Latest news with #ScoreXcess
Barnama
13 hours ago
- Business
- Barnama
SME Bank And BSN Forge Strategic Partnership To Spark Innovative Growth For Malaysian Entrepreneurs
KUALA LUMPUR, June 16 (Bernama) -- Small Medium Enterprise Development Bank Malaysia Berhad ('SME Bank') and Bank Simpanan Nasional ('BSN') have entered a strategic partnership through a Memorandum of Understanding ('MoU') to empower Malaysia's homegrown entrepreneurs. Aligned with the MADANI economic framework and the National Entrepreneurship Framework ('NEF'), this collaboration aims to catapult the growth of entrepreneurs through improved financial access, capacity building and digital enablement—reinforcing the role of Development Financial Institutions ('DFIs') in nation-building. Datuk Dr Mohammad Hardee Ibrahim, Acting Group President/Chief Executive Officer of SME Bank, said 'Reaffirming our developmental mandate, we are committed to fostering inclusive and sustainable national growth by forging strategic partnerships that enhance access for SMEs to embrace innovative digital solutions. Central to this collaboration, BSN's extensive pool of microfinance customers can leverage SME Bank's robust suite of digital tools tailored for MSME development. In particular, is through our ScoreXcess, a one-stop business financing application portal for small and micro financing operated by our capacity building and training arm – Centre for Entrepreneur Development and Research ('CEDAR'). By leveraging our combined expertise, this partnership signifies a strategic collaboration between two DFIs, reflecting our shared commitment to accelerate entrepreneurial growth and deliver tailored support that addresses the dynamic needs of today.'
New Straits Times
15 hours ago
- Business
- New Straits Times
SME Bank, BSN join forces to boost local entrepreneurs
KUALA LUMPUR: Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank) and Bank Simpanan Nasional (BSN) have joined forces to support the growth of homegrown entrepreneurs. The collaboration aims to enhance access to financing, build capacity and promote digital adoption, strengthening the role of development financial institutions (DFIs) in nation-building. In a statement, SME Bank said the initiative aligns with the National Entrepreneurship Framework under the Madani Economy. Acting group president and chief executive officer Datuk Dr Mohammad Hardee Ibrahim said the bank is committed to fostering inclusive and sustainable national growth. He said the commitment is achieved by forging strategic partnerships that enhance access for SMEs, enabling them to embrace innovative digital solutions. He said the key part of the partnership is that BSN's large group of microfinance customers will be able to use SME Bank's range of digital tools, designed to help MSMEs grow. "In particular, is through our ScoreXcess, a one-stop business financing application portal for small and micro financing operated by our capacity building and training arm – Centre for Entrepreneur Development and Research. "By leveraging our combined expertise, this partnership signifies a strategic collaboration between two DFIs, reflecting our shared commitment to accelerate entrepreneurial growth and deliver tailored support that addresses the dynamic needs of today," Mohammad Hardee said. SME Bank's digital transformation journey, anchored by platforms such as ScoreXcess, ELSA and ODELA, has been instrumental in supporting nearly 5,000 SMEs across strategic sectors from 2021 to 2024. These platforms are designed to enhance access to financing and to provide structured assessments and market access, forming a comprehensive digital ecosystem to accelerate SME growth. Through this collaboration, ScoreXcess platform has facilitated the submission of 89 applications, amounting to RM 3.2 million in financing requests. This initiative highlights how strategic partnerships can enhance the reach and effectiveness of SME Bank's digital ecosystem, solidifying its role as a catalyst for SME development nationwide.
