SME MALAYSIA KICKS OFF BUSINESS TALK SERIES
CHARTING A NEW COURSE NAVIGATING THE 2025 MALAYSIA BUDGET
Forging a Resilient Future for Malaysian SMEs
Dr. Chin Chee Seong > 2024-2026
National President of the SME Association of Malaysia
PRESIDENT’S MESSAGE
SME Connect: Your Gateway to Growth and Information
Esteemed Members and SME Stakeholders, welcome to this initial edition of SME Connect! Consider this a pilot initiative, a first look at our vision for the official quarterly magazine designed to empower and connect Malaysia’s vibrant SME community.
I’m especially pleased to introduce SME Connect as a key initiative in our ongoing efforts to strengthen the SME community and expand our membership.
As the newly elected National President for the 20242026 term, increasing our membership from the current 13,000 to 15,000 is one of my priorities, and we envision SME Connect playing a vital role in achieving that goal by providing valuable content and fostering stronger connections in its future quarterly iterations.
In today’s dynamic business environment, SMEs need access to timely information, insightful analysis, and robust networks to thrive.
We hope this initial issue of SME Connect will provide a glimpse into how we aim to address these challenges by:
+ Keeping you informed: We intend to deliver timely and relevant insights on the latest industry trends, policy changes, and economic developments that impact your business in subsequent quarterly publications.
+ Connecting you with opportunities: Future editions of SME Connect will showcase success stories, facilitate networking, and highlight potential collaborations to help you expand your reach.
+ Empowering you with knowledge: plan to provide practical advice, expert opinions, and valuable resources to help you enhance your business operations, adopt new technologies, and navigate the complexities of the modern marketplace in our regular quarterly magazine.
From this preliminary version of SME Connect, you will see that the magazine is designed to be your
essential gateway to all of these, directly supporting our mission to empower SMEs.
Within the pages of this trial issue, you’ll find:
• News & Events: Stay updated on the latest happenings in the SME landscape, both within the association and across the broader industry.
• Industry Insight: Gain valuable perspectives on key trends, challenges, and opportunities impacting SMEs, helping you make informed business decisions.
• Report & Research: Access in-depth analysis and datadriven insights on critical issues, empowering you with the knowledge to navigate the complexities of the market.
• Member’s Spotlight: Celebrate the successes of your fellow members, fostering a sense of community and providing inspiration for growth and innovation.
This initial SME Connect is a trial, a way for us to gauge the needs and interests of our members before the official quarterly launch.
We see it as more than just a magazine; it’s a platform to connect, learn, and grow together in its full quarterly form. It reflects our vision to cultivate a resilient and prosperous SME ecosystem in Malaysia.
I encourage you to explore this inaugural issue of SME Connect and share your feedback on how we can further enhance its value in upcoming quarterly publications.
Your input will be invaluable as we move towards our official quarterly publication.
Together, we can leverage the power of connection and knowledge to drive the continued success of Malaysian SMEs.
Thank you for your ongoing support of the SME Association of Malaysia. I look forward to a future of shared growth and prosperity.
Sincerely,
Dr. Chin Chee Seong National President, SME Association of Malaysia
Forging a Resilient Future for Malaysian SMEs
From mainframe engineer to SME champion, Dr. Chin Chee Seong, the newly elected National President of the SME Association of Malaysia, is driving a transformative agenda focused on digitalisation, global market access, and strengthened advocacy. His mission: to empower SMEs to thrive in a rapidly evolving economy.
“M
embership is key,” said the newly elected National President
of the SME Association of Malaysia for 2024-2026 term, Dr. Chin Chee Seong on his focus on strengthening the role of the association in advocating for small and medium enterprises (SMEs).
For him, the foundation of a robust SME ecosystem lies in unity and strong representation. Hence, Chin makes it his mission to enhance the association’s membership base, aiming to grow from 13,000 to 15,000 members.
“The more members we have, the more weight our opinions carry,” he said, emphasising that increasing membership will strengthen the association’s voice when engaging with policymakers.
He believes that a well-connected network will amplify the association’s influence and ensure the voices of SMEs are heard at the highest levels of government.
“Government policies may not always align with the needs of SMEs. As an association, we serve as a bridge to convey industry concerns and push for policies that support SME growth,” Chin added.
The SME Association of Malaysia, which was established in 1995, operates through multiple bureaus, each dedicated to specific business aspects.
These include digital and technology, finance and investment, human resources and entrepreneurship development, and branding and marketing, offering SMEs direct access to specialised support for different business needs.
“The association has a strong focus on youth and women entrepreneurs, encouraging their participation in the SME ecosystem through dedicated networking sessions and skill-building initiatives,” Chin said.
On top of these bureaus, the association which has under its wings 17 regional SME associations across the country, is backed by 30 national council members.
“A strong and united council is vital,” Chin emphasised.
Addressing Challenges
Malaysia’s participation in regional trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP), presents both opportunities and challenges.
While the agreements open doors to a broader market, many local SMEs struggle to compete with international firms entering Malaysia’s open market.
To navigate these challenges, Chin advocates for stronger government support, particularly in export readiness, technology adoption, and funding assistance.
“We need to create business programmes that foster collaboration and engagement, not just among SMEs but also with the government. SMEs are under immense economic pressure, and our role is to help them explore new business opportunities, especially in exports,” he added.
One of the most pressing concerns for SMEs is digital transformation. Many business owners lack the knowledge and resources to embrace digitalisation, and hiring the right talent remains a challenge.
To address this, the SME Association is developing a Digital SME Platform, scheduled for launch in the third quarter of the year.
This platform will provide business matching services, digital training, and collaboration opportunities with technology providers.
“Digitalisation is not one-size-fits-all. The needs of an agricultural SME differ from those of a service provider,” Chin explained.
