CIMB Bank Berhad and Lazada Malaysia have signed a partnership to offer CIMB Bank’s Enterprise Clean Loans (ECL) to Lazada merchants. This is in an effort to support the expansion of Malaysian SMEs.
The partnership is a joint effort by CIMB Bank and Lazada to provide a holistic solution and added convenience to empower Malaysian SMEs to grow its business.
Group chief executive of CIMB Group, Tengku Dato’ Sri Zafrul Aziz said the collaboration is an initiative in line with CIMB Group’s T18 1 strategy that strives to meet the evolving and growing digital needs of its customers, particularly in the eCommerce space.
“We are excited by the prospect of helping Malaysian eCommerce companies grow through this partnership with Lazada. 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 its businesses and receiving business advisory for its operations through our digital offerings such as Clicks/BizChannel, Plug n Pay and C@W,” Tengku Dato’ Sri Zafrul Aziz said.
The partnership enables CIMB Bank to customise and streamline the approval and disbursement process for top-tiered Lazada merchants, hence providing the merchants with swift access to financing. The simplified application process and fast turnaround time for approval and disbursement allows merchants to focus on building businesses and enhance its speed to market in the digital eCommerce space.
CEO of Lazada Malaysia, Hans-Peter Ressel, said, “At Lazada, we are fully committed to supporting the growth of our home-grown SMEs through hassle-free fulfilment services, e-commerce trainings as well as marketing and analytical support. With approximately 12,000 sellers on board, this is a strong testament to our track record of helping merchants succeed online.”
“The partnership with CIMB Bank affirms the strategic choices Lazada has made in building the e-commerce ecosystem in Malaysia. It will bring significant synergies by giving Lazada merchants the option to enhance its online business and provide its customers with the best choices, convenience and value.”
This ECL is a non-collateral financing with competitive interest rates, offers financing of up to RM300,000 per company with loan tenures of up to 7 years. It offers a 48-hour approval timeline with a loan disbursement within 24 hours upon full document execution, giving companies efficient access to the needed funds to fuel its business growth.