Commentary Points
- RM50mil allocated as a Digital Matching Grant for SMEs and Digital Grant for vendors under BSN to help local entrepreneurs stay competitive in the market.
- New Investment Incentive Framework through inclusive investment facilitation to stimulate balanced economic growth across the country.
- RM20 billion SME financing guarantee from SJPP, including the special RM5 billion allocation for Bumiputera SMEs and RM40 billion in loan facilities and business financing from government agencies
This commentary is by Shermaine Wong, Chief Executive Officer (CEO) and Co-Founder of Cult Creative, a dynamic leader in the creative industry that champions local talent and creative collaboration across Southeast Asia.
Cult Creative welcomes the Budget as a crucial step in fostering talent and innovation, both of which we believe are core pillars of our economy especially in the digital sectors. With the industry being talent-heavy, initiatives that prioritise funding, digital tools and support for content-preneurs are timely and vital for driving competitiveness and long-term growth.
The RM50 million Digital Matching Grant and BSN’s Digital Grant aligns with the needs of modern-day content-preneurs. As Cult Creative’s primary focus is on UGC creators with nano-to-micro followings who maintain engagement rates of 2-4%, these grants are well-positioned to empower these creators, enabling them to access the tools, funding and platforms needed to grow their presence, create impactful content and to scale their businesses.
We also applaud the 1 billion ringgit Strategic Investment Fund under the New Investment Incentive Framework as it not only aims to enhance local talent capacity but also encourages the execution of high-value activities that can elevate Malaysia’s content creators to new heights. Cult Creative firmly believes that nurturing talent and providing access to resources will spur greater innovation, empower young creatives and unlock new opportunities within the industry.
Additionally, the RM20 billion SME financing guarantee from SJPP, including the special RM5 billion allocation for Bumiputera SMEs and RM40 billion in loan facilities and business financing from government agencies, will play a significant role in ensuring the continuity and growth of digital and marketing ventures as these financing schemes are essential for businesses who need financial backing to experiment, grow and scale their ideas.
As we move forward, Cult Creative is excited to celebrate these developments and see how these initiatives will equip content creators and entrepreneurs to push boundaries that position Malaysia as a leader in the global digital and marketing economy.
