SSM launches interest scheme master plan

KUALA LUMPUR: The Companies Commission of Malaysia (SSM) has launched its Interest Scheme Master Plan which will benefit all sectors of the economy in generating business income and providing alternative financing for the purpose of carrying out economic activities.

Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail said the scheme registered and recognised under the Financial Services Act 2013 (FSA 2013) is a regulated deposit collection activity under the Capital Markets and Securities Act (CMSA 2007).

“The scheme will become an alternative and flexible financing solution for small and medium enterprises (SMEs) in supporting industry development.

“With the launch of this master plan, a number of sustainable and integrated implementation strategies have been drawn in efforts to promote interest schemes in the country,“ he told reporters after officiating the 2019 SSM National Conference at Sunway Pyramid Convention Centre here today.

Over 1,000 business and corporate community members participated in the conference, the ninth to be held since its introduction in 2011.

The two-day conference themed ‘Future Proofing Business In The Digital Age’ is an annual event to give SSM the opportunity to interact directly with stakeholders such as corporate sector practitioners as well as the business community.

Saifuddin Nasution said this year the conference would focus on the rapidly changing business landscape as well as challenges in the digital age where technology plays an important role in the flow of information, globalisation process and the economy.

On another note, Saifuddin Nasution said 122 compound notices issued by SSM were given automatic discounts, adding that the amount before deduction was RM377,800.

He said the automatic reduction in compounds introduced by SSM early this month had offered discounts of 30% to 85% resulting in a reduction of RM278,365, adding that the move was to facilitate payment of fines within a fixed a period.

According to him by the automatic reduction those who settled the fines within one to 40 days enjoyed 85% discount, 41-60 days (75%); 61-90 days (60%) and 91-180 days (30%). — Bernama