Reportedly, Cisco Systems, Inc. (CSCO) has launched a 3-year financing program for small and medium enterprises (SMEs) in Malaysia on all Cisco products including software, hardware, and services with 0% interest and no upfront costs for purchases from USD 20,000 to USD 300,000 (RM 85,600 to RM 1.28 million).
Malaysia is easing its COVID-19 measures and is gearing up to reopen the economy with various economic sectors resuming its operations under the Recovery Movement Control Order (RMCO). However, due to the prolonged disruptions and decreased business activities many SMEs who contribute to 98.5% of total registered businesses and around 65% of the country’s employment are struggling to maintain their operation due to the disruptions caused by the pandemic. SMEs contributed 38.3% to Malaysia’s overall GDP in 2019.
“The pandemic has had a huge impact on businesses across the country. However, it has also brought about a rapid shift in mindset as they are now more receptive to the idea of integrating technology in various aspects of their business and accelerate their digital transformation journey, to survive in the current environment and for driving future growth. Therefore, this digital shift will also be critical to Malaysia’s overall economy, not least because the sector accounts for nearly two-thirds of all jobs in Malaysia,” stated Albert Chai, Managing Director for Cisco Malaysia
The Malaysian government has also introduced various incentives under the Prihatin Rakyat Economic Stimulus Package and the National Economic Recovery Plan including a moratorium on loans, wage subsidy to all employers, and special relief funds in support of SMEs.
“The financing program will make it easier for local SMEs to start that journey. The world is going through an uncertain economic period and at Cisco, we are committed to doing our part to help lighten the burden for Malaysian SMEs. As businesses strive to adapt to the new normal, we believe that the SME sector will continue to protect and even create jobs that will bolster Malaysia’s economic recovery post-COVID-19,” Albert Chai added.
The new initiative from Cisco is aimed at providing financial support to SMEs looking to equip themselves with the necessary solutions and ways to get their businesses up and running in this digital era. The new financing feature is available through Cisco Capital.
Cisco Systems, Inc. (CSCO) is a global technology leader that designs, manufactures, and sells Internet Protocol-based networking and other communications technology. To learn more about Cisco Systems, Inc. (CSCO) and to continue to track its progress please visit the Vista Partners Cisco Systems, Inc. Coverage Page
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive! Please join us at Vista Partners and receive our FREE email updates throughout the week and view our exclusive content and research.