“We will bring together solution providers and SMEs through networking events and business talks to facilitate knowledge sharing and partnerships.”
Additionally, Chin said, the association is pushing for greater government support in upskilling SME employees.
“We need more funding for training programmes that equip SME workers with digital skills,” he added.
He also highlights the importance of AI and automation in increasing SME competitiveness. “If SMEs don’t adopt digital tools, they’ll be left behind. Our goal is to make this transition as smooth as possible.”
Beyond digitalisation, export readiness is another major focus. Despite Malaysia’s strong reputation in the halal industry, only about 10% of SME products are exported.
However, Chin believes that with the right support, this number can grow significantly.
“Malaysia’s halal accreditation is highly respected worldwide. We should leverage this strength to penetrate the trillion-dollar global halal market,” he said.
However, he acknowledges the bureaucratic hurdles in obtaining halal certification and calls for reforms to make the process more accessible and affordable for SMEs.
bridging the Gaps
Chin is a firm advocate for proactive government engagement. He expressed concern that policymakers often involve SMEs only at the final stages of decisionmaking, rather than consulting them from the outset.
He hopes to change this by strengthening ties with key ministries and agencies to ensure SMEs’ interests are considered in policy formulation.
“We don’t want to just make noise in the media. We need direct engagement with policymakers to explain the realities SMEs face,” he asserted.
“For example, foreign companies entering Malaysia should be required to partner with local firms, as seen in other countries like Indonesia and Thailand. This ensures that local SMEs benefit from foreign investments rather than being sidelined.”
Another policy concern is the rising cost of doing business. The government’s efforts to consolidate resources and reduce foreign labour dependence, while necessary, pose additional financial strain on SMEs.
Chin urges for policies that support automation and upskilling to help businesses transition smoothly.
The SME Association is actively working with universities to bridge the talent gap.
Through career fairs, internship programmes, and business matching initiatives, the association aims to connect SMEs with young talents, ensuring a steady pipeline of skilled professionals.
“Many graduates prefer to work with large corporations, but SMEs offer invaluable learning experiences and growth opportunities,” Chin noted.
“We want to showcase the benefits of SME careers and help businesses find the right talent.”
Collaboration is another pillar of Chin’s leadership approach.
“A key strategy is increasing crossindustry collaboration,” he added.
The association is forming strategic partnerships with industry bodies such as the ESG Association of Malaysia and Persatuan Industri Komputer Dan Multimedia Malaysia (PIKOM) to offer members access to specialised training, funding opportunities, and market expansion programmes.
“We don’t have to do everything alone. By working with other associations, we can offer better programmes to our members, whether in cybersecurity, sustainability, or export promotion,” he explained.
Additionally, Chin also believes that SMEs should explore green technology and sustainability.
“Environmental, social, and governance (ESG) compliance is becoming increasingly important. SMEs that incorporate sustainable practices will have better access to funding and
partnerships,” he added.
The association is working on initiatives to help SMEs understand and adopt ESG principles, ensuring they remain competitive in the long run.
building the Future
Looking ahead, Chin is determined to make the SME Association of Malaysia a stronger force in shaping national economic policies.
His call to SME owners is clear: engage with the association, attend events, and leverage the available resources to grow their businesses.
The association is also launching a series of industry-specific networking events.
These include quarterly business networking sessions, women entrepreneur forums, and youth
engagement programmes.
A major highlight is an upcoming business mission to Alibaba Academy in Hangzhou, China where SMEs can learn from one of the world’s most successful e-commerce companies.
“SMEs should take advantage of the networking opportunities, training programmes, and advocacy efforts we provide. Together, we can build a more resilient SME sector.”
As Malaysia moves towards a more digital and globalised economy, the SME Association of Malaysia, under Chin’s leadership, is committed to ensuring that local businesses are not left behind.
With a clear vision, strategic partnerships, and a focus on real-world challenges, the association is set to drive meaningful change for the SME community.
ASEAN chairmanship 2025: Malaysia prioritises economic cooperation, sustainable development - PM
Malaysia will prioritise efforts to boost trade and investment between Asean and other economies in the world during its ASEAN 2025 chairmanship, said Prime Minister Datuk Seri Anwar Ibrahim.
He said Malaysia would also expand ASEAN economic cooperation and promote more inclusive and sustainable growth during its chairmanship period.
Anwar, who is also Finance Minister, said this in a post on the X platform in December last year, after receiving a courtesy call from World Trade Organisation (WTO) director-general Ngozi Okonjo-Iweala.
Also present at the meeting was Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
Meanwhile, Anwar stressed that Malaysia’s position is to support a multilateral trading system that is fair and equitable, especially for developing countries.
“This is important to ensure that the WTO remains relevant in the current geopolitical situation, especially to address unilateral mechanisms,” he said.
He said Malaysia’s membership in the WTO, which prioritises the principles of transparency and rejects discrimination, has also contributed to increased confidence and foreign direct investments in the country.
A Celebration of SME Resilience and Leadership
The SME Association of Malaysia (SME Malaysia) celebrated the country’s SMEs’ innovation, perseverance, and leadership in a highly anticipated Trailblazer’s Night 4.0.
Held at The Pantheon KL on December 2, the event that served as a platform to recognize the critical role SMEs play in shaping Malaysia’s economic future, had over 200 members from diverse industries.
The event was graced by the Digital Ministry Secretary General Tuan Fabian Bigar who shared insights on the importance of embracing digital transformation to drive business growth and sustainability.
His keynote address highlighted the Ministry’s commitment to fostering innovation and collaboration among SMEs to ensure their growth aligns with the nation’s digital ambitions.
The event’s theme Trailblazer Today, Leaders Tomorrow, was a reflection of the values that SMEs embody - resilience, innovation, and leadership.
