PENANG– Digital Penang, a Penang State Government-Linked Company established to
accelerate digital transformation for the state, and Alliance Bank Malaysia Berhad (Alliance Bank), a leading innovator in the banking sector known for its commitment to nurturing the growth of Malaysian businesses, are partnering to bolster Penang’s Small and Medium-sized Enterprises (SMEs) and startups through a Memorandum of Understanding (MOU).
This strategic collaboration is poised to enhance financial literacy among local businesses and provide them with essential banking solutions tailored to accelerate their growth,
in line with the Penang2030 vision to enhance the competitiveness and resilience of local enterprises.
Strengthening Business Growth and Financial Awareness Through the collaboration, Alliance Bank will help local SMEs and startups understand how to better navigate banking facilities crucial to their growth through expert guidance and advisory services. The bank will also host seminars and workshops aimed at accelerating the process of applying for business loans while addressing common obstacles business owners face in the process.
“Over the years, our extensive support and relationship with the SME segment has helped us build deep domain understanding of their unique challenges which in turn, helps us to deliver relevant, dynamic and personalized solutions to support our customers’ growth at every stage of their life cycle. This partnership with Digital Penang underscores our shared values in accelerating the digital agenda. This is something that has been a core focus for Alliance Bank particularly when it comes to building solutions for micro and smaller SMEs as it helps increase efficiency, accessibility, and inclusivity.
for Alliance Bank particularly when it comes to building solutions for micro and smaller SMEs as it helps
increase efficiency, accessibility, and inclusivity. Through our market survey “Alliance Bank MSME Business
Outlook Report 2024 Malaysia” released earlier this year, we found that many SMEs too are focused on
digitalization to enhance their productivity,” said Alliance Bank Group Chief SME, Commercial and Transaction Banking Officer Raymond Chui.
He added that part of helping SMEs accelerate their business roadmap is also helping them adopt ESG
practices. To enable SMEs ESG roadmaps, Alliance Bank created a holistic ecosystem which takes businesses from awareness to answers comprising both banking and non-banking solutions to help them accelerate their adoption of ESG practices in order to enhance their business resilience and increase their competitive edge.
Further deepening this partnership, Digital Penang will collaborate with Alliance Bank to conduct programs for its extensive network of SMEs, startups, and business associates, facilitating their access to tailored business banking solutions.“The comprehensive programs in collaboration with Alliance Bank are designed to equip our SMEs and startups with the financial literacy they need to excel in a competitive digital marketplace. These initiatives will ensure that Penang enterprises are well-prepared to seize opportunities in the digital economy,” affirmed Ts. Ng Kwang Ming, Chief Executive Officer of Digital Penang. YB Zairil Khir Johari, the Penang State EXCO for Infrastructure, Transport and Digital, expressed the state’s enthusiasm for the partnership: “We are thrilled to partner with Alliance Bank to enhance the potential of our digital SMEs and startups. This collaboration is in line with the Penang State Government’s vision of delivering sustainable economic growth and innovation in Penang where local businesses can thrive.
” Commitment to the Economic Development of Penang This MOU marks a significant milestone in the shared commitment of Digital Penang and Alliance Bank to the economic development of Penang. Both organizations are dedicated to leveraging their expertise to support the growth of local enterprises and fostering a thriving ecosystem characterized by robust innovation and prosperity. This strategic partnership solidifies Penang’s position as a leading Centre for digital and economic advancement, ensuring a sustainable and prosperous future for its businesses.
