CIMB to offer SME Micro Financing-i via imSME
 

_{Caption: Victor Lee Meng Teck, CEO, Group Commercial Banking, CIMB Group (3rd right) and Leong Weng Choong, Chief Business Officer, Credit Guarantee Corporation Malaysia Berhad (CGC) (4th right) with (L-R) Wong Keet Loong, SVP, Marketing & Sales, CGC; Ahmad Shazli Kamarulzaman, Deputy CEO, Group Commercial Banking, CIMB Group; Rohani Mustaffa, Head of Consumer Sales & Distribution, CIMB Bank; Abdul Rahim Raduan, Chief Corporate Officer, CGC and Hussam Sultan, Regional Head, Commercial Banking & Transaction Banking, CIMB Islamic Bank to commemorate CIMB’s commitment to allocate RM50 million for micro SMEs via CGC’s imSME platform.}

KUALA LUMPUR, Nov 21 (Bernama) --  CIMB Bank Berhad (“CIMB Bank”) and CIMB Islamic Bank Berhad (“CIMB Islamic”) recently announced an allocation of RM50 million to benefit the micro Small and Medium Enterprises (SME) segment. The allocation will be disbursed via CIMB SME Micro Financing-i, an Islamic working capital with financing amount of up to RM50,000. CIMB’s support of the micro SME sector also complements the Government’s newly announced stimulus measure to aid the growth of SMEs in the 2020 budget, and is in line with the Government’s National Entrepreneurship Policy to have 50% of Malaysia’s GDP contributed by SMEs by 2030.

This micro financing solution by CIMB is made available via Credit Guarantee Corporation Malaysia Berhad’s (CGC) imSME platform, an online SME financing referral platform launched in 2018. imSME is an innovative idea mooted by Bank Negara Malaysia and supported by other participating banks. The online platform enables SMEs to access fast and real-time information on financing options. SMEs can sign up for CIMB’s micro financing solution via imSME at 30 CIMB branches currently. The platform will be made available at all CIMB branches nationwide by year-end.

Victor Lee Meng Teck, CEO, Group Commercial Banking, CIMB Group said, “This is yet another great collaboration with CGC where the focus is on helping micro SMEs meet their unique developmental needs by making financing more accessible. Our RM50 million allocation is aimed at encouraging not only the growth of micro SMEs but also entrepreneurship among the B40s to help them improve their income and livelihood. This is in line with CIMB’s earlier commitment to support and spur the SME segment in Malaysia by allocating RM15 billion to help finance 100,000 Malaysian SMEs in the next two years.”

Leong Weng Choong, Chief Business Officer, CGC said, "While SMEs form a majority of the business establishments in Malaysia, they are often underserved due to lack of collaterals. The launching of CIMB SME Micro Financing-i with CGC guarantee is timely to drive the financial inclusion agenda, especially in support of micro SMEs. This collaboration between CGC and CIMB will enable the provision of financing access to micro SMEs nationwide through imSME, Malaysia’s first financing/loan referral platform. imSME will enable micro SMEs to secure financing online, at their convenience and it is easy to use."

Other collaborations between CIMB and CGC include a strategic partnership sealed in April 2019 to provide SMEs access to RM2 billion in financing through CGC’s Portfolio Guarantee-i scheme. Separately, CIMB Bank also recently launched the CIMB SME Renewable Energy Financing to help SMEs in Malaysia. This scheme covers 100% financing – from as low as RM20,000 and up to RM1 million – for SMEs to install solar photovoltaic systems on their rooftops to help offset energy cost.

To find out more, customers can walk in to the nearest CIMB Bank branch to inquire about CIMB’s SME Micro Financing-i.

About CIMB Group

CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US and UK.

CIMB Group has the most extensive retail branch network in ASEAN of around 740 branches as at 30 June 2019. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage around 600 stocks in the region.

CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM52.3 billion as at 30 June 2019. The Group has over 36,000 employees located in 16 countries.

SOURCE: CIMB Group

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Suria Zainal
Head
Group Corporate Communications
CIMB Group Holdings Berhad
Tel: +603 - 2261 0638
Email: suriawati.zainal@cimb.com

--BERNAMA