KUALA LUMPUR (July 8): Green Packet Bhd is partnering with Malaysian Industrial Development Finance Bhd (MIDF) to provide financing solutions to small and medium enterprises (SMEs) looking to digitalise their businesses.

To formalise the partnership, Green Packet group managing director CC Puan signed a memorandum of understanding (MoU) today with MIDF group managing director Datuk Charon Wardini Mokhzani in a virtual ceremony officiated by Deputy Minister of International Trade and Industry Datuk Lim Ban Hong.

Under the MoU, MIDF will provide financing advisory services and financing facilities, where applicable, to potential and existing clients of Green Packet who aim to fast-track their digital transformation journey.

"This partnership reflects Green Packet's commitment to supporting the SMEs with an enterprise suite of solutions that can help them make a smooth transition towards contactless and cashless business environments.

"Our combined solutions with MIDF will provide avenues and opportunities for the Malaysian local business community to further innovate and digitise their business, to deliver value to customers and to ensure business continuity," Puan said during the virtual press conference.

According to him, Green Packet as a tech solutions provider offers a range of financial service solutions through its subsidiary Kiplepay Sdn Bhd, such as a payment gateway service that authorises cashless payments for online businesses; White Label e-Wallet Solution for clients looking to create their own branded e-wallet without the hassle of starting from scratch; and e-Know Your Customer (e-KYC) solutions that simplify the digital onboarding processes for customers by verifying their credentials and identities, among others.

Green Packet also offers solutions under its Urban Tech segment, which provides technology-enhanced property products and delivery of customised property technology solutions.

Similarly, Charon said that MIDF is also committed to helping SMEs grow their businesses as it offers a variety of soft financing schemes to help them do so.

"One of these is our Soft Financing Scheme for Digital & Technology (SFDT), which assists SMEs that want to adopt or increase their utilisation of digital technologies to make themselves more competitive and efficient. Through this MoU with Green Packet, we will be able to reach more SMEs and provide them with the financing they need to be able to compete in the new digital world," he said.

Under the SFDT, financing features include up to 90% financing or up to RM1 million, a repayment tenure of up to five years, and an interest of as low as 3% per annum on a yearly reducing balance.

At 12.18pm, Green Packet dipped half a sen or 2% to 24.5 sen, with 402,300 shares traded. It has a market capitalisation of RM312.93 million.