Kuala Lumpur: Small Medium Enterprise Development Bank Malaysia Berhad (‘SME Bank’) has successfully facilitated approximately RM3.6 billion in approved financing for the Financial Year 2024 (‘FY2024’), marking a 35.1% increase from the previous year. This funding has been directed towards Micro, Small and Medium Enterprises (‘MSMEs’) that are categorized as unserved and underserved across key strategic sectors. These sectors include Bumiputera, Technology and Digital Adoption, Climate-related, Halal, and Tourism. This initiative aligns with Bank Negara Malaysia’s Performance Measure Framework (‘PMF’), which emphasizes the importance of Development Financial Institutions (‘DFIs’) in promoting greater developmental impact.

According to BERNAMA News Agency, Datuk Dr. Mohammad Hardee Ibrahim, Acting Group President/Chief Executive Officer of SME Bank, stated that the bank is committed to aligning with the MADANI Government’s aspirations by driving high-impact growth initiatives. As a DFI wholly-owned by the Ministry of Finance and supervised by the Ministry of Entrepreneur and Cooperatives Development (‘MECD’), SME Bank aims to provide both financing and support beyond financing to MSMEs at every stage of their growth journey. This includes support for Asnaf entrepreneurs as they take their first steps, as well as aiding thriving exporters in expanding into global markets.

In addition to financing, SME Bank is the sole DFI offering financial support along with structured capability-building programs to ensure long-term business resilience. This achievement underscores the bank’s dedication to mobilizing the RM1.7 billion allocation from the National Budget 2024, which targets MSMEs. Through these efforts, SME Bank demonstrates its commitment to fostering a robust and sustainable MSME sector in Malaysia.