Fave launches Growth Malaysia in collaboration with partners Grab, Maybank, MDEC, Funding Societies and Productivity Nexus for Retail and F & B
YB Datuk Seri Mohd Redzuan Md Yusof,
Minister of Entrepreneur Development and Joel Neoh, Founder of Fave, today launched Growth Malaysia, an initiative by Fave
in collaboration with partners, Grab
Malaysia, Maybank, MDEC, Funding Societies and Productivity Nexus for Retail
& F&B. Also in attendance to grace
the event was YB Tuan Ahmad Fahmi bin Mohamed Fadzil, MP Lembah Pantai,
who participated in a fireside chat.
Supported by the Ministry
of Entrepreneur Development, Growth Malaysia is a collaboration between key
industry players with the mission to help offline
retailers in Malaysia go digital from payments, marketing, data, and financial
services. At its debut, the collaboration aims to help 100,000 restaurants
across Malaysia grow digitally by 2020.
In his speech, YB Datuk Seri Mohd Redzuan cited the World
Bank, that only 62% of businesses are connected to the
Internet, 46% has fixed broadband (often of low quality) and 18% have a web
presence of some kind.
“This is why we are excited about Growth Malaysia, as it is in line
with the Ministry's mission to widen and coordinate
entrepreneurial activities to be more targeted, inclusive, encompassing all segments of society. I am extremely glad to see giant private entities such as Fave, Grab and
Maybank working together with government agencies for the betterment of the
nation’s economy and to help improve the industry as a whole. With that, I
strongly urge offline retailers to seize this opportunity to further expand
their businesses,” said YB Datuk Seri Mohd Redzuan.
“Malaysia has seen consumers
going exponentially digital today, with everything happening on their mobile
phones from texting, watching movies, shopping and paying the bills. As the
world evolves to going digital, offline businesses, especially those in F&B
and retail need to catch up and adapt to the growing shift of the behavior in
consumers, else they risk being left behind. While larger companies are already
making the digital shift fast with lots of investments, small-medium businesses
and entrepreneurs need help today. I would like to extend my sincere gratitude
to all partners that are coming on board Growth Malaysia, and I look forward to
working together to achieve the goal to digitise 100,000 restaurants by 2020,”
said Joel Neoh.
As a nation enriched with
culture and traditions, many businesses need proper awareness and encouragement
to grow from the traditional ways towards digitisation. During the fireside
chat, YB Tuan Fahmi Fadzil and Joel Neoh talked about
bridging and balancing between traditional and modern businesses, values and
mindset.
The Growth Malaysia
collaboration partners; including Fave and Grab has started to expand and offer
more value add to restaurants owners; including cashless and mobile payments;
digitizing loyalty cards, coupons, and gift cards; food delivery and ordering;
providing data and insights, and enabling easier access to financial services.
The launch also saw a panel
discussion by partners of Growth Malaysia titled David and Goliath:
Empowering SME Restaurants to stay competitive in the digital age, where
panelists shared industry trends, the how’s and why’s on the importance of
going digital.
For more information about
Growth Malaysia, and how retailers can participate and benefit from the
collaboration, please visit www.growthmalaysia.com
Key Highlights from Growth Malaysia
Collaborators
Fave
“Our mission is to help
local businesses to grow by going digital and we are actively working with over
20,000 SME entrepreneurs across Malaysia, Singapore, and Indonesia. With Growth
Malaysia, we are investing further towards the digitalization and growth of
offline businesses in Malaysia and we believe that the most efficient and
effective way to achieve this is to collaborate with businesses and
organisations of the same values and goals, working together towards digitising
Malaysia’s SME ecosystem.” said Joel Neoh, Founder of Fave.
MDEC
“A strong partner of MDEC’s
Global Acceleration & Innovation Network (GAIN) programme, Fave’s
innovative platform solution and business model should inspire excellent growth
opportunities. We also applaud the collaboration between Fave and Grab, which
is a very strategic tie-up between two Malaysian digital platform providers,
and should spur expansion into new markets,” commented Gopi Ganesalingam, Vice
President, Enterprise Development, Malaysia Digital Economy Corporation (MDEC).
“Moving forward, Growth
Malaysia will explore to collaborate with MDEC under the eUsahawan initiative
to further potentise our ecosystem and continue to build a stronger digital
presence to power their digital journey,” he added.
Grab
“As a homegrown brand from
Southeast Asia, we strongly believe in leveraging on our tech innovations to
address the everyday needs of our customers, be it our users or our partners
who are relying on our app to earn an honest living. Our partnership with Fave
is a testament to our shared vision to see Malaysia grow and embrace technology
and digital economy to improve business opportunities,” said Sean Goh, Country
Head of Grab Malaysia.
Funding Societies
Wong Kah Meng, CEO of
Funding Societies Malaysia, said “We are truly delighted to collaborate with
Fave. Funding Societies provides financing access with same-day approval and
disbursal to merchants through FavePay. Capitalizing on the fast financing,
merchants can obtain additional working capital and will be in a better cash
flow position to facilitate their business expansion and growing sales volume.”
Maybank
With the SME community always close to our
hearts, Maybank is constantly exploring and assessing new ways of servicing
SMEs better, faster and more effectively. In the advent of the Digital Era and
Industry 4.0, Maybank is committed towards digitalizing its services,
supercharging business for growth and collaborating with other key enablers
& industry players towards achieving its strategic objective of becoming
the Digital Bank of Choice and fulfilling our mission of Humanising Financial
Services – Head of SME Banking Maybank , Adnan Sharif
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