The Malaysian Ministry of Finance has recently unveiled PENJANA (Pelan Jana Semula Ekonomi Negara) or the National Economic Recovery Plan with a focus on 3 key components – Empower People, Propel Businesses, and stimulate the Economy.
The PENJANA Initiative
As we go into the recovery phase of our fight with COVID-19 after a 3-months long Movement Control Order (MCO), PENJANA or the National Economic Recovery plan is set to assist cash flow for businesses, prevent the increase in unemployment and business closures, encouraging consumers spendings and a renewed focus on digitalization.
It resonates with the idea of gradually reopening the economy in a careful, coordinated, and orderly manner taking into account the imperativeness to adopt and adapt to new changes for safety purposes as we continue our daily lives in a post-COVID-19 environment.
Empowering Digitalization for Micro and SMEs with Fave
Fave has been appointed as one of the digital solution providers for the PENJANA initiative in both Micros and SMEs e-commerce campaigns and the Shop Malaysia Online campaign. This collaboration aims to incentivize merchants and consumers through several initiatives.
Through the Micros and SMEs e-commerce campaign, Fave will guide new Microenterprises and SMEs onboard its platform to start adopting digital tools and help existing ones boost sales and reach more customers. The co-funded campaign is set to run from June to September and will provide the following to Micros and SMEs:
- On-boarding training
- Seller subsidy
- Sales support
On the other hand, the Shop Malaysia Online campaign aims to drive more online consumption on products from local retailers and increase customer acquisition through co-funded digital discount vouchers. This consumer-centric campaign will run from August to September 2020 and focuses on rewarding customers to encourage more spendings.
The initiative will play a crucial role in the recovery of the economy. What is required is timely execution and participation from affected enterprises. Rebuilding the economy won’t take a day nor will it be easy, it will need the cooperation of all parties involved to play their part in restoring the economic well-being of the country in order to be successful.
With that said, we would like to invite more businesses to join us today and we can navigate through this recovery phase together! Get in touch with us here and we will be happy to help you, either you’re a new or existing Micros and SMEs.