MDV to give out RM800mil loans

Category: MDV in the News Post Date: April 9, 2003

MDV to give out RM800mil loans

MALAYSIA Debt Ventures Bhd (MDV) aims to approve RM800mil worth of loans by the end of its financial year ending March 2004, according to chief executive officer and managing director Jiro Suzuki.

MDV had to-date approved RM260mil in funding, Suzuki said yesterday in Petaling Jaya at a memorandum of understanding signing ceremony between MDV and IBM Malaysia Sdn Bhd to promote grid computing and e-business on demand technologies within the local information and communication technology (ICT) sector.

He said the ICT fund it managed had to-date received applications for loans totalling RM1.4bil. Applications for funds totalling RM353mil were currently in the first “pre-application” phase while the balance has been passed on to MDV’s credit division for due diligence tests.

“The 16 companies we have financed represent a diverse spectrum of technology applications ranging from electronic commerce to security systems, wireless systems, e-education as well as content development and marine technology,” he said.

Jiro Suzuki (left) exchanging documents with Voon Seng Chuan after the signing of the MoU.

The companies would also work together on specific, mutually beneficial projects to combine MDV’s unique financing and IBM’s advanced grid computing and e-business on demand technologies for the benefit of companies and government institutions.

Suzuki said the collaboration with IBM held a possible key solution to one of the main barriers Malaysian creative multimedia companies faced today – the lack of high processing capacity and computing power at competitive cost. Such technologies would facilitate large-scale data sharing and processing capacity equivalent to that of multiple supercomputers at a fraction of the price.

“In other words, IBM and MDV are collaborating to provide and finance cost-effective grid computing solutions which would enable organisations in Malaysia to reduce operating cost, increase profitability while enhancing their competitiveness capabilities in the global economy.

Target users, such as animation houses, production houses, research-based or financial institutions, would be free to focus on their core strengths and not be distracted by the bottlenecks of hardware and software,” Suzuki said.

Grid computing technologies enable the virtualisation of distributed computing resources such as processing, network bandwidth and storage capacity to create a single system image, giving users and applications seamless access to vast IT capabilities.

IBM managing director Voon Seng Chuan expected grid computing technology to take off in a big way in maximising cost efficiency, productivity, profitability and competitiveness.

E-business on demand, of which grid computing was a component, would enable local businesses to have the ability to respond in real time.

Source: The Star

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