Malaysia-based Islamic digital bank AEON Bank (M) Berhad has embarked on a strategic collaboration with fintech enabler focusing on female empowerment MADCash Sdn. Bhd. to empower 100 female entrepreneurs from B40 communities to kickstart their businesses and grow their entrepreneurial skills.

The program is anchored on Bank Negara Malaysia’s iTEKAD, a social finance initiative that aims to uplift local microentrepreneurs from communities in need across the country, the duo said in a statement on Thursday.

The ‘GrowthStart’ iTEKAD program is developed together by AEON Bank and MADCash.

As a microentrepreneurial kickstarter program, it aims to coach and nurture the business growth of 100 female entrepreneurs, while helping them to optimize on digital tools and financial technology.

The program is set to run from February 2025 until August 2026 and will be rolled out in three batches with participants from Selangor, Kedah, Negeri Sembilan and Johor.

For the first batch, 50 female microentrepreneurs from various sectors such as food and beverages (F&B), education, health and beauty, agriculture and social enterprises will be selected, and the activities will be rolled out starting February 2025 until August 2025.

Throughout these six months, they will be engaged in practical workshops conducted in both physical settings and via online learning, alongside coaching and mentorship.

The second and third batches will engage 25 female microentrepreneurs each in a six-month interval.

Every participant will be eligible for a MYR 2000 ($449) Qard financing, aligned with AEON Bank’s Shariah finance principles.

“AEON Bank’s ‘GrowthStart’ program demonstrates our dedication to financial inclusion by supporting female microentrepreneurs with untapped potential,” said Raja Teh Maimunah Raja Abdul Aziz, Chief Executive Officer of AEON Bank.

According to her, many of these women struggle to secure business funding and they need the right coaching, especially online entrepreneurial know-how to help them grow their business.

She noted that the firm’s strategic collaboration with MADCash will address these challenges head-on.

“By providing seed capital, hands-on business mentorship, targeted skills training, we are fostering self-sufficiency and empowering them to achieve their entrepreneurial dreams,

“Ultimately, ‘GrowthStart’ is more than individual success stories; it is also about uplifting the larger communities and driving lasting social change,” she added.

Nuraizah Shamsul Baharin, Chief Executive Officer of MADCash, said MADCash aims to empower these groups of
women by helping them to develop business skills and knowledge to improve their livelihoods.

With a stronger economic foundation, she opined that they can overcome various challenges and enhance their bankability.

According to her, this approach effectively promotes financial inclusion in the society.

“AEON Bank is committed to providing accessible financial solutions to all Malaysians, as well as empowering the community to achieve their financial aspirations and economic independence,

“It will continue to foster a more inclusive financial future for all, while contributing to the growth of Islamic
banking in the region and Malaysia’s thriving fintech digital economy,” she added.

Officially launched on 26 May 2024, AEON Bank currently offers a suite of Shariah-compliant personal banking solutions and a range of digital payment services with
strategic partners and merchants.

In 2025, AEON Bank will also introduce its business banking financing solutions.

Being part of the AEON Group conglomerate, AEON Bank is equally held by AEON Financial Service Co. Ltd. (AFS Japan) and AEON Credit Service (M) Berhad (ACSM).

Madcash is a fintech solutions provider that helps women achieve greater financial security by providing the capital, business, and financial acumen to grow their micro businesses.

The company runs on a proprietary technological platform that allows donors to contribute and see whom their funds are helping at any time.

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