Kuala Lumpur, 6 April 2018 – Standard Chartered Bank Malaysia and Credit Guarantee Corporation Malaysia Berhad (CGC) signed a Portfolio Guarantee Agreement today that would enable the Bank to provide financial assistance to small and medium enterprises (SMEs).
This is the ninth tranche signed between the Bank and CGC which will see a facility of MYR75 million made available with the primary objective of providing working capital and asset acquisition to SMEs. The maximum loan quantum under this portfolio guarantee is up to MYR1.5 million per SME customer subject to eligibility.
Abrar Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia said: “Standard Chartered Malaysia was the first-ever bank to sign a Portfolio Guarantee Agreement with CGC back in 2009 as we believe that SMEs are a key player to any economy’s success. We are proud to continue the support for SME growth with over 260,000 Business Banking clients globally which contributes to 11% of our Retail Banking income group-wide. Our Business Banking team in Malaysia is ready to serve the SME segment as we remain committed to driving commerce and prosperity and help them with their business banking needs across our global network.”
“Through our close collaboration spanning a decade, both CGC and Standard Chartered Bank Malaysia have supported 3056 SMEs in various sectors, to obtain financing to sustain and grow their businesses. We still remain committed to our common objective which is to address the unique financing needs of SMEs by providing innovative financing options and alternate avenues to help them secure financing of their choice,” said CGC’s President and Chief Executive Officer, Datuk Mohd Zamree Mohd Ishak.
“As a financial institution that is dedicated towards promoting the growth and development of competitive and dynamic SMEs, CGC has been in the forefront of SME financing over the last 46 years. In February 2018, we launched the imSME, Malaysia’s first online SME financing/loan referral platform which matches eligible SMEs to suitable financing products that are offered by the participating banks. Our innovative portfolio guarantee scheme will also be made available at this platform, as part of our product offering to ease the SMEs search for the best financing option that matches their business needs,” added Zamree.
The agreement was signed by Standard Chartered Bank Malaysia’s Country Head of Retail Banking, Aaron Loo, and CGC’s Chief Business Officer, Leong Weng Choong. It was witnessed by Standard Chartered Bank Malaysia’s Managing Director and Chief Executive Officer, Abrar Anwar and CGC’s President and Chief Executive Officer, Datuk Mohd Zamree Mohd Ishak.