KUALA LUMPUR: Bank Pembangunan Malaysia Bhd (BPMB) has announced its strategic collaborations with Kumpulan Modal Perdana (KMP) and Malaysian Technology Development Corporation (MTDC) to accelerate economic recovery by encouraging and increasing the adoption of technology usage to solve sectorial gaps using advanced technology and automation. KMP and MTDC are funding agencies under the Ministry of Science, Technology, and Innovation (MOSTI).

In a statement, BPMB said the collaborations will feature funding support from the bank to drive digitalisation initiatives through the bank’s own funds and the Industry Digitalisation Transformation Scheme (IDTS).

It also said technical support from MOSTI’s funding agencies will be utilised to advance the government’s Industry 4.0 initiatives to increase the contribution of sectors involved in high-impact deep technology to the national economy.

BPMB president/group chief executive officer Arshad Mohamed Ismail said the collaborations are also expected to create more jobs through digital enablers in support of the evolving and growing need for digitalisation and automation of businesses.

Under BPMB’s collaboration with KMP, both parties will collaborate to facilitate the implementation of the IDTS, aimed at reaching eligible technology-related small and medium-sized businesses requiring funding assistance to grow and expand into high-impact deep technology.

Meanwhile for the collaboration with MTDC, both parties will be leveraging on digital technology and peer-to-peer financing platform to reach out to micro and small-sized businesses.

Additionally, MTDC will provide the technical advice and assessment of the technology-related funding and co-invest in selected investment notes.