Kuala Lumpur: Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank) has facilitated about RM3.6 billion in approved financing for the 2024 (FY2024) financial year, marking a 35.1 percent increase from the previous year.
According to BERNAMA News Agency, the bank stated that the funding was directed towards micro, small, and medium enterprises (MSMEs) classified as unserved and underserved across key strategic sectors. These sectors include Bumiputera, technology and digital adoption, climate-related initiatives, halal industries, and tourism, aligning with Bank Negara Malaysia’s Performance Measure Framework which encourages development financial institutions (DFIs) to enhance developmental impact.
Datuk Mohammad Hardee Ibrahim, the acting group president and chief executive officer, emphasized the bank’s dedication to providing both financing and beyond-financing support to MSMEs. As a DFI fully owned by the Finance Ministry and overseen by the Entrepreneur and Cooperatives Development Ministry, SME Bank takes pride in being the sole DFI offering financial support accompanied by structured capability-building programs to ensure long-term business resilience.
Mohammad Hardee highlighted the bank’s commitment to mobilizing the RM1.7 billion allocation from Budget 2024 aimed at MSMEs. He also mentioned that the bank’s subsidiary, the Centre for Entrepreneur Development and Research, has been appointed as the ASEAN Centre of Excellence for MSMEs in Green Transition. This appointment has been shortlisted as one of the priority economic deliverables for Malaysia’s ASEAN chairmanship in 2025.
Furthermore, SME Bank plans to extend its financing and beyond-financing support with a focus on financial inclusion for MSMEs across key strategic sectors, specifically targeting Bumiputera enterprises and segments related to environmental, social, and governance (ESG). The bank believes that these strategic priorities are designed to support the country’s economic growth and build on the positive momentum achieved in 2024.