For small business owners across Malaysia, the hard part of borrowing has rarely been finding a willing lender. More often, it is knowing how to apply, what criteria matter and which door to knock on. A two-year partnership announced in September 2022 between AmBank and Persatuan Usahawan Maju Malaysia (PUMM) aimed squarely at that gap, and what it means for people running shops, sites and delivery routes is simpler access to the money that keeps them growing.
PUMM is a non-profit body with more than 3,000 business owners across sectors from construction and logistics to information technology, food and beverage and advertising. AmBank framed the deal as an empowerment package for those members, using PUMM’s platform to reach them and their business partners, building financial awareness and opening an easier path to financing, while also winning new-to-bank customers over the two-year term.
The timing mattered. Businesses were still climbing out of the pandemic, and AmBank Group chief executive Dato’ Sulaiman Mohd Tahir tied the programme to that recovery. “At AmBank, we are constantly thinking out of the box by introducing a range of initiatives and partnerships in our resolute mission to empower and rejuvenate SMEs.” The programme, he added, sat within wider efforts: “It is part of our development initiatives that help SMEs reset, revive and grow especially during these unprecedented times where businesses are still recovering from the effects of the pandemic.” He called the PUMM tie-up a natural fit with the bank’s SME growth agenda.
The problem the bank set out to solve is a familiar one closer to home for many applicants. Aaron Loo, managing director of retail banking at AmBank, said a major challenge SMEs face is gaining access to financing. “In many cases, the business they are in would have qualified, however, they were unable to obtain approvals due to unfamiliarity with the criteria as well as processes.” Working through PUMM, he said, would let the bank teach members the best approach to securing funds.
Beyond loans, the bank planned to share tools that help businesses run better, including its award-winning digital bank AmAccessBiz and foreign currency products for exporters and importers managing currency risk. Its SME-in-a-Box programme bundles financing, protection, deposits, transactions and foreign exchange support, along with help digitizing a business. The economic stakes are real: “SMEs are the backbone of Malaysia’s economy with over 68.1% of SMEs being direct suppliers of large foreign firms in Malaysia.” Malaysia’s government, he noted, has long devoted a large share of its fiscal spending to SME development.
For PUMM’s side, the appeal was just as practical. National president Tan Lay Seong said: “The association is very much privileged to be in collaboration with AmBank Group as this will create a long-term financing solution for the members.” With the economy scaling towards recovery, he said, members expected financial assistance and needed solutions that kept their businesses sustainable. “Many SMEs owned by PUMM members are looking for cross-border opportunities and AmBank Group is well-placed to help our association in expanding their reach and realise their growth ambitions,” he added.
Members also stood to gain a small immediate perk. Alongside the newly launched AmBank Visa Business Card, PUMM members were offered a one-off special cashback beyond the card’s usual value propositions.
Sources
- AmBank And Persatuan Usahawan Maju In SME Growth Support Deal – Business News
- AmBank enters partnership with PUMM to empower SME growth | The Star
