Halal Development Corporation Berhad (HDC) has forged a strategic alliance with SOLV Malaysia to facilitate access to the RM 2.67 billion Halal fund, pledged by five prominent banks during the World Halal Business Conference Circuit 2023 in London.
The collaboration, executed through the Halal Integrated Platform (HIP), aims to simplify and broaden avenues for Small and Medium-sized Enterprises (SMEs) to obtain financing, fostering growth in the burgeoning halal economy.
SOLV, incubated by SC Ventures, stands out as a key player addressing the evolving needs of the SME community, particularly in e-commerce and financial solutions. Committed to leveraging innovative approaches and new technologies, SOLV strives to create an ecosystem supporting businesses while driving efficiency and growth.
HDC’s Chief Executive Officer, Hairol Ariffein Sahari, emphasised the significance of this collaboration in supporting businesses seeking access to the Halal Financing provided by banks. “At HDC, we recognize the pivotal role that MSMEs play in the development of the halal economy. We are looking for a practical way to provide ease of access to the financing facilities offered by financial institutions,” said Hairol Ariffein.
The collaboration centers on a business-to-business supply chain financing program aimed at accelerating SME growth. By combining HDC’s halal sector expertise with SOLV’s innovative digital platform, the partnership seeks to expedite SME growth in Malaysia by streamlining access to the RM 2.67 billion funding facility provided by banks.
CEO of SOLV Malaysia, Wendy Ang, highlighted the mission alignment of SOLV with the vision of empowering businesses through technology and innovation. “This collaboration is a testament to our commitment to revolutionize the SME landscape, providing them with the tools they need to succeed in today’s dynamic market,” said Wendy Ang.
A key objective of the collaboration is the digital advancement in pre-qualifying SMEs for optimal pairing with suitable financial institutions and alternative lenders. This innovative approach aims to streamline the financing process, focus on cultivating creditworthy behavior, and empower SMEs to construct resilient credit profiles.
Through a digital approach, the collaboration enhances the overall customer journey, facilitating quicker and more efficient financing for SMEs based on merit, thereby promoting financial independence and long-term sustainability.
HDC and SOLV are working closely to harness the full potential of this collaboration, aiming to empower Malaysian SMEs, drive growth, and foster a resilient and thriving SME ecosystem. The partnership holds the promise of transforming the financial landscape and paving the way for valuable collaborations in the realm of financial technology.
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