The programme seeks to digitalise and support the growth of 100,000 micro and small enterprises (MSEs), with a focus on women-owned and women-led businesses, by providing them with access to essential tools, networks, and resources, while cultivating an increasingly supportive business ecosystem.
Per the press release information, Mastercard Strive Malaysia is part of a portfolio of philanthropic programmes supported by the Mastercard Center for Inclusive Growth that is aimed at helping businesses worldwide succeed in the digital economy. Additional Strive programmes include those in the US, the UK, Mexico, Czechia, and Indonesia, and collectively, they seek to support over 10 million small businesses, with Malaysia being the second country in the Southeast Asia region to launch the programme.
MSEs account for 97.2% of businesses in the country, employing over seven million people and generating more than half of the national gross domestic product (GDP). However, a survey of local MSEs showcases that a multitude struggle with identifying available support and which programmes best address their needs. As per the World Bank, only 54% of Malaysia-based MSEs use digital solutions, and only 58% have digitised payment systems. Additionally, women-led businesses face additional barriers, such as access to tech and financing, which result in decreased levels of digitalisation and growth.
Per the International Labor Organisation, women entrepreneurs in Malaysia have less access to banks and financial institutions, oftentimes leading to constrained growth together with a relatively low share of women-owned businesses in the country, namely one in five MSEs. Subhashini Chandran, Vice President, Social Impact, Asia Pacific at the Mastercard Center for Inclusive Growth advised that Strive Malaysia is set to work to enable the resilience and growth of Malaysian small businesses, helping women entrepreneurs break through systemic barriers to benefit from the digital economy.
By addressing the entrepreneurship gender gap and providing targeted support to more women entrepreneurs, research highlights that Malaysia could increase its GDP per capita by up to 6%. The announcement further details that Mastercard and the Asia Foundation will collaborate with government and private partners to offer support services to the identified MSEs in Malaysia, with the initiative contributing to the government’s vision of building an inclusive digital society.
Datuk Seri Mohamed Khaled Nordin, Minister of Higher Education for Malaysia advised that Strive Malaysia is a ‘timely offer’ set to help bolster the country's MSEs. Per their statement, the Ministry collaborates with Mastercard Center for Inclusive Growth and the Asia Foundation to ‘open the doors’ of its network of community colleges to reach Strive digital tools and resources to MSMEs at their location and in their local communities.
Datuk Ewon Benedick, Minister of Entrepreneur and Cooperatives Development, Malaysia added that the Ministry seeks to support any private sector effort that contributes to strengthening a ‘conductive entrepreneurial ecosystem’, as they believe Strive Malaysia can act as a platform for providing entrepreneurs, and women especially, with the essential support for partaking in the digital economy.
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