Capital Market Development Fund

What Capital Market Development Fund does

Capital Market Development Fund (CMDF) is a Malaysian statutory trust fund established in 2004 under Part IX, Section 332 of the Capital Markets & Services Act 2007, following approval by the Minister of Finance in 2002 as part of the demutualisation of the Kuala Lumpur Stock Exchange. The fund was seeded with a 30% allocation of exchange shares, in recognition of contributions by non-broker community stakeholders to the growth of the exchange, and is governed by a Board of Trustees chaired by the Chairman of Securities Commission Malaysia. CMDF's mandate is narrowly defined as a grant-making vehicle that funds projects which demonstrate measurable value in addressing or closing gaps within the Malaysian capital market, prioritising initiatives aligned with the national agenda and falling within four statutory objectives: promoting efficiency, innovation and international competitiveness; developing skills and expertise; supporting high-quality R&D; and developing self-regulation of professional associations and market bodies.

CMDF does not sell products or services, maintain a proprietary technology platform, or pursue commercial revenue. Its sole product is the CMDF Project Funding Program, which accepts written applications from institutions related to the Malaysian capital market (both local and foreign with a local office), evaluates them against statutory objectives and funding philosophy, and disburses grants for approved initiatives. The Secretariat is co-located at Securities Commission Malaysia premises in Bukit Kiara, Kuala Lumpur, and operates with a small team. Beyond its grant-making core, CMDF has begun engaging in externally-visible research collaborations, notably a 2026 partnership with Deloitte Thailand on a brokerage-sector study presented in Bangkok.

The business model is fundamentally that of a public-purpose trust fund rather than a commercial enterprise: there is no pricing model, no GTM motion, no revenue line, and no marketing or distribution channels. Revenue, ARR, funding rounds, M&A activity and headcount growth metrics are not publicly disclosed. Capital deployment is governed by Board approval following Secretariat review, with KPIs, milestones, and measurable impact requirements imposed on funded projects. The fund's strategic direction is closely aligned with the Capital Market Masterplan led by Securities Commission Malaysia, including Masterplan 4 covering 2026-2030.

Name

Capital Market Development Fund

Legal name

Capital Market Development Fund

Website

https://cmdf.org.my

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Capital Market Development Fund (CMDF) is a Malaysian statutory trust fund that provides grants to institutions for projects developing the Malaysian capital market, established under the Capital Markets & Services Act 2007 with a 30% allocation from the demutualisation of the Kuala Lumpur Stock Exchange.

Ownership category

akta.pro rank

Product category

Capital Market Development Funding

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Investors, Nec (6799), Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Trust Funds & Multi-Donor Pooled Funds (BPADAOAE)

akta.pro secondary industries

Grantmaking & Philanthropic Funds (Institutional Donors) (BPADAOAB), Development Finance, Guarantees & Blended Finance Programs (BPADABAM)

Keywords

• Capital market development
• Statutory trust fund
• Grant funding programs
• Market research grants
• Securities market grants

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Core offering

The Capital Market Development Fund is a statutory trust fund that provides funding grants and support for projects and initiatives aimed at developing Malaysia's capital market. Eligible applicants are capital market institutions (local or foreign with a local office), and projects must align with one of four statutory objectives — promoting market efficiency, innovation and international competitiveness; developing skills and expertise; supporting high quality R&D; and developing self-regulation of professional associations and market bodies.

Differentiator

Problem solved

Functional benefit

Products and services

• CMDF Project Funding Program A grant funding program run by CMDF that supports projects and initiatives demonstrating measurable value in developing Malaysia's capital market. Eligible applicants are institutions related and relevant to the capital market, whether local or foreign (foreign-based institutions must have a local office). Projects must align with one of four statutory objectives: promoting efficiency, innovation and international competitiveness; developing skills and expertise; developing high quality R&D programmes; and developing self-regulation of professional associations and market bodies. Applications are made in writing, include KPIs and milestones, are reviewed by the Secretariat, and final decisions rest with the CMDF Board.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• Deloitte ThailandminorStrategic or Co-development Partner · 10 March 2026Deloitte Thailand and CMDF are jointly releasing a research report titled 'The Study on the Brokerage Business in Thailand'. The report analyzes the efficiency, competitiveness, and ecosystem development of Thailand's brokerage sector and includes a panel discussion featuring leaders from Thai securities firms. The exclusive event is scheduled for March 10, 2026 at The Okura Prestige Bangkok.
• Securities Commission MalaysiacoreOthersCMDF was established pursuant to the Capital Markets & Services Act which is under the SC's purview. The Chairman of Securities Commission Malaysia chairs the CMDF Board. The Deputy Chief Executive of SC sits as ex-officio on the Board.

Scale indicators2 records

Recent moves4 records

Expansion highlights3 records

Market position

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capital Market Development Fund