By Gunaprasath Bupalan (Emjay Communications / The Malaysian Global Busines Forum / News Hub Asia / iHaus / Property360Digest)
With limited access to legitimate financial assistance, the B40 and M40 groups are more often than not caught in a vulnerable position.
Being a journalist for the past 19 years, I have been invited for thousands of press conferences, events, conferences, round table discussions, seminars, forums, so on and so forth. Some companies even tend to spend obscene amounts of money to create an unforgettable atmosphere in the hopes that the journalists that are present write good stories for them.
Initially, all these glam and aesthetics appealed to me too but after the first few years, as experience kicked in, the fluff, flamboyance and lux of the event doesn’t seem to appeal any longer. Instead, the key messages delivered and the notion of the company, service or product tends to take precedence.
I recently received an invitation for a press conference from GoodKredit Malaysia (GoodKredit) for a press conference to be held on 23 April 2019. Even though I had a very vague understanding of the company and its services, I decided to attend the function – main reason was to understand more of the service as it sounded a little intriguing.
At the event, there was no fluff, there was neither massive impressing nor a luxurious set-up but their deliverance was apt – it was a genuine solution for the undue financial pressure on the B40 and M40 groups in Malaysia.
Being the country’s first automated short-term micro-loan provider, GoodKredit’s objective is to empower Malaysians in need of urgent funds with a quick financial solution, utilising state-of-the-art technology and credit scoring algorithms via mobile devices. Intrigued yet?
I found this service to be unveiled in the nick of time. In an economic climate like we are in at the moment, many people need some aid financially, however options are limited. For many people who currently find themselves in a pickle, and need that extra boost to sort things out, they need to apply for a bank loan (which is almost unachievable for those who do not have stacks on money piled up in the bank) or to visit a loan shark aka licensed money lenders. Even though the latter could sort out the immediate problem one is facing, but due to the hefty interest rates and harsh collection methods, it could pose much problems in the future.
This is where GoodKredit steps in. They act as an alternative to the traditional loan platforms. The GoodKredit mobile app is designed to empower eligible Malaysians with a short-term micro-loan solution to address their financial situation.
Cheok Tuan Oon – Chief Executive Officer of GoodKredit
“GoodKredit is here to make lending more efficient, scalable and an option to those truly in need. This is a huge untapped opportunity for us to empower Malaysians who are facing unanticipated needs and less able to access the traditional financial systems. GoodKredit offers the financially undeserved, speed to meet emergencies for needs…not wants”, said Cheok Tuan Oon, CEO of GodKredit.
At the press conference, Cheok stressed that GoodKredit strives to build a more financially inclusive ecosystem that leads to a prudent and disciplined society. He further elaborated that GoodKredit wasn’t born to just provide funds – most importantly, the company was set up to educate the rakyat on financial responsibility.
Amelia Tan – Head of Brand and Communications of GoodKredit
According to Amelia Tan – Head of brand and communications explained that GoodKredit utilises in-house built technology as well as with other financial information provided through its partnership with CTOS. “GoodKredit would know within 30 minutes whether a loan is approved or has been rejected. Upon approval, funds will be disbursed to the recipient in one working day”, explained Tan.
GoodKredit is now available nationwide and may be downloaded from the Apple App Store and Google Play Store. For more information, surf to www.goodkredit.com.my
Important facts:
- Licensed under the umbrella of Credit Community (Kredit Kominiti) by the Ministry of Housing and Local Government (KPKT)
- Governed by the Moneylenders Act 1951
- Micro-loans offered between RM1,000 and RM10,000
- Repayment tenure of six, nine or twelve months
- Annual percentage Rate (APR) of 18%
- No collateral or guarantor needed
- Apply via mobile app
Services
Stakeholder mapping, analysis, engagement and communication needs to be detailed to avoid business losses or even worse, a crisis. How can you do this effectively to prevent failure? ...
Data-driven business decisions have never been as crucial, especially in this era. MGBF leverages off, technology, experience and market presence to aid businesses in making accurate decisions. ...
MGBF provides comprehensive strategic advice and results-focused solutions to solve clients' problems in business-government relations so they can focus on their core business. ...
A critical business challenge is meeting the right decision-makers and potential buyers through the best channel and platform. How will you improve your business competency? ...
Upcoming Events
The threat matrix has evolved to include information warfare, cyberspace incursions, big data and behavioural communications. Business leaders need to be aware of these threats to survive. What are you doing as a key stakeholder?
Companies can now live or die based on their ability to generate and manage data. Effectively managing existential challenges is the opportunity that business leaders need to grasp for a sustainable future. Calling for speakers!
Corporations and their leadership often face weaponised information attacks in the media. Understanding these advanced business threats is crucial. Recently completed. View proceedings online.
Special session: Cyberwarfare Waged on the Corporate Sector - Lessons from the Russia-Ukraine Crisis. Corporations are in a digital arms race that many don't realise. How does this relate to your organisation?
