AdminAgrobank signed a memorandum of understanding with Borong (formerly known as Dropee) with financing amounting to RM300 million offered to micro, small and medium enterprises (MSMEs) through the Digital Niaga Program. This initiative is a strategic collaboration in an effort to develop a digital agriculture and agribusiness-based ecosystem.
The strategic partnership sealed between Agrobank and Borong benefits underserved communities by providing more comprehensive access to financing and offering affordable financing options. Through Borong’s digital platform, Agrobank can provide financing to MSMEs according to their individual needs for business development and expansion.
Empowering entrepreneurs
Agrobank’s President and Chief Executive Officer, Datuk’ Tengku Ahmad Badli Shah Raja Hussin, “Besides offering financing assistance, Agrobank also provides entrepreneurship training to entrepreneurs. Access to this entrepreneurship training can help them strengthen their business strategies so that they can increase their competitiveness in an increasingly challenging market. Furthermore, innovative and resilient businesses will drive the country’s economic development, especially in marketing high-quality local products through digital platforms, particularly for the agricultural sector.”
According to the Managing Director of Borong, Aizat Rahim, “The Digital Niaga program is a golden opportunity for SMEs to turn their businesses around. This program provides the platform for them to find the right digital tools and easy access to financial resources. The aim is to boost revenue and growth for millions of Malaysia’s SMEs by connecting them to the right solutions and partners.”
Potential impact on Malaysian economy
With this partnership, Agrobank and Borong are committed to driving economic growth and creating opportunities for 15,000 MSMEs in Malaysia. By providing financial assistance and access to a wider market through Borong’s platform, the collaboration will enable MSMEs to thrive and contribute to the country’s overall development with the potential economic impact of RM8.6 Billion within 3 years.
The symbolic signing of this agreement was completed by President/Chief Executive Officer of Agrobank Datuk’ Tengku Ahmad Badli Shah Raja Hussin, and Aizat Rahim, Managing Director of Borong, witnessed by Deputy Prime Minister of Agriculture and Food Security, Datuk Arthur Joseph Kurup at MAEPS Serdang in conjunction with the Malaysia Agriculture, Horticulture & Agrotourism Exhibition 2024 (MAHA 2024).
CJMY
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