CIMB Bank Berhad, Singapore (“CIMB”) and the Singapore Malay Chamber of Commerce & Industry (SMCCI) signed a Memorandum of Understanding (MOU) on 22nd November 2019, in conjunction with SMCCI’s signature programme, Dewan Connect. This is a landmark agreement for both SMCCI and CIMB Bank Berhad as it represents the chamber’s first MOU with a bank in its recent history
Under the MOU, CIMB will work closely with SMCCI to assist members in getting better access to financing. Based on a survey conducted by SMCCI earlier this year, 55% of the respondents shared that financing their business is still a major concern. SMCCI recently established the Investment Advisory Committee (IAC) to elevate the business’ performance of SMCCI’s SME members by providing financial advisory support that is aligned to their strategic goals.
To address that concern, CIMB will provide preferential rates for its Business Financing Solutions, comprising Working Capital Financing and Commercial Property Financing with lending margin of up to 130%. Besides Business Financing Solutions, CIMB also offers a range of Shariah-compliant Current Account products. For example, the CIMB BusinessGo-i (CIMB BizGo-i), is a multi-feature Current Account for businesses to help them with their operational needs at profit rates of up to 1.88% per annum. Start-ups can also consider the CIMB Business Plus Current Account-i (“BCA-i Plus”).
Mr Victor Lee, Deputy Chief Executive Officer of CIMB Bank Singapore and CEO of CIMB Group Commercial Banking said, “CIMB Bank is proud to be collaborating with SMCCI as we are committed to grow the Islamic Banking and Financing sector in the ASEAN region, including Singapore. CIMB is the undisputed leader in Halal-trade corridor facilitation and within ASEAN, our deep network provides convenience for our customers.”
Mr Farid Khan, President of SMCCI shared, “SMCCI is delighted to be collaborating with CIMB which will in turn facilitate in the growth of our SMEs and bring benefit to our members. Collaborating with a financial institution like CIMB is important to us and we look forward to forging closer ties with the organization.”
Find out more about CIMB BizGo-i and BCA-i at cimbbank.sg/biz-islamic