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Growth Malaysia to Help 100,000 Restaurants Grow Digitally by 2020

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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