After the announcement of RM 2.67 Bil Halal fund pledge by five (5) prominent Banks during World Halal Business Conference Circuit 2023 (WHBC) in London, Halal Development Corporation Berhad (HDC) has announced a strategic collaboration with SOLV Malaysia to facilitate potential avenues for SME to access funds through the Halal Integrated Platform (HIP). This partnership aims to broaden and simplify access to financing, facilitating the growth of businesses in the burgeoning halal economy.
SOLV incubated by SC Ventures, has emerged as a key player in addressing the evolving needs of the SME community, particularly in the realms of e-commerce and financial solutions. Leveraging new technologies and innovative approaches, SOLV is dedicated to creating an ecosystem that not only supports businesses but also drives efficiency and growth.
According to HDC’s Chief Executive Officer, Hairol Ariffein Sahari, the collaboration with SOLV Malaysia is a testament to our commitment to providing tangible support for businesses that would like to access the Halal Financing provided by the banks.
“At HDC, we recognize the pivotal role that MSMEs play in the development of the halal economy. We are looking for a practical way in providing ease of access to the financing facilities provided by financial institutions” said Hairol Ariffein.
The cornerstone of this collaboration is a business-to-business supply chain financing program designed to accelerate the growth of SMEs. By combining HDC’s expertise in the halal sector with SOLV’s innovative digital platform, the partnership seeks to accelerate the growth of SMEs in Malaysia by providing ease of access to the RM 2.67 Bil Funding Facility provided by the Banks.
“SOLV’s mission is aligned with the vision of empowering businesses through technology and innovation. This collaboration is a testament to our commitment to revolutionize the SME landscape, providing them with the tools they need to succeed in today’s dynamic market,” said Ms. Wendy Ang, CEO of SOLV Malaysia.
One of the key objectives of this collaboration is digital advancement in pre-qualifying SMEs for optimal pairing with suitable financial institutions and alternative lenders. This innovative partnership not only streamlines the financing process but also focuses on cultivating creditworthy behavior, empowering SMEs to construct resilient credit profiles. Through a digital approach, the collaboration enhances the overall customer journey, facilitating quicker and more efficient financing for SMEs based on their merit, thereby promoting financial independence and long-term sustainability.
HDC and SOLV are working closely to harness the full potential of this collaboration, aiming to empower Malaysian SMEs, drive growth, and foster a resilient and thriving SME ecosystem. The partnership holds the promise of not only transforming the financial landscape but also paving the way for valuable collaborations in the realm of financial technology.