KUALA LUMPUR, June 13 — Bank Negara Malaysia (BNM) is set to revamp its Fund for Small and Medium Enterprises (SMEs) to better align it according to the latter’s needs, its...
Bank Negara Malaysia is set to revamp its Fund for Small and Medium Enterprises to better align it according to the latter’s needs, its Deputy Governor Datuk Jessica Chew said. ― Picture by Sayuti ZainudinKUALA LUMPUR, June 13 — Bank Negara Malaysia is set to revamp its Fund for Small and Medium Enterprises to better align it according to the latter’s needs, its Deputy Governor Datuk Jessica Chew said.
The ADF, which was established in March 2020, aims to encourage SMEs across sectors to automate processes and digitalise operations to increase productivity and efficiency.The lacklustre response for the fund could have been due to it not being aligned with what the SMEs are focused on, she said at the Sasana Symposium 2024 session entitled: “The Role of Finance in Implementing Structural Reforms,” here, today.
Chew said the central bank is also working on how funds that come under BNM can be deployed in different ways to achieve a greater multiplier effect by combining some of the information barriers as well as utilising asset tokenisation to unlock collaterals.“Bank financing for SMEs constitutes about half the portfolio of the total business financing of the bank. So, it is clearly in the interest of the banks to continue facilitating the SMEs,” she added.
Small And Medium-Sized Enterprises Smes
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