BIZSMART® CHALLENGE ACCELERATOR EDITION -
TERMS AND CONDITIONS

  1. The Alliance Bank BizSmart® Challenge Accelerator Edition (“BizSmart® Challenge”) is organised by Alliance Bank Malaysia Berhad (“ABMB”) in collaboration with 1337 Ventures Sdn Bhd, 5X Capital Sdn Bhd, Credit Guarantee Corporation Malaysia Berhad (CGC) and Cradle Fund Sdn Bhd (“Programme Partners”). This programme shall run from 05 June 2024 to 30 November 2024, both dates inclusive (“Programme Period”), unless otherwise specified.

  2. By applying and agreeing to participate in the BizSmart® Challenge, the applicant(s) hereby agree to be bound by all the Terms and Conditions in relation to the BizSmart® Challenge (including any amendments thereto).

  3. By submitting the application, the applicant/participant hereby agrees and accept the following Terms and Conditions:

    1. Irrevocably authorise and permit ABMB to provide any information concerning the applicant/participant, this application, the applicant/participant present and future accounts, facilities, products and/or services from/with ABMB, to any financial institutions granting or intending to grant any credit facilities to the applicant, any credit bureaus, any relevant authority(ies), body(ies), person(s) or agency(ies) as may be authorised by law to obtain such information or established by Bank Negara Malaysia (BNM), any other financial institutions or establishments to facilitate verification of information and the execution of instruction(s) given by the applicant/participant in respect of the application for BizSmart® Challenge, credit facilities, accounts, products and/or services from/with ABMB.
    2. By participating in BizSmart® Challenge, the participant(s)/ finalist(s)/ winner(s) hereby agrees and consent to undergo necessary financial and due diligence checks. These checks may include but not limited to verification of particulars/information of the applicant, identity, source of funds, creditworthiness and compliance with relevant regulations in Malaysia. The participant(s)/ finalist(s)/ winner(s) further agrees to provide all required documents and information requested by ABMB or Programme Partners (if applicable) for the purpose of conducting such checks. Failure to comply with this requirement may result in disqualification of participation.
    3. Agree and undertake to indemnify and hold ABMB and its Programme Partners harmless against any claims, proceedings, damages, losses and costs (including legal fees on an indemnity basis) that may arise in connection with or as a result of misconduct, negligence, misrepresentation or breach of any term or warranty by the applicant.
    4. Agree that ABMB and its Programme Partners shall not be liable for any damages, losses, costs, expenses, claims, and liabilities (whether direct, indirect, special, or consequential damages irrespective whether foreseeable or otherwise) incurred or suffered by the applicant arising out of or in connection with matters relating to the BizSmart® Challenge.
    5. Confirm, that all information, documents and data stated provided in the application are true, accurate, complete, and not misleading and the applicant warrant that it have not withheld particulars that may prejudice its application for BizSmart® Challenge.

  4. The judges’ decision on all aspects of this programme including shortlisting of finalists and the winners will be final. No appeal or request will be entertained. The date of notification of successful applicants shall be determined by ABMB. Only successful applicants will be contacted by ABMB representative via email/ phone call and/or any other channels which it may deemed suitable.

  5. In the event for any reason ABMB is unable to contact any successful applicant within five (5) working days of its first attempt, ABMB reserves the right at its discretion to select another applicant to participate in the BizSmart® Challenge.

  6. ABMB shall not be held liable or responsible in any manner whatsoever for any failure or delay in the commencement of the BizSmart® Challenge and/or for any change in the mentors or judges.

    7. Eligibility Criteria:

  7. The BizSmart® Challenge is open to SMEs registered in Malaysia with business operations between 12 months and 10 years (maximum) and with an annual turnover of RM500,000 to RM40 million (as at 30 April 2024).

