PETALING JAYA: CIMB Bank Bhd and Lazada Malaysia have signed a partnership agreement to offer CIMB Bank’s enterprise clean loans (ECL) to Lazada merchants to support the expansion of Malaysian small and medium enterprises (SMEs).
The collaboration is a joint effort by CIMB and Lazada to provide a holistic solution and added convenience to empower Malaysian SMEs to grow their business, the bank said in a statement.
This customised ECL, a non-collateral financing with competitive interest rates, offers financing of up to RM300,000 per company with loan tenures of up to five years.
It offers a 48-hour approval timeline with a loan disbursement within 24 hours upon full document execution, giving companies faster and easier access to the funds they need to fuel their business growth.
Apart from contributing to the development of the Malaysian SME sector, which is expected to contribute 41% to the country’s gross domestic product by 2020, CIMB is also enabling more merchants to embrace digital banking not only from a retail sales perspective, but also in terms of financing their businesses and availing themselves of its business advisory for their operations through digital offerings such as Clicks/BizChannel, Plug n Pay and C@W.
“In line with CIMB Group
’s T18 strategy, this collaboration is another initiative that strives to meet the evolving and growing digital needs of our customers, particularly in the eCommerce space,” said CIMB Group chief executive officer Tengku Datuk Seri Zafrul Aziz.
CIMB Bank has customised and streamlined the approval and disbursement process for top-tiered Lazada merchants, providing them with faster access to financing.
With a simplified application process and fast turnaround time for approval and disbursement, these merchants can focus on building their business and enhancing their speed-to-market in the ever-evolving and fast-moving digital eCommerce space.
