In today’s fast-paced business landscape, staying informed about the latest news and developments is crucial for small and medium-sized enterprises (SMEs) to thrive and adapt. With that in mind, we present a comprehensive article highlighting the top seven news stories in Malaysia during April that SMEs must know to stay updated!
Upskilling
- AirAsia Academy and CTOS Digital Collaborate to Empower SMEs with Digital Knowledge
Credit: The Malaysian Entrepreneurs Festival
AirAsia Academy, with its impressive library of 1,000 courses, has forged a partnership with CTOS Digital Bhd to offer small and medium enterprises (SMEs) valuable knowledge on digital marketing and branding. The collaboration aims to equip SMEs with the necessary skills and insights to navigate the digital landscape effectively. Through this initiative, SMEs will gain access to a comprehensive range of courses provided by AirAsia Academy, enabling them to enhance their understanding of digital marketing strategies and strengthen their brand presence in the online sphere.
- Embracing AI Upskilling: Google’s Call to Malaysian Businesses
Credit: The Malaysian Entrepreneur Festival
Google has announced a strategic initiative in Malaysia aimed at equipping the country’s youth with future-ready skills, specifically focusing on artificial intelligence (AI) and enhancing public service delivery through cloud-native, AI-driven productivity tools. In collaboration with the Ministry of Higher Education (MOHE), Google intends to upskill local youth by offering up to 500 Google Career Certificate scholarships each to 161 public universities, polytechnics, and community colleges in Malaysia until the end of 2024. This initiative, aligned with Malaysia’s MADANI Economy framework, expands upon Google’s existing “Gemilang” digital training program launched in 2022, which provides Malaysians with no-cost access to acquire in-demand digital skills for high-demand technology jobs. By empowering the youth with these skills, this initiative holds great potential for small and medium-sized enterprises (SMEs) in Malaysia, enabling them to tap into a talented workforce equipped with the expertise to drive innovation and fuel their growth in an evolving digital landscape.
Financing
- Maybank myimpact SME: Empowering Businesses with Sustainable Solutions
Credit: The Malaysia Entrepreneurs Festival
Maybank myimpact SME is an all-encompassing and integrated ecosystem that goes beyond traditional banking services, providing small and medium-sized enterprises (SMEs) with value-based solutions rooted in sustainable and ethical principles. With sustainability as a core tenet, Maybank myimpact SME embraces the evolving global landscape and offers a holistic approach to support businesses. Through partnerships with industry-leading experts, the program delivers personalized consultancy and advisory services, complemented by online tools accessible on the platform. This comprehensive support empowers SMEs to embark on their sustainability journey, including obtaining certifications and implementing initiatives such as solar panels, energy-efficient retro-fitting, trainings, and workshops. Maybank myimpact SME aims to guide businesses towards success while promoting sustainable practices for a better future.
Research about SMEs
- Optimistic Growth Outlook for Small Businesses in Malaysia
Credit: The Malaysia Entrepreneurs Festival
The growth prospects for small businesses in Malaysia are optimistics, according to a recent survey by CPA Australia. In 2023, 66% of small businesses experienced growth, and an even more optimistic outlook is projected for 2024, with 78% anticipating further expansion. This marks the country’s best performance since 2012, surpassing the regional average. The buoyant sentiment is driven by robust confidence in the economy, with nearly three-quarters of respondents expecting growth in the coming year. Notably, there has been a shift in the investment landscape, with 59% of small businesses seeking external funding for growth initiatives, reflecting increased confidence and a focus on expansion. Young entrepreneurs are playing a key role, leading the charge in innovation and technology adoption, positioning small businesses for success in the evolving business landscape. Overall, the survey highlights a positive growth environment, with a strong economy, increased investment, and young entrepreneurs driving innovation and progress.
- Revised IMF Outlook Points to Promising Economic Landscape for Malaysian SMEs
The International Monetary Fund (IMF) has upgraded its forecast for Malaysia’s real gross domestic product (GDP) to 4.4 percent this year, surpassing its previous projection of 4.3 percent. This positive revision indicates a favorable economic outlook for Malaysia, which can have a significant impact on small and medium enterprises (SMEs). With a stronger GDP growth forecast, SMEs can expect increased opportunities for expansion, higher consumer spending, and a more conducive business environment. This upward revision by the IMF reflects the potential for SMEs to thrive and contribute to Malaysia’s economic growth in the coming year.
E- invoicing
- Mandatory E-Invoicing: Streamlining Processes and Reducing Errors for Malaysian SMEs
Credit: Clear Tax
The recent announcement by the Inland Revenue Board (IRB) to introduce mandatory e-invoicing for local companies by July 2025 signifies Malaysia’s commitment to modernize and digitalize its economy, aligning with 40 other countries implementing e-invoicing. To assist companies in this transition, the IRB has released guidelines, a road map, and a Software Development Kit (SDK), facilitating the digitalization process outlined in the government’s road map. An important benefit of this initiative is the availability of digital data through direct transmission to the IRB, streamlining processes like tax return filing and reducing errors. With each transaction document validated by the IRB, accurate recording and digital storage prevent errors and minimize the risk of fraudulent activity, bringing efficiency and integrity to financial transactions for Malaysian SMEs.
Technology
- Malaysia Introduces Incentives to Foster Innovation and Business Growth
Credit: Expatgo
The highly anticipated KL20 Summit 2024 took place in Kuala Lumpur on April 22 and 23, 2024. The Summit marked a significant milestone with the unveiling of the KL20 Action Paper, a comprehensive roadmap aimed at positioning Malaysia as one of the world’s top 20 start-up hubs by 2030.
Malaysia is implementing a range of incentive packages to attract and support the establishment of unicorn companies, global venture capital firms, skilled talents, and start-ups in the country. The Unicorn Golden Pass offers attractive incentives, such as concessionary tax rates, subsidised office rental, and relocation services, to entice unicorn companies to establish their regional bases in Malaysia. The VC Golden Pass aims to attract leading global venture capital firms by providing incentives like LP funding access opportunities, subsidised office rental, and expedited license registrations. Additionally, the Innovation Pass offers preferential benefits to founders, senior management, skilled talents, and tech workers, encouraging them to relocate to Malaysia. Lastly, the Start-Up Single Window serves as a convenient one-stop center assisting start-ups in setting up their business operations and facilitating their growth activities. These initiatives demonstrate Malaysia’s commitment to fostering innovation, entrepreneurship, and economic growth by creating an attractive and supportive business environment.
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