Standard Chartered Partners CGC on SME financing initiatives
Long-standing partners Standard Chartered Malaysia and Credit Guarantee Corporation Malaysia Berhad (CGC) have entered into a new collaboration which will see the Bank being the latest to come onboard CGC’s online referral platform imSME.
Under the agreement, both Standard Chartered Malaysia and its Islamic banking arm Standard Chartered Saadiq Malaysia will provide small and medium-sized enterprises (SMEs) with financing to meet their working capital needs and grow their business. As participating banks, they can now promote their range of financing products and services to SMEs via the imSME platform.
Abrar A. Anwar, Managing Director and Chief Executive Officer at Standard Chartered Malaysia said, “Financing SMEs without collateral is a challenge which the entire industry needs to come together to resolve. imSME is a step in the right direction to solve this problem and Standard Chartered is proud to be a partner for the platform.”
Launched in February 2018, imSME is Malaysia’s first SME financing/ loan referral platform that provides an array of financing products and services offered by the participating banks and agencies. This one-stop online financing centre for SMEs is the brainchild of Bank Negara Malaysia and is managed by CGC. Since its inception until 31 August 2019, imSME has recorded more than 816,000 visitors to its website with over 10,000 registered SMEs. During the same period, imSME also recorded over 1,300 loan approvals amounting to MYR131 million.
President/ Chief Executive Officer of CGC, Datuk Mohd Zamree Mohd Ishak said, “The participation of Standard Chartered Malaysia and Standard Chartered Saadiq Malaysia in imSME is timely and there will be more choices of business financing for SMEs to tap into. This commitment reflects the Bank’s trust in imSME and acknowledges its function in advancing further the financial inclusion agenda for SMEs”.