AmBank has signed a two-year partnership with Persatuan Usahawan Maju Malaysia (PUMM), an association of small business owners, to put its financing and banking products in front of PUMM’s members and their business partners.
The bank calls it an empowerment package. Its practical aim is new-to-bank customers: AmBank will use PUMM’s platform to reach members over the life of the deal. Group Chief Executive Officer Dato’ Sulaiman Mohd Tahir said the bank is “constantly thinking out of the box” in its mission to “empower and rejuvenate SMEs,” and that the PUMM tie-up fits its SME growth agenda. He framed it as help for firms to “reset, revive and grow” while many are still recovering from the pandemic.
The financing gap
Aaron Loo, managing director of retail banking at AmBank, named the problem the bank wants to solve. “A major challenge many SMEs face today is gaining access to financing,” he said. Plenty of businesses would qualify, he added, but are turned down because they do not know the criteria or the process.
AmBank plans to work with PUMM members to teach them how to apply successfully. Loo also said the bank can offer its award-winning digital bank, AmAccessBiz, and foreign currency products that help exporters and importers manage currency risk.
Sulaiman pointed to the scale of the segment. “SMEs are the backbone of Malaysia’s economy with over 68.1% of SMEs being direct suppliers of large foreign firms in Malaysia,” he said. AmBank’s SME-in-a-Box programme bundles financing, protection, deposits, transactions and foreign exchange, and helps clients digitize their operations.
PUMM’s view
Tan Lay Seong, PUMM’s national president, said the association is privileged to work with AmBank Group and expects the arrangement to give members a long-term financing solution. With the economy recovering, he called the timing “incredibly timely,” since members expect financial help. Many member firms are also looking at cross-border opportunities, he said, and AmBank is “well-placed” to help.
Tan described the link-up as a historic moment for business connections and market access across industries including telecommunications, developers and hospitals.
Members get one extra incentive. AmBank recently launched its Visa Business Card line, and PUMM members will receive a one-off special cashback on top of the usual benefits. The newly launched Visa Platinum and Infinite Business Cards offer high cashback, dining and accommodation privileges, and complimentary travel insurance.
