MEDC Agencies Reduce Bureaucracy in Financing Processes: Ewon

8 October 2025

KUALA LUMPUR: The Minister of Entrepreneur Development and Cooperatives (MEDC) Datuk Ewon Benedick, said that agencies under his ministry have implemented various measures to simplify the process of applying for and disbursing financing.

He said this was in line with the Public Service Reform Agenda (ARPA), which aims to reduce bureaucratic red tape.

“Among the initiatives is TEKUN Nasional’s improvement of its application procedures by reducing documentation requirements from 17 to only 4 basic documents.

“In addition, the approval period for applications has been shortened from 21 to 7 working days.

“Similarly, AIM has simplified its application process by requiring only a copy of the applicant’s MyKad, without the need for registration with the Companies Commission of Malaysia (SSM), and complete applications are now processed within 16 working days.

“Meanwhile, SME Corp has developed a digital ecosystem through the MSME Rating & Incentive Integrated System (MyBPI) to enable young entrepreneurs to apply for and claim assistance under the Bumiputera Youth Entrepreneur Start-up Programme (TUBE) online,” he said.

Ewon was responding to a question from Dato’ Sri Saifuddin Abdullah (Indera Mahkota) during the oral question session in the Dewan Rakyat sitting today.

Saifuddin had asked about the measures taken by the Ministry to improve the grant and loan application services for Bumiputera entrepreneurs who are new to business.

Ewon added that SME Bank has introduced an online application process, including a communication channel for advisory and guidance throughout the application period.

“PERNAS has developed the E2E S3P Financing System for efficient and transparent digital financing management.

“Bank Rakyat has introduced an online platform, Quick Response to Entrepreneurs (QR2E), to facilitate new entrepreneurs in applying for business financing programmes and other banking products offered,” he said.

Ewon reaffirmed that his ministry remains committed to supporting various groups of entrepreneurs, including Bumiputera entrepreneurs, through entrepreneurial assistance and initiatives — particularly in providing financing for new business start-ups.

“As of 31 August 2025, a total of 64,179 new Bumiputera entrepreneurs have received financing amounting to RM743.86 million from KUSKOP agencies.

“These agencies include TEKUN Nasional, SME Corp, AIM, SME Bank, PERNAS, and Bank Rakyat,” he said.