Skip links

CGC Digital, MDEC and PayNet collaborate to bridge MSMEs’ RM90 billion financing gap via innovative alternative credit scoring

Kuala Lumpur, Malaysia, 18 December 2023 – CGC Digital Sdn Bhd (CGC Digital), Malaysia Digital Economy Corporation (MDEC), and Payments Network Malaysia (PayNet) signed a collaboration agreement aimed at driving financial empowerment and fostering inclusivity among Micro, Small, and Medium Enterprises (MSMEs) in Malaysia through pioneering Alternative Credit Scoring solutions.

This tripartite partnership signifies a collective commitment to address a key national-level Problem Statement, the RM90 billion financing gap to MSMEs. The digital tool to power the bridging of this funding gap will be the Alternative Credit Scoring, undertaken by CGC Digital as it explores possible alternative data to facilitate the development of its Alternative Credit Scoring model. This partnership will be led by CGC Digital in providing the digital guarantee developed for CGC, MDEC in connecting the fintech players and championing policies/frameworks, and PayNet in the utilisation of its payments data.

PayNet as the national payments network has over the years aggregated a sizeable data through its product range – DuitNow (also known as Malaysia’s National QR Code), JomPAY and FPX. MSMEs who are not SSM registered but may have registration under local councils could have transaction data in any of these data points. “Collaborating with MDEC and PayNet, CGC Digital has identified potential fintech companies to embark on proof-of-concept initiatives aimed at validating the effectiveness and viability of Alternative Credit Scoring model. This initiative is aimed to empower MSMEs and bridge the financing gap by democratising access to credit guarantee and financial services in advancing financial inclusion,” adds Yushida Husin, CEO of CGC Digital.

Ts. Mahadhir Aziz, CEO of MDEC says, “This collaboration is a testament to our commitment to drive innovation in the financial sector and address the MSMEs financing gap. The Malaysia Digital (MD) national strategic initiative and suite of dynamic PeMangkinMD programmes aim to transform our nation’s digital capabilities, foster the growth of tech companies, and boost the digital economy. We are optimistic to facilitate more partnerships between financial institutions, fintech companies and relevant ecosystem partners with a common goal of revolutionising credit assessment methods which will be a game changer for the financial sector”.

This MOU is envisaged to spark ideas to promote and scale more pilots using Alternative Credit Scoring data points among industry players. According to Gary Yeoh, Chief Commercial Officer of PayNet adds, “Validation of Alternative Credit Scoring’ effectiveness as a complementary tool in the credit assessment of businesses across all sizes will catalyse new frontiers on how credit is assessed. This could be a tipping point in a much-needed financing ecosystem where traditional banks are limited by conventional credit scoring tools”.

Using innovative solutions, e.g. artificial intelligence, machine learning, etc., for insights and data from non-traditional sources such as transaction data, utility and assessment payments, rental payments, mobile payments and more can potentially be used to assess MSMEs’ creditworthiness based on historical payment records. Collectively, all parties are cognisant of the opportunities that can be crystalised through Alternative Credit Scoring. The ability to co-create a data sharing environment that supports: 1) Thriving community of fintech companies; 2) Accessibility of financial products across all businesses and people; and 3) Customisation of financial products and services will revolutionise Malaysia’s future financial landscape.


About MDEC

Malaysia Digital Economy Corporation (MDEC), a government agency under the purview of the Ministry of Communications and Digital, was established in 1996 to lead Malaysia’s digital economy. Beginning with the implementation of the MSC Malaysia initiative, we have since then catalysed digital transformation and growth all over the nation. By offering greater incentives and governance for growth and re-investment, we aspire to bolster Malaysia’s status as the digital hub of ASEAN, opening new doors and driving shared prosperity for all Malaysians.

For more information on MDEC, please visit

About CGC Digital

CGC Digital is a FinTech company, established as the digital arm of Credit Guarantee Corporation Malaysia Berhad. Registered in July 2022, our primary goal is to empower Micro, Small, and Medium Enterprises (MSMEs) by creating a simpler and more seamless financing experience in the digital ecosystem.

For more information about CGC Digital, please visit

About PayNet

Payments Network Malaysia (PayNet) is the national payments network and central financial infrastructure for Malaysia with the vision to empower Malaysia’s digital economy. Our extensive retail payments suite, DuitNow (QR and P2P), JomPay (Bill Payments), FPX (Online), MyDebit (Domestic Debit), MEPS (ATM), and IBG (Interbank GIRO) has near ubiquitous coverage across the nation and is part of the daily fabric of life in Malaysia. In addition, PayNet’s real time retail QR payments network, DuitNow is also interoperable with domestic schemes in Singapore, Thailand and Indonesia as well as international schemes to enable seamless cross-border transactions.

PayNet is committed to promoting a secure, efficient, and innovative payments ecosystem in Malaysia, and works closely with its stakeholders to develop new products and services that meet the evolving needs of consumers and businesses.

For more information, please visit