KUALA LUMPUR: The Malaysia Digital Economy Corporation (MDEC) Thursday approved another RM10.5 million worth of grants benefiting 50 small and medium-sized enterprises(SMEs) and start-ups.

Chairman Datuk Wira Dr Rais Hussin Mohamed Ariff said additionally, MDEC is in the midst of disbursing RM3.5 million worth of grant claims to 20 recipients, mainly from the digital creative content industry.

"The grant allocation is part of MDEC's initiatives under the Digital Content Grant (DCG) and SmartAutomation Grant (SAG) that have been designed to encourage local SMEs and start-ups to embracenew digital technologies and services which will increase their business productivity and sustainability.

"These grants are a testament to our steadfast commitment to not leave anyone behind in line with our Shared Prosperity Vision 2030 and Malaysia 5.0," he said in a statement.

Meanwhile, chief executive officer Surina Shukri said apart from being able to empower technology adoption amongst local businesses, the funding initiative is also part of MDEC's three strategic framework pillars: Digital Skills and Jobs, Digital Businesses and Digital Investments.

She said the agency continues to set the foundation for SMEs and mid-tier companies to thrive in the Fourth Industrial Revolution (4IR) era by supporting businesses at every level and in all sectors including Fintech, Agtech, and Healthtech, among others.

"We will remain cognisant of the industry needs and work tirelessly to enhance our capabilities, capacities and facilities towards achieving a technologically integrated society in line with the Malaysia Digital Economy Blueprint (MyDIGITAL)," she said.

To better cater to the development of the digital economy, MDEC has also implemented its "Reinvent"mission for grant management processes to ensure improved grant disbursement processes, includingthe digitalisation of grant management and administration to attain greater transparency and governance.

In line with this, the agency will continue to evaluate and will announce more successful grant recipients in due course.

"The agency is disbursing the approved grants in batches to the respective recipients based on proof of milestones and KPIs achieved under the SAG and DCG initiative," she added.

-- BERNAMA