MDV to swell financing for affected tech firms

MDV chairman Khairul Azwan Harun said yesterday as the nation’s technology financier, MDV understood that businesses were continuing to be affected by the current restrictions in the economy, particularly those also affected by Covid-19 and MCO 3.0.

PETALING JAYA: Malaysia Debt Ventures Bhd (MDV) plans to increase its approvals and disbursements for eligible technology companies facing short-term cash flow and funding problems.

MDV chairman Khairul Azwan Harun said yesterday as the nation’s technology financier, MDV understood that businesses were continuing to be affected by the current restrictions in the economy, particularly those also affected by Covid-19 and MCO 3.0.

“We stand ready to support the government’s efforts to ensure the country’s continued economic resilience, which we intend to achieve through targeted, flexible and innovative financing solutions for technology companies that fall under MDV’s mandate, ” he explained.

Since the initial onset of the pandemic in Malaysia, MDV has helped its customers navigate the economy by providing relief measures.

He said in a statement these measures included an extended loan moratorium and proactive account management including providing options to selected customers to restructure their financing.

MDV had also introduced the liquidity financing for technology start-ups facility or LIFTS (previously technology start-ups funding relief facility or TSFRF) to help tech firms.

To date, MDV has approved financing totalling RM63.62mil under the facility where RM18.58mil has been disbursed to 25 companies in various technology sectors.

MDV plans to increase its approvals and disbursements to ensure that eligible technology companies will continue to benefit from this facility in view of the adverse economic impact that the lockdown may have on businesses.