20 January 2021, Singapore – AFFIN BANK was recognised as Best Ecosystem Project in Malaysia at The Asian Banker’s Malaysia Awards 2020.
AFFIN BANK introduced SME Colony, a mobile app platform with business resources, market-driven solutions and networking opportunities for SMEs
AFFIN BANK developed SME Colony to create an ecosystem that provides business resources, financial services and business advisory services for small and medium enterprises (SMEs). SME Colony is accessible to all SMEs and the public with no subscription fee and in-app purchase. It also serves as an e-marketplace platform for business-to-business (B2B) and business-to-consumer (B2C) facilitation for SMEs.
SME Colony was developed in collaboration with strategic partners to create an ecosystem of comprehensive solutions for the SME community
SME Colony adopted a multi-partner approach to address the needs of the SME community. AFFIN BANK partnered with government agencies, non-profit organisations and business partners or “Rakaniaga” to provide an ecosystem of solutions and a collaborative environment. Currently, the app has onboarded over 150 Rakaniaga from various industries including co-working spaces, training academies, IT solutions provider, logistics service provider, and trade chambers for SMEs to connect with via the app.
The bank posted a 30% growth in market share within three years
AFFIN BANK is still a relatively new player compared to other financial institutions in the Malaysian SME segment. However, it saw a 30% uptake in market share over 36 months. This uptake demonstrates AFFIN BANK’s ability in catering to market needs, with more innovative solutions in the pipeline to serve the needs of the SME community. The award-wining SME Colony app is currently available to download from Apple App Store, Google Play Store and Huawei AppGallery.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145