Maybank and TikTok Shop collaborate to empower the digitalisation of ASEAN SMEs

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Maybank has announced a multi-market collaboration with TikTok Shop Malaysia to launch an upskilling and digitalisation program for small and medium enterprises in the ASEAN region.

The ASEAN SME upskilling and digitalisation program is designed to equip SMEs with the knowledge, insights, skills, and tools to go beyond brick-and-mortar models and ultimately scale and future-proof their businesses, according to a release seen by A+M.

The pilot phase of the initiative will begin in Malaysia, covering three activities: a webinar, a workshop, and an accelerator plan. Participants of the accelerator program will gain access to dedicated mentoring and coaching from both TikTok Shop and Maybank over six months.

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The first cohort of workshop and accelerator program participants will focus on women entrepreneurs, in continuation of Maybank’s 'HERpower' initiative. Maybank also said that select ASEAN markets are expected to launch similar programs customised to each local market over the next 12 months.

Syed Ahmad Taufik Albar, group CEO, community financial services, Maybank, said that this collaboration is a reflection of Maybank’s commitment to champion SMEs in line with its M25+ strategy.

“Participants in this program will gain valuable first-hand experience in leveraging content-driven e-commerce, digitalisation solutions, and optimised account management techniques,” said Syed.

"We believe entrepreneurs have the potential to create sustainable and lasting ripple effects to the communities they serve. We hope to support and future-proof businesses at every stage of growth to be their own agents of change,” he added.

Additionally, Syed stated that the group also aspires to collaborate with industry leaders who share a similar vision, and together create a multiplier effect in uplifting entrepreneurs in the region.

Meanwhile, Steven Li, senior director of global e-commerce strategy, TikTok Shop, said he was delighted to collaborate with Maybank to accelerate the growth of SMEs in Southeast Asia. “It is a meaningful program that showcases how collaborative industry efforts can drive real-life impact for small businesses in the region’s rapidly growing digital economy," he added.

Last September, TikTok Shop partnered up with the Malaysian government to support the country's vision of becoming a technology-driven, high-income nation and a regional leader in the digital economy. The platform aimed to digitally empower more than 100,000 local MSMEs. It also planned to work with the government on a number of projects throughout the year.

TikTok Shop is an in-app shopping feature within TikTok that allows merchants to sell products directly on the social media platform. It offers features such as in-feed video and live shopping.

This Raya, TikTok Shop Malaysia will be launching a 72-hour live shopping event from 23 to 25 March. The "TikTok Shop bazar Raya 72-Jam LIVE tanpa henti" ('TikTok Shop's 72-hour non-stop live Raya bazaar') event will feature special promotions and live sessions with several creators and familiar local brands such as ZUS Coffee, Farm Fresh, and Alha Alfa.

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