Alliance Bank partners with Bursa Malaysia to help SMEs

KUALA LUMPUR: Alliance Bank Malaysia Bhd (Alliance) has inked a strategic agreement with Bursa Malaysia Bhd to use data analytics to help small and medium enterprises (SMEs) enhance their business resilience.

In a statement, Alliance said it will leverage Bursa’s enhanced datasets and analytics capabilities to understand the companies’ financial and nonfinancial needs.

“This enables the bank to quickly identify the issues and proactively recommend relevant solutions to help those companies,” it said.

Alliance said the bank and Bursa have completed two Proof-Of-Concept exercises using the recently launched DIBots Analytics platform and successfully tailored solutions for 20 per cent more new customers in the last six months. Alliance’s group chief executive officer (CEO), Joel Kornreich said the partnership will provide the bank with relevant data to help fine-tune its business solutions for companies.

“Right now, they need practical solutions that will help their business stay resilient against the frequent disruptions,” he said.

Meanwhile Bursa’s CEO, Datuk Muhamad Umar Swift said the partnership is part of Bursa’s strategy to expand its data business to suit a wider group of stakeholders beyond the traditional capital market products.

“The collaboration with Alliance Bank provides us with the opportunity to serve a broader class of customers, leveraging the exchange’s expertise while harnessing the power of data,” he said.