Malaysia: HDC to work with Solv Malaysia to help SMEs access RM2.67bil halal fund

KUALA LUMPUR: Halal Development Corporation Bhd (HDC) has announced a strategic collaboration with Solv Malaysia to facilitate potential avenues for small and medium enterprises (SME) to access RM2.67 billion funds through the Halal Integrated Platform (HIP).

Five prominent banks made the pledge to make available RM2.67 billion funds during World Halal Business Conference Circuit 2023 (WHBC) in London.

SOLV incubated by SC Ventures, is a key player in addressing the evolving needs of the SME community, particularly in the realms of e-commerce and financial solutions.

By combining HDC’s expertise in the halal sector with SOLV’s innovative digital platform, the partnership seeks to accelerate the growth of SMEs in Malaysia by providing ease of access to the RM2.67bil funding facility.

“At HDC, we recognise the pivotal role that MSMEs play in the development of the halal economy. We are looking for a practical way in providing ease of access to the financing facilities provided by financial institutions” said HDC’s chief executive officer, Hairol Ariffein Sahari.

This innovative partnership not only streamlines the financing process but also focuses on cultivating creditworthy behavior, empowering 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 their merit, thereby promoting financial independence and long-term sustainability.

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.

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.