CIMB Bank Berhad is extending SME loans to online merchants of e-commerce firm Lazada with the aim of boosting its digital banking services.
CIMB will be offering its Enterprise Clean Loans (ECL) to Lazada merchants to support the expansion of Malaysian SMEs. This customised ECL, a non-collateral financing with competitive interest rates, offers financing of up to 300,000 ringgit 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 GDP by 2020, we are 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 our business advisory for their operations through digital offerings such as Clicks/BizChannel, Plug n Pay and C@W,” says Tengku Dato’ Sri Zafrul Aziz, Group chief executive, CIMB Group.
“Apart from contributing to the development of the Malaysian SME sector, which is expected to contribute 41% to the country’s GDP by 2020, we are 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 our business advisory for their operations through digital offerings such as Clicks/BizChannel, Plug n Pay and C@W,” says Tengku Dato’ Sri Zafrul Aziz, Group chief executive, CIMB Group.
“In line with CIMB Group's strategy, this collaboration is another initiative that strives to meet the evolving and growing digital needs of our customers, particularly in the e-commerce space,”
CIMB Bank has customized and streamlined the approval and disbursement process for top-tiered Lazada merchants, providing them with faster access to financing. With such simplified application process and fast turnaround time for approval and disbursement, these merchants can truly focus on building their business and more importantly, enhance their speed-to-market in the ever-evolving and fast-moving digital eCommerce space.
