Bank’s initiative to upscale businesses - MIDA | Malaysian Investment Development Authority
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Bank’s initiative to upscale businesses

Bank’s initiative to upscale businesses

29 Dec 2021

AMBANK Group has selected nine winning SMEs for its AmBank BizRACE Season 3: Industrial Revolution 4.0 (IR 4.0), Digitalisation and Halal Quest tracks.

The top three companies for each track were chosen from over 2,000 registrations since its launch in July 2020.

During this season, AmBank provided more than 200 shortlisted SMEs with development programmes in the areas of IR4.0, digitalisation and halal certification. The season is the first ever AmBank BizRACE held virtually in keeping with pandemic SOP.

For the IR 4.0 and Digitalisation tracks, participants underwent one-to-one grant consultations to evaluate their business plans and grant proposals in preparation for their application.

Through AmBank’s partnership with the Malaysian Investment Development Authority (MIDA) and the Malaysia Digital Economy Corporation (MDEC), AmBank BizRACE participants received more than RM14mil worth of grant approvals.

The Smart Automation Grant (SAG) supervised by MIDA had a grant allocation of RM100mil, of which 14% were successfully obtained by participants of the AmBank BizRACE. This represents the largest contribution facilitated by a panel bank.

The bank’s support also includes offering eligible participants with financing packages to fund their smart automation projects.

The SAG is offered to Malaysian small and medium enterprises (SMEs) and mid-tier companies (MTCs) in the manufacturing and services sector on a matching basis (1:1) based on eligible expenditures and up to a maximum grant of RM1mil per company.

As for Halal Quest, the track is aimed to help SMEs obtain insights into the halal market and in their journey towards attaining halal certification.

AmBank Islamic in partnership with Jabatan Kemajuan Islam Malaysia (Jakim), together with the Malaysia External Trade Development Corporation (Matrade), Halal Development Corporation Berhad (HDC) and industry practitioners, have organised capacity building sessions to equip the participants with the relevant knowledge to venture into the halal market.

Halal Quest has garnered interests from various industries and sectors such as cosmetics, food and beverage, pharmaceuticals, manufacturing, as well as logistics.

The finalists were shortlisted based on their business strategy pitch and readiness to venture into the respective areas of focus. The programme’s panel of judges were represented by senior leaders of AmBank, key partners, and subject matter experts.

“Over the years, AmBank has always supported Malaysian SMEs by providing them with the right solutions to propel their business,” says AmBank Group chief executive officer Datuk Sulaiman Mohd Tahir.

“The last two years have been tough for most businesses, given the Covid-19 pandemic. Thus, we do our best to assist and provide a range of initiatives for SMEs that go beyond just financial solutions.

“The AmBank BizRACE is one of the many initiatives launched by the bank for SMEs to upscale their businesses by leveraging on the knowledge, training, branding as well as networking opportunities provided.”

AmBank Group (business banking) managing director Christopher Yap says: “We applaud all the AmBank BizRACE Season 3 winners for their outstanding drive and efforts in making it all the way to the final stage.

“In line with our core theme this year – The Big Reset: Revive Your Business – we hope that this programme has helped them through the pandemic and this recognition would serve as an encouragement for them in paving their businesses to greater heights.”

AmBank Islamic chief executive officer Eqhwan Mokhzanee Muhammad adds: “We are glad to have played a role in helping these SMEs in their journey towards attaining halal certification. The Halal Quest track allows us to go ‘beyond financing’ by supporting SMEs that would like to tap into new market opportunities.

“I would like to congratulate and thank all our finalists in the AmBank BizRACE. It is our pleasure to have met so many high potential SMEs for this season.”

The total prize value this season amounts to RM2mil which included development programmes centred around IR 4.0, digitalisation and halal certification; grant coaching; as well as media exposure for selected participants.

The top three winners for each track were awarded with executive development programme at Cambridge University’s Judge Business School, training programmes on halal certification, as well as media and digital solutions packages provided by Ambanks’ technology partners Microsoft Malaysia and Maxis which have been collaborating as strategic partners in driving the nation’s digital agenda.

The winners for the AmBank BizRACE Season 3 are:

Industrial Revolution 4.0

Champion: Comebest Malaysia Sdn Bhd

First runner-up: LTP Engineering Sdn Bhd

Second runner-up: Mayflax Sdn Bhd


Champion: BloomThis Flora Sdn Bhd

First runner-up: Matahari Sdn Bhd

Second runner-up: Forest House Sdn Bhd

Halal Quest

Champion: Doluvo Sdn Bhd

First runner-up: LM International Sdn Bhd

Second runner-up: Ira Noah PLT

This year’s AmBank BizRACE official government partners include the Ministry of International Trade and Industry (MITI), Malaysian Investment Development Authority (MIDA), Malaysia External Trade Development Corporation (Matrade), Halal Development Corporation (HDC), Malaysia Digital Economy Corporation (MDEC) and Jabatan Kemajuan Islam Malaysia (Jakim).

Official corporate partners include Microsoft Malaysia, Maxis and Bosch Rexroth. AmBank has also engaged PwC Malaysia to evaluate the process and scores of the competition.

Source: The Star