MALAYAN Banking Bhd (Maybank) and TikTok Shop Malaysia have signed a Memorandum of Understanding (MoU) to launch the ASEAN SME Upskilling and Digitalisation Programme, a new initiative aimed at helping small and medium enterprises (SMEs) across the region embrace digital commerce and grow their businesses.
The programme is set to kick off in Malaysia next month, with activities including webinars, workshops, and a six-month accelerator programme.
Syed Ahmad Taufik Albar, Maybank's Group Chief Executive Officer of Community Financial Services, explained that the goal of the programme is to harness the strengths of both Maybank and TikTok Shop to equip entrepreneurs with the essential knowledge, skills, and tools needed to future-proof their businesses at any stage of growth.
“Through this programme, we aim to empower entrepreneurs across the region with insights into adopting digital solutions, utilising content-driven e-commerce, and optimising account management — all of which are crucial for sustained business growth and success,” he said at the signing ceremony today.
The pilot initiative in Malaysia will specifically focus on women entrepreneurs, aligning with Maybank’s HERpower programme, which supports female-led businesses. According to Syed Ahmad Taufik Albar, women-led SMEs account for 20% of all SMEs in Malaysia but still face significant challenges, such as limited access to funding and growth opportunities.
"As such, the first cohort of the accelerator programme in Malaysia will be exclusively for women entrepreneurs," he revealed, adding that Maybank aims to increase the proportion of women-led SMEs from 20% to at least 25% by 2026. The HERpower initiative provides financial solutions, mentorship, and business development opportunities to support women entrepreneurs and promote economic inclusion.
Nur Azre Abdul Aziz, Director of Strategic Partnerships at TikTok Shop Malaysia, highlighted the platform’s role in not only driving quantitative growth but also providing qualitative support, such as enhanced visibility and social media exposure. She pointed to the success of an SME that began as a vendor at a night market, expanded online, established a physical store, and was later showcased at the ASEAN Investment and Business Summit.
“We focus on expanding their capabilities from local to global, helping them increase their market reach and brand awareness,” she said, underscoring TikTok Shop’s commitment to supporting SMEs' journey from small-scale businesses to internationally recognised brands.
This collaboration between Maybank and TikTok Shop is set to help SMEs across ASEAN navigate the evolving digital landscape, providing them with the necessary resources to thrive in an increasingly competitive market. – March 20, 2025
