Shopmatic Join Hands With CIMB Bank to Help SMEs
The Bank announced its commitment to a minimum of RM15 billion within two years to finance small and medium-sized enterprises in Malaysia.
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The international e-commerce platform, Shopmatic has forged a strategic alliance with one of ASEAN’s leading banks, CIMB Bank Berhad (or The Bank).
With the association, Shopmatic has further grown its presence in Southeast Asia and will be providing its power-packed suite of e-commerce enablement tools and services to the small business clients of The Bank in Malaysia.
The alliance has been inked given the strong ethos of both the companies that encourage the growth of businesses online. Shopmatic enables small businesses and aspiring entrepreneurs to overcome obstacles such as high capital expense and lack of technical know-how to kick start their online businesses.
Their individual web stores come fully integrated with payment gateways, shipping and logistics solutions with a wide range of tools to help them succeed in their online ventures. The platform also enables businesses to create their own customized brand, business policies and strategies to engage with their own base of customers, thus giving them control of driving the business to the business owner. With its recent acquisition of Octopus Retail Management Shopmatic intends to build out a core omnichannel proposition for its customers in the emerging markets.
Commenting on the latest development, Anurag Avula, Co-Founder & CEO of Shopmatic, said, “It is a pivotal moment for Shopmatic to join forces with a leading bank in Malaysia to help enable businesses to go online. We are glad to announce our partnership with CIMB and look forward to working together towards providing a level playing field for SMEs. The partnership also marks a new dawn for Shopmatic, now foraying into Malaysia and strengthening our presence within the digital emerging markets in Southeast Asia.”
CIMB has committed to empowering SMEs in the country. The Bank announced its commitment to a minimum of RM15 billion within two years to finance small and medium-sized enterprises in Malaysia. As at December 2019, CIMB had successfully disbursed more than half of the committed amount.
With this association, CIMB unveiled its first-in-market holistic proposition for small businesses to enjoy a full suite of services through SME Partners (various services from logistics, workspace and connectivity, to digital, e-commerce, as well as accounting and HR solutions in the pipeline, offered by CIMB partners). Both companies will also pursue greater mindshare, driving awareness through social and digital media channels.