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Local Entrepreneurs Get Help with 4IR Know-How

CIMB SHINE Empowering SMEs
Image Credits: CIMB website, Press Release

A foundation under a major local bank, in partnership with Malaysia Digital Economy Corporation (MDEC) and its knowledge partner, launched CIMB SHINE – Empowering SMEs (CIMB SHINE), a platform for start-ups, entrepreneurs and SMEs to equip them with the right knowledge in finance, 4IR and e-commerce.

SMEs that fully embrace the new 4IR know-how are the ones that can capitalise on opportunities in the global e-commerce market, currently valued in excess of US$23 trillion.

To bring these points to life, the platform’s gamified, interactive curriculum was specially curated to provide SMEs with deeper insights on, among others, e-commerce opportunities, and ensuring successful financing and business management for growth.

The CEO of the foundation stated that SMEs are the backbone of Malaysia’s economy, contributing 37% to Malaysia’s GDP. Knowledge and innovation are key factors to empower SMEs to grow their business in today’s highly digitised and mobile-driven marketplace.

With CIMB SHINE, the aim is to reach out and help SMEs to further strengthen their capabilities to remain competitive and resilient in the gig economy.

The group has been encouraged by the enthusiastic response to the inaugural programme in Kuala Lumpur and hopes to bring CIMB SHINE to more locations nationwide.

The Chief Executive Officer of MDEC stated that the agency continues to be committed to driving digital transformation in Malaysia as we propel the nation towards embracing 4IR.

One such ongoing critical initiative is the eUsahawan programme. Beyond enabling entrepreneurs to kickstart their digital journey, it also gives them the opportunity to better grasp the benefits of going digital.

With this collaboration, the agency believes more enterprises can fully leverage the benefits of taking the digital leap.

The foundation’s focus on empowering SMEs is also in line with its parent group’s support to Malaysia’s newly launched National Entrepreneurship Policy, as well as the bank’s full commitment to seven of the UN’s Sustainable Development Goals (SDG).

Thus far, the Foundation has also disbursed RM2.6 million through 59 projects to equip 20,000 members of the community – particularly women and the differently-abled – with entrepreneurship skills and resources, a programme that feeds into UN’s Decent Work and Economic Growth SDG.

The group has pledged 1% of its profit before tax (PBT) towards CSR initiatives across ASEAN for the period 2018 – 2020. Since its establishment in 2007, the foundation has disbursed RM140 million to benefit around 750,000 people via more than 1,000 initiatives based on three main pillars i.e., community development, education or sports.

The Deputy President of the SME Association of Malaysia stated that the program was both an informative and fully funded comprehensive eCommerce courses are also offered to SMEs in need.

A participant noted that seeing seminars such as these that focus on sharing of knowledge and are absolutely not marketing orientated is encouraging.

The Chairman of Finance and Capital Market Consultative Committee at ACCCIM stated that the speakers are sincere in their talks covering topics such as eCommerce, cloud accounting as part of a firm’s ERP strategy, and how banks evaluate loan applications.

These are very important ingredients for SMEs to succeed in today’s business environment. It is hoped that the group will offer more such seminars covering a wider range of relevant subjects from time to time.

Another participant stated that the seminars are great for the SMEs and they look forward to working closely with the bank.

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