- aims to increase MSME resilience and competitiveness through online adoption
- Through public-private collaborations with government entities and companions, funds were made possible.
The Malaysia Digital Economy Corporation ( MDEC ), which is administered by the ministry of digital, along with its implementation partners, has announced the upcoming availability of a total cumulative fund of approximately US$ 338 million ( RMRM1.5 billion ) to help support national business digitalization initiatives.
The fund aims to provide digital solutions for the nation’s micro, small, and medium enterprises ( MSMEs ), made possible by strategic public-private partnerships between government agencies and supporting partners, including financial institutions, digital banks, peer-to-peer ( P2P ) lending platforms, and local service providers. Moreover, it will provide digital financing options to help them with their business operations.
Gobind Singh Deo, the minister of digital, stated at the business digitalisation initiative ( BDI) that the Madani government’s “rakyat”-centric transformative digitalization initiative aims to provide MSMEs with cutting-edge technology solutions to increase their productivity and operational efficiencies.
This initiative is a part of a “whole-of-nation” strategy to ensure MSMEs have access to online solutions, financing options, and expert advice to improve their competitiveness in today’s fast evolving digital economy. The Madani state is accelerating MSME modern adoption with this BDI while encouraging inclusive growth, which will enable businesses of all sizes to prosper in the coming years and decades,” Gobind continued.
To ensure MSMEs receive extensive support across financing, online tools, and capacity building, several memorandums of understanding between MDEC, SME Corp. Malaysia, economic institutions, modern banks, P2P lending platforms, and local service providers were formalized.
Anuar Fariz Fadzil, CEO of MDEC, stated in a statement that the BDI aims to improve MSMEs by strengthening their tenacity, boosting competition, and ensuring their future-proofing through meaningful digital implementation.
” This program is about tackling real business problems points, whether it be a lack of knowledge, equipment, funding, or simply not knowing where to start,” Anuar continued. It will provide targeted, practical options that are realistic and relevant to their businesses and business objectives.
According to him, “our approach includes tailored assistance, strategic partnerships, access to financing, freemium and cheap e-invoicing solutions built on the Peppol platform, making digitalisation more visible while encouraging MSMEs to level locally and internationally.”
Rizal al Nainy, the CEO of SME Corp. Malaysia, stated that the partnership between MDEC and SME Corp. Malaysia aims to raise awareness of digitalization among MSMEs through jointly designed electric transformation initiatives. Our responsibility at SME Corp. Malaysia is to make sure that MSMEs are not forgotten in the modern business. By collaborating with MDEC, we are fostering a more focused and unified habitat that addresses the real challenges that MSMEs face.
21 MDEC-accredited e-invoicing service companies will provide MSMEs with shareware and cheap e-invoicing options as part of this effort. Visit https ://mdec.my/bdi for more information on BDI.