CIMB on track to disburse RM15b to 100,000 SMEs

Going beyond banking, refreshed proposition supports the national aspiration to build SME sector, the bank says

KUALA LUMPUR, Sept 25 (Bernama) — CIMB Bank Bhd and CIMB Islamic Bank Bhd are on track to disburse RM15 billion to SMEs in 2019 – 2020, far higher than the RM3.9 billion provided to Malaysian SMEs for the six-month period ending June 2019.

Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group says, “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. Hence, the three pillars in our new SME proposition represent all the support that our SME customers need, not just in 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.”

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. Further, with the world’s demand for halal products and services far outstripping supply, CIMB’s strong global network and well-established ASEAN-China Halal Corridor provide SMEs with the perfect platform to access the halal market.

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/loan referral platform, managed by CGC.

Customers now have access to micro financing via imSME at 10 selected branches from September onwards with the aim of making this available nationwide by year-end.  

“As an ASEAN multinational with a strong regional footprint, we are well-positioned to support SMEs that wish to take advantage of this market with its 648-million population,” adds Tengku Zafrul. 

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.

CIMB’s complimentary talks feature key tips and advice on running a successful SME, covering topics such as credit score, forex hedging, as well as growth opportunities afforded by digital, big data, e-commerce and communications.

To date, over 4,000 SME business owners have benefitted from such talks. 

CIMB’s refreshed SME proposition forms part of CIMB’s current mid-term growth plan, Forward23. For more details, customers can visit https://cimbbank.com.my/smebanking