KUALA LUMPUR: CIMB Group has teamed up with Axiata Digital Capital (ADC) to provide financing solutions to 700,000 small and medium enterprise (SME) customers in Malaysia and Indonesia.
The provision of the solutions would be through fintech services provider Axiata Digital Capital’s micro lending platform, Aspirasi, the two companies said in a joint statement on Friday.
Victor Lee Meng Teck, CEO of group commercial banking, CIMB Group and Sheyantha Abeykoon, CFO of Axiata Digital and director of Axiata Digital Capital signed the partnership.
They said the collaboration was a significant milestone for both entities as this represents the first regional collaboration between a bank and a digital services provider that is focused on fueling the growth of micro and small SMEs.
Lee said by partnering with Axiata Digital Capital, this would strengthen its digital proposition to potentially 700, 000 SMEs in Malaysia and Indonesia enabling them to gain access to financing solutions seamlessly and speedily to support their growth.
“Through this collaboration, we aim to fulfil SMEs’ unique needs based on their different business life stages.
Further, 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.
Sheyantha Abeykoon said the new digital financing platform, Aspirasi, offers a novel digital loan application journey with instant underwriting and fast disbursement.
Since 2014, Axiata Digital has been focused on accelerating digital adoption by offering innovative financial solutions such as e-wallets, micro financing and remittance to narrow the digital divide for Axiata Group Bhd’s over 300 million customers across South and Southeast Asia.
In March this year, CIMB said it was commited to disburse RM15bil to 100, 000 SMEs in 2019-2020.
It recently partnered with Credit Guarantee Corporation Malaysia Berhad (CGC) to provide SMEs access to RM2billion in financing through CGC’s Portfolio Guarantee-i scheme.
CIMB also committed to an investment of RM300mil in tech and data for its commercial banking business over the next five years, to support the rapid growth of the SME sector which, in 2018, grew by 6.2% in Malaysia, and 10% in Indonesia.
We're sorry, this article is unavailable at the moment. If you wish to read this article, kindly contact our Customer Service team at 1-300-88-7827. Thank you for your patience - we're bringing you a new and improved experience soon!
What do you think of this article?