MY Dealbook: Five startups join Cyberview accelerator; Maybank-CGC SME financing

While Cyberview Sdn Bhd has shortlisted five startups to join its four-month Cyberview Living Lab Accelerator (CLLA) programme, Malayan Bank Bhd (Maybank) has partnered with Credit Guarantee Corporation Malaysia (CGC) to provide up to RM2 billion ($490 million) worth of loans to small and medium enterprises.

Cyberview selects five startups for accelerator programme

Cyberview Sdn Bhd has shortlisted five startups to join its four-month Cyberview Living Lab Accelerator (CLLA) programme, focusing on verticals like finech, Internet of Things (IoT) and robotics, said the agency in an announcement today.

The shortlisted startups include EPC Blockchain, MEDKAD, CheQQme in the fintech space; IoT startup Touchless; and robotics startup Ideasparq Robotics. Cyberview said, the accelerator offers participants a programme value of up to RM100,000 ($24,700).

“The amount of funds raised by the previous cohort comes up to RM12.28 million ($3.04 million),” said Cyberview managing director, Mohd Najib Ibrahim.

Maybank-CGC to give out up to $490m SME loans

Malayan Bank Bhd (Maybank) has partnered with Credit Guarantee Corporation Malaysia (CGC) to provide up to RM2 billion ($490 million) worth of loans to small and medium enterprises (SMEs) – the largest amount ever under the CGC portfolio guarantee (PG) scheme.

Under the Maybank-CGC PG scheme, SMEs can apply for either Islamic or conventional financing from Maybank range between RM50,000 ($12,362) up to RM1.5 million ($370,000) for a fixed tenure of seven years, and 70 per cent of the principal financing amount will be guaranteed by CGC, said Maybank in a statement yesterday.

“As at end 2017, Maybank became the largest PG partner in the SME market with a total disbursement of close to RM3.78 billion ($930 million) and benefiting more than 8,000 customers nationwide,” said Maybank head of community financial services for Malaysia, Hamirullah Boorhan.

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