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Malaysia Tech Micro-enterprises and SMEs to Get Financing

Financial Support for Malaysia Micro Enterprises and SME

A local micro-financing platform and financial technology service provider have teamed up with leading local e-commerce platform to provide financing support to micro-enterprises and small and medium enterprise (SME) merchants on the e-commerce platform.

The collaboration will leverage the fintech firm’s end-to-end digital financial services that offer fast and simple financing solutions in an effort to boost the growth potential of merchants listed on the e-commerce firm’s platform.

Through fintech working capital solution, merchants can enjoy easy financing with free insurance, cashback upon completion of repayment, zero early settlement charges, immediate financing decisions and cash in the merchant’s account within 48 hours during the promotional period from now until 31 Dec 2019.

The agreement was signed by the Director of the fintech firm and the Chief Business Officer of the e-commerce platform; it marks a meaningful effort for both entities towards driving growth for micro-enterprises and SMEs and building Malaysia’s digital economy.

The firms understand the obstacles that micro-enterprises and SMEs experience as they strive to grow their business. It believed that the collaboration will enable the firms to support merchants by providing them with access to financial solutions not available through traditional sectors. With the fintech firm’s seamless micro-financing solutions, merchants on the platform can undertake business opportunities to scale with confidence.

As e-commerce is a key economic driver for Malaysia, the e-commerce firm’s is focused on boosting SME growth with the right tools, support and financing to succeed.

By working with like-minded allies such as to remove barriers to business, the platform is creating a continuity plan for the country’s digital economy.

The parent company of the fintech firm has been focused on accelerating digital adoption since 2014 in its principal markets by offering innovative financial solutions such as e-wallets, microfinancing and micro-insurance.

Its efforts to promulgate digital technology is aimed at securing a future-ready and financially inclusive society for the underserved economic while showcasing the business benefits of information communications and technology for success and growth for micro-enterprises and SMEs.

The e-commerce platform is committed to uplifting communities through e-commerce, actively driving and championing initiatives aimed at building a sustainable e-commerce ecosystem to future- proof the digital economy.

The company strives to make e-commerce accessible to all through its capabilities in technology, logistics and “shoppertainment”, and to enable entrepreneurs to reach their full potential online so that everyone can sell, regardless of their background or location.

Malaysia’s Digital Economy to Expand

  • According to an earlier report, Malaysia’s digital economy expanded RM267.7 billion in 2018, contributing 18.5% to the national economy, according to the Department of Statistics.
  • However, the digital economy growth in Malaysia pace moderated to 6.9% year-on-year as compared with the 9.8% recorded in the previous year.
  • Information and communications technology (ICT) contributed 18.5% to the country’s gross domestic product (GDP) comprising cash back value-added of ICT industry (GVAICT) (12.6%) and e-commerce for non-ICT industries (5.9%).
  • Malaysia’s Chief Statistician stated that telecommunications services were the main impetus in ICT services, while ICT manufacturing was supported by electronic components & boards, communication equipment and consumer electronics.
  • With digital transformation set to contribute US$10 billion to Malaysia’s GDP by 2021, the government’s move to enhance the country’s digital infrastructure is undoubtedly a step forward towards a stronger, more resilient economy.
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