From ECF to LEAP, ACE and the Main Market: the listing pathway
Malaysian companies can grow from equity crowdfunding to a public listing in stages: ECF, then the LEAP Market, then the ACE Market, then the Main Market. A May 2026 SC and Bursa proposal, called LEAP Market 2.0, would open LEAP to retail investors with a RM250,000 cap and smooth the ECF-to-LEAP and LEAP-to-ACE steps. As of our latest check it is a proposal, not confirmed as in force.
- 1
Equity crowdfunding (ECF)
Raise from many investors on an SC-registered platform; MyCIF or CoSIF may co-invest. Today, ECF companies cannot apply for a direct transfer to LEAP.
- 2
LEAP Market
Bursa’s market for smaller companies, currently limited to sophisticated investors and requiring an approved adviser. Proposed: retail investors may participate, up to RM250,000 in total at any time, with RM100,000 per issuer in the primary market and RM100,000 per broker in the secondary market.
- 3
ACE Market
For growth companies. Today a LEAP company moving up must withdraw its LEAP listing and make an exit offer. Proposed: that requirement is removed for companies that have been on LEAP for at least two years.
- 4
Main Market
For larger, established companies that meet the Main Market criteria. Speak to a corporate adviser about eligibility and cost.
LEAP Market 2.0 proposal (status: proposed) Proposed
- Announced by the SC and Bursa Malaysia on 18 May 2026; public consultation ran until 15 June 2026. Reports through August 2026 still describe it as a proposal.
- Eligible ECF issuers with at least RM5 million raised through ECF and, where applicable, VC or PE in the past seven years could apply for LEAP listing without an approved adviser. An ECF operator or a VC/PE firm would act as listing agent.
- Retail participation capped as above, to widen the investor base for small caps.
- As of the announcement, one ECF issuer had moved to LEAP and 10 LEAP companies had migrated to ACE.
Check Bursa Malaysia and the SC for the final rules and effective date before relying on any proposed item.
Sources
- SC: SC and Bursa Malaysia propose LEAP Market enhancements (opens in new tab)
- Fintech News Malaysia: LEAP Market enhancements (opens in new tab)
- BDO Malaysia: LEAP Market 2.0 proposed enhancements (opens in new tab)
- The Edge Malaysia: ECF players prepare pipeline for revamped LEAP Market (opens in new tab)
Budget 2027 for SME financing: RM270 million for ECF and P2P →