Image credit: The Edge Malaysia
KUALA LUMPUR: Digital Minister Gobind Singh Deo has called on the Securities Commission Malaysia (SC) to expand its newly launched GROWMatch initiative beyond the agriculture sector, aiming to address financing gaps faced by micro, small, and medium-sized enterprises across all sectors.
GROWMatch is designed to allow agribusiness entrepreneurs to showcase their projects and attract funding. The matching initiative currently leverages equity crowdfunding (ECF) and peer-to-peer financing (P2P) platforms to support MSMEs in strategic and underserved sectors.
Gobind stressed the need for the SC to consider broadening the scope of GROWMatch to benefit a wider range of industries.
“We must approach this positively. We have digital platforms, and the ministry is working to encourage the adoption of digital technology to enhance business operations,” he said at the launch of GROWMatch on Friday.
He added that MSMEs should explore not only local but also regional and global markets for growth.
Gobind said inadequate access to financing continues to be a significant challenge for micro entrepreneurs and SMEs across the country.
“Broadening financing opportunities is essential for securing a better future, especially for those involved in the agricultural industry. By working together, various ministries and agencies can play a pivotal role in unlocking the business potential of agricultural entrepreneurs in Malaysia,” he added.
Meanwhile, the SC noted that since the inception of ECF and P2P platforms, more than 18,000 MSMEs have raised nearly RM8 billion in funding as of June.
GROWMatch aims to build on this success by providing more opportunities to businesses in need.
SC chairman Datuk Mohammad Faiz Azmi highlighted that GROWMatch capitalises on a diverse ecosystem of partners to offer comprehensive support, particularly for smaller companies facing funding challenges.
“GROWMatch not only connects entrepreneurs with investors but also offers mentorship and resources to help them succeed in a competitive market,” he said.
At the event, the SC signed memorandums of understanding with Malaysia Digital Economy Corporation (MDEC), Selangor Information Technology and Digital Economy Corporation (Sidec), Universiti Putra Malaysia (UPM) and Impact Circle. They aim to promote food security and self-sufficiency through alternative financing, combining expertise to support agripreneurs in scaling their businesses.
Source: https://thesun.my/business-news/gobind-urges-sc-to-expand-growmatch-s-scope-to-sectors-beyond-agriculture-HM12874672