SME Malaysia National President Dr. Chin
Chee Seong said, “The association works closely with the government to foster a strong partnership for growth and opportunities. I encourage all business owners to join us and be part of this united effort. Together, as one, we can achieve remarkable success and build a resilient future for our SME community.”
National Vice President and Assistant Treasurer Sam Tsen Mun Ket added, “Trailblazer Night served as a celebration of leadership, innovation, and creating opportunities. The event provided a platform for exchanging ideas, inspiring one another, and striving for greater achievements.”
Attendees engaged in meaningful networking, connecting with entrepreneurs and industry leaders to exchange ideas and explore collaborations.
Panels and discussions delved into navigating challenges, seizing opportunities, and promoting sustainable business practices, offering actionable takeaways for all participants.
Datuk Seri Anwar Ibrahim
Charting a New Course: Navigating the 2025 Malaysian Budget
The 2025 Malaysian Budget introduces key reforms, from expanded taxes to enhanced SME financing and digitalisation incentives. While offering growth opportunities, it also presents challenges requiring strategic adaptation.
The 2025 Malaysian Budget, unveiled on October 18 last year, marks a significant milestone with a record allocation of RM421 billion.
This “Third Madani Budget” prioritises economic reinvigoration, focusing on key areas like tax reforms, enhanced financing for businesses, and a renewed push for digitalization.
For SMEs, the budget offers a mixed bag of opportunities and challenges, requiring careful navigation and strategic adaptation.
Tax Reforms: A balancing Act
The budget introduces several tax adjustments aimed at broadening the tax base and enhancing government revenue.
Expanded Sales and Service Tax (SST):
Effective May 1, 2025, the SST will be expanded to include premium products and non-essential goods, such as imported salmon and avocados. The scope of the tax will also encompass commercial services operating on a fee-based model, including fee-based financial services.
Dividend Tax: A 2% dividend tax will be imposed on dividend income exceeding RM100,000 for individual shareholders.
Global Minimum Tax (GMT): The government plans to assess the feasibility of a Strategic Investment Tax Credit to mitigate the potential negative impacts of the impending GMT.
Tiered Foreign Worker Levy: A multi-tiered levy mechanism will be implemented from January 1st, 2025, to reduce reliance on foreign workers and encourage businesses to invest in automation.
Unlocking Growth Enhanced Financing for SMEs
Recognising the pivotal role of SMEs
in the Malaysian economy, the budget provides a range of initiatives to enhance access to capital.
Business Financing Guarantees: Bank Pembangunan Malaysia Berhad (BPMP) is providing RM6.4 billion in financing funds for key sectors, while Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) will continue to guarantee SME financing up to RM20 billion, with a special RM5 billion guarantee for Bumiputera SMEs.
Stamp Duty Exemptions: Stamp duty exemptions will be granted on loan and financing agreements executed by Micro, Small and Medium Enterprises (MSMEs) through the Initial Exchange Offering
Recognising the pivotal role of SMEs in the Malaysian economy, the budget provides a range of initiatives to enhance access to capital.
platform. The loan or financing limit under the Micro Financing Scheme for stamp duty exemption purposes will also increase to RM100,000.
Support for Halal Businesses: Special financing from BPMP and SME Bank, along with SJPP guarantees of up to 80% of halal SME loans, will provide significant support for businesses operating in the halal sector.
Boosting Startups: The establishment of a National Fund-of-Funds by Khazanah Nasional Berhad (Khazanah), the allocation of RM1 billion by Retirement Fund (KWAP) through Dana Perintis, and increased funding for Cradle Fund will propel the growth of the Malaysian startup ecosystem.
Prime Minister Datuk Seri Anwar Ibrahim during the presentation of the Malaysia Madani Budget 2024 at the Dewan Rakyat last year.
Digitalisation Drive: Embracing the Future
The budget emphasises the importance of digitalisation in enhancing SME competitiveness. Key initiatives include:
SME Loan Fund: Bank Negara Malaysia will roll out an RM3.8 billion SME loan fund to support the adoption of digitalisation and automation.
Digital Matching Grant: Malaysian Communications and Multimedia Commission has allocated RM100 million for five years to strengthen Nadi centers, empowering entrepreneurs with online business skills.
AI Adoption: National Artificial Intelligence Office has allocated nearly RM10 million to boost AI adoption through collaborations with academia and industry.
E-Invoicing Incentives: MSMEs can receive a maximum of RM50,000 as a tax deduction for e-invoicing implementation-related consultation fees and claim capital allowances for ICT equipment.
Expanding Global Reach: Fostering Export Growth
The budget recognises the importance of international trade and provides several initiatives to support exporters:
Capacity Building: Khazanah will launch a new RM1 billion Mid-Tier Company Programme to enhance the capabilities of local companies.
Foreign Market Expansion: The Exporter
Sustainability Incentive Scheme by EXIM Bank will provide RM750 million to assist Malaysian exporters in expanding into new markets.
Promoting Local Products: MATRADE will allocate RM40 million as a reimbursement grant to support Malaysian exporters in penetrating markets in Africa, Latin America, and the Middle East.
Logistics Sector Initiatives: A 60% investment tax allowance will be granted for businesses engaging in smart logistics complex activities.
Reinvigorating the Economy: A Focus on High-Value Activities
The budget introduces a New Investment Incentive Framework to attract high-value
Top 5 Benefits for SMEs from the 2025 Malaysian Budget
1. Fun D ing b oost
• Increased access to loans and financing
• Special funds for halal businesses and startups
• Government guarantees for SME loans
2. Digital p ower-u p
• Loans to support digitalisation and automation
• Funding for online business skills development
• Incentives for e-invoicing adoption
3. i nnovation Drive
• Support for startups and venture capital
• Funding for research and development
• Collaboration with GLCs for innovation
investments which will be implemented in the third quarter of 2025. Key aspects include:
Supporting Supply Chain Resilience: Incentives are provided for multinational enterprises to invest in local vendors.