MGBF In The News
More than 1,100 years ago, Muhammad ibn Musa al-Khwarizmi was developing the mathematical formulas that we know today as algorithms which now have become so intertwined with the business fortunes of global media giants and the very fabric of geopolitics. A series of recent high level international reports have revealed […]
KSK Land has been recognised by the Malaysia Global Business Forum (MGBF) for its role in attracting high net-worth individuals to Malaysia post-pandemic. The first challenge in investor attraction is “selling” the country. In the context of Asia, Malaysia is competing with some very established investment destinations. The second […]
Malaysia, in particular Kuala Lumpur, continues to position itself as a regional centre to do business, educate a family and enjoy a global lifestyle. One company, KSK Land, has taken the lead in positioning itself and the city of Kuala Lumpur as a property investment destination for the global citizen […]
The upcoming budget represents an opportunity to build resilience in the critical sectors that will form the backbone of the country’s future-facing economic ambitions. This however needs to be achieved in the context of managing the community sectors most impacted by COVID-19 over the past two years. The Keluarga Malaysia (Malaysian Family) […]
Malaysia Global Business Forum (MGBF) has moved to support the creative economy as the overall economy moves into a recovery phase following the COVID19 pandemic. As a step in the direction of normalcy, the MGBF has agreed to host the art exhibition “I Know You’re Somewhere So Far” by one […]
Congratulations to Datuk Seri Ismail Sabri Yaakob for taking up the mantle of the ninth prime minister of Malaysia. There is nothing normal about the situation; it could not have been scripted but it has kept the spectrum of media, mainstream and social, gripped. The first order of business for […]
In a stirring speech to the nation, President Joseph R. Biden, Jr. stamped his brand of leadership on the presidency, in his first act as the 46th president of the United State of America, it signaled several shifts. Perhaps the weather was foreboding with snow falling before the ceremony that […]
KUALA LUMPUR, 6 July 2022 – As the global economy continues to deal with unprecedented levels of disruption caused by the pandemic and the conflict between Russia and Ukraine, the convergence of energy security and food security issues has become a front-of-mind issue faced by policy makers and consumers alike. […]
KUALA LUMPUR, 23 June 2022 — Malaysia Global Business Forum (MGBF) ties up with scoutAsia to ensure that businesses are equipped with deeper regional insights. The past two years has seen a massive shift in the way businesses are conducted with digitisation, digitalisation and automation continuously being adopted to improve […]
KUALA LUMPUR, 25 May 2022 – The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Security Concerns in Critical Value Chains’ was held in a hybrid setting yesterday at the Eastin Hotel Kuala Lumpur. The guest of honour was Yang Berbahagia Tan Sri Dato’ Seri Rafidah Aziz, former minister of […]
We live in the age of crisis. At the heart of any crisis is the threat of rapid change. Change too deep or too wide that the current coping mechanisms for an individual, corporation or government are unable to remain resilient. An unwelcome paradigm shift, like the proverbial spider, that […]
The Malaysia Global Business Forum (MGBF) has released a report following the roundtable on ‘Digital Resilience in the Corporate Sector’, which was recently held in Kuala Lumpur. In attendance as guest of honour was Deputy Minister of Communications and Multimedia, Datuk Zahidi Zainul Abidin. The report recommended several critical development […]
Trade and investment delegations will trickle back over the next few months, but the second half of the year should see considerable return of business travellers. It was learnt that over 50 per cent of international business chambers and industry associations surveyed will consider sending exploratory teams to Malaysia during […]
KUALA LUMPUR, 30 March 2022 – The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Digital Resilience in the Corporate Sector’ was held in a hybrid setting yesterday at the Element by Westin Kuala Lumpur. The discussion focused on what business leaders need to understand, to ensure business resilience and […]
The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Addressing Weaponised Information in the Media’ was held in a hybrid setting today at the Hilton Kuala Lumpur. The discussion focused on addressing one of the most relevant threats to businesses in the digital economy – cyber threats causing physical and […]
The current floods that have impacted various parts of the country have given rise to an extensive commentary on the response cycles of various stakeholders. It has in turn led to continued crisis communications and statements in the media by agencies and ministries alike. This binary approach to the discussion […]
The formation of a special Cabinet committee to develop strategic measures to safeguard the economy amid the Covid-19 outbreak shows the Malaysian government is serious about creating a balance between the continued safety of the general population and the survival of the economy. In the global context, as many countries […]
Innovation, coupled with a radical departure from contemporary thinking, is required with a possible reality of a prolonged crisis becoming the new reality that people and companies must function through. Malaysia Global Business Forum founding chairman Nordin Abdullah said innovation and resilience from all stakeholders will be required to shape […]
The recent announcement that a committee jointly chaired by senior ministers in charge of security and economy clusters respectively demonstrates that the Malaysian government is serious about creating a balance between continued safety of the general population and the survival of the economy. In the global context, as many countries […]
Innovation, coupled with a radical departure from contemporary thinking, is required with a possible reality of a prolonged crisis becoming the new reality that people and companies must function through. Malaysia Global Business Forum founding chairman Nordin Abdullah said innovation and resilience from all stakeholders will be required to […]
