Maybank has come up with more humanised financial packages in 2019 for small and medium enterprises (SMEs) including a special campaign called “Let’s Use Luy Riel” which is a combination of Khmer Riel (KHR) and US Dollars (USD).
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It aims not only to instill the pride and love of the local currency among borrowers but also encourage its widespread use.
The National Bank of Cambodia has been on a drive to create love and trust on the riel. It believes that the value of the riel could be lost if its use is not promoted. Efforts are starting to pay off as retail outlets have started to cooperate by displaying prices of items in riel next to US dollar price tags, which can be viewed as a sign of trust and acknowledgement of the currency, and its importance to the country.
The bank is offering attractive rates for SMEs who choose to apply for a business loan with Maybank within the campaign period from now till December 31, 2019.
“The loan must be a combination of USD and KHR, with at least 10 percent in KHR. The rate we offer varies according to the percentage of the KHR loan. The higher the portion in KHR loan, the lower the rates, subject to the credit assessment of each individual application,” Maybank says.
Meanwhile, it is noted that getting information and designing banking or financial products, that is not only viable for the bank and its profitability but helping SMEs grow, is a difficult situation everywhere.
Towards this end, some of the pragmatic moves Maybank has undertaken to shore up businesses in the private sector like increased lending to SMEs, augur well for the real economy as these two sectors are the driving force behind the Cambodian economy.
The SMEs in Cambodia, a key driving force behind the nation’s spectacular economic push but long seen as the “forgotten or foster child”, now have an opportunity at being given a new lease of life as Maybank prepares to go the extra mile in putting the sector back on a level playing field.
To boost the real economy and support central bank’s goals in helping the SME sector grow exponentially, Maybank vows to shore up private enterprises and SME businesses.
The increased focus on the SME segment is evident of the growing middle class in the country, which would drive the economy on a sustainable basis. Maybank feels by empowering this income group, it is helping Cambodia build a real economic force.
It also continuously explores innovative and “humanised” ways to help small businesses in financial planning, which facilitates them to gain access to financing and embrace business transformations by building long-term partnerships that allows Maybank to grow together with the businesses in the community it serves.
This is to develop their businesses and strategies that include marketing and finding markets wherever possible via its international network of banks and clients.
The bank is ready to enable SMEs by facilitating their businesses with loans, and managing their balance sheets and financials including planning and documentation, and product development, including if necessary and on a selective basis, helping them draw up their financial plans and cash flows.
Maybank’s vision is to fulfill its customers’ ambitions by building trusted relationships that last for generations through thick and thick. With all the efforts the bank is putting to address the needs of the segment, there is no doubt the future of SMEs is being dealt by capable hands.