News were rife with Kumpulan Wang Persaraan, Malaysia’s public-sector pension fund with over RM120 billion of assets having invested on a ride technology company in the US believed to be Uber Technologies.

It has been now confirmed with Travis Kalanick, Uber’s CEO and Co-Founder announcing, “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.”

Commenting on the investment, 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.”

The ride sharing firm is working on advance transportation technology including autonomous cars and is currently valued at over RM240 billion. It was also reported KWAP had invested RM120 million in its first foray into foreign tech start-up.