HDC, SOLV Malaysia unite to help SMEs access RM2.67 billion halal fund

Halal Development Corporation Berhad (HDC) has joined forces with SOLV Malaysia to pave the way for Small and Medium-sized Enterprises (SMEs) in Malaysia to access the RM 2.67 billion halal fund, pledged by five prominent banks during the World Halal Business Conference Circuit 2023 in London.

The collaboration facilitated through the Halal Integrated Platform (HIP), aims to simplify and expand avenues for SMEs to obtain financing.

SOLV, incubated by SC Ventures, has established itself as a key player in addressing the evolving needs of the SME community, particularly in e-commerce and financial solutions. The collaboration aims to leverage HDC's expertise in the halal sector and SOLV's innovative digital platform to accelerate the growth of SMEs in Malaysia by providing easy access to the RM2.67 billion funding facility.

"At HDC, we recognize the pivotal role that MSMEs play in the development of the halal economy. We are looking for a practical way to provide ease of access to the financing facilities offered by financial institutions," said HDC’s Chief Executive Officer, Hairol Ariffein Sahari.

One of the key objectives of this collaboration is to advance digital processes for pre-qualifying SMEs, enabling 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 among SMEs, empowering them 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. This, in turn, promotes financial independence and long-term sustainability for the SMEs involved.