A recurrent question in the region. Thank you for asking!

I've been based in Singapore since 2012 and have contributed to the expansion of the different startup ecosystems in Southeast Asia (more here: http://exitcoach.fyi.to/linkedin), including Malaysia. In 2014 I was part of MaGIC (Malaysian Global Innovation & Creativity Centre)'s Startup Academy Launch sharing about exit strategies for startups and have seen how both tech hubs have evolved over the years.

Both options have their pros and cons with perhaps a few more pros for Singapore as the preferred business hub in the region. However it would be necessary to better understand the specifics of your startup as this will greatly impact your choice. For example, perhaps your startup caters to the muslim markets. Does your expansion include hiring of local and overseas talent? And so forth.

Please use this link to setup a free 30min introductory call so I can learn more: http://ExitCoach.fyi.to/FREE and better support your needs. Thanks again for your question!