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Franchise Highlight

Ministry’s F3M scheme encourages franchising among B40, M40 groups

Kuala Lumpur, 28 July 2022,

Ministry’s F3M scheme encourages franchising among B40, M40 groups According to a statement by the Ministry, this is based on Deputy Minister Datuk Rosol Wahid’s visit to a Globalart outlet in Damansara Perdana, Petaling Jaya on Thursday (July 28), owned by Cheong Shu Qi from the B40 group, and who he met to ask how business is doing. The Ministry said that F3M, being implemented with the Malaysian Franchise Association (MFA), has helped the B40 and M40 groups get involved in the development of the franchise industry and change the perception that it requires big capital investment. It added that the programme is also the Ministry’s commitment to helping these groups — and particularly the younger generation — become more than workers, but outlet owners of famous local franchises instead. Besides increasing the number of micro and affordable franchise businesses, it hopes to improve the quality of life for the B40 and M40 groups and reduce income inequality.

The Micro and Affordable Franchise Development Programme (F3M), started by the Domestic Trade and Consumer Affairs Ministry in 2021, has born fruit with franchisees created among the B40 (Bottom 40%) and M40 (Middle 40%) income groups.

According to a statement by the Ministry, this is based on Deputy Minister Datuk Rosol Wahid’s visit to a Globalart outlet in Damansara Perdana, Petaling Jaya on Thursday (July 28), owned by Cheong Shu Qi from the B40 group, and who he met to ask how business is doing.

Globalart is an international franchise brand started in Malaysia that offers an art enrichment programme for children with 168 centres here and 493 overseas.

“The Globalart outlet in Damansara Perdana 2 was started under the Domestic Trade and Consumer Affairs Ministry’s F3M matching grant initiative.

“Globalart can be found in 21 countries including Indonesia, Vietnam, Hong Kong, India, Australia, Saudi Arabia and the US,” the statement added.

The Ministry said that F3M, being implemented with the Malaysian Franchise Association (MFA), has helped the B40 and M40 groups get involved in the development of the franchise industry and change the perception that it requires big capital investment.

It added that the programme is also the Ministry’s commitment to helping these groups — and particularly the younger generation — become more than workers, but outlet owners of famous local franchises instead.

Besides increasing the number of micro and affordable franchise businesses, it hopes to improve the quality of life for the B40 and M40 groups and reduce income inequality.

“The Ministry is pleased by the commitment of everyone for the success of F3M and the achievement of grant recipients who have started a business.

“We hope that the government continues this programme for a long time to create more franchise businesses and jobs,” said the statement.

Source: The Kuala Lumpur Grid

Full Article: https://kualalumpurgrid.com/en/news/article/10082409/ministrys-f3m-scheme-encourages-franchising-among-b40-m40-groups