Mastercard launches new programme to empower growth of MSEs in Malaysia

Mastercard has launched Mastercard Strive Malaysia to support Malaysia’s growth and digitalisation priorities. Malaysia is the second country to launch the Strive programme in the Southeast Asia region. 

In collaboration with The Asia Foundation, the programme aims to digitalise and support the growth of 100,000 micro-and small enterprises (MSEs), focusing on women-owned and women-led businesses. The programme, according to Mastercard, strives to meet the evolving needs of Malaysian small businesses by providing them access to essential tools, networks, and resources while cultivating a more supportive business ecosystem.

Mastercard Strive Malaysia is part of a portfolio of philanthropic programs which are supported by the company and aimed at helping small businesses worldwide thrive in the digital economy. Additional Strive programs include those in the U.S., the U.K., Mexico, Czechia, and Indonesia. Collectively, they aim to support more than 10 million small businesses.

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Datuk Seri Mohamed Khaled Nordin, minister of higher education for Malaysia said that Strive Malaysia is a timely offer that will bolster the country’s MSEs. “The Ministry is delighted to partner with Mastercard Center for Inclusive Growth and the Asia Foundation to open the doors of our 105-strong network of community colleges to reach Strive digital tools and resources to MSMEs at their doorstep and in their local communities,” he added.

Datuk Ewon Benedick, the minister of entrepreneur and cooperatives development, Malaysia added that he strongly believes that Strive Malaysia can serve as a platform to provide entrepreneurs, especially women, with the essential support to participate in the digital economy.

A release to the press added that the backbone of the Malaysian economy, MSEs, account for 97.2% of businesses in the country, employing over seven million people and generating over half of the national gross domestic product (GDP). With the government’s efforts and investments to increase participation in the digital economy, the past decades have witnessed the growth of small enterprises in Malaysia.

Despite this, a survey of local MSEs reveals that many still struggle to identify available support and which programs can best meet their needs. According to World Bank, only 54% of Malaysian MSEs utilise digital solutions, and only 58% have digitised payment systems. Moreover, women-led businesses face additional barriers, including access to technology and financing, that result in lower levels of digitalisation and growth.

Safdar Khan, division president of Mastercard Southeast Asia said that Mastercard is committed to supporting inclusive economic growth in Malaysia by enabling MSEs to address the roadblocks to digitalisation and access the tools, skills, and resources they need to become an engine of this growth.

“Strive Malaysia will work to unleash the resilience and growth of Malaysian small businesses, enabling women entrepreneurs to break through systemic barriers so they can benefit from the digital economy,” said Subhashini Chandran, vice president of Social Impact, Asia Pacific at the Mastercard center for inclusive growth.

Enabling women entrepreneurs to access and scale their businesses in the digital economy contributes to economic growth. In order to do so, Mastercard added that Strive Malaysia will work to understand the gaps experienced by women entrepreneurs in their digitalisation journeys and provide tailored solutions, including access to the right tools, networks, and resources to help them grow their businesses online.

Robin Bush, Country Representative, The Asia Foundation, said, “The Foundation seeks to support Malaysia’s transition to high-income status and recognises that enabling women entrepreneurs to thrive in the digital economy is a key component. We are very happy to partner with the Mastercard Center for Inclusive Growth to provide women entrepreneurs with a personalised digital upskilling strategy with tools, resources, and mentors to encourage growth.”

Recently, Mastercard also unveiled its limited release Mastercard Music Pass NFT which offers access to Web3 training programme for emerging musical artists. 

It also unlocks access to exclusive content and experiences from the Mastercard Artist Accelerator, which starts this month. The programme will prepare five emerging musical artists from around the world with the tools and skills to harness Web3 technologies to reimagine their creative processes and grow their careers in the digital economy.

According to the release, up-and-coming Vietnamese American-singer Emily Vu joins four other musicians from around the world for the Mastercard Artist Accelerator: Cocoa Sarai, a hip-hop artist from Brooklyn; Nigerian R&B/Afrobeats record producer and songwriter LeriQ; Manu Manzo, a Latin pop artist from Venezuela; and Young Athena, a London-based R&B soul singer and BRIT School alumna. The participating artists represent a range of genres and backgrounds and were chosen because of their unique story, sound and inclusion focused mindset.

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