and reselling devices) promotes a more circular digital economy.

By extending the lifespan of tech, the company also lowers e-waste while giving other business and government sectors cost-effective access to digital tools.

With its upgraded listing, ICT Zone Asia aims to accelerate Malaysia’s digital transformation by scaling cloud and device-as-a-service solutions to help more local firms modernise their operations.

ICT Zone is also exploring to be part of the national strategic initiative, Malaysia Digital (MD) status, as it sees the benefits of working closely with MDEC including SME digitisation, AI, and digital transformation.

4. PEOPLElogy

Image Credit: PEOPLElogy

Unlike the others on this list, MD Status company PEOPLElogy is in the field of human resources. Together with MDEC, it’s helping Malaysia to become a digital-first nation through upskilling one employee at a time. 

The first publicly listed people development firm in Malaysia, PEOPLElogy was founded in 2001 by Allen Lee. Once an education counselor, he used to guide school leavers towards suitable academic paths.. 

Believing that people are the hearts of organisations, he started PEOPLElogy to provide training programmes for individuals and corporations. It’s here that his team developed its 6D Framework to help talents adapt to digital transformation like automation and AI.

Image Credit: PEOPLElogy

As of May, PEOPLElogy made its debut on the ACE Market and raised RM26.25 million from its IPO. The funds are earmarked for business expansion, platform development, and working capital.

“Working with MDEC, PEOPLElogy accelerates its mission to impact 10 million lives, empowering Malaysians to thrive in a digital-first economy. We believe transformation begins with people, and through our 6D Framework and Build A Future Team initiatives, we’re shaping a future-ready workforce for the nation,” shared Allen Lee, Founder of PEOPLElogy.

Manufacturing & Automation

5. Oxford Innotech 

Image Credit: Oxford Innotech

Since 2014, Oxford Innotech has quietly built a name for itself as a trusted engineering solutions partner.

The company provides integrated engineering services across key sectors like semiconductors, electronics, and precision manufacturing—industries that have become increasingly vital as Malaysia shifts towards high-value tech production.

Earlier in July, the engineering firm debuted on the ACE Market and investors took quick notice. According to Bernama, Oxford Innotech’s IPO raised RM41.6 million to expand its presence in the modular building systems, electrical and electronics, and semiconductor sectors.

Image Credit: Oxford Innotech

“Demand in areas like autonomous driving, data centres, and AI continues to drive long-term growth in this sector. We’re optimistic about our role in addressing and supporting this demand,” said Ng Thean Gin, Managing Director of Oxford Innotech.

By embedding smarter, data-driven systems in its engineering processes, Oxford Innotech is helping accelerate Malaysia further along its IR 4.0 journey while strengthening the foundation of the nation’s digital economy.

6. ASM Automation

Image Credit: ASM Automation

Automation isn’t a luxury in manufacturing anymore, it’s a necessity. And ASM Automation is one local player helping Malaysia’s factories shift towards smarter, more efficient operations.

Established in 2010, the Perak-based firm specialises in custom automation systems for various industries like F&B and automotive. 

From conveyor lines to robotic assembly systems, ASM Automation’s innovations take repetitive, manual processes and turn them into intelligent, data-driven operations.

Image Credit: ASM Automation

Back in July, the company made its ACE Market debut and raised RM21.82 million from its IPO. The funds are being channelled towards land acquisition for a new factory, purchasing new machinery and equipment, and daily operations.

As industries pivot toward IR 4.0, ASM Automation is positioning local manufacturers to stay ahead of the curve and competitive in the global supply chain.

From local ambition to global acceleration

These IPOs aren’t just about raising capital, rather they’re about raising the bar for what Malaysian businesses can achieve. 

Together, they signal a shift from local ambition to global scale that’s powered by innovation and an ecosystem that enables growth at every stage. It’s the same ecosystem that MDEC has been strengthening through its efforts to drive digital adoption, support high-value industries, and position Malaysia as a hub for regional innovation.

From precision engineering to smart mobility and digital talent, these six companies are a testament that Malaysia’s next era of growth is already underway.  

• Learn more about MDEC here.
• Read other articles we’ve written about businesses in Malaysia here.

Featured Image Credit: PEOPLElogy / Oxford Innotech / TechStore / ICT Zone Asia / ASM Automation / HI Mobility