At the recently concluded Malaysia Technology Excellence Awards, presented by the Singapore Business Review, Aspirasi, a digital financier under Axiata Digital, won the Fintech Financial Services award.
The awards event is now in its 2nd year, recognising organisations that dare to take risks and grab the reins in the development of pioneering innovations, digital services, reinvented strategies and technological projects.
With micro-financing and micro-insurance solutions provided by Aspirasi, MSMEs can explore various financing opportunities with ease so they can focus on achieving their business potential and growth without financial worries.
Within 1 week of the Covid-19 lockdown, Aspirasi developed Aspirasi Assist, a 100% fully digital programme that has now become one of the few signature solutions in the market that uses a digital first approach to offer quick and seamless financing support MSMEs during this challenging period.
On March 25, Aspirasi started supporting the Axiata Covid-19 Assistance Program with micro-financing from RM1,000 to RM 20,000 through Aspirasi Assist with favourable terms such as 6 months of payment holiday and profit rates of as low as 0.5%. In order to further protect MSMEs from unforeseen circumstances, approved applicants will receive funding within 48 hours and micro-insurance solutions have also been added.
Aspirasi Assist disburses from a fund of 150 million with the support of the Ministry of Finance and was originally intended to assist 150,000 MSMEs such as Boost and Aspirasi merchants and Celcom vendors within the Axiata network. Aspirasi, however, knew that more could be done to guarantee that any MSME could receive much-needed funding.
Aspirasi launched its open market journey for Aspirasi Assist on the first day of Ramadan. By leveraging cutting-edge innovation with emerging technologies such as machine learning, AI big data processing and robotic process automation (RPA), any eligible MSME can now just go through a quick 3-minute journey to get 48-hour fast approval and quick disbursement of funds.
“We are thrilled to win this award. Not only is it a testament of our core value which lies in financially assisting and protecting MSMEs, but also signifies the hard work that the team puts in on a daily basis to support the underserved community in their darkest hour to continue their business aspirations.
We are also proud that through our unique digital platform, MSMEs are encouraged to embrace technology and become a part of the digital economy,” said Sheyantha Abeykoon, Executive Director of Aspirasi
As of end August, Aspirasi Assist has supported almost 3,500 MSMEs with grants of up to RM 12 million in micro-financing, with more than 25,000 micro-businesses having visited and begun their journey on the platform.
Aspirasi Assist also achieved almost RM1m in weekly financing and 55% of loans granted. Aspirasi will continue to explore opportunities and collaborations to provide its micro-financing and micro-insurance solutions to support all MSMEs in Malaysia their time of need and those interested can visit www.aspirasi.co