Establishing New Economic Clusters: The government aims to establish economic clusters in various states, focusing on sectors like renewable energy and specialised chemicals.
Narrowing the Regional Gap: Income tax incentives will be offered for investments in specific sectors in less developed states.
Navigating the Challenges: A Call for Adaptation
While the budget offers numerous opportunities, SMEs must navigate the challenges presented by tax reforms and the evolving economic landscape.
Adapting to Tax Changes: Businesses need to carefully assess the impact of the expanded SST, dividend tax, and other tax adjustments on their operations and profitability.
4. g lobal r each
• Support for export market expansion
• Incentives for international trade activities
• Development of the logistics sector
5. h igh-value g rowth
• Incentives for high-value investments
• Support for supply chain resilience
• Development of economic clusters
Embracing Digital Transformation: Leveraging digital technologies is crucial for enhancing efficiency, expanding market reach, and improving competitiveness.
Exploring Funding Opportunities: SMEs should actively explore available financing options, including government-backed loans, grants, and venture capital funding.
Building Resilience: Strengthening supply chains, embracing sustainability, and adapting to changing market demands are crucial for long-term success.
The 2025 Malaysian Budget sets the stage for a period of economic transformation. By carefully navigating the opportunities and challenges presented, SMEs can position themselves for sustainable growth and contribute significantly to the nation’s economic development.
Disclaimer: This article provides a general overview of the 2025 Malaysian Budget and its implications for SMEs. It is not intended as financial or legal advice.
Strengthening Commitment to SME Digital Transformation
Following Digital Minister
Gobind Singh Deo’s keynote address at the SME Malaysia Business Talk on AI in Finance & E-Invoicing for SMEs, SME Association of Malaysia paid a visit to the minister’s office in Putrajaya on March 3.
Held less than a week after the inaugural Business Talk series, the meeting provided an opportunity for SME Malaysia to engage in discussions with the minister and key industry leaders, including Ministry of Digital SecretaryGeneral Fabian Bigar and Malaysia Digital Economy Corporation (MDEC) Chief Executive Officer Anuar Fariz.
The discussions focused on supporting the Association’s 13,000 members in adopting low-risk, cost-effective digital solutions with the potential to drive significant business impact.
This engagement reinforced the government’s commitment to accelerating digital transformation within the SME sector.
Leading the SME Malaysia delegation was National President Dr. Chin Chee Seong, accompanied by Vice President Anpananthan K., Datuk Wira Naina Mohamed, Miccele Siow, Treasurer Eng Kin Hoong, and Council Members Desmond Anil, Camelia Loh, and Professor Cheah Kok Hoong.
Together, they emphasised the critical role of AI-driven financial tools and digital invoicing solutions in enhancing efficiency, reducing operational costs, and driving business growth.
The collaboration between SME Malaysia and the Ministry of Digital marks a significant step towards equipping local businesses with the technological advancements needed to navigate an increasingly digital landscape.
As AI and e-invoicing become essential for financial and operational efficiency, SMEs that embrace these innovations will be better positioned to scale, compete, and thrive in today’s dynamic market.
The collaboration between SME Malaysia and the Ministry of Digital marks a significant step towards equipping local businesses with the technological advancements needed to navigate an increasingly digital landscape.
Empowering SMEs for the Digital Future
MDEC has launched a nationwide initiative to accelerate SME digital transformation, equipping businesses with the tools and support needed to thrive in an increasingly digital economy.
The Malaysia Digital Economy Corporation (MDEC), under the Ministry of Digital, has unveiled a nationwide initiative to accelerate the digital transformation of small and medium enterprises (SMEs).
This initiative aims to empower SMEs with the tools, knowledge, and support needed to embrace digitalisation and thrive in the digital economy.
It is designed to address industryspecific challenges faced by SMEs, while also seeking to develop actionable solutions in collaboration with key stakeholders.
Additionally, it fosters a supportive ecosystem that facilitates digital innovation, nurtures partnerships, and enhances the competitiveness of SMEs.
The SME digital transformation initiative was announced by the Minister of Digital, Gobind Singh Deo, during its first programme held at the newly established
Zon Utara Office of the Ministry of Digital in George Town, Penang, last January.
The event saw participation from Deputy Chief Minister of Penang II, Jagdeep Singh Deo A/L Karpal Singh, Digital Penang Chief Executive Officer, Ts. Kwang Ming Ng, and representatives from Penang SME associations.
In his address to the SME community present at the event, MDEC chief executive officer (CEO) Anuar Fariz Fadzil highlighted the importance of technology for SMEs.
“Technology is a necessity in today’s rapidly evolving landscape. By adopting digital tools and innovative solutions, SMEs can significantly improve their efficiency, reach, and resilience in the global market while achieving greater productivity and operational efficiencies,” he said.
To date, RM30.96 million has been awarded to Malaysia Digital (MD) grant recipients in Penang, with 173 companies in the state already achieving MD status.
Companies with MD status benefit from tax incentives, grants, funding, business matching opportunities, and access to extensive networks.
“We look forward to welcoming more companies to achieve MD status, fostering greater innovation and creating a clear pathway for driving growth and competitiveness,” Anuar said.
As part of its mission to increase the number of companies achieving MD status, MDEC plans to unveil a new initiative aimed at reducing SMEs’ operational costs by up to 20% through customised digital solutions tailored to their specific needs. This approach involves understanding the unique challenges faced by SMEs and providing targeted solutions aligned with their goals.
For more information about MDEC initiatives and programmes, visit mdec. my or email your enquiries to clic@mdec. com.my.
