ImSME platform boost for SMEs
KUALA LUMPUR: Small and medium enterprises (SMEs) will now be able to use the country’s first financing reference platform, the imSME, which has the capability to shorten the timespan of documentation processing.
Credit Guarantee Corporation Malaysia Bhd (CGC) expects the platform to benefit some 2,000 SMEs by the end of the year.
Second Finance Minister Datuk Seri Johari Abdul Ghani said the imSME platform would enable SMEs to choose from among the various products offered by participating banks and enjoy financing assistance that was parallel to their own capabilities.
“The platform will surely be able to shorten the duration of documentation processing, as opposed to the conventional way that involves SMEs going to different banks to apply for financing,” he said at the launch of the platform, here, yesterday.
“The imSME is targeting all levels of SMEs who are facing challenges in getting financing. Through the platform, they can now find the best financing products online quickly and as painless as possible.”
Since imSME’s pre-launch in November, CGC has received 321 applications, with 64 SMEs having successfully picked a compatible product and five others gaining financing approval amounting to RM50,000.
CGC president and chief executive officer Datuk Mohd Zamree Mohd Ishak said the imSME platform would be able to narrow the gap between SMEs and financial institutions.
“We want to change the SME’s financing landscape in Malaysia, so that it can compete on the global stage,” he said.
“The platform is not only open to SMEs but also to all young entrepreneurs who want to connect their businesses with the ideal financing programmes for their respective endeavours.”
A total of 14 financial institutions have signed onto the platform, namely Affin Bank, AmBank, AgroBank, Bank Simpanan Nasional, Bank Rakyat, CIMB Bank, Hong Leong Bank, Maybank, OCBC, OCBC Al-Amin, Public Bank, Public Islamic Bank, RHB Bank and SME Bank.