SME Corp Names microLEAP as Financial Intermediary for its Digital Financing Initiative to Support MSMEs

For its Digital Financing Initiative (DFI) pilot project, SME Corporation Malaysia (SME Corp) has named Malaysia-based microLEAP, a Shariah-compliant peer-to-peer (P2P) financing platform, as the financial intermediary.

Why it Matters?

Via this collaboration, SME Corp will disburse MYR 10 million (USD 2.3 million) in Shariah-compliant funding to micro, small and medium firms (MSMEs) through an online platform that offers a variety of Shariah-compliant financial options, according to microLEAP. It said that despite the fact that banks have developed a number of solutions to assist businesses, more has to be done to reach out to MSMEs, which account for 98.5% of all registered firms in Malaysia.

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