- Both will help MSMEs access new financial tools like AI, alt-credit scoring & revenue-sharing
- Collaboration boosts Penang’s digital economy through alternative financing & business upskilling
Digital Penang and fintech solutions provider FinHero (Sisters Inspire Sdn. Bhd.) have signed a strategic memorandum of understanding to expand access to finance for Penang’s micro, small, and medium-sized enterprises (MSMEs). The collaboration supports Digital Penang’s mission to accelerate the state’s digital economy by introducing digital-first, alternative financing options and equipping business owners with the skills to navigate them confidently.
The partnership reflects a shared mission to enable inclusive digital growth in Penang, aligning with the state’s Penang2030 vision of “A family-focused green and smart state.” By bridging traditional financial gaps through innovation and education, the initiative aims to unlock opportunities for businesses often overlooked by conventional financing systems.
At the heart of this collaboration is a commitment to community impact. Through the MoU, Digital Penang and FinHero will roll out programmes to help local MSMEs understand and access a new generation of financial tools—including AI-powered automation, alternative credit scoring, and revenue-sharing models. These offerings are designed for enterprises with limited credit histories but strong growth potential.
Zairil Khir Johari, Penang State EXCO for Infrastructure, Transport and Digital, and vice chairman of Digital Penang, said: “This partnership reflects our shared commitment to ensure financial tools and digital education reach every level of Penang’s business community. Inclusive innovation is the bedrock of a resilient, future-ready economy.”
FinHero will contribute its expertise by offering business-friendly financing options such as invoice-based funding and flexible repayment terms. Its proprietary solution, FinXtract, will support digital adoption by automating data extraction and simplifying repetitive tasks—freeing time and resources for entrepreneurs. Monthly workshops and seminars will introduce practical fintech applications and promote awareness of smarter financial strategies.
Digital Penang will play a pivotal role in outreach and ecosystem facilitation. By connecting FinHero to its network of MSMEs and business associations, and by coordinating educational engagements, Digital Penang ensures the partnership’s benefits are widely accessible. This collaboration aligns with its broader mission to elevate Penang’s innovation economy and foster a digitally engaged society.
The partnership expands the financial landscape for MSMEs by offering practical tools and accessible support tailored to their needs. With improved access to digital solutions and flexible financial options, business owners will be better equipped to grow sustainably, make informed decisions, and strengthen their resilience in a dynamic economic environment. Inclusive finance becomes a built-in feature of Penang’s evolving digital economy, enabling long-term participation and progress across the business community.
The first series of community workshops is set to launch in Q2 2025, bringing fintech insights and financing pathways directly to Penang’s small business owners.