The government will be investing SG$1 billion to help firms build "deep enterprise capabilities".
Last year, the state recorded a GDP increase of RM77.6 billion from RM73.7 billion in 2016.
The estimated allocation of RM17.94 billion for SME development across all economic sectors is expected to produce an additional RM3.8 billion of SME value-added in 2019.
This is particularly SMEs in the manufacturing and service sectors across all regions in Malaysia.
The collaboration looks to help SMEs and new companies thrive in the digital economy, and is in line with the government’s SMEs Go Digital initiative, a statement read.