(From Left-Right: Partnership of Orpheus, Magnus; Co-Founder, and CEO of Orpheus, Hamudi A Khalid; CEO of Bateriku, Azarol Faizi; and Head, Business Development of Bateriku, Muhsin Sabri)
SHAH ALAM, 18 APRIL 2023: Orpheus Capital Sdn. Bhd. (“Orpheus”), an award-winning Shariah-compliant financial technology company, has signed a collaborative agreement with Bateriku (M) Sdn. Bhd. (“Bateriku”), Malaysia's No. 1 vehicle ownership service experience provider, aimed at promoting the adoption of technology among Bateriku's partners, including SMEs running its workshops, gig workers, and employees.
Under the Memorandum of Understanding (“MoU”), Bateriku will integrate several Shariah-compliant financing services from Orpheus, including Invoice Financing, Contract Financing, and GajiNow Financing, to all Bateriku clients and partners, especially those in rural areas and smaller cities. The partnership between Orpheus and Bateriku is aimed to accelerate the adoption of digital financing solutions in the automotive services industry and promote entrepreneurship among the youth.
The CEO of Bateriku.com, Azarol Faizi, expressed his hope that the collaboration would not only contribute to Bateriku's success but also encourage the growth of entrepreneurship among the youth through their BPreneur (100 enterpreneurs at 150 locations nationwide), BBuddy (3000 workshop partners) and BHero (1000 gig automotive technician) programs.
“The implementation of Orpheus' GajiNow and SME Financing services will benefit 200 of our nationwide employees and partners, especially those who need access to quick and affordable Shariah compliant financing. This partnership not only provides massive value to our business ecosystem but also promotes the usage of technology in financial management and business operations. We believe that this collaboration aligns with the government's Sustainable Development Goals (“SDGs”) 2030 and the Malaysian Digital Economy Blueprint (“MyDigital”)," said Azarol Faizi.
In addition to the potential economic benefits of the collaboration, both parties stressed that it would have significant developmental impact. Hamudi A Khalid, Co-founder, and CEO of Orpheus, expressed his strong support for the partnership, noting that it could help to address some of the major challenges faced by SMEs and salaried individuals, including access to financing and financial literacy. "At Orpheus, our goal has always been to contribute towards the growth of the nation by ensuring that SMEs and salaried individuals have quick access to financing at reasonable costs. With the approval of our KPKT Digital License, we can fully utilize the digital spectrum to operate a people-centric shariah compliant financing platform. Our collaboration with Bateriku will be the impetus to further enhance our service to meet the needs of all key stakeholders in their business ecosystem through Orpheus' Employee Liquidity Assistance Program (“ELAP”) and SME financing facilities," he said.
The collaboration between Orpheus and Bateriku is expected to have a significant developmental impact, including the creation of jobs for the youth, less dependency on loan sharks, and an increase in financial literacy and Islamic Finance among SMEs and the youth. "We do not want all these SMEs to turn to loan sharks for their financing needs. We are honored to collaborate with Bateriku, who shares a similar vision and understands the need for people-centric solutions," said Hamudi.
Overall, the collaboration between Orpheus and Bateriku represents a significant step towards promoting digital technology adoption, entrepreneurship, financial inclusion, and economic development in Malaysia, and is expected to have a positive impact on the lives of many people in the country.
