The move, according to a report in Marketing Interactive, is an effort to support the expansion of Malaysian small and medium enterprises and help them grow their businesses.
The ECL is non-collateral financing with competitive interest rates. It offers financing of up to RM300,000 per company with loan tenures of up to 7 years. It offers a 48-hour approval timeline with a loan disbursement within 24 hours upon full document execution, giving companies efficient access to the needed funds to fuel its business growth.
Chief Executive of CIMB Group Tengku Zafrul Aziz was quoted as saying the collaboration was in line with CIMB Group’s strategy to meet the evolving and growing digital needs of its customers, particularly in the eCommerce space.
“We are excited by the prospect of helping Malaysian eCommerce companies grow through this partnership with Lazada. Apart from contributing to the development of the Malaysian SME sector, which is expected to contribute 41 per cent to the country’s GDP by 2020, we are also enabling more merchants to embrace Digital Banking not only from a retail sales perspective, but also in terms of financing its businesses and receiving business advisory for its operations through our digital offerings such as Clicks/BizChannel, Plug n Pay and C@W,” Zafrul said.
The partnership enables CIMB Bank to customise and streamline the approval and disbursement process for top-tiered Lazada merchants, hence providing the merchants with swift access to financing, according to the Marketing Interactive report.
The simplified application process and fast turnaround time for approval and disbursement allows merchants to focus on building businesses and enhance its speed to market in the digital eCommerce space.
CEO of Lazada Malaysia, Hans-Peter Ressel, was quoted as saying, “At Lazada, we are fully committed to supporting the growth of our home-grown SMEs through hassle-free fulfilment services, e-commerce training as well as marketing and analytical support. With approximately 12,000 sellers on board, this is a strong testament to our track record of helping merchants succeed online.”