Malaysia rolls out $6.4m microcredit scheme for young Chinese, SMEs
MALAYSIA is looking to uplift the country’s young ethnic Chinese entrepreneurs and small and medium enterprises and to digitize their businesses with an RM25 million (US$6.4 mil) microcredit scheme.
Recently, Prime Minister Najib Razak told the Chinese entrepreneurs, aged between 18 and 45, to take advantage of the government’s Micro-Credit E-Commerce (MCE) scheme.
“No one is left behind. Access to MCE is easily accessible to the Chinese (entrepreneurs) who are keen to participate in digital transformation,” Najib said during the launch of the scheme, as quoted by the New Straits Times.
“As such, I urge the Chinese youth as well as the SMEs to seize this golden opportunity to make your digital transformation a success.”
The scheme, according to Najib, is part of his administration’s “Big Fast Results” initiative.
“Firstly, to nurture technopreneurship among the youth. Secondly, to improve living standards for youths, both in terms of income and quality of life.
“And thirdly, to transform traditional SMEs so that they can remain competitive and relevant, and help our rural products go global,” he said.
Najib added the scheme allows young Chinese entrepreneurs could ride to ride the wave of digital transformation, as well as help traditional Chinese SMEs to evolve their businesses into tech-savvy outfits.
“Digital transformation is not just an opportunity as it is imperative for all businesses, from SMEs to the biggest enterprises.
“It has been reported that one-third of leading firms will be disrupted by new competitors within five years,” he said.
About 41 Chinese-based associations and chambers of commerce across the country nationwide have joined the scheme as partners, Najib said.
“On behalf of the government, I would like to thank them for their contributions to nation-building and to our common future. With their strong support and commitment, this programme will effectively reach out to those who can benefit most,” he said.