CIMB-Axiata partnership to offer financing solutions to SMEs in Malaysia
PETALING JAYA: CIMB Group has entered into a partnership with fintech services provider Axiata Digital Capital (ADC) to provide financing solutions to potentially 700,000 small and medium enterprise (SME) customers in Malaysia and Indonesia via ADC’s micro lending platform Aspirasi.
CIMB group commercial banking CEO Victor Lee Meng Teck said through this collaboration, it aims to fulfill SMEs’ unique needs based on their different business life stages.
“CIMB will also extend end-to-end support for SMEs to expand their businesses both within their home market and off-shore, by leveraging on our strong regional footprint and network,” said Lee in a statement.
Axiata Digital CFO and ADC director Sheyantha Abeykoon said Aspirasi offers a novel digital loan application journey with instant underwriting and fast disbursement.
Earlier in March, CIMB announced its commitment to disburse RM15 billion to 100,000 SMEs in 2019-2020.
To reach the goal, the bank has partnered with Credit Guarantee Corp Malaysia Bhd (CGC) to provide SMEs access to RM2 billion in financing through CGC’s Portfolio Guarantee-i scheme.
In addition, CIMB has also invested RM300 million in tech and data for its commercial banking business over the next five years, to support the growth of the SME sector which grew by 6.2% in Malaysia, and 10% in Indonesia in 2018.