  8. The following business/entity/person shall NOT be eligible for the BizSmart® Challenge:

    1. a business and/or company which is incorporated or established outside Malaysia;
    2. a business and/or company which is not registered with the relevant registry(ies) and/or authority(ies) (where applicable) and/or which has not been granted the relevant license(s) and/or approval(s) and/or permit(s) (where applicable) for the carrying on of business of the nature and type;
    3. a business and/or company which may be engaged in illegal activities;
    4. a business and/or company in respect of which is under receivership, judicial management or winding-up proceedings (whether voluntary or not);
    5. a business and/or company whose director(s) is financially insolvent or where bankruptcy proceedings have been commenced against him/her;
    6. permanent or contract employees of ABMB or any of its subsidiaries and/or their representatives and/or agents and immediate family members and family members of judges of the BizSmart® Challenge and any business and/or company in which any of the above person(s) is a director, partner or similar position; and
    7. any other category of person(s) or body(ies) as ABMB may decide to exclude at its discretion without assigning any reason thereto.

    9. Obligations of the Participant(s)/ Finalist(s)/ Winner(s):

  9. Participant(s)/ finalist(s)/ winner(s) hereby agree to the mechanics of the BizSmart® Challenge, the training programme and shall abide by the structure, hours, projects, assignments, and tasks, given to them at all times during the duration of the programme.

  10. Each participant(s)/ finalist(s)/ winner(s) registered shall take part in all activities and events organised as part of the BizSmart® Challenge for the entire duration of the programme, including all classroom training and talks (approximate 40 hours) as deemed suitable by ABMB and Programme Partners. A cogent reason/ written explanation should be provided to ABMB representative in the event the registered participant(s)/ finalist(s)/ winner(s) fails to attend any of the sessions conducted and/or complete any task/project within the stipulated periods. If more than two (2) sessions (either physical or virtual session) are not attended, the participant(s)/ finalist(s)/ winner(s) will automatically be terminated from the BizSmart® Challenge.

  11. In the event participant(s) after being selected as successful Top 30 participant(s) decides to withdraw from the BizSmart® Challenge at any point of time without a cogent reason/ written explanation and/or becomes uncontactable by ABMB and/or the Programme Partners, ABMB reserves the right at its discretion to disqualify the participant(s) automatically and the participant(s) will be prohibited from taking part in future BizSmart® Challenge related programmes.

  12. All participant(s)/ finalist(s)/ winner(s) are strictly prohibited to share any materials related to BizSmart® Challenge in any form on any platforms or medium during the stipulated production/ filming period unless informed otherwise by ABMB. ABMB will hold a briefing session at the beginning of the production/ filming period. Unless informed otherwise, all participant(s)/ finalist(s)/ winner(s) acknowledge and agree to participate and continue to participate and facilitate all activities including activities for promotional purposes in respect of the BizSmart® Challenge irrespective whether are selected as Finalists or otherwise. For avoidance of doubt, participant(s) who are not selected as Finalists shall continue to participate in activities and events in relation to BizSmart® Challenge (including activities for promotional purposes) for a period of six (6) months or such other duration as may be determined by ABMB.

  13. All participant(s)/ finalist(s)/ winner(s) shall fully understand and irrevocably consent and agree for ABMB & Programme Partners to do the following for promotional purposes:

    1. use their image, likeness and sound recorded on audio or video for the purpose of BizSmart® Challenge without payment or compensation in any form whatsoever;
    2. to use their image which may be edited, copied, exhibited, published or distributed and voluntarily waive the right to inspect or approve the finished product wherein their likeness appears;
    3. to use their business/organisation’s logo and other corporate branding visuals in any marketing and promotional materials. Photographic, audio or video recordings may be used for marketing and as promotional material in print, video and online; and
    4. to use materials containing their image, likeness and sound in diverse initiatives for the current and future ABMB BizSmart® Challenge initiatives without limitation as to time and geographical location on the distribution of the materials.

  14. To facilitate the activities for promotional purposes, the participant(s)/ finalist(s)/ winner(s) agrees and consent to the following:

    1. Interviews with the participant(s)/ finalist(s)/ winner(s)
    2. For ABMB’s and/or Programme Partners’ personnel or any other agent or representative of ABMB and Programme Partners to visit the participant(s)'/ finalist(s)'/ winner(s)' business premises and permitting their business premises and activities to be photographed or filmed
    3. To provide information on new product launches and business movements
    4. To give testimonials in respect of the programme
    5. To facilitate articles on their business and the BizSmart® Challenge as and when required

  15. Unless informed otherwise by ABMB, the participant(s)/ finalist(s)/ winner(s) hereby agree to bear all risks (including any injuries) costs and consequences arising from its participation in BizSmart® Challenge and its activities.

