KUALA LUMPUR: CGC Digital, Funding Societies and FarmByte signed a MoU to narrow the financing gap for micro, small, and medium enterprises (MSME) in the agriculture segment.
This strategic collaboration seeks to enhance access to financing and support the growth of agricultural businesses, thereby contributing to Malaysia’s food security agenda and economic resilience.
Further, this collaboration aims to have a positive impact on local farmers.
By providing innovative financing options, local farmers will have better access to the capital needed for sustainable operations and business expansion.
CGC Digital CEO Yushida Husin said the company is committed to supporting initiatives that address Malaysia’s critical food security issue.
“By collaborating with Funding Societies and FarmByte, we aim to close the funding gap and enable local farmers to have the financial access they need to thrive.
“This collaboration is a significant step towards building a resilient and sustainable agricultural sector that can meet the growing demands of our nation,” she said.
Funding Societies group chief operating officer Wong Kah Meng said this partnership with CGC Digital reflects the company’s shared commitment to empowering underserved businesses across Malaysia.
“We strive to build a more inclusive financing ecosystem that fuels the growth of micro and small enterprises.
“This collaboration not only strengthens the agricultural value chain but contributes to food security and economic resilience in Malaysia,” he said.
Through this MoU, CGC Digital, Funding Societies, and FarmByte will leverage their combined expertise to implement innovative financing solutions that address the unique needs of MSMEs in the agriculture sector.
As a leading credit guarantee provider, CGC Digital will help reduce risks and improve access to financing.
It will enhance its default prediction model by using farm-level data as an alternative risk measure for agribusinesses.
This will make lending safer through data-driven credit evaluations.
Funding Societies will offer quick and flexible financing using alternative credit assessments to support farmers and agribusinesses without traditional collateral.
FarmByte will provide farm-level data and insights to improve credit scoring, increase the accuracy of risk evaluation, and expand financial access.
FarmByte CEO Syed Aiman Kifli Syed Jaafar said the partnership with CGC Digital and Funding Societies aligns with the company’s vision to revolutionise farming by providing farmers with both financial and technological resources.
“Our goal is to empower MSMEs in the agriculture sector with greater access to financing, enabling them to scale their businesses and enhance productivity.
“Through this collaboration, we are bridging the financial gap and equipping ecopreneurs with the resources and support needed to drive a more resilient and sustainable agro-food ecosystem,” he said.
