By utilising a “sharing economy” concept, MSME New Media’s latest creation, the Qu Exchange mobile app, works to facilitate the distribution of products and services amongst SMEs by providing companies with the ability to pledge their products or services to secure instant trade points which can then be used to purchase more products and services from other SMEs.
“Having been involved in the SME community and engaging with SMEs for over 20 years, it is painful and disheartening to see SMEs constantly faced with cash flow problems. As an SME owner myself who is also facing the same problem, I was committed to finding a ‘cure’ for this ‘cancer’”, quipped MSME founder and CEO, Wayne Lim.
Designed as an alternative financing exchange, Qu Exchange attempts to reduce temporary cash flow setbacks faced by many businesses by turning excess products into instantly usable cash.
When asked about what it takes for nascent start-ups to be successful, Lim has this to say:
“Start-ups need to be innovative, resilient and patient. Since disruptive innovations are different from the market norms, it often takes some time for the market to adapt and understand the concept before utilising the solution.
Since the release of its Qu Exchange app, The Global Entrepreneurship Movement (GEM) announced MSME New Media as one of the winners of the TENxCLUB – an initiative by GEM designed to recognize ten high-performing Malaysian startups, and was conferred the award by Prime Minister Najib Razak.
The company will be able to draw upon the club’s established networks and rich resources to continue the technological development of their mobile application and improve the existing operations locally before moving on to a global expansion plan.