MDEC CEO Anuar Fariz Fadzil (Source: facebook.com/MyMDEC)
Minister of Digital Gobind Singh Deo
easycover.my, Digital Insurance Made Simple
Launched by VKA Wealth Planners, easycover.my is Malaysia’s first digital insurance platform created specifically for SMEs — offering affordable coverage, streamlined HR tools, and a secure path to financial protection for teams as small as three.
In a bold move to make insurance more accessible to Malaysia’s micro, small and medium enterprises (MSMEs), easycover.my entered the market last year as the country’s first digital insurance platform tailored specifically for smaller businesses.
Developed by VKA Wealth Planners Sdn Bhd, one of Malaysia’s leading financial planning firms, the platform addresses a longstanding gap in the market — providing affordable, inclusive protection for SMEs with as few as three employees.
Founded in 2003, VKA Wealth Planners is licensed by the Securities Commission Malaysia under the Capital Markets and Services Act 2007, and approved by Bank Negara Malaysia (BNM) under both the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA).
Raising the bar
Traditionally, group insurance policies in Malaysia have imposed high entry barriers, often requiring a minimum of 10 employees — a challenge for many micro and small businesses.
easycover.my disrupts this model by lowering the threshold to just three employees, making it significantly easier for even the smallest of teams to access quality protection.
The platform offers:
• Coverage from as few as 3 employees
• Guaranteed acceptance (subject to terms and eligibility)
• Premiums from as low as RM2 per day per employee
• Free built-in HR tools including a claims tracker, leave management system and insurance dashboard
This integrated digital solution is not only user-friendly but also streamlines administrative tasks for business owners, especially those without dedicated HR or finance teams.
building Trust
The credibility and impact of easycover.my
are underscored by its strong network of strategic partners and endorsements.
These include SME Malaysia, Digital Penang, FMHMBA, MDCC, AKPK, MFPC, RHB Bank, MoneyX, CariJob, and others who share a commitment to uplifting the SME ecosystem.
Last year, easycover.my was named a finalist in the UNDP & Generali Insurance SME Resilience Innovation Challenge.
The platform also aligns with BNM’s Financial Sector Blueprint 2022–2026.
one Platform, Multiple Solutions
Looking ahead, easycover.my aims to serve 100,000 SMEs over the next decade.
Beyond employee protection, the platform is evolving into a comprehensive one-stop app for business owners and individuals alike, offering:
• Travel and motor insurance
• Individual and family protection plans
• Financial planning services
• Legacy and estate planning
Shaping the Future
At its core, easycover.my embodies the mission of VKA Wealth Planners: to provide accessible, practical financial solutions for all Malaysians.
With digital tools, strategic industry partnerships, and a sharp focus on underserved segments, easycover.my is setting new standards in insurtech — giving SMEs the tools to thrive in an
FAS t FAC t S
v ka w ealth p lanners sD n b h D (Developer of easycover.my) Bandar Puchong Jaya, 47170 Selangor
Founded: 2003
Industry:
Financial Planning and Insurance
Specialty: Comprehensive financial and insurance solutions including employee benefits, general insurance for businesses and corporations, investment planning, legacy planning, and licensed financial advisory services. VKA partners with over 60 local and international insurers and investment institutions.
Major Achievements:
• One of Malaysia’s pioneering licensed financial planning firms.
• Launched easycover.my — the nation’s first fully digital insurance platform designed specifically for micro and small enterprises.
Number of Employees:
300+ professionals nationwide
Biggest Innovation: easycover.my is Malaysia’s first allin-one digital insurance solution, built to empower underserved SMEs with affordable protection for teams starting from just three employees.
Future Plans: To continuously expand easycover.my’s digital offerings and bridge the protection gap for SMEs through fintech and inclusive innovation.
Website/Social Media: www.vka.com.my www.easycover.my
increasingly competitive world.
For today’s business owners, protecting your people isn’t just a good idea — it’s a smart investment.
And with easycover.my, that investment has never been more convenient or cost-effective.
Navigating Success Through Clarity and Compliance
Despite its recent founding, NJA Business Solution has rapidly become a trusted advisor, delivering bespoke accounting and advisory services to drive SME success.
Despite being only three years in business, NJA Business Solution Sdn Bhd has distinguished itself through its commitment to delivering tailored solutions, backed by a highly skilled team and cutting-edge technology.
“Unlike conventional accounting firms, we go beyond compliance by providing strategic advisory services that add longterm value to businesses,” says Director Niki Lan.
NJA Business Solution was established in 2022 with a clear vision: to guide businesses towards success by providing comprehensive accounting, tax, company secretarial, and advisory services.
“We founded NJA Business Solution with the aim of supporting businesses in achieving financial clarity and compliance, recognising the challenges many SMEs face in managing their financial and regulatory obligations,” says Lan.
Since its inception, the company has rapidly expanded its services and client base, evolving into a trusted advisory firm renowned for its reliability and professionalism.
overcoming Challenges
Like many businesses, NJA Business Solution faced significant challenges, particularly in adapting to evolving regulatory landscapes and client needs.
“The introduction of new tax regulations, digital transformation, and talent acquisition were among the hurdles we had to navigate,” states Lan.
“By staying agile, continuously upskilling our team, and leveraging technology to enhance efficiency, we successfully overcome these challenges.”
The company’s success is rooted in strategic planning, innovation, and client-focused services.
It has embraced digital transformation by integrating cloud-based accounting
solutions, automation tools, and real-time financial reporting.
“Additionally, our strong focus on regulatory compliance and advisory services ensures that our clients receive the most relevant and up-to-date guidance to support their business decisions.”
Milestones and Impact
NJA Business Solution takes pride in gaining industry recognition as a trusted advisory firm and fostering long-term partnerships with businesses across various sectors.
The firm has also expanded its service portfolio, obtained industry accreditations, and successfully supported numerous SMEs in improving financial management and compliance.
