- HLISB partners with GoBarakah to enhance social financing for underserved communities.
- The collaboration is part of the PayNet Cambah program, aiming to digitalise donations.
- 100 families in Langkawi are the first beneficiaries of the pilot social financing program.
HLISB and GoBarakah partnership
Hong Leong Islamic Bank (HLISB) has formed a partnership with GoBarakah, a leading FinTech platform, to create a digital ecosystem for social financing. The partnership aims to channel donations and funds to underserved communities, with the PayNet Cambah program facilitating the initiative.
“At HLISB, we believe in the power of strategic collaboration to generate collective impact. As a digital-focused and community-centric bank, we are committed to partnering with key industry players to enhance our banking solutions, extend our reach, and better engage with the communities we serve. This new collaboration is a significant step towards expanding our responsible banking efforts and further strengthening our VBI ecosystem.”
Dafinah Ahmed Hilmi, Chief Executive Officer of HLISB
This collaboration is part of HLISB’s broader strategy to strengthen its value-based intermediation (VBI) approach and digitalise community investment efforts.
GoBarakah’s role in the ecosystem
GoBarakah enables corporate and public donations to be converted into e-vouchers, ensuring transparency and traceability in charitable initiatives. Through this partnership, HLISB is able to utilise GoBarakah’s platform to enhance its social financing initiatives, bringing digital innovation to its VBI approach. This ecosystem will ensure that funds are used effectively and transparently to support communities in need.
Also read: Alliance Bank Malaysia Berhad: Pioneering digital banking solutions
Pilot program and Langkawi beneficiaries
The first recipients of this collaboration are 100 families in Langkawi, who will benefit from the pilot social financing program. These families, supported by SURI Inspirasi, will receive funding to build sustainable businesses by upcycling discarded fabrics into fashion items. SURI Inspirasi, a social enterprise dedicated to promoting a zero-waste lifestyle, helps empower underprivileged families and single mothers by guiding them in establishing environmentally conscious businesses. By transforming discarded fabrics into unique fashion products, these families not only develop entrepreneurial skills but also contribute to environmental sustainability by reducing textile waste.
The program is also supported by Bank Negara Malaysia’s iTEKAD initiative, which aims to foster entrepreneurship and economic self-sufficiency within Malaysia’s underserved communities. The iTEKAD initiative encourages innovation, promotes the growth of social enterprises, and helps participants achieve financial independence by providing financial assistance. HLISB’s involvement further strengthens its commitment to financial technology and social responsibility, promoting the sustainable development of social financing within communities. This initiative not only provides economic opportunities for the recipient families but also contributes to Malaysia’s environmental efforts, supporting both social and environmental goals.
