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Malaysian SME get help tapping global e-commerce market

Image Credits: CIMB, Website, Press Release

A local commercial bank and a leading e-commerce provider in Southeast Asia have entered into a partnership to help Malaysian SMEs build and scale-up their businesses in the e-commerce space.

This is part of the bank’s new three-pronged SME business proposition to provide a complete suite of financing and business solutions to its customers, comprising SME Financing (e.g., no-collateral and business property financing); SME Transact (cash management services); and SME Partners (providing services like logistics, workspace, digital connectivity, e-commerce, accounting and HR solutions).

With this partnership, SMEs in Malaysia stand to benefit from the e-commerce firm’s services, including setting up an e-commerce site, complete with a secure payment gateway, and guidance on the necessary technical know-how in starting and running an online business.

Other advantages of the e-commerce platform include fully integrated services for shipping, social and digital marketing, point of sale and last-mile fulfilment.

The CEO of the bank stated that the partnership with the e-commerce provider aims to help SMEs take advantage of global online business opportunities.

This further cements the bank’s SME Partners proposition as an ideal and easy-to-use support ecosystem for SMEs just starting out, or those looking to scale-up.

In addition to financing, SMEs can also avail themselves of the bank’s expertise, regional footprint and business networks for their development, in line with the Government’s National Entrepreneurship Policy to have 50% of Malaysia’s GDP contributed by SMEs by 2030.

The Co-Founder and CEO of the e-commerce provider stated that it is a pivotal moment to join forces with a leading bank in Malaysia to help enable businesses to go online.

The aim is to provide a level playing field for SMEs. The partnership also marks a new dawn for the e-commerce provider, now foraying into Malaysia and strengthening its presence within the digital emerging markets in Southeast Asia.

The platform has been powering e-commerce across Southeast Asia since 2014 and has rapidly expanded across the region. The company is currently operating in 13 markets and looking to enter two new markets in 2020.

In addition to the e-commerce platform, other business solutions are also available to aid SMEs in starting and running their businesses. All these form part of the CIMB SME Partners proposition, with solutions comprising of:

  • Payment, collection and courier services;
  • Connectivity
  • Digital and e-commerce solutions

Currently, various attractive promotions and offers are available to customers signing up with the e-commerce provider or any of the solutions in the bank’s SME Partners proposition and reward opportunities of up to 2.2% when customers open Business Current Account-i with the bank.

About the National Entrepreneurship Policy

According to another article, the National Entrepreneurship Policy 2030 (NEP 2030) was developed to empower the B40 group by inculcating a culture of entrepreneurship.

The Entrepreneur Development Minister stated that this is in line with the government’s aspiration to create one million jobs.

Under NEP 2030, the aim is to push for innovations involving all industries by helping to provide a better business environment for all.

The NEP 2030 is a dynamic policy that will be improvised from time to time, including through continuous engagement with all stakeholders.

The Policy, launched by the Prime Minister, outlines seven core thrusts, including generating new growth sectors, improving the labour market, and enhancing social wellbeing and social capital.

Meanwhile, in terms of innovation and usage related to aerial vehicles and autonomous drones, the ministry has initiated moves to draft a law to facilitate such innovations, involving various stakeholders including the aerospace and agriculture sectors.

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