MDEC grants US$2.5 mil to 50 SMEs and enterprises
By Digital News Asia April 2, 2021
- Grant part of MDEC’s initiatives under Digital Content Grant & Smart Automation Grant
- Works to enhance capabilities towards achieving a technologically integrated society
The Malaysia Digital Economy Corporation (MDEC) announced today that it has approved another US$2.53 million (RM10.5 million) worth of grants benefiting 50 small and medium-sized enterprises (SMEs) and startups. Additionally, MDEC is in the midst of disbursing UD$844,000 (RM3.5 million) worth of grant claims to 20 recipients, mainly from the digital creative content industry.
The grant allocation is part of MDEC’s initiatives under the Digital Content Grant (DCG) and Smart Automation Grant (SAG) that have been designed to encourage local SMEs and startups to embrace new digital technologies and services which will increase their business productivity and sustainability.
Through MDEC, the government has been actively offering grants to spur innovation, support creation of new intellectual property, and increase adoption of business automation to positively contribute towards growing Malaysia’s digital economy.
“MDEC continues to spearhead and accelerate the nation’s digital agenda. Through these grant initiatives we will do our utmost not only to help SMEs and startups sustain their businesses but also ensure that they are equipped with the right tools, platforms and skills required to innovate and scale their businesses to greater heights. These grants are a testament to our steadfast commitment to not leave anyone behind in line with our Shared Prosperity Vision 2030 and Malaysia 5.0,” said Dr Rais Hussin Mohamed Ariff, Chairman of MDEC.
Apart from being able to empower technology adoption amongst local businesses, this funding initiative is also part of MDEC’s three strategic framework pillars: Digital Skills and Jobs, Digital Businesses and Digital Investments. The agency continues to set the foundation for SMEs and mid-tier companies to thrive in the Fourth Industrial Revolution (4IR) era by supporting businesses at every level and in all sectors including Fintech, Agtech, Healthtech, Manufacturing Tech and Edtech, among others.
“Since its inception in 1996, MDEC has been committed to providing ongoing leadership to enable and drive the digital economy forward. We will remain cognizant of the industry needs and work tirelessly to enhance our capabilities, capacities and facilities towards achieving a technologically integrated society in line with the Malaysia Digital Economy Blueprint (MyDigital). I am confident that with this grant boost, Malaysian SMEs and startups can continue to gather momentum and forge ahead in these unusual times,” said Surina Shukri, Chief Executive Officer of MDEC.
To better cater to the development of the digital economy, MDEC has also implemented its “Reinvent” mission for Grant management processes to ensure improved grant disbursement processes, including the digitalisation of grant management and administration to attain greater transparency and governance.
In line with this, the agency will continue to evaluate and will announce more successful grant recipients in due course. The agency is disbursing the approved grants in batches to the respective recipients based on proof of milestones and KPIs achieved under the SAG and DCG initiative.
Businesses of all sizes are also encouraged to reach out and engage with various support initiatives that MDEC currently manages. This includes the different grants that are currently made available for different industry verticals.