Retirement Fund Incorporated (KWAP) has made its first direct investment into a foreign company, according to The SunBiz. The civil service pension fund has injected US$30 million (RM123 million) into Uber Technologies, the United States-based company behind the growing ride-sharing app.

“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, ” said Uber CEO and co-founder Travis Kalanick.

“Uber is an exciting company that is changing the way the world moves, and we believe ride-sharing has huge potential to transform the future of mobility,” said KWAP CEO Datuk Wan Kamaruzaman Wan Ahmad, who added that the investment is part of the fund’s efforts towards becoming a diversified global investor.

The ride-sharing app’s most recent Malaysian growth was into Sarawak, where it started service in the state’s capital city of Kuching earlier this month, despite the existing hurdles it has been facing. Uber currently operates in six cities in Malaysia – Kuala Lumpur, Johor Bahru, Penang, Ipoh, Kota Kinabalu and Kuching.