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Empowering MSMEs: Malaysia’s Innovative Credit Scoring Alliance

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In a significant move towards financial inclusion and empowerment, CGC Digital Sdn Bhd, Malaysia Digital Economy Corporation (MDEC), and Payments Network Malaysia (PayNet) have forged a groundbreaking collaboration agreement. Their collective aim is to drive inclusivity among micro, small, and medium enterprises (MSMEs) in Malaysia by pioneering Alternative Credit Scoring solutions.

This partnership holds tremendous significance, signifying a unified commitment to address a substantial RM90 billion financing gap for MSMEs. At the core of bridging this financial divide lies the innovative Alternative Credit Scoring, an initiative led by CGC Digital. This cutting-edge approach delves into alternative data to craft a robust model aimed at facilitating financial access.

CGC Digital will spearhead the partnership by providing digital guarantees, while MDEC will leverage its expertise to connect fintech players and advocate for supportive policies and frameworks. PayNet, boasting an extensive data repository through products like DuitNow (Malaysia’s National QR Code), JomPAY, and FPX, will harness its payment data to support this initiative.

The amalgamation of these resources is poised to benefit MSMEs, even those not registered with the Companies Commission of Malaysia but with transactional data across these various payment channels.

Yushida Husin, CEO of CGC Digital, expressed enthusiasm about the collaboration, “Collaborating with MDEC and PayNet, CGC Digital has identified potential fintech companies to embark on proof-of-concept initiatives. This aims to validate the effectiveness and viability of the Alternative Credit Scoring model, ultimately democratising access to credit guarantees and financial services for MSMEs.”

Mahadhir Aziz, CEO of MDEC, stressed the commitment to drive innovation in the financial sector, “The collaboration underscores our dedication to innovating the financial landscape and addressing the MSME financing gap. Our national strategic initiatives aim to transform digital capabilities and foster tech growth, fostering partnerships to revolutionise credit assessment methods.”

This Memorandum of Understanding (MoU) is envisioned to inspire and scale pilot programmes using Alternative Credit Scoring among industry players. According to Gary Yeoh, Chief Commercial Officer at PayNet, validating the efficacy of Alternative Credit Scoring in business credit assessment could revolutionise traditional methods, marking a tipping point in the financing ecosystem.

The integration of innovative solutions like artificial intelligence and machine learning, leveraging non-traditional data sources such as transactional, utility, rental, and mobile payment records, holds promise in assessing MSMEs’ creditworthiness based on historical payment behaviour.

Recognising the immense potential of Alternative Credit Scoring, the collaborative parties aim to co-create a data-sharing environment that nurtures a vibrant community of fintech companies. This initiative aims to enhance accessibility to financial products for all businesses and individuals while customising financial services, promising to reshape Malaysia’s financial landscape for years to come.

The growth of Malaysia’s gig economy in 2023, thriving amidst the normalisation of post-pandemic activities, showcases the nation’s evolving digital landscape, aided by incentives and growing awareness of digital potential.

Moreover, Malaysia’s strategic investment of RM 510 million in R&D through MOSTI and MOHE aims to elevate the country to the Global Innovation Index’s Top 30 by 2025. An additional RM 76 million supports R&D and commercialisation efforts, fostering innovation and aligning with national growth objectives.

Malaysia restructured its Cabinet, splitting the Communications Ministry from the Digital Ministry to streamline efforts and policies for advancing the country’s digital economy. Communication Minister Fahmi Fadzil highlighted the need for unified coordination across ministries to strengthen the digital sector, addressing past fragmentation in managing crucial aspects.

These moves mirror the nation’s strategic direction outlined in Belanjawan 2024, notably illustrated by initiatives like the groundbreaking Alternative Credit Scoring solutions developed in collaboration between CGC Digital Sdn Bhd, MDEC, and PayNet.


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