FarmByte and Agrobank Forge Strategic Alliance to Strengthen Malaysia’s Food Security

Serdang, 11 September 2024 – In a landmark move set to transform and strengthen Malaysia’s agricultural landscape, FarmByte Sdn Bhd (FarmByte) and Agrobank have today announced a strategic partnership aimed at bolstering the nation’s agrofood sector. This collaboration is poised to empower smallholder farmers by providing crucial financial support and market access, paving the way for a more sustainable and profitable future in agriculture.

The partnership, officially unveiled at a ceremony in Malaysia Agriculture, Holiculture and Agrotourism (MAHA 2024) at MAEPS, Serdang, Agrobank allocate close to RM12 million in funding to support FarmByte’s contract farming programs. These programs will initially focus on key crops such as long brinjals, mini brinjals, bitter gourd palee, chilli sakata, chilli kulai, and okra, with pilot projects set to launch in Johor before expanding nationwide.

Central to this collaboration is FarmByte’s commitment to leverage advanced technology to enhance farming practices. Through FarmByte, farmers will gain access to real-time data on crop demand, supply trends, and pricing forecasts. This data-driven approach, combined with Agrobank’s financial backing, is expected to significantly improve yield outcomes and market stability for smallholder farmers.

“We are thrilled to partner with FarmByte in this groundbreaking initiative,” said Tengku Ahmad Badli Shah Raja Hussin, President and Chief Executive Officer (CEO) of Agrobank. “By offering financial support and market guarantees for 50 farmers with maximum up to RM239,940 financial assistance for each participant. We are not only improving the livelihoods of farmers but also contributing to Malaysia’s food security. This collaboration represents a critical step towards building a more resilient agricultural sector.”

“Additionally, Agrobank looks forward to having more entrepreneurs involved in the agriculture sector and we believe MAHA is one of the platforms to reach the unserved community.”

FarmByte, a digital-first agrofood company under Johor Corporation (JCorp), is at the forefront of driving innovation in Malaysia’s agrofood industry. According to Syed Aiman Kifli Syed Jaafar, Chief Executive Officer (CEO) of FarmByte, the partnership with Agrobank aligns with the company’s vision to revolutionise farming by providing farmers with both financial and technological resources.

“Our goal is to empower farmers to produce higher quality, higher value crops, ensuring a more sustainable and profitable agrofood value chain,” he shared. “With Agrobank’s support, we can offer farmers not just financial assistance but also the tools and insights they need to thrive in a competitive market.”

A key feature of the partnership is a guaranteed offtake arrangement, where FarmByte commits to purchasing all harvested crops from participating farmers. This arrangement provides farmers with a secure and stable market, reducing the financial risks associated with farming and ensuring a consistent supply chain.

The strategic partnership agreement was signed by YM Dato’ Tengku Ahmad Badli Shah Raja Hussin, Presiden/Chief Executive Officer of Agrobank and Syed Aiman, Chief Executive Officer of FarmByte.