CIMB offers SMEs ‘complete suite of solutions beyond banking’
CIMB Bank and CIMB Islamic Bank are on track to disburse RM15 billion to SMEs in 2019 to 2020, having provided RM3.9 billion to Malaysian SMEs for the six-month period ending June 2019. The projection comes amid an announcement of a refreshed SME business proposition to provide customers with “a complete suite of solutions that go beyond banking”. CIMB group CEO Tengku Datuk Seri Zafrul Aziz said, “With SMEs currently contributing more than one third of Malaysia’s GDP, banks have a responsibility to grow this sector, and to support the National Entrepreneurship Policy’s objective to have SMEs contribute 50% to the GDP by 2030. We have deepened our understanding of our customers, their pain points and how best to transform their journey with CIMB.
“Beyond financing, our support comprises knowledge sharing and strategic partnerships, so that SMEs, start-ups and entrepreneurs can develop and scale up systematically.”
According to CIMB, the refreshed SME business proposition is anchored on three pillars: SME Transact (e.g. cash management services), SME Financing (e.g. no-collateral and business property financing), and SME Partners (various services from logistics, workspace and connectivity etc, offered by CIMB partners).
Moreover, CIMB has also partnered with Axiata Digital Capital to provide 700,000 SMEs in Malaysia and Indonesia in tandem with access to financing solutions. CIMB did not only collaborate with CapBridge Pte Ltd to assist SME capital raising, CIMB also provided them a platform to access market globally with ASEAN-China Halal Corridor as the world’s demand for halal products overtook the supply.
“For this and other business needs, in collaboration with Credit Guarantee Corporation (CGC), CIMB Islamic has allocated RM2 billion unsecured Shariah financing, as well as micro financing to small business owners via the imSME, Malaysia’s first SME financing or loan referral platform, managed by CGC,” it said.
Micro financing via imSME at 10 selected branches can be accessed from September onwards with the aim of making this available nationwide by year-end.
“In support of Malaysia’s national aspiration to nurture entrepreneurs, CIMB has committed to hold at least 1,000 talks in 2019, with 550 sessions held year-to-date, and with around 60 of these talks held in September alone, in conjunction with Bank Negara Malaysia’s SME Month,” it said.
Until today, there are more than 4,000 business owners who have benefited from these talks held by CIMB.
Courtesy by: The Edge Markets