KUALA LUMPUR, Oct 19 — Micro, small and medium enterprises (MSME) are encouraged to embrace digitalisation in closing the gap to upgrade their business processes and improve their operations.

SME Corporation Malaysia (SME Corp) chief executive officer (CEO) Rizal Nainy said according to recent findings conducted by the corporation, more than 80 per cent of MSME were computerised, in which they owned gadgets to complement their business operations.

“However, when it comes to back-end digitalisation, which is the system itself, it is still at 50 per cent, which means there is a gap for MSMEs to upgrade their business processes in terms of digitalisation.

“To achieve higher productivity, MSMEs must learn to embrace digitalisation so that they are able to do better,” he said as a panellist in the ‘Unlocking Opportunities: Exploring Funding Options & Grants for SME Growth’ panel session.

The session was a part of the 8th Selangor Smart City and Digital Economy Convention (SDEC) organised in conjunction with the seventh edition of the Selangor International Business Summit (SIBS) by the Selangor Information Technology and Digital Economy Corporation (SIDEC) at the Kuala Lumpur Convention Centre, here today.

Fellow panellists of the session included Affin Bank Berhad head of direct channel Angus Tan Su Siang, Mystartr CEO William Lien and Funding Societies country head Chai Kien Poon, moderated by Small and Medium Enterprises Association (Ssamenta) national president Datuk William Ng.

It saw discussions of applicable grants or bank loans for MSMEs wishing to seek financial assistance as well as equity crowdfunding (ECF), among others.

SIBS 2023 which started today, will be held until October 22, featuring six core components besides five exciting events held in parallel with the main programmes.

SIBS 2023 also sees greater participation compared to all previous years, totalling 1,006 booths altogether, and with events being held in all eight expo halls and seven conference halls in KLCC.

With a target of RM1.5 billion in potential negotiated sales, SIBS 2023 is expected to continue its role as the regional premier summit for local and international industry players to convene and explore the great potential of the Malaysian and regional markets. — Bernama