Malayan Banking Bhd (Maybank) is leading the way for small and medium enterprises (SMEs) looking to thrive in the global market by focusing on sustainability. Through the Maybank myimpact SME initiative, Maybank is helping SMEs navigate the complexities of the global sustainable supply chain.
The chief executive officer of Maybank’s community financial services group, Syed Ahmad Taufik Albar, highlights that the Maybank myimpact SME program is designed to address the challenges faced by SMEs as they venture into sustainability initiatives.
Recognizing the financial constraints faced by SMEs, Albar notes that costs associated with certifications, audits, and new technology can hinder their ability to implement sustainable practices. Additionally, a lack of skilled personnel in sustainable supply chain management presents a challenge for SMEs.
Albar also points out the complexity of sustainability standards and regulations, which can vary by country and industry, making it difficult for SMEs to stay compliant. Keeping track of evolving regulations and obtaining certifications can be overwhelming for smaller companies.
Market access and competition are identified as further obstacles for SMEs by Albar, who acknowledges the advantage that larger companies with global networks and brand recognition have in securing contracts with sustainability-focused buyers.
Despite these challenges, Albar emphasizes the benefits of sustainability adoption, which include cost savings, reduced environmental impact, and access to wider markets. By integrating sustainability into their operations, SMEs can enhance their brand image and reputation.
Maybank’s myimpact SME initiative plays a crucial role in helping SMEs overcome these challenges and navigate the global sustainable supply chain. By offering tools, consultancy services, and tailored financing solutions, Maybank enables SMEs to embrace sustainability effectively.
Through the initiative, SMEs can access online assessments, consultancy services, and tailored solutions for sustainable energy options. Maybank aims to help SMEs streamline their operations, meet sustainability requirements, and achieve success in the global supply chain.
Maybank myimpact SME also offers digital financing options of up to RM20mil and engages proactively with SMEs to recommend suitable financing solutions. By providing comprehensive banking and beyond banking solutions, Maybank equips SMEs to succeed globally.
Maybank’s commitment to supporting SMEs in Malaysia extends to growing and empowering them to succeed in the global supply chain. The bank aims to continue innovating and expanding its offerings to help SME customers optimize their businesses and navigate the evolving business landscape.
