In most developing countries, the small and medium enterprise (SME) sector is often the backbone of the economy, propping up larger industries with sustainable and steady supply.
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While this is commendable, the sector’s finances lag in the background as it faces high indebtedness and risks stemming from unsecured short-term loans.
SMEs are known to seek financing from micro-financing institutions due to its lower requirements, faster loan processing, and ability to accept moveable property as collateral compared to commercial banks.
Understanding the difficulty in getting loans, Maybank (Cambodia) Plc, a wholly-owned subsidiary of Malaysian public-listed Malayan Banking Bhd, is offering a win-win solution for the players in the sector through its retail SME banking.
Upholding its mission – Humanising Financial Services, Maybank Cambodia wants to provide that flexibility to SMEs to grow but without compromising its own financial integrity and flouting regulations.
“The bank focusses on creating value for customers with strong fundamentals by providing financing to eligible retail SME customers with loans of up to USD1 million, delivering better customer experience with faster turnaround time and simplified credit evaluation process.
“ We want to be the ‘go to bank’ for businesses with whom we can build a strong relationship by understanding their needs and customising facilities to suit their financial requirements,” the bank added.
Maybank Cambodia aims to help local businesses and focus on building strong fundamentals to ensure sustainable growth, which is part of its long-term forward thinking.
“ We are looking to grow with this type of businesses as it contributes to nation building. We also want to grow with them through thick and thin,” the bank said.
Maybank is among Cambodia’s top ten banks by assets, which was established in Phnom Penh in 1993, and has since grown from a single branch set up to become a locally incorporated bank in 2012.
Maybank has been a key driving force behind the rise of businesses and economies across ASEAN that is making a positive impact in the communities.
The bank has supported the development of both infrastructure and people in business, government, communities and sports in ways it can.
To support the growing needs of business banking retail SME and consumer clients here, it revitalised its business strategy and portfolio to allow for higher growth, focussing on exclusive financing packages in a secured pool of loans and mortgage.
“Local regulatory landscape, and in the region, has changed tremendously in recent years. As a leading financial institution in Malaysia and across the region, we would play our part in supporting the local government and regulator’s effort in protecting consumer interest and the integrity of the financial system,” the bank added.
(A series on strategic financial management brought to you by Maybank)