Shariah-compliant P2P (Peer-to-Peer) financing platform microLEAP has announced its collaboration with Bank Pembangunan Malaysia Berhad (BPMB) to finance Malaysia Digital Economy Corporation’s (MDEC’s) Digital Agtech Programme.
The programme has been allocated with RM10 million in Shariah-compliant microfinancing for Malaysia’s agriculture community.
The collaboration was struck at MDEC’s AI and Data Week (AIDW) 2021 event, where a virtual MOU was signed between BPMB and MDEC.
The collaboration will feature funding support from BPMB to drive digitalization initiatives in the country and will be deployed through microLEAP’s financing platform.
With this financing, all parties are hoping to help the farming community thrive with technology solutions, which could be applied to other industries severely affected by the effects of the pandemic.
The financing project starts with the Kuala Langat Area Farmers Organisation with other farming organizations to follow.
“Working together with financial institutions and government agencies to provide much needed support to local agri-tech players is the way forward to ensure Malaysia continues its high-potential digitalisation path.
We are proud that established entities such as BPMB and MDEC have chosen microLEAP to work with on this project,” said Tunku Danny Nasaifuddin Mudzaffar, Founder and CEO of microLEAP.
“AgTech is a vital pillar within the digital economy not just in strengthening Malaysia’s food security via increased productivity and efficiency, but also to spark and nurture a new generation of innovation-fuelled farmers.
The collaboration between BMPB and microLEAP is a significant step forward in driving the growth of MDEC’s eLadang AgTech programme towards the vision of a Progressive, Inclusive and Sustainable Keluarga Malaysia,” said Mahadhir Aziz, CEO of MDEC.
Oginally published on www.fintechnews.my