KUALA LUMPUR, 18 October 2024 - Funding Societies commends Budget 2025 tabled by Prime Minister Datuk Seri Anwar Ibrahim at the Dewan Rakyat this afternoon. The Budget establishes a strong foundation for advancing Malaysia’s long-term objectives of protecting the wellbeing of the Rakyat and fortifying the nation’s business ecosystem. 

Representing Malaysia and Southeast Asia’s largest SME digital finance platform, Country Head of Funding Societies Malaysia Chai Kien Poon, remarked, ”We applaud the government’s visionary approach in Budget 2025, positioning technology and innovation as a central pillar of Malaysia’s development. As a leading FinTech player in the country, we are eager to continue supporting the national agenda by serving more creditworthy yet underserved SMEs. We are encouraged to see measures to support micro, small, and medium enterprises (MSMEs) to accelerate economic growth while remaining people-centric and focused on equitable distribution, sustainability, and high-quality development.

These initiatives include expansion of MyCIF funding for Islamic financing and introduction of CoSIF for MSMEs and Mid Tier Companies (MTCs) operating within New Industrial Master Plan (NIMP) sectors. This will help support their growth and resilience, and subsequently futureproof the socioeconomic wellbeing of all Malaysians.

Continued support for MSME digitalization through initiatives like the Geran Padanan Digital PMKS and Geran Digital Penjaja is also essential. While some Malaysian SMEs are thriving by adapting to digital trends and evolving market demands, many still encounter significant challenges, particularly in accessing financing, managing costs, and navigating the increasingly digital landscape.

Access to financing remains a major issue for many SMEs. The rise of fintech platforms like Funding Societies offering alternative financing has provided some relief but the overall financing gap remains significant. Therefore, adopting a whole-of-nation approach is crucial for the growth of MSMEs, which in turn will boost employment and enhance the overall well-being of the people. 

“To this end, we are continuously expanding our product offerings and deepening our engagement with these businesses by better addressing their financial needs by partnering with agencies such as SME Corp, Unit Peneraju Agenda Bumiputera (TERAJU), Credit Guarantee Corporation (CGC) as well as development financial institutions such as Bank Pembangunan Malaysia Berhad (BPMB),” Chai added.