  16. By participating in this BizSmart® Challenge, the participant(s)/ finalist(s)/ winner(s) acknowledge and expressly consent for ABMB, Programme Partners, its agent or third party service provider to disclose their information including the personal data of its directors, personals, its businesses and activities in relation to the BizSmart® Challenge for promotional purposes at any time(s) and in any advertisement or publication in any manner or form or medium or platform that ABMB may determine from time to time.

  17. Without derogation to the generality of the above, the participant(s)/ finalist(s)/ winner(s) acknowledge and agree that all activities under the BizSmart® Challenge may be captured on video and broadcast and/or seeded onto YouTube and other social media platforms as webisodes or such other multimedia and/or social media platform and/or format as ABMB may decide from time to time at its discretion. All participant(s)/ finalist(s)/ winner(s) hereby give their irrevocable consent to the filming and broadcasting of the activities and events relating to the BizSmart® Challenge and hereby irrevocably agree that any decision or selection by ABMB or Programme Partners in relation thereto shall be final.

  18. The shortlisted thirty (30) Participants of the BizSmart® Challenge shall open and maintain a Business Current Account/-i (BCA) with a minimum balance of RM1,000 with ABMB throughout the period of the BizSmart® Challenge. The Business Current Account/-i will be used by ABMB & Programme Partners to make any disbursement of cash prize/ incentives/ entitlement (if applicable).

  19. Participants shall bear all costs and expenses throughout the involvement in the programme unless informed otherwise by ABMB.

  20. The final ten (10) Finalists selected shall not be endorsed (e.g. promotion and/or advertisements) by any other financial institution for a period of one (1) year from the commencement of the BizSmart® Challenge to be held on 1 June 2024 without prior consent of ABMB.

  21. Participants may be required by ABMB and Programme Partners to agree and indicate their acceptance of the Terms and Conditions and/or other form of agreements in relation to the participation in BizSmart® Challenge that may deem relevant by ABMB and Programme Partners. In addition, the participant and/or its business may be subjected to a thorough background investigation and other examinations, at ABMB and Programme Partners’ discretion. If discrepancy is found in the information provided by participant(s), the participant(s) may be disqualified from BizSmart® Challenge. These checks may include but are not limited to verification of identity, source of funds, creditworthiness and compliance with relevant regulations in Malaysia. The participant(s)/ finalist(s)/ winner(s) further agrees to provide all requested documentation and information for the purpose of conducting such checks. Failure to comply with these requirements may result in termination of participation.

  22. Participant(s)/ finalist(s)/ winner(s) shall accept and bound to the Terms that may be imposed on them in order for them to pitch their business model and/or business ideas to be entitled to receive the business funding provided by ABMB and Programme Partners if successful.

  23. ABMB and Programme Partners reserve the right to disqualify and/or delete any submission entries that exhibit indecency, vulgarity, obscenity, racial sentiments, profanity, violence or any other elements that are deemed inappropriate by ABMB, including but not limited to infringement of any third-party intellectual property rights. ABMB shall not be responsible for any such disqualification and/or deletion or unsuccessful posting of submission entry due to technical or Internet connection issues or for any other reason whatsoever.

  24. Any business funding or future dealings of participant(s)/ finalist(s)/ winner(s) with Programme Partners will be a direct engagement between both parties and shall have no relationship with ABMB. The participant(s)/ finalist(s)/ winner(s) agrees to not involve ABMB in any dispute or claim (if any) in relation to any business funding or future dealings it may have with Programme Partners.

    25. Prizes

  25. ABMB and its Programme Partners reserve the right to amend the prizes given to all top three (3) Winners and awards in other categories.

    The Cash Prizes shall be as follow:

    Description No. of Prizes Amount (RM)
    Grand prize winner
    First runner-up
    Second runner-up    		 1
    1
    1    		 RM 250,000
    RM 100,000
    RM 50,000
    Partner Selection Award by Cradle 5 RM 50,000
    (RM 10,000 per winner)
    CGC Category Award 1 RM 50,000

    The top 30 shortlisted participants stand a chance to be entitled for brand exposure and publicity, Accelerator Programme/ business coaching, business financing* at a preferential rate from ABMB.

