In a significant stride towards boosting economic opportunities for Malaysia’s Micro, Small, and Medium-sized Enterprises (MSMEs), the Mastercard Center for Inclusive Growth, in collaboration with The Asia Foundation and with support from Malaysia’s Ministry of Women, Family and Community Development (KPWPM) through its agency, Jabatan Pembangunan Wanita (JPW), has unveiled Strivers’ Hub.
This innovative digital platform is designed to provide comprehensive support for MSMEs, with a special focus on women-owned and women-led businesses.
Strivers’ Hub is a holistic resource center that offers a range of tools and programs aimed at helping MSMEs navigate the challenges of growth. The platform features digital upskilling programs, mentorship opportunities, and essential resources to help businesses access credit and financial schemes.
This platform is designed to complement existing government initiatives, providing women entrepreneurs with vital resources to manage the complexities of running a small business.
Key features of Strivers’ Hub include:
- Library of Resources: A knowledge hub covering topics such as digital transformation, payments, cybersecurity, grants, loans, and free tools to assess business progress;
- Mentorship Opportunities: Access to industry professionals who offer guidance and support to help entrepreneurs scale their businesses; and
- Networking Events: Opportunities to connect with peers, industry experts, and potential business partners, fostering collaboration and knowledge sharing.
Building on the Success of Mastercard Strive Malaysia
Strivers’ Hub is an extension of the Mastercard Strive Malaysia initiative, launched in 2023 in partnership with The Asia Foundation. The initiative aims to support 100,000 MSMEs, particularly those owned and led by women, by 2025. By providing access to tools, networks, and resources, the program seeks to cultivate a more supportive and inclusive business ecosystem.
Dato Sri Nancy Shukri, Minister of Women, Family, and Community Development, emphasized the importance of the platform in empowering women entrepreneurs. She stated, “The launch of Strivers’ Hub marks a significant milestone in our journey towards women’s economic empowerment.
“This partnership with Mastercard and The Asia Foundation is a crucial step in enabling women to become successful entrepreneurs and contribute meaningfully to our nation’s progress. To reach our goal of 30% women-owned SMEs, we need specialized financing programs designed with women’s needs in mind, ensuring they have the capital necessary to grow their businesses.”
Safdar Khan, Division President for Southeast Asia at Mastercard, highlighted the unique challenges faced by women entrepreneurs in Malaysia. “Offering specialized support is crucial to help them overcome these challenges and build a more inclusive digital economy. Mastercard is committed to helping women entrepreneurs succeed globally, and partnerships like this one are key to creating more accessible, robust, and dynamic MSME ecosystems.”
Dr. Robin Bush, Country Representative for The Asia Foundation, added, “Women entrepreneurs are the backbone of many economies but often face significant obstacles. Strivers’ Hub provides the targeted support they need to overcome these challenges and thrive in the digital marketplace.”
Addressing the Challenges
In Malaysia, small businesses account for over 97% of all enterprises and nearly 40% of GDP. However, women entrepreneurs often face unique challenges, including underrepresentation in the digital economy and obstacles related to societal gender norms and family responsibilities.
A needs assessment commissioned by the Mastercard Center for Inclusive Growth and The Asia Foundation found that only 60% of women running small businesses use digital tools, and 80% lack access to the capital needed for growth.
The launch of Strivers’ Hub also showcases the strengths of the partners involved. Mastercard brings its expertise in digital solutions and connectivity with fintechs and industry partners, while The Asia Foundation leverages its extensive experience in social impact and women’s empowerment.
Subhashini Chandran, Vice President for Asia Pacific at the Mastercard Center for Inclusive Growth, emphasized the platform’s potential: “Strivers’ Hub represents an expansive, inclusive way of connecting with women entrepreneurs across the country. By offering broad access to digital tools, even those in remote areas or with inflexible schedules due to family commitments can advance in their entrepreneurial journey and fully participate in the digital economy.”
Strivers’ Hub is part of a broader portfolio of philanthropic programs supported by the Mastercard Center for Inclusive Growth, aimed at helping small businesses thrive in the digital economy. The Strive programs, which also operate in the U.S., the U.K., Mexico, Czechia, and Indonesia, collectively aim to support over 10 million small businesses worldwide.
In 2020, Mastercard renewed its commitment to financial inclusion, specifically targeting 25 million women entrepreneurs with solutions to help grow their businesses. By 2023, Mastercard had already exceeded this goal, providing 37 million women entrepreneurs with the tools and resources needed to succeed in the digital economy.
The launch of Strivers’ Hub in Malaysia represents another step forward in this ongoing effort to empower women entrepreneurs and foster a more inclusive and prosperous future.
