Uber Technologies Inc. just confirmed that it received an investment from Kumpulan Wang Persaraan (KWAP), Malaysia’s pension fund. This will be KWAP’s first direct investment in a foreign company.
KWAP was established on 1st March 2007 under the Retirement Fund Act 2007 replacing the repealed Pensions Trust Fund Act 1991.
The objective of KWAP is to manage the fund towards achieving optimum returns on its investments. The fund is supposed to be applied towards assisting the Federal Government in financing its pension liability.
Travis Kalanick, Uber’s CEO and Co-founder said, “We are delighted that KWAP of Malaysia, one of the biggest pension funds in Southeast Asia, is investing in Uber. Malaysia has demonstrated its forward-looking position in embracing new technology to help solve transportation challenges and create more economic opportunities.”
On the Malaysian front, Dato’ Wan Kamaruzaman Bin Wan Ahmad, Chief Executive Officer of KWAP, said, “We are excited to make Uber our first direct investment in a foreign company. This is part of our efforts to become a diversified global investor. Uber is an exciting company that is changing the way the world moves, and we believe ridesharing has huge potential to transform the future of mobility.”
Uber launched in Malaysia in January 2014 and currently operates in Kuala Lumpur, Johor Bahru, Penang, Ipoh, Kota Kinabalu and most recently, Kuching.
Feature Image Credit: mg.co.za