KUALA LUMPUR, January 24 – Credit Guarantee Corporation Malaysia Berhad (CGC) has today signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprise Credit Guarantee Fund of Taiwan (Taiwan SMEG) to establish collaboration to share and exchange knowledge and expertise in revolutionising the credit guarantee industry.
This is the first collaboration between CGC and Taiwan SMEG, which share the same objective, that is to provide financial assistance and related services to SMEs particularly to enterprises that lack collateral and track record to obtain financing from the financial from financial institutions.
“As trade between Malaysia and Taiwan is growing, and the number of SMEs are increasing, we believe a joint collaboration is timely to further drive the SME Development agenda and here we are today to realise the signing of the MoU to support the growth of SMEs and promote the development of credit guarantee services,” CGC’s Chairman Dato’ Agil Natt said during the MoU signing ceremony at Sasana Kijang, Kuala Lumpur, today.
Signing on behalf of CGC was its President/CEO Datuk Mohd Zamree Mohd Ishak while Taiwan SMEG by its Chairman Vincent Tsai. The signing ceremony was witnessed by Ms. Marina Abdul Kahar, Director of Development Finance and Enterprise, Bank Negara Malaysia and Agil.
Meanwhile, Zamree said that the collaboration will drive transformational growth for both Taiwan SMEG and CGC as well as lead to value creation for the SMEs.
“This is another meaningful step that not only demonstrates our commitment to expand our portfolio to spur SME growth, but also our focus on diversifying our products and services that cater for changing market requirements,” added Zamree.
According to Tsai:” In line with our government’s “New Southbound Policy,” Taiwan SMEG would like to strengthen the cooperation with CGC Malaysia which is identified as one of the” New Southbound Countries.” It is our hope that by signing an MOU, CGC Malaysia and Taiwan SMEG will be able to engage in closer working relationship and interaction on the credit guarantee system. The ultimate goal is to promote the development of SMEs in both countries by providing credit guarantee services.”
Under the MoU, both CGC and Taiwan SMEG will provide assistance in enhancing the credit guarantee framework, knowledge sharing, technical assistance to improve existing credit guarantee schemes, procedures and other operational matters.
Both parties will also share and exchange their best practices via research and development (R&D), training and study visits to enhance knowledge and skills pertaining to the credit guarantee business in our respective organisations.