Image credit: Strive Community
PETALING JAYA: Mastercard, in collaboration with the Asia Foundation, has launched Mastercard Strive Malaysia to support Malaysia’s growth and digitalisation priorities.
The programme aims to digitalise and support the growth of 100,000 MSEs, focusing on women-owned and women-led businesses. The programme strives to meet the evolving needs of Malaysian micro and small enterprises by providing them access to essential tools, networks and resources while cultivating a more supportive business ecosystem.
Mastercard Strive Malaysia is part of a portfolio of philanthropic programmes – supported by the Mastercard Center for Inclusive Growth – aimed at helping small businesses worldwide thrive in the digital economy. Additional Strive programmes include those in the United States, the United Kingdom, Mexico, Czech Republic and Indonesia. Collectively, they aim to support more than 10 million small businesses. In Southeast Asia, Malaysia is the second country to launch the Strive programme.
MSEs account for 97.2% of businesses in Malaysia, employing over seven million people and generating over half of gross domestic product. With the government’s efforts and investments to increase participation in the digital economy, the past decades have witnessed the growth of small enterprises in the country.
Despite this, a survey of local MSEs reveals that many still struggle to identify available support and which programmes can best meet their needs. According to World Bank, only 54% of Malaysian MSEs utilise digital solutions, and only 58% have digitised payment systems. Further, women-led businesses face additional barriers, including access to technology and financing, that result in lower levels of digitalisation and growth.
Mastercard Southeast Asia division president Safdar Khan said, “Mastercard is committed to supporting inclusive economic growth in Malaysia by enabling MSEs to address the roadblocks to digitalisation and access the tools, skills, and resources they need to become an engine of this growth.”
The Asia Foundation country representative Robin Bush said, “The foundation seeks to support Malaysia’s transition to high-income status and recognizes that enabling women entrepreneurs to thrive in the digital economy is a key component. We are very happy to partner with the Mastercard Center for Inclusive Growth to provide women entrepreneurs with a personalized digital upskilling strategy with tools, resources, and mentors to encourage growth.”
Source: https://www.thesundaily.my/business/mastercard-strive-malaysia-to-help-micro-small-businesses-go-digital-NE11154081