KUALA LUMPUR, – The Ministry of Entrepreneurship and Cooperative Development (KUSKOP) aims to shorten the approval period for working capital financing applications for Micro, Small and Medium Enterprises (PMKS) to three days compared to the current five days.
The Deputy Minister of KUSKOP, Datuk Mohamad Alamin said that the effort was implemented through the reduction of bureaucracy, including reducing the number of documents that applicants need to submit.
According to him, the move can help PMKS obtain working capital more quickly to meet business cash flow requirements, thereby strengthening the PMKS financing ecosystem.
“We want to reduce unnecessary bureaucracy because of the many documents and the approval period that takes quite a long time. After this, we will only ask for basic documents,” he said.
He said this after attending an engaging PMKS Financing and Growth session here today, which also saw the launch of Planworth Global Factoring Sdn.’s New Digital Platform for Planworth Supply Chain Financing. Bhd.
