Kuala lumpur: The National Entrepreneurial Group Economic Fund (TEKUN Nasional) has announced that entrepreneurs can now submit their financing applications online. This marks a significant milestone for the organization, as it is the first time in nearly 30 years since its establishment that such applications can be processed digitally, thus simplifying the application process for entrepreneurs across the nation.
According to BERNAMA News Agency, Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong highlighted that this digitalization initiative aims to enhance TEKUN Nasional's service delivery by minimizing bureaucracy and making the application process more transparent and accessible. During the launch of the TEKUN Online Application System, Sim noted the shift from the traditional method of printing documents and visiting TEKUN offices to a more convenient digital submission process that can be done from anywhere at any time.
The event was attended by KUSKOP's secretary-general Datuk Seri Khairul Dzaimee Daud, TEKUN Nasional chairman Datuk Abdullah Sani Abdul Hamid, and TEKUN Nasional managing director and CEO Mohamad Shiblie Abg Sapuan. Since the pilot project of the online system began in Kuala Lumpur and other states last July, 1,624 applications have been received online, with 215 approved, amounting to RM6.6 million in financing.
This year, TEKUN Nasional has allocated over RM700 million to almost 31,000 entrepreneurs nationwide, with 43% being first-time recipients, involving nearly RM260 million in financing. Sim emphasized the ministry's focus on reducing bureaucratic hurdles to allow entrepreneurs to concentrate on expanding their businesses without cumbersome procedures.
Additionally, TEKUN has optimized its process by shortening the processing time for applications under RM100,000 to seven days, down from the previous 30 days. This year, 74.5% of the nearly 31,000 approved applications received approval within one to five days, while nearly 20% were approved within six to 10 days.
Mohamad Shiblie further explained that the digitalization initiative would allow entrepreneurs, especially those in rural and remote areas, to apply for financing without needing to visit TEKUN Nasional branches. By leveraging digital technology and artificial intelligence, TEKUN aims to broaden its agenda of empowering entrepreneurs with development and financing opportunities across the nation.
During the launch event, TEKUN Corporation Sdn Bhd-a subsidiary of TEKUN Nasional focused on commercial services-signed a Memorandum of Understanding with Koperasi Pegawai-Pegawai Melayu Malaysia Berhad (MOCCIS). This collaboration aims to explore opportunities in sectors such as oil palm plantations, hospitality, resort accommodation, banquet halls, property, and long-term investments.