For small business owners like those operating in the SACC Mall and PKNS Complex in Shah Alam and Bangi, the prospect of growing their enterprise and reaching new customers is a tantalizing one. Many of these entrepreneurs, who form the backbone of the local community, face numerous challenges in their daily operations, from managing finances to attracting customers. However, a recent partnership between MBSB Bank Bhd and PKNS Real Estate Sdn Bhd (Prec) is set to change the lives of these business owners by promoting cashless commerce and providing them with the tools they need to succeed.
The partnership, which was formalized through a memorandum of understanding (MoU) signed by Datuk Nor Azam M Taib, the group CEO of MBSB Bank, and Fakru Radzi Ab Ghani, the CEO of Prec, aims to support small and medium-sized businesses (SMEs) in their adoption of digital payment platforms. According to Datuk Nor Azam, the partnership will give business owners in Prec-owned structures the chance to utilize real-time retail payment platforms (RPPs) like the DuitNow application, allowing them to streamline their financial management and reduce operational expenses.
Benefits of Cashless Transactions
Cashless transactions, as provided by RPPs, offer numerous benefits to business owners, including simplicity, safety, and convenience. As Datuk Nor Azam noted, digital payment is a preferred method for today’s users, and the digitalization of Prec establishments may help draw in additional customers. By creating accounts with MBSB Bank and utilizing its digital banking services for business transactions, SMEs can take advantage of these benefits and improve their overall operations.
The partnership between MBSB Bank and Prec is set to be implemented at the Selangor Ramadan Festival 2023, which will run from March 5 to April 21, 2023, at the SACC Mall and the PKNS Complex in Shah Alam and Bangi. A total of 1,000 merchants are anticipated to take part in the sales festival, and by participating in the initiative, these merchants will gain from the convenience and efficiency of digital payments. Site rental costs for the festival will range from RM1,000 to RM15,000, depending on location, and with a total of 2.5 million attendees anticipated to attend the festival this year, the potential for business growth is significant.
Implementation and Expectations
According to Fakru Radzi, the project will be implemented in three locations, with 50% of the booths located at the PKNS Complex in Shah Alam, 30% at SACC Mall, and the remaining booths at the PKNS Complex in Bangi. Previously, the festival had around 700 merchants, but this year, more merchants are interested in renting booths, resulting in an increased number of participants. The success of the partnership will depend on the ability of MBSB Bank and Prec to provide seamless and efficient digital payment services to the participating merchants.
Looking Ahead
As the partnership between MBSB Bank and Prec moves forward, it will be interesting to watch how the adoption of digital payment platforms affects the operations of SMEs in the region. With the Selangor Ramadan Festival 2023 serving as a pilot project, the success of the initiative will likely have a significant impact on the future of cashless commerce in the area. As the festival approaches, business owners and attendees alike will be watching with interest to see how the partnership between MBSB Bank and Prec can help to drive growth and innovation in the local community. What to watch next is how the partnership will expand to other areas and how it will continue to support the growth of SMEs in the region.