The Sun
4 days ago
- Business
- The Sun
Funding Societies partners Cedar to mobilise up to RM50m financing to support SMEs
PETALING JAYA: Funding Societies Malaysia, Southeast Asia's largest unified SME digital finance platform, has formalised a strategic partnership with the Centre for Entrepreneur Development and Research (Cedar), the training and capacity-building arm of SME Bank Malaysia Bhd. The collaboration was sealed through a participation agreement with a signing ceremony held recently, outlining a commitment to mobilise up to RM50 million in financing to support credit access for Malaysian SMEs within Cedar's business community. The strategic partnership aims to bridge the challenges faced by SMEs in Malaysia, particularly in obtaining financing, which was estimated at RM290 billion in 2022, according to the Securities Commission Malaysia. The collaboration seeks to deliver accessible and customised financing solutions, which include syariah-compliant payables financing, receivables financing, and term financing, by harnessing digital platforms and alternative credit assessment methodologies. Funding Societies will provide these offerings to eligible entrepreneurs with a targeted focus on vendors supporting government entities, government-linked companies, and multinational corporations. 'We are honoured to partner with Cedar, a long-standing advocate of SME development. This agreement reflects our shared commitment to improve financial access for local businesses. 'By integrating with Cedar's digital platforms and reaching entrepreneurs through nationwide outreach, we hope to make financing more inclusive, fast, and tailored to the evolving needs of SMEs in Malaysia,' Funding Societies Malaysia country head Chai Kien Poon said. Cedar CEO Amirul Imran Ahmat stated that, as the training and capacity-building arm of SME Bank, the agency remains committed to providing support beyond financing to homegrown entrepreneurs throughout their lifecycle. 'With more than 83,000 entrepreneurs trained to date, Cedar is steadfast in its aspiration to be Malaysia's centre of excellence for entrepreneurial development. Our partnership with Funding Societies combines access to capital with SME Bank's digital tools and expertise to support SME growth in a dynamic economy. 'Funding Societies' customers can also leverage our robust digital platforms, particularly ScoreXcess – our financing portal for small and micro enterprises, powered by Cedar. Together, we are committed to accelerating entrepreneurial development and delivering tailored support for MSMEs,' he said. The signing ceremony was officiated by Funding Societies group COO Kah Meng Wong and SME Bank group chief digital and technology officer Hairil Izwar Abd Rahman. Funding Societies and Cedar will co-organise roadshows at the 19 enterprise centres within SME Bank's nationwide network to enhance financial literacy and digital adoption among SMEs in Malaysia. Companies are eligible for financing under this collaboration if they are sole proprietorships, partnerships, limited liability partnerships, private limited companies (not subsidiaries of listed companies), unlisted public companies, or public listed companies and their subsidiaries. Additionally, eligible companies must have at least 30% local shareholding by Malaysians, generate a minimum annual revenue of RM1 million, and have been in operation for at least one year. These flexible financing offerings will be made available through Cedar's digital platforms.
The Star
4 days ago
- Business
- The Star
Funding societies partners with Cedar to tackle SME financing challenges
Funding Societies group chief executive officer Kah Meng Wong (left) and SME Bank, group chief digital and technology officer Hairil Izwar Abd Rahman. KUALA LUMPUR: Funding Societies Malaysia has signed a participation agreement with SME Bank Malaysia Bhd through the Centre for Entrepreneur Development and Research (CEDAR) to address financing challenges faced by Malaysian small and medium enterprises (SMEs). In a joint statement, Funding Societies said the strategic partnership reflects a commitment to mobilise up to RM50 million in financing to support credit access for Malaysian SMEs within CEDAR's business community. "The collaboration aims to deliver accessible and customised financing solutions, including Shariah-compliant payables financing, receivables financing, and term financing, by harnessing digital platforms and alternative credit assessment methodologies. "Funding Societies will offer these solutions to eligible entrepreneurs, with a targeted focus on vendors supporting government entities, government-linked companies, and multinational corporations,' it said. The signing ceremony was officiated by Funding Societies, group chief executive officer Kah Meng Wong, and SME Bank, group chief digital and technology officer Hairil Izwar Abd Rahman. Funding Societies, Malaysia country head Chai Kien Poon, said the agreement reflects a shared commitment to improving financial access for local businesses. "By integrating with CEDAR's digital platforms and reaching entrepreneurs through nationwide outreach, we hope to make financing more inclusive, fast, and tailored to the evolving needs of SMEs in Malaysia,' he said. Meanwhile, CEDAR, chief executive officer Amirul Imran Ahmat, said that as the training and capacity-building arm of SME Bank, the organisation remains committed to providing beyond-financing support to homegrown entrepreneurs throughout their lifecycle. He said the partnership with Funding Societies combines access to capital with SME Bank's digital tools and expertise to support SME growth in a dynamic economy. "Funding Societies' customers can also leverage our robust digital platforms, particularly ScoreXcess - our financing portal for small and micro enterprises, powered by CEDAR. "Together, we are committed to accelerating entrepreneurial development and delivering tailored support for micro, small, and medium enterprises (MSMEs),' he added. - Bernama