“Our advisory services empower SMEs with strategic insights, enabling them to make informed decisions that contribute to sustainable growth,” says Lan.
Beyond its clients, the firm is committed to industry development through thought leadership, training programmes, and knowledge-sharing initiatives.
Looking ahead, the firm aspires to further expand its services, embrace technological advancements, and continue providing top-tier advisory solutions.
“We are actively investing in digitalisation, automation, and AI-driven financial solutions to enhance our service offerings,” she says.
For SMEs, Lan offers this advice: “Financial clarity, compliance, and strategic planning are critical to long-term success. By leveraging technology and working with trusted advisers, businesses can enhance operational efficiency and unlock new growth opportunities.”
business solution sDn
Cheras, Selangor (relocating to Faber Tower, Taman Desa in Q3 2025)
Founded: 2022
Key Industry:
Accounting, Advisory & Company Secretary
Specialty: Accounting, Advisory & Company Secretary
Major Achievements:
Industry recognition as a trusted advisory firm, long-term client partnerships, expanded service offerings, successful SME financial transformations
Number of Employees: 26
Biggest Innovation:
Integration of cloud-based accounting solutions and automation tools to enhance financial reporting and compliance efficiency
Future Plans:
Expanding service offerings, embracing digital transformation, strengthening market presence, and developing a highly skilled team to drive continued growth
Website: https://www.njabs.com.my/
Niki Lan: Financial clarity, compliance, and strategic planning are critical to long-term success.
FAS t FAC t S
Championing ESG for SMEs
As Malaysian SMEs navigate ESG adoption, Persatuan ESG Malaysia (ESGAM) leads the way with education, advocacy, and resources. President Adjunct Practice Professor Cheah Kok Hoong shares insights on its impact.
Persatuan ESG Malaysia (ESGAM), though founded in 2022, is rapidly charting a course for global impact by promoting ESG adoption throughout Malaysia’s business sector.
“Our north star remains clear: To position Malaysia as a global exemplar of sustainable development,” states President Adjunct Practice Professor Cheah Kok Hoong.
With sustainability becoming a key driver of competitiveness, ESGAM aims to bridge the knowledge gap, especially for SMEs that may lack the resources to implement ESG frameworks effectively.
available for sustainability initiatives.
- Networking Opportunities: Events that connect SMEs with investors, government agencies, and industry leaders.
“Our mission is to drive sustainable development by raising awareness, providing education, and facilitating ESG adoption across industries, particularly SMEs,” says Cheah.
As a hub for ESG knowledge and action, ESGAM brings together experts from various sectors, translates ESG principles into measurable business outcomes, helping SMEs align with global sustainability standards while maintaining financial viability.
How ESGAM Supports SMEs
Many SMEs remain uncertain about how ESG applies to them. ESGAM simplifies ESG concepts by breaking them down into manageable components: Environmental, Social, and Governance.
“SMEs often struggle with understanding ESG’s relevance to their business,” says Cheah. “Our goal is to provide clear, actionable steps to make ESG adoption practical and beneficial.”
ESGAM supports SMEs in multiple ways:
- Training & Certification: Workshops, webinars, and certification programmes to enhance ESG knowledge.
- Funding Guidance: Information on grants, loans, and incentives
- Resource Development: Access to ESG toolkits, best practices, and reporting frameworks.
Its partnerships with government agencies and the private sector enable the association to advocate for supportive policies, provide access to funding, facilitate knowledge-sharing, and and matchmake ESG solution providers to SMEs.
A manufacturing SME, Cheah says, successfully implemented an ESG strategy in collaboration with ESGAM.
“With our guidance, the company adopted energy-efficient practices, improved waste management, and enhanced employee welfare programmes,” he adds.
This resulted in significant benefits: reduced costs, increased investor interest, and new international contracts.
Membership benefits
SMEs joining ESGAM gain access to ESG training, networking events, and expert guidance on ESG strategy development and compliance.
“Joining ESGAM helps SMEs stay ahead of regulatory changes and global ESG trends,” says Cheah.
“It’s not just about compliance; it’s about
Founded: 2022
Industry: Sustainability & ESG Advocacy
Specialty: ESG Education, Training, and Advocacy
Major Achievements:
Recognised ESG advocate, developed ESG guidelines in collaboration with government agencies, conducted ESG awareness campaigns.
Number of Employees: 2
Number of Council members and honorary advisors: 32
Number of Members:
228 (as of March 2025)
Future Plans:
Simplifying ESG adoption for SMEs through practical frameworks and tools.
Website/Social Media:
Facebook/LinkedIn/YouTube: ESG Association of Malaysia
future-proofing businesses and making them more competitive in an evolving economic landscape.”
While for those yet to embark on their ESG journey, joining ESGAM provides a competitive edge.
“With increasing regulatory expectations and consumer demand for sustainable business practices, ESG integration is no longer optional—it is essential,” he points out.
“SMEs that proactively adopt ESG will be better positioned for long-term success.”
FAS t FAC t S
p ersatuan esg MalaYsia Pavilion Embassy, Kuala Lumpur
Putting People First
EAS Consultancy Group’s rise from humble beginnings to an award-winning firm is grounded in one core belief — when you take care of your people, they will take care of your clients.
When EAS Consultancy Group was set to build in 2019, the motivation was driven by a shared frustration with the accounting industry’s traditional norms — long hours, little recognition, and burnout as the price of success.
“We wanted to create a firm that delivers exceptional value to clients while fostering a rewarding environment for accountants to grow, thrive, and feel valued,” says Dr. Jennifer Ong, Managing Partner of EAS Consultancy Group.
Today, EAS stands as a fast-growing accounting and corporate advisory firm that proves success doesn’t have to come at the cost of wellbeing.
