Institute raising funds, in talks with GLCs to commercialise MyPac

THE Malaysian Institute of Accountants (MIA) is going full swing to raise funds and is in talks with several government-linked companies (GLCs) to commercialise the Malaysia Professional Accountancy Centre (MyPac).

MIA president Datuk Mohammad Faiz Azmi said the national accountancy body was working on a few initiatives to raise funds, with initial contributions from Permodalan Nasional Bhd.

“We have been talking to other GLCs and they are quite keen to do this because of the value proposition that MyPac has,” he said.

Faiz said big corporations, such as Sime Darby Bhd and banks, had been quite open to funding MyPac.

“The biggest users of accountants are the

GLCs. That’s why it is in their interest to do this.”

Faiz said MIA aimed to commercialise MyPac so that it could run by itself.

“At the moment, we are working on seed capital provided by the government through the Bumiputera Economic Council,” he added.

Faiz said MyPac should be able to run as a proper commercial entity following the government’s initial grant of RM10 million.

Former MIA vice-president and MyPac chairman Datuk Zaiton Mohd Hassan said the open door policy had allowed corporates to use MyPac as part of their staff training and upskilling platform.

“MyPac can assist companies to get their staff up the ladder through professional programmes.

“Because of the triedand-tested system that we have, companies are very open to working with us,” she added.

MyPac was formed in 2015, based on a recommendation by MIA, to accelerate the development of Bumiputera professional accountants and to substantially increase the number of Bumiputera holding professional accountancy qualifications.

We have been talking to other governmentlinked companies and they are quite keen to do this because of the value proposition that MyPac has.