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亚马逊云账号(www.2km.me)_CGC to achieve guarantees of up to RM10bil

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CGC chairman Datuk Mohammed Hussein

KUALA LUMPUR: Credit Guarantee Corp Bhd (CGC) is confident that its commitment to provide guarantees of up to RM10 billion for micro, small and medium enterprises (MSMEs) affected by COVID-19 pandemic will be achieved by December this year.

CGC chairman Datuk Mohammed Hussein said, since the reopening of business phase which started on Aug 16, 2021, its customers are now entering the phase of recovery.

However, he also acknowledged the reality on the ground wherein many MSMEs are still facing difficulties in resuming their businesses and adjusting to the new normal.

The stark reality is that some businesses may not resume at all, he added.

"In moving forward under the National Recovery Plan, new growth sectors for MSMEs will emerge.

"To support this, as a strategic component in the MSME ecosystem, CGC is aware that we need to enhance our own skills to ensure our operational readiness to meet these new challenges and opportunities," he said in his speech at CGC 26th Financial Institution/Development Financial Institution (FI/DFI) & SME Awards 2020 held virtually today.

Mohammed also said that CGC's five-year Strategic Plan 2021-2025 is now focused on how it can become a more effective partner and a catalyst for MSMEs’ growth across their business cycles.

"One particular skill gap that we, and maybe some FIs as well, need to work on is in respect of the gig economy, that is, how good we are in supporting the gig economy, in terms of evaluating new proposals, and in structuring our financial products to meet their needs.

"Whilst some FIs are further ahead in the learning curve than others, I think it is fair to say that there is still some learning to do. But going forward, the gig economy will be a major growth sector, especially for the younger entrepreneurs," he said.

Mohammed said the skill gaps in gig economy must be addressed or the country could see some loss of brainpower if the budding entrepreneurs in this sector feel that they are not able to obtain funding for their ventures because the financial sector does not fully understand how to evaluate the gig economy.

He suggested some training-based institutions such as the Financial Institutions Directors' Education (FIDE) and Asian School of Business or some other relevant tertiary institutions to conduct proper research on financing the gig economy, using case studies approach, and to identify the risks and key success factors.

"This will assist us, the FIs, in our evaluation to enable us to properly support the gig economy," he said.

Meanwhile, the awards which began in 1995, aims to recognise exemplary MSME customers who have displayed excellent credit track records and business success, and to acknowledge the FIs and their strategic partners for their significant role and valuable contribution towards MSME financing and development.

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