MITI provides RM10 million fund for Bumiputera ICT entrepreneurs

The International Trade and Industry Ministry (MITI) is providing a RM10 million fund to enable Bumiputera entrepreneurs in information and communications technology (ICT) to expand their businesses.

Deputy Minister Datuk Ahmad Maslan said the fund will be channelled through SME Bank under the Online Business Financing (OBF) programme.

"This is part of efforts (by the government) to boost Bumiputeras' online businesses, which we know can be profitable in future," he told reporters after launching the scheme here today.

Applicants for the OBF scheme, which is based on Islamic financing principles, should be entrepreneurs registered with the Companies Commission of Malaysia or other valid registration body, and run an online business full-time or have been doing so for at least a year.

Sixteen online companies have received assistance from the scheme, with SME Bank targeting 50 borrowers by June 2016. Also present was SME Bank Group Managing Director Datuk Mohd Radzif Mohd Yunus.