Bank Negara Malaysia Engagement with SMEs and Financial Institutions in Terengganu
Link to the original post : http://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=4832&lang=en
Bank Negara Malaysia (BNM) held a dialogue session with local SMEs, state government agencies and financial institutions in conjunction with Karnival Kewangan which was launched on 4 April 2019. The dialogue session was chaired by Assistant Governor Adnan Zaylani Mohamad Zahid and attended by 11 business chambers and SME associations.
BNM is committed to ensuring that the SME financing ecosystem caters to the needs of SMEs, especially financing, advisory and redress channels. BNM also emphasised that SMEs continue to have access to financing from 40 financial institutions including 16 Islamic financial institutions.
Through the dialogue session, the business community provided insights on developments affecting the east coast region and discussed the challenges that they faced in doing business. Generally, SMEs felt that access to financing is not the main constraint in doing business. However, access to training and capacity building avenues and the need to increase knowledge on financial products are concerns highlighted by the business community.
SMEs facing financial difficulties are advised to seek assistance at an early stage, and can avail themselves to advisory platforms such as the dedicated ‘Kaunter PKS’ which have been set up at all six BNMLINK centres nationwide (Kuala Lumpur, Pulau Pinang, Johor Bahru, Kuala Terengganu, Kota Kinabalu dan Kuching).
SMEs were urged to formalise their business to enable them to benefit from the various financing schemes provided by the financial community, including tapping on BNM’s Fund for SMEs and Islamic financing facilities by Islamic financial institutions. SMEs are advised to acquire financial management skills, maintain good record-keeping and take-up takaful or insurance to protect businesses against shocks or natural disasters.
The discussion and engagement session had received positive feedback from the business community and the Government agencies in Terengganu. The Government agencies hope to collaborate further with the financial industry to strengthen and improve SMEs’ access to advisory and financing.
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