KUALA LUMPUR, 25 September 2019 -CIMB Bank Berhad (“CIMB Bank”) and CIMB Islamic Bank Berhad (“CIMB Islamic”) have announced their refreshed SME business proposition to provide customers with a complete suite of solutions that go beyond banking.
CIMB Bank and CIMB Islamic are also on track to disburse RM15 billion to SMEs in 2019 – 2020, having provided RM3.9 billion to Malaysian SMEs for the six-month period ending June 2019.
The refreshed SME business proposition is anchored on three pillars:
- SME Transact (e.g., cash management services; reward opportunities of up to 2% p.a. with CIMB Islamic business current account; and fee waivers on online business banking);
- SME Financing (e.g., no-collateral and business property financing);
- SME Partners (various services from logistics, workspace, and connectivity, to digital, e-commerce, as well as accounting and HR solutions in the pipeline, offered by CIMB partners).
It stated that current SME has contributed more than one-third of Malaysia GDP as the banks play vital role and responsibility to grow the SME sector and support the National Entrepreneurship Policy’s objective which is to have the SME 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. Hence, the three pillars in our new SME proposition represent all the support that our SME customers need, not just in the financing, but also in terms of business solutions that support their growth. Beyond financing, our support comprises knowledge- sharing and strategic partnerships, so that SMEs, start-ups, and entrepreneurs can develop and scale up systematically.”
said Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group
In facilitating SMEs to scale up regionally, CIMB’s partnership with Axiata Digital Capital provide
700,000 SMEs in Malaysia and Indonesia with access to financing solutions. CIMB is also in collaboration with CapBridge Pte Ltd to facilitate SMEs’ capital raising by CIMB.
Moreover, the Guarantee Corporation (CGC), CIMB Islamic has allocated RM2 billion unsecured Shariah financing as well as micro-financing to small business owners via imSME, Malaysia’s first
SME financing/loan referral platform, managed by CGC.
In support of Malaysia’s national aspiration to nurture entrepreneurs, CIMB has committed to holding 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. To date, over 4,000 SME business owners have benefitted from such talks.