SME Bank Fund Fest 2024 Aims to Empower Entrepreneurs by Bridging the Financing Gap

KUALA LUMPUR: 17 Oktober 2024 – SME Bank Malaysia Berhad (“SME Bank”) today has successfully launched its SME Bank FundFest 2024, the Bank’s inaugural community-driven initiative, which aims serves as an oasis for budding entrepreneurs, innovative startups, growing businesses to access funding opportunities and knowledge exchange sessions.

The launch ceremony was officiated by YBhg. Dato’ Sri Khairul Dzaimee bin Daud, Secretary General, Ministry of Entrepreneur Development and Cooperatives (“MECD”), who reaffirmed the Ministry’s commitment towards empowering the SME value chain. In his opening remarks, Dato’ Sri Khairul Dzaimee noted, “The majority of SMEs in Malaysia are micro-enterprises, accounting for 69.7% of the total, while small enterprises make up 28.5%, with medium-sized enterprises representing 1.8% of the overall landscape. As such, it is important to nurture an ecosystem that can further create value for our SMEs as they are the backbone of our country’s economy. This is a promising start for SME Bank to continue empowering SMEs with initiatives such as SME Bank FundFest 2024, further solidifying their role in economic growth.”

YBhg. Datuk Dr. Mohammad Hardee Ibrahim, Acting Group President/Chief Executive Officer of SME Bank said, “SME Bank FundFest 2024 is a vital step in addressing the financing challenges faced by businesses, especially start-up enterprises. Marking its inaugural launch, the event has the potential to attract a wide array of participants comprising entrepreneurs, policymakers, and industry leaders. Our aim is to create a space where entrepreneurs can connect with potential funders, gain expert insights, and explore new opportunities for growth.”

Building on this commitment, SME Bank FundFest 2024 is organised in collaboration with its subsidiary CEDAR, and other agencies under MECD such as Amanah Ikhtiar Malaysia, in addition to Tekun Nasional, Perbadanan Usahawan Nasional, and Bank Rakyat, who are also the Bank’s financiers. Other financiers that are participating in the event include Bank Simpanan Nasional, Funding Societies, microLEAP, MoneyMatch, pitchIN, Rural Capital Berhad. The event is built on a range of activities, namely funding consultation booths where entrepreneurs can receive personalised financial advice tailored to their business needs.

Subsequently, in partnership with more than 20 of SME Bank’s strategic partners, the two-day event will also feature industry experts comprising peer-to-peer (“P2P), venture capitals and renowned homegrown entrepreneurs that have made a mark in the market – leading a series of masterclasses, offering valuable insights on securing funding, scaling businesses, and leveraging innovative technologies. In addition, the event showcases entrepreneurs of various stages in their entrepreneurial journey to showcase their products and services.

With a focus on empowering early-stage businesses, SME Bank FundFest 2024 is expected to attract a diverse audience, including aspiring business owners, venture capitalists, MSMEs, government agencies, and industry influencers. The event reinforces SME Bank's role as a the lead implementing agency under MECD in driving the nation’s economic development by supporting MSMEs and fostering innovative business practices.

The SME Bank FundFest 2024 is taking place on 17 – 18 October 2024 from 10am to 10.00pm at Avenue K, Kuala Lumpur. For further details on SME Bank’s programs and initiatives, visit www.smebank.com.my, SME Bank's Facebook page, or contact SME Bank’s Contact Centre at 603-26037700.