Credit Guarantee Corporation Malaysia Berhad (CGC) has launched Malaysia’s first SME Loan/Financing referral platform for the benefit of the country’s vibrant micro, small and medium enterprise (MSME), commonly known as SMEs. The “imSME” platform would serve as an online one-stop centre for SME loan or financing, by providing an array of financial products and services that are offered by the participating banks and agencies.
CGC targets more than 2,000 SMEs to benefit from the newly launched imSME by the end of this year.
The “imSME” covers micro, small and medium-sized entrepreneurs. It is the first online SME loan or financing referral platform in the country, that is mooted by Bank Negara Malaysia (BNM) and powered by CGC.
“What we are going to witness is another quantum leap in the SME ecosystem, where SMEs can explore various financing options offered by the banks and benefit from the financial products that suits them best in one platform,”said Minister of Finance II Datuk Seri Johari Abdul Ghani at the launch of imSME at Sasana Kijang on 9 February 2018.
The imSME targets SMEs that are currently facing difficulties in securing financing from banks, for various factors. It is a unique online platform which enables SMEs in searching and finding loan or financing product that fits best with their needs at a faster rate and at their convenience.
The imSME further strengthens the SMEs’ self-service capabilities, while enhancing their total online experience according to the central bank’s call for SME sector to embrace financial technology (FinTech) while remaining competitive.
There are 14 financial institutions (FIs) and development financial institutions (DFIs) participating in the imSME. These 14 FIs and DFIs have a network of over 2,400 branches throughout Malaysia and over 60 financial products for SMEs hence making it easy for SMEs to discuss with their preferred financier once the match is selected.
“The imSME will be developed into 3 phases. Currently, we are launching phase one (1) with search, referral and matching capabilities. Further enhancements in the next two (2) phases will include psychometric assessment, incorporate more products, with additional banks and agencies to ensure more options within the ecosystem and data analytics. These enhancement are expected to take place within the next 24 months,” said CGC’s Chairman, Dato’ Agil Natt.
CGC President/CEO, Datuk Mohd Zamree Ishak said the launch of imSME underlines the aspirations of CGC to bridge the financing gap for SMEs by offering financial products and services for participating FIs and DFIs on the imSME platform.
“We want to redefine the SME financing landscape in Malaysia to keep up with evolving global trends. This is an opportunity not just for the SMEs, but also for the young and emerging entrepreneurs in Malaysia to connect their businesses with the right financing options for future growth,” said Zamree.
CGC has also set up an imSME Financial Advisory Team to assist SMEs who are unable to find their financing product match in imSME or whose applications through imSME were not approved by the FIs. The imSME Financial Advisory Team will diagnose the cases and make recommendations for capacity building programmes or alternate financing accordingly.
Currently, our partnering agencies with capacity building programmes are Centre for Entrepreneur Development and Research (CEDAR), Institut Keusahawanan Negara (INSKEN) and Malaysia Institute of Accountants (MIA), SME Corp Malaysia and peer-to-peer (P2P) financial platforms licensed by Securities Commission of Malaysia namely Fundaztic by Peoplender Sdn Bhd, Funding Societies Malaysia by Modalku Ventures Sdn Bhd and QuicKash by ManagePay Systems Bhd.
Since the soft launch in November 2017, 321 SMEs have submitted their applications of which 64 matched with the available products at imSME, and 5 were approved, valued over RM500,000.лобановский классказана