KUALA LUMPUR: Digital merchant platform, Fave lauds the government's towards a cashless society, as announced in the 2020 Budget tabled last Friday.
It said by offering a one-time RM30 digital stimulus to qualified Malaysians aged 18 and above with annual income less than RM100,000, this transforms Malaysians into a digitally empowered society.
"We at Fave recognise that there is only growth from here onwards.
"We believe the continued rapid adoption of mobile payment in Malaysia will fuel Fave’s target of enabling 100,000 small and medium-sized enterprises (SMEs) with cashless payments and digital solutions while growing their revenue up to RM 4 billion by 2020 in South East Asia," Fave co-founder Joel Neoh Eu-Jin said in a recent statement.
He said digital transformation is sweeping through the various service sectors, specifically in the food and beverage, wellness centers and retailers’ industry.
"We are excited to see how we can potentially work with the government to encourage SMEs to adopt more digital solutions for their businesses with the allocation of 50 per cent of matching grant of up to RM5,000," he said.
Joel said Fave is also optimistic about the government’s plan of creating 14 one-stop digital improvement centres to be set up in every state to facilitate access to financing, development of business capacity.
This will help beef up business owner’s capacity and know-how by seeking new ways such as FaveBiz to transform their operations in a cost-effective way as well as power the next generation of merchants in Malaysia, he noted.
Fave currently collaborates with more than 10,000 businesses across key Malaysian cities such as Johor Bahru, Kuala Lumpur, Ipoh, Kuching, Kota Kinabalu and Penang to offer a variety of mobile services and tools to better engage and retain over 3 million Malaysians who are subscribed to Fave’s app on their mobile phones.