Firms to soon have ‘stock exchange’ for SPOs
KUALA LUMPUR: The nation will soon have the first “stock exchange” for companies to invest in social-purpose organisations (SPOs), says Prime Minister Datuk Seri Najib Tun Razak.
The setting up of the Social Impact Exchange (SIX), the first of its kind, was among several initiatives announced by Najib to aid social entrepreneurs and start-ups while keeping abreast with innovation.
“SIX will be Malaysia’s first payfor-impact exchange, designed to parallel a traditional stock exchange.
“It will be the focal point for funding social purpose organisations, or SPOs, and their intervention projects,” he said at the launch of the Global Entrepreneurship Community Summit 2017 here yesterday.
Some 15,000 participants from 89 countries are taking part in the twoday summit to explore and promote innovative ideas.
The SIX will allow non-governmental organisations and social enterprises to be listed on the exchange, where companies can provide financing to NGOs and start-ups as part of their corporate social responsibility initiative.
Najib said the exchange will be implemented by Agensi Inovasi Malaysia and MaGIC (Malaysia Global Innovation & Creativity Centre).
He said novel ideas were needed in light of recent innovations which have disrupted traditional thinking and shifted products and services to a more competitive level.
“We must be prepared for the advent of the ‘Fourth Industrial Revolution’, which will bring a range of new disruptive technologies, impacting all disciplines, econ- omies and industries.
“We cannot afford to stand on the sidelines but must get into the game,” he added.
Najib also announced that Malaysia will be home to the United Nations Technology Innovation Lab and the region’s first entrepreneurship Internet radio station.
He said the Futurise Centre, which was announced under Budget 2018, will also serve as a test bed for the development of policies, innovative ideas and business models.