J&C Pacific signs MOU with Public Bank

Malaysian Business, Aug 16, 2007 by Compiled by Thavamani S Retnam

J&C PACIFIC Sdn Bhd, an Applications Service Provider, has signed a Memorandum of Understanding (MOU) with Public Bank Bhd to make available loan facilities amounting up to RM50 million to aspiring entrepreneurs of J&C Pacific's entrepreneurship initiative called the Malaysian Independent Business Ownership (MIBO) Programme.

The MOU, signed by Chong Tze Voon, Chief Executive Officer of J&C Pacific, and Datuk Seri Tay Ah Lek, Managing Director of Public Bank, is a first-of-its-kind collaboration in the country. The facility will provide micro financing, of which RM23,000 will be offered to each individual under the 60-month flexi-loan arrangement to facilitate them in starting a business, marketing products and services offered by J&C Pacific.

Said Tay at the signing ceremony, `This collaboration is also part of the bank's objective to promote its micro finance products to individuals and micro enterprises in Malaysia and improve their access to financing for productive purposes.'

Chong further emphasised that the greater goal of the MIBO programme is to share the `guaranteed success system' to improve the wealth level and quality of lives for Malaysians, and in the long run, help reduce the national unemployment rate.