Offering a full suite of services — including accounting, taxation, company secretarial support, and business consulting — the firm has grown from a one-person operation to a team of over 30 professionals. EAS has become a trusted partner for SMEs looking for more than just compliance services.
“Many of our clients now see us as part of their team, not just service providers,” she adds.
building with Purpose
The company’s growth wasn’t without its challenges.
In its early days, the firm had to win client trust in a competitive space dominated by long-established firms.
At the same time, assembling a likeminded team that shared its values proved equally daunting.
To overcome these hurdles, Ong and her team focused on three pillars: talent and culture, innovation, and strong leadership.
“We built a team aligned with our values, invested early in AI and automation, and led by example,” she says.
This forward-thinking
approach paid off. By digitising and automating everything from accounting to company secretarial services, EAS freed up time and energy for strategic advisory work. “We don’t believe in one-size-fits-all solutions. We tailor our advice to each client’s goals,” Ong says.
This personalised approach, combined with a people-first culture and early tech adoption, has helped the firm rack up numerous accolades — from the SME 100 Awards to the Malaysia Book of Records for being the first to offer an Accounts Academy with AI automation.
A Culture That Lasts
Beyond serving clients, EAS is also changing the conversation within the industry.
“We’ve challenged the work-until-youburnout culture,” says Ong, “and prioritise work-life balance, fair compensation, and professional growth instead.”
Their culture extends beyond the office too. Monthly team outings and a commitment to mentoring young talent reflect their community-first mindset. Looking ahead, EAS plans to deepen its tech capabilities and grow its team while continuing to make a difference in the lives of its clients, employees, and the broader industry.
“Success doesn’t happen overnight,” Ong reflects, “but if you stay true to your values, invest in your people, and keep moving forward with purpose, there’s no limit to what you can achieve.”
Founded: 2019
Key Industry:
Account & Tax Advisory, Company Secretary, Business Training
Specialty:
Company Incorporation, Accounting, Taxation, Business Advisory and Training
Major Achievements:
• Asia Pacific Top Excellence Service (2021–2023)
• GFORTY Top 40 (2022)
• SME 100 Awards (2022)
• Golden Bull Award (2023)
• Platinum Business Awards (2023)
• Malaysia Book of Records
– First Accounts Academy with AI Automation (2024)
Number of Employees: 38
Biggest Innovation:
Integration of AI and automation across services, including the digitalisation of company secretarial and accounting tasks. This streamlines operations, reduces errors, and empowers clients to manage compliance more efficiently — positioning EAS as a leader in modernising the accounting industry.
Future Plans:
Continued digital transformation in accounting and secretarial services, alongside developing a highly skilled team to lead in AI automation, HRDC training, and ESG compliance.
Website/Social Media:
Website: https://easconsults.com/ Facebook: facebook.com/ EASConsultancy
Instagram: @easconsultancy88
LinkedIn: linkedin.com/in/ easconsultancy
FAS t FAC t S
Bandar Sri Damansara, Kuala Lumpur
Transfer Pricing Made Simple
Practical, strategic, and SME-focused—Hernancres Group simplifies the complexities of transfer pricing for growing businesses.
Hernancres Group of Companies is changing the way Malaysian businesses approach transfer pricing.
With deep technical expertise and a sharp understanding of local tax realities, the firm has become a go-to advisor for companies navigating audits, compliance, and cross-border transactions.
Founded in 2017, the Malaysian-based professional services firm offers specialised services in transfer pricing advisory, tax audits and investigations, corporate compliance, and business advisory.
Recognising the growing scrutiny of intercompany transactions by tax authorities, Hernancres saw an urgent need for SME-friendly, technically sound transfer pricing support in the market.
From its headquarters in Kuala Lumpur, Hernancres has grown into a trusted advisor for both SMEs and multinational corporations.
The firm provides strategic guidance to help businesses navigate Malaysia’s transfer pricing framework, ensure documentation compliance, and reduce audit risks.
bridging the Gap
“Many local businesses, especially SMEs, underestimate the relevance of transfer pricing to their operations,” says Desmond Anil, founder of Hernancres.
“A lot of companies assume it only applies to large multinationals. But even modest related-party transactions— particularly between domestic entities— can trigger audit flags.”
To close this gap, the firm developed a Transfer Pricing Readiness Programme, which includes gap analysis, documentation support, benchmarking, and implementation of internal policies.
This proactive approach allows clients to pre-empt costly penalties and handle audits with greater confidence.
Hernancres is also known for its Transfer Pricing Diagnostic Framework, a practical tool to assess exposure across service fees, financial arrangements, and intangible assets.
FAS
t FAC t S
h ernanc res g roup
o F c o M panies
Kuala Lumpur
Founded: 2017
Industry: Professional Services (Tax & Transfer Pricing Advisory)
Specialty: Transfer Pricing, Tax Audit & Investigation, Corporate Compliance, SME Consulting
Major Achievements: Successfully defended over RM100 million in TP audit adjustments; contributor to national and regional tax education initiatives
Number of Employees: 15
Biggest Innovation: Transfer Pricing Diagnostic Framework
Future Plans: Expansion into ASEAN; rollout of digital tools for automated TP compliance
Website: www.hernancres.com
Combined with benchmarking databases and audit risk mapping, this innovation ensures that clients’ TP documentation is both compliant and defensible.
Recording Milestones
In just a few years, Hernancres has helped clients across manufacturing, trading, tech, and service industries establish sound TP policies and defend audit cases.
“We’ve seen firsthand how early intervention and transparent reporting can reduce tax risks significantly,” Anil says.
“Our job is to help clients understand their obligations and be prepared before the authorities come knocking.”
Their efforts go beyond technical support.
By simplifying compliance processes and offering cost-effective advisory services, Hernancres empowers SMEs to meet legal requirements without overburdening resources.
This contributes to a fairer, more transparent tax environment across the business ecosystem.
