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BUSINESS

Agrobank to provide comprehensive financing support for tech acceleration in agriculture industry

14/10/2021 05:32 PM

KUALA LUMPUR, Oct 14 --  Agrobank will provide comprehensive financing solutions to support the acceleration of digital technology in the agriculture industry, as well as the adoption of modern agricultural practices.

The development financial institution (DFI) said this is part of its vision to sustain the agriculture industry via its recently launched five-year strategic business plan that runs from 2021-2025.

Covering president and chief executive officer (CEO) Khadijah Iskandar said the bank recently collaborated with Malaysia Technology Development Corporation (MTDC) to provide financial assistance amounting to RM10 million to support 200 entrepreneurs in the agriculture sector for the purpose of accelerating IR4.0 technology practices in the agriculture sector.

“Collaboration with agencies and technology providers in accelerator programmes through sandboxing activities have been installed in our pipeline,” she said in a statement. “In our business plan, this is part of our initiatives, and we want to do more than just the traditional financing and work with partners that support the government’s agenda in modernising the agriculture sector.”

As a DFI with a primary focus on strengthening the agriculture sector in Malaysia, Agrobank provides holistic financial solutions beyond banking services to various segments of the agriculture community.

Agrobank also aims to support the nation’s agenda in modernising the agriculture sector through various funds received from the Ministry of Agriculture and Food Industry for the development of agriculture value chains such as the financing of vessel modernisation for fishermen.

Khadijah appeared in an Agro Talk webinar session on Tuesday, along with other speakers who viewed that technology and digitalisation are gaining momentum in transforming the agriculture sector.

They noted that agro entrepreneurs have slowly gone into digitalisation to increase yields and production and at the same time cater to the needs of their targeted consumer segment through various e-commerce platforms.

Sharing insights with Khadijah during the webinar, titled Entrepreneurship in Malaysia – Redesigning Business Models for the Digital Economy, were My Fundaction CEO Afiq Nazary and 1337 Ventures CEO Bikesh Lakhmichand.

The session was moderated by Karamjit Singh, the founder and CEO of Digital News Asia.

-- BERNAMA


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