Bank Pembangunan Malaysia Berhad (BPMB) announced its strategic collaborations with the Ministry of Science, Technology, and Innovation (MOSTI)’s funding agencies – Kumpulan Modal Perdana (KMP) and Malaysian Technology Development Corporation (MTDC).
The goal of these strategic alliances is to accelerate economic recovery by promoting and increasing the use of technology to resolve sectoral gaps through advanced technology and automation.
The partnerships will provide BPMB financing to accelerate digitalisation programmes through the bank’s own funds and the Industry Digitalisation Transition Scheme (IDTS).
Meanwhile, the technical support from MOSTI’s funding agencies will be utilised to advance the Government’s Industry 4.0 initiatives to increase the contribution of sectors involved in high impact deep technology, to the national economy.
“We are happy to have forged these strategic partnerships with our esteemed partners and we are confident that together, we will be able to provide funding access to benefit a wider market segment.
Simultaneously, the collaborations are also expected to create more jobs through digital enablers in support of the evolving and growing need for digitalisation and automation of businesses.
Looking ahead, we are hopeful for a fruitful endeavour and we are excited to leverage on our collective strengths and expertise to form the perfect synergy in our journey to champion Malaysia’s Industry 4.0 initiatives,” BPMB President/Group Chief Executive Officer, Arshad Mohamed Ismail said.
In partnership with KMP, BPMB will work with both parties to promote the implementation of the IDTS, aimed at reaching eligible small and medium-sized technology-related businesses needing funds to develop and expand into high-impact deep technology.
KMP’s guidance and experience in investing in technology-related ventures will provide BPMB with better insights into the technology sector.
“We are excited to engage in this productive partnership with BPMB to provide funding access to companies with a focus on deep technology, especially in the Electrical & Electronics sector.
This IDTS initiative is well-timed with the Government’s own intention to create a high-income nation and we believe that by leveraging on our deep technology knowledge and application in the Electrical & Electronics sector, we would be able to achieve this target,” said KMP Acting Chief Executive Officer & Chief Financial Officer, Yarham Yunus.
Collaboration with MTDC will include both parties working to advance Malaysia’s digitalisation initiatives to reach micro and small businesses using digital technologies.
BPMB will collaborate with MTDC and its peer-to-peer financing platform partner to explore an alternative source of capital to support the growth or capital needs of targeted businesses.
Additionally, MTDC will provide the technical advice and assessment of the technology-related funding, and co-invest in selected investment notes.
“Through this collaboration, MTDC will assist to accelerate the industry adoption of Industry 4.0 related technologies. The adoption of Industry 4.0 is crucial to increasing the contribution of the manufacturing sector and any other technology related businesses to the national economy.
MTDC will facilitate the implementation of IDTS with P2P funding (IDTS-P2P) by BPMB and provide technical advice on the technology sector and other relevant matters to BPMB,” MTDC Chief Executive Officer, Norhalim Yunus stated.