Looking Ahead
As transfer pricing enforcement tightens— particularly within ASEAN—Hernancres aims to position itself as a regional centre of excellence.
The firm is investing in automation tools for real-time compliance tracking and faster reporting, helping clients scale their governance frameworks in line with global standards.
“Our vision is to build future-proof tax strategies for clients,” Anil adds.
“With the right foundation, even small businesses can handle complex regulations confidently.”
Empowering Minds, Shaping Futures
Dedicated to uplifting individuals through a growth mindset and holistic education, Mak Academy empowers university students and professionals with the essential skills and mindset to thrive in an evolving world.
In an era where communication skills and adaptability are paramount to professional success, Mak Academy has established itself as a beacon of educational excellence and training.
Established in Kuala Lumpur in 2019, the academy specialises in English and Communication training, distinguishing itself from competitors through a steadfast commitment to excellence and innovation.
This success is underpinned by three strategic pillars: implementing best practices in educational management, achieving global leadership in Communications and English Language Teaching, and utilising course materials from top global universities.
Founded by Principal Mak Kum Shi, an experienced educational leader and communications specialist, the academy adopts a holistic approach to learning, seamlessly blending academic rigour with practical, real-world applications.
Its innovative courses—including IELTS Academic Preparation, Business English, and English Communication Training— draw on materials from globally renowned institutions, ensuring both relevance and effectiveness.
These tailored courses are delivered through innovative blended, hybrid, and remote learning models, designed to empower individuals from university students to seasoned professionals.
Navigating Challenges
Like many educational institutions, Mak Academy faced significant challenges during the COVID-19 pandemic.
The shift to online learning was inevitable, but rather than merely adapting, the academy seized the
opportunity to innovate. By seamlessly integrating hybrid, blended, and remote learning models, Mak Academy not only sustained its programmes but also expanded its reach beyond geographical boundaries.
This resilience and adaptability have been key drivers of the academy’s growth. Today, its approach is widely recognised for setting new benchmarks in educational management and English language training.
A Commitment to Excellence
Mak Academy’s dedication to academic and industry excellence is reflected in its accolades and leadership roles.
Principal Mak has been named a Microsoft Innovative Educator Expert (MIEE) 2024/2025 and serves as Chair of the Academy and Training Development Bureau, SME Association of Malaysia. His extensive experience spans teaching English, Communications, Social Sciences, and Educational Technology to over 1,000 students across various academic levels, from primary school to PhD candidates.
The academy’s courses are not solely focused on mastering English; they are designed to enhance confidence, professional communication, and critical thinking, ensuring students are well-equipped for success in their respective fields.
In a competitive landscape, Mak Academy distinguishes itself through its unwavering commitment to excellence and innovation.
The academy extends its influence beyond the
Mak Academy Principal Mak Kum Shi
Mak with his college writing class. the class focuses on graduate employability skills, including resume writing and interview techniques
triple Crown Award and Lead Legends Campaign recognition at the toastmasters International District 102 Hall of Fame 20232024 Central Award event. (From left) Club Growth Director 20232024 Robert Ram, Area C3 Director 2024-2025
Mak Kum Shi, District Director 2023-2024
CP Lau, and Program Quality Director 20232024 Woo Hui Qin.
Key Success Strategies for SMEs
• eM brace c hange
Stay agile and open to innovation. Adapt to evolving market trends.
• i nvest in p eople
Your employees and customers are your greatest assets. Prioritise development and engagement.
• s taY c onnecte D Engage with industry networks and communities. Build strong professional relationships.
(Source: Mak Academy)
classroom, actively participating in the professional and business community.
To demonstrate its support for the business community, Mak Academy sponsors key industry events, including the 2nd International Conference on Global Education, Toastmasters International District 102 and District 51 Annual Conferences, the KLSCCCI Business Productivity Conference and Networking Event, and SME Malaysia’s Installation Night and Chinese New Year Dinner 2025. Furthermore, the academy demonstrates its commitment to corporate social responsibility (CSR) by conducting complimentary literature, public speaking, and IT literacy workshops for underprivileged schools.
These activities underscore its
belief in education as a powerful tool for empowerment.
Growth and Expansion
Building on its strong foundation, Mak Academy aims to expand its course offerings and forge strategic alliances to further enhance its learning models.
The goal is to continuously evolve and provide transformative learning experiences that foster both personal and professional growth.
For other SMEs striving for long-term success, Mak Academy emphasises the importance of embracing change with a growth mindset, continuously adapting and seeking innovation, and building strong relationships with both customers and the wider community.
As Mak Academy continues to empower individuals, its mission remains clear: to shape minds, elevate careers, and drive meaningful change through education.
FAS t FAC t S Mak acaDeMY
Kuala Lumpur
Founded: 2019
key Industry: Education and Training
Specialty:
English and Communication Training, including IELTS Academic Preparation Course, Business English Course, and English Communication Course.
Major Achievements:
• Master of English Studies, Open University Malaysia
• Microsoft Innovative Educator Expert 2024/2025
• Chair, Academy and Training Development Bureau, SME Malaysia
• Chief Judge, StarProperty.my Awards 2016
• Finalist, National Business Journalism Competition 2014
• Organising Chair, KLSCCCI Business Productivity Conference and Networking
• Association Conference of the Year, Singapore Experience Awards 2009, Singapore Tourism Board (as Exhibition Vice-Chair, SIGGRAPH Asia 2008)
Biggest Innovation:
Curriculum combines academic and business best practices.
Future Plans:
Expand course offerings, enhance learning models, form strategic alliances
Website/Social Media: makacademy.asia / FB: MakAcademy2019
SJKC Sentul Pasar acknowledges PIKOM, represented by CEO Ong Kian Yew, for its computer donation drive to the school. Mak Academy is an associate member of PIKOM.