Under the governments PENJANA initiative, small medium enterprises have much to rejoice as there are various programs than can assist these companies to pick them self up after being ravaged by the lockdown induced by the pandemic. SME Bank an agency under the Ministry of Finance is one of many instructed to spearhead digital adoption by the 900,000 over SME’s in the country. Together with a technology partner the bank has set up new fund just for this cause.
TM One together with SME Bank will be collaborating in assisting the SME industry in their efforts to transform their business to be more digitally adaptable and technologically equipped in preparation for 4IR. The fund, SME Technology Transformation Fund (STTF), is a fund set up between the bank and the Ministry of Finance to offer financing assistance of up to RM3.0 million to local SMEs.
SME Bank CEO, Aria Putera Ismail remarked “With a fund size of RM500 million, STTF is expected to directly assist SME entrepreneurs to achieve higher productivity, process efficiency, efficient cost management and greater market penetration. The bank has so far approved 18 applications worth RM36.55 million under the fund.
STTF is to be used for financing the purchases of IT solutions and services, technology support services, computer hardware and software, equipment and/or machinery and other intangible assets to enhance productivity and efficiency. SMEs as defined by the National Entrepreneur and SME Development Council (NESDC) are eligible to apply for STTF.
According to TM ONE Executive VP Ahmad Taufek Omar, the company aims to offer the SME sector tools to achieve higher productivity, better cost management and improved efficiency for wider market penetration through the adoption of digitalisation and automation. Businesses can tap into its complete digital solutions offerings across connectivity (Internet & Data), voice and collaboration tools, business outsourcing services, cloud services, cybersecurity and Internet of Things (IoT)-based smart services.