Galaxy Racer To Invest RM42 Million (US$10 Million) Into Malaysia’s Esports Ecosystem
Galaxy Racer (GXR), founded in 2019 by Paul Roy, is the largest esports, gaming and lifestyle organization in the world, headquartered in Dubai, with over 100 content creators across Southeast Asia, the Middle East North Africa, South Asia and Europe, with over 500 million followers and over 2.5 billion monthly views, signed a Memorandum of Understanding (MoU) at the Expo 2020 Dubai, witnessed by Tan Sri Annuar Musa, the Minister of Communications and Multimedia Malaysia (KKMM) and Mahadhir Aziz, the CEO of Malaysia Digital Economy Corporation (MDEC).
Galaxy Racer is one of the participating companies in the Malaysia Digital Economy Week, which was launched on January 12th 2021, at the Expo 2020 Dubai by Malaysia’s Communications and Multimedia Minister, Tan Sri Annuar Musa.
Galaxy Racer has announced a projected investment of RM42 million (US$10 million) in Malaysia within the next five years and plans to organise more esports events and tournaments to facilitate and boost the country’s esports ecosystem.
Galaxy Racer aims to boost the involvement of females in esports, adding that it had organised the ‘Girl Gamer Festival World Finals’ in Dubai, which was the first and only esports festival to celebrate women’s competitiveness in video games, and ‘Her Galaxy’, the first women’s esports tournament in Pakistan.
Galaxy Racer will be launching its Asia Pacific headquarters (APAC HQ) in Malaysia in 2022 and is looking to position Malaysia as its digital hub in the region. The APAC HQ will focus on six business verticals – content, esports teams, content creators, esports and gaming events, merchandising, a music label and an upcoming world-class visual effects (VFX) animation studio, positioning Galaxy Racer as a global content powerhouse and market leader in the digital content industry.
Galaxy Racer plans to be a catalyst by providing highly-skilled jobs and the opportunity for Malaysians to work in an international esports, gaming and lifestyle organization, which will contribute incremental revenue to the country via its intellectual properties in the digital content industry.
CEO of Malaysia Digital Economy Corporation (MDEC), Mahadhir Aziz, said: “As part of our mission to drive the digital economy with high-impact initiatives, MDEC is committed in growing the esports industry in Malaysia and together with industry leaders such as Galaxy Racer, I am sure we will be able to elevate the industry to greater heights. Their investment into Malaysia will contribute greatly into the esports industry.”
Founder and Group CEO of Galaxy Racer, Paul Roy, said: “Galaxy Racer believes in MDEC’s vision for Malaysia to become a high-value-added economy and a net exporter of home-grown technologies and digital solutions. We are excited to establish our APAC headquarters in Malaysia and we appreciate the support by MDEC and KKMM in facilitating foreign direct investments into Malaysia, with the
MSC status application, ease of doing business and gaming-related industry grants. We look forward to creating a positive impact in the esports and digital economy and elevating the quality of the talent pool in Malaysia.”
The digital economy is becoming one of the biggest contributors to Malaysia’s gross domestic product (GDP), making up to 22.6% of the nation’s economy. It is expected to contribute as high as 25.5% by 2025, outperforming the traditional largest contributor to the nation’s GDP – oil and gas. Galaxy Racer believes that MDEC would also be the catalyst for the nation’s Fourth Industrial Revolution (IR 4.0).