MSMES IN NORTHERN REGION ENCOURAGED TO LEVERAGE MYCIF FOR BUSINESS EXPANSION

BUKIT MERTAJAM, Feb 18 (Bernama) -- Entrepreneurs of micro, small, and medium enterprises (MSMEs) in the northern region are encouraged to explore new funding opportunities through the Malaysia Co-Investment Fund (MyCIF).

The MyCIF is a co-investment fund established by the Ministry of Finance under Budget 2019 to co-invest in MSMEs through equity crowdfunding (ECF) and peer-to-peer (P2P) financing platforms.

Securities Commission Malaysia (SC) Digital Strategy and Innovation executive director Dr Wong Huei Ching highlighted that only 17 per cent of ECF and P2P-funded businesses are from the northern region, emphasising a significant gap in awareness.

“This percentage is low. That is why we are organising roadshows in collaboration with the Northern Corridor Implementation Authority (NCIA) to raise awareness and encourage MSMEs to seize the opportunity to strengthen their businesses through MyCIF’s alternative financing channels,” she told reporters at the MyCIF@Northern Region Roadshow here today,

The roadshow was officiated by Penang Trade, Entrepreneurial and Rural Development Committee chairman Datuk Rashidi Zinol, and attended by NCIA chief executive Mohamad Haris Kader Sultan. 

Themed “Empowering Financing, Advancing Growth”, the event, attended by 300 participants, featured 26 ECF and P2P operators to assist entrepreneurs in obtaining information about the financing options they offered as alternatives to banks, grants and other sources.

Wong said the northern region, which accounts for 20 per cent of Malaysia’s MSMEs, was chosen for the roadshow due to its importance in driving economic growth, particularly in agriculture and manufacturing.

She stressed the importance of expanding the MyCIF roadshow nationwide, ensuring that businesses across Malaysia have equal access to these powerful alternative financing options.

“Today’s sessions are carefully designed to educate attendees about ECF and P2P financing, equipping them with the knowledge, tools and connections needed to access these funding options,” said Wong.

With a seed funding of RM260 million, she noted that MyCIF has co-invested more than RM1 billion in over 9,000 MSMEs, helping businesses access funding through ECF and P2P financing platforms.

Additionally, the 2025 federal budget has allocated RM40 million to MyCIF to promote innovation in Islamic finance, supporting the adoption of Islamic risk-sharing financing on ECF and P2P platforms. 

-- BERNAMA