Widening access to banking services

June 21, 2019

Kuala Lumpur, Friday, 21 June 2019 – The Association of Banks in Malaysia (ABM) believes that digital innovation in financial services has the ability to widen access to banking and payment services which would enable customers to have not just greater choice in terms of products and services, but also better access to banking services.

Towards this end, some of our member banks have partnered Credit Guarantee Corporation Malaysia Berhad (CGC) in CGC’s online SME financing/loan referral platform, imSME. imSME was launched in February 2018 and is the first online SME financing/loan referral platform in Malaysia. It is an exclusive channel for SMEs to access loan options including non-collateral financing options. The platform allows SMEs to access fast and real-time information on financing/loan options conveniently, then search for financing/loan by participating banks and apply for loan/financing from a single platform.

In addition, we have also made available a directory of SME contact points of our member banks on ABM’s website, https://www.abm.org.my/banking-in-malaysiamenu/partner-1-2. SMEs may contact our member banks directly at the numbers provided for assistance.

For individuals, particularly those seeking mortgage financing, our member banks are ready to provide loans to eligible house buyers. The banks have various financing packages to suit the needs of different house buyers, including for first time house buyers. Consumers are therefore, encouraged to shop around to find a suitable package which best caters to their needs.

We also encourage potential individual house buyers to join Agensi Kaunseling and Pengurusan Kredit (AKPK)’s RUMAHKU, a free online financial education module on home loans available at https://learn.akpk.org.my/courses/rumahku-english/. This module aims to provide guidance, information and knowledge particularly to prospective first-time home buyers before they take a home loan and teaches house buyers how to make affordability assessments. Consumers should recognise the need to make sound financial decisions in line with their financial conditions and/or circumstances.

ABMConnect | Toll-free on 1300-88-9980

ABMConnect provides an avenue for consumers to clarify any doubts and verify information on conventional banking issues.