Bank Rakyat, Alibaba, Lenovo team up to drive MSME digital growth

KUALA LUMPUR: Bank Rakyat is stepping up its digital transformation and efforts to help Malaysian micro, small and medium enterprises (MSMEs) expand overseas through strategic engagements with Alibaba and Lenovo in China.

The initiatives, undertaken during the bank's Shanghai mission, are focused on strengthening its technology capabilities while opening new opportunities in cross-border e-commerce, artificial intelligence (AI), fintech and digital innovation for Malaysian businesses and cooperative members.

The Shanghai mission followed discussions attended by Prime Minister Datuk Seri Anwar Ibrahim, Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani, Home Affairs Minister Datuk Seri Saifuddin Nasution Ismail and Malaysia's Ambassador to China Datuk Norman Muhamad.

Bank Rakyat said the engagements would support its broader efforts to enhance customer experience, improve operational efficiency, facilitate cross-border trade and develop new digital financial capabilities while creating greater opportunities for Malaysian MSMEs and cooperative businesses.

Bank Rakyat chairman Datuk Mohd Irwan Mohd Mubarak said the engagements would allow the bank to combine global technology capabilities with its understanding of the Malaysian market to develop solutions that improve customer experience, operational efficiency and business opportunities.

"The financial services landscape continues to evolve rapidly, and technology will increasingly shape how we serve our customers and support businesses.

"Through these strategic engagements, Bank Rakyat is bringing together global technology capabilities and our understanding of the Malaysian market to explore solutions that can enhance customer experience, strengthen operational efficiency and create new opportunities for Malaysian businesses," he said in a statement.

Under its engagement with Alibaba Cloud, a business arm of Alibaba Group, Bank Rakyat will explore the use of cloud computing, AI, data analytics and other digital technologies to strengthen the capabilities and competitiveness of Malaysian businesses.

A key focus will be helping Bank Rakyat's MSME customers gain access to Alibaba's e-commerce platforms, potentially enabling them to showcase and sell products to a wider international customer base.

The initiative is also aimed at strengthening the export readiness of Malaysian MSMEs by leveraging Alibaba's digital infrastructure and global ecosystem to facilitate cross-border trade.

Meanwhile, Lenovo will be invited as an ecosystem partner of Bank Rakyat's Fintech Community Hub, with the collaboration focused on identifying fintech companies and technology solutions for potential participation in the bank's accelerator programme.

The initiative will tap Lenovo's wider startup and fintech network to identify potential partners and support the co-development of digital financial solutions.

Bank Rakyat group chief executive officer Ahmad Shahril Mohd Shariff said the partnerships were intended to extend digital transformation beyond banking operations to the wider business ecosystem.

"Importantly, these engagements allow us to connect Malaysian MSMEs with technology, digital platforms and international opportunities. By bringing together financing, market access and innovation, we aim to create a stronger ecosystem that enables businesses to scale and participate more effectively in the global economy," he said.