LEAP Market 2.0: What It Means for ECF RMO Platforms
On 18 May 2026, the Securities Commission Malaysia (SC) and Bursa Malaysia proposed changes to the LEAP Market listing rules. The goals are broader investor participation, simpler disclosure and a smoother path from private to public markets. The proposals are still at consultation stage and have not taken effect.
Background: Bursa Malaysia launched LEAP Market in 2017 for MSMEs. It is adviser-driven and disclosure-based, with lighter requirements than the ACE and MAIN Markets, and it works as a stepping stone to ACE.
Key proposed changes
- Retail access. Retail investors would be allowed in, with limits: RM100,000 per subscription in an IPO or secondary raise, and RM250,000 in total at any time (including RM100,000 per broker in the secondary market). Sophisticated investors stay uncapped. A wider pool should improve liquidity, price discovery and promoter exit options, which should attract more listings.
- Simpler disclosure. A new, shorter Listing Document would be an alternative to the Information Memorandum, which should lower listing costs.
- Easier ACE transfer. The mandatory withdrawal of listing and exit offer would be removed, making migration faster.
- Direct route for ECF companies. ECF-funded companies would be able to apply directly to LEAP Market (criteria below).
Why it matters: Together, these changes make LEAP Market cheaper, more liquid and more accessible, which strengthens it as a growth platform for MSMEs.
How ECF platforms can speed up listing
Under the proposal, an ECF company can apply directly if it:
- completed at least 1 successful ECF raise within 7 years before applying
- raised an aggregate of RM5 million via ECF platforms or VC/PE firms
- is suitable for listing (business, governance record, public interest, disclosure adequacy)
- has a Continuing Adviser for at least 1 full financial year after admission
- waits at least 6 months after its latest ECF raise completes before applying
Where the ECF platform speeds things up:
- Listing agent role. Eligible ECF companies can apply without an Approved Adviser. The ECF operator (or a VC/PE firm) liaises with Bursa Malaysia. This removes a costly and time-consuming step.
- Ready-made track record. Completed raises, investor records and eKYC data already sit on the platform, which makes it easier to evidence the RM5 million and suitability criteria.
- Existing disclosure base. ECF campaign documents and ongoing reporting can feed into the simpler Listing Document.
- Pipeline management. The platform can track the 6-month waiting period and the RM5 million threshold, and flag issuers as they become eligible.
Benefits of doing ECF first, then LEAP
| Benefit | Why |
|---|---|
| Proven track record | Meets the eligibility criteria and shows investors and Bursa that the company has been through a regulated raise |
| Lower listing cost | No Approved Adviser needed, and the simpler Listing Document reduces disclosure work |
| Liquidity solved | ECF investments are largely illiquid, while LEAP gives shareholders a trading venue |
| Better visibility | LEAP is a more recognised market than a single ECF platform |
| Clear growth path | ECF → LEAP → ACE, with the ACE transfer also being streamlined |
| Early investors get an exit | ECF shareholders can realise gains after listing |
| Malaysia's ECF ecosystem includes platforms such as Ata Plus, Alixco, pitchIN, Leet Capital, MyStartr, Ethis Ventures and AMB Connect, each licensed by the SC as a Recognised Market Operator. Companies that have raised funds successfully on any of these platforms would be positioned to explore the proposed LEAP Market 2.0 pathway once the criteria above are met. |
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