The Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead agency in the digital economy, in collaboration with the Centre of Entrepreneur Development And Research (CEDAR), a subsidiary of SME Bank, recently announced a partnership to enable SMEs to adopt digitalisation that will play a crucial role as the nation moves toward economic recovery post-pandemic.
CEDAR has been appointed as a partner in MDEC’s SME Digital Accelerator programme, where it aims to train 1,000 businesses and match them with digital solutions and incentive facilities if required. This business transformation programme provides SMEs with a structured approach to kick-start their digital adoption journey and ensures implementation with outcome-based results.
SMEs are hit hard by the pandemic and need to relook at various aspects of their business beyond digital marketing. Operations need to be optimised, and digital technology is a key enabler.
Many SMEs are still in the dark on how to take the first step to adopt digitalisation and the SME Digital Accelerator programme aims to help them overcome barriers hindering digital adoption and propel the business further as we chart our course towards economic recovery.
The CEO of MDEC stated that the agency will continue to push forward the digitalisation needle in its bid to establish a progressive digital nation, advancing an inclusive digital economy and digital sovereignty, in line with its vision as well as the goals of the Malaysia Digital Economy Blueprint (MyDIGITAL).
Qualified and registered SMEs will participate in a three-day online training workshop where they will be exposed to ‘Lean Model Canvas’ and ‘Design Thinking’ modules, plus technology matching with a choice of over 400 Technology Solution Providers (TSPs). The goal of the programme is to assist SMEs in increasing revenue, reduction of man-hours and/or reduction of the process time cycle.
CEDAR will be providing a new and exciting business diagnostic platform for SMEs to determine what would be the best solutions for them, be it financial, technological or business needs.
The platform, called Enterprise Lifecycle Scoring Assessment or also known as ELSA, was co-developed with Malaysia Rating Corporation Berhad (MARC), which produces a report given to each SMEs that will be completing this programme, on the improvement areas of their entire business operations and business life cycle.
The Group President and CEO of the bank stated that through its subsidiary CEDAR, the bank has developed solutions beyond financing in helping SMEs weather the impact of COVID19 and towards recovery.
The bank’s ELSA tool and development training provide this opportunity for SMEs, where the report generated by ELSA will help SMEs identify which areas of improvement are needed for them to tackle. With over 400 TSPs (Technology Solution Provider) including partners such as Unifi and TM ONE, this initiative with MDEC will get SMEs to be onboard the digital bandwagon as aspired by our Government.
Facilities for SMEs in adopting digital solutions include SME Digitalisation Grant announced by the Government along with the SME Technology Transformation Fund (STTF) financing by SME Bank.
Other facilities provided by CEDAR include ScoreXcess, a digital platform that enables entrepreneurs to apply for business financing online from multiple financing agencies or institutions simultaneously through one single application; and ODELA, a self-regulated B2B e-commerce platform that taps on new technologies and custom-designed enabling entrepreneurs to make transactions digitally, facilitate supply and demand exchange, interconnecting the Internet of Behaviors (IoB) and partnership across vast ecosystems.