    *Business financing at a preferential rate from ABMB is for loan applications by businesses which will be subjected to assessment and approval by ABMB.

  26. The Cash Prize for all Winner(s) shall be credited into their respective Business Current Account/-i with ABMB and paid according to completion of project milestones achieved by the Winner(s) in accordance with the standard report template as provided by ABMB and its Programme Partners. For avoidance of doubt, such payment shall also subject to the submission to ABMB and its Programme Partners of documentary evidence deemed satisfactory to ABMB and its Programme Partners including and not limited to the submission of original invoices from genuine legitimate registered businesses/companies in Malaysia in respect of such expenses and any other evidence as ABMB and its Programme Partners may require.

  27. The Top three (3) Winners will be required to submit quotation/cost estimation/invoice and/or other form of documents required by the Bank in order to receive the Cash Prize. For this purposes, ABMB and its Programme Partners reserve their rights to conduct site visits on the premises of the Top 3 Winners and any other vendor to verify the purpose and legitimacy of such business expenses which form the subject of a claim for payment. Such visits may be conducted by ABMB and/or Programme Partners or their appointed personnel, agent or representatives.

  28. ABMB will not entertain any request to credit the prize money into other accounts maintained with ABMB or any other bank. If the Business Current Account/-i has been closed or terminated before the Cash Prize has been credited, the winner will not be entitled to receive the Cash Prize under BizSmart® Challenge. The prize money is not transferrable to any third party, and is not interchangeable for physical cash, credit, cheque or any other items in kind.

  29. ABMB to perform Cash Prize pay-out to Winners no later than one (1) year after the programme completion. Upon full payment of the Cash Prizes, further business expenses of the Winners will not be borne by ABMB and its Programme Partners on behalf of the Winners.

    30. General:

  30. Any relationship with ABMB and/or its subsidiaries and/or with the judges or mentors or major decision-makers of the BizSmart® Challenge shall be disclosed and declared in writing immediately upon discovery of any such relationship at any point of time. ABMB reserves the right to reject any application and/or to terminate the participation of any Participant(s)/ Finalist(s) should such a relationship be discovered which has not been disclosed.

  31. The participant(s)/ finalist(s)/ winner(s) hereby agree and undertake not to at any time(s) (whether before or after the completion of the BizSmart® Challenge) criticise, disparage or defame ABMB and Programme Partners in any respect and/or make any derogatory comments, whether written and/or oral, in any whatsoever medium or mode or platform, howsoever in respect of and/or in connection with the BizSmart® Challenge and/or ABMB and/or the current and former judges, ABMB’s officers, its Programme Partner’s officers and/or any relevant third parties in respect and/or in connection with the BizSmart® Challenge.

  32. If any matter arises which are not covered by these Terms and Conditions, they will be determined by ABMB.

  33. In the event of any misconduct and/or breach of any of the Terms and Conditions herein by the participant(s)/ finalist(s)/ winner(s), or in the event that it is discovered that any of the Eligibility Criteria were not satisfied, ABMB reserves the right to terminate the participation of the participant(s)/ finalist(s)/ winner(s) and (if it so chooses) to replace the participant(s)/ finalist(s)/ winner(s) with another participant(s)/ finalist(s)/ winner(s).

  34. ABMB reserves the right to add to, delete, suspend, amend or vary the Terms and Conditions relating to the BizSmart® Challenge, wholly or in part, at any time or times, with prior notice via ABMB official website. In the event of conflict, the BizSmart® Challenge Terms and Conditions shall prevail over the contents of any other promotional materials advertising the BizSmart® Challenge.

  35. For the avoidance of doubt, cancellation, termination, suspension or extension of the BizSmart® Challenge shall not entitle the participant(s)/ finalist(s)/ winner(s) to any claims or compensation against ABMB and Programme Partners for any loss or damages suffered or incurred by the participant(s)/ finalist(s)/ winner(s) as a direct or indirect result of the act of cancellation, termination, suspension or termination or extension.