Thursday, 6 October 2022

AFFIN BANK recognised for its financial inclusive efforts towards start-ups

5 min read

By The Asian Banker

Affin Bank Berhad (AFFIN BANK) complemented the government's entrepreneurial development agenda as it addressed the needs of start-ups for transactional, financing, protection, and advisory & support services.

  • The AFFIN Start-Up Banking Initiative gained positive responses 
  • AFFIN BANK introduced products and services that address SMEs' needs 
  • AFFIN BANK received due recognition based on the growth of its financial inclusive initiative

Singapore, 25 November 2021 Affin Bank Berhad was recognised as Best Financial Inclusion Initiative/Application in Malaysia at The Asian Banker Retail Finance and Technology Awards 2021.

AFFIN BANK and Maybank MAE e-wallet were the finalists for the Best Financial Inclusion Initiative/Application in Malaysia award. AFFIN BANK was recognised for continuously innovating its banking products and services that supported the needs of small and medium enterprises (SMEs) in Malaysia.

Proposition: The AFFIN Start-Up Banking Initiative gained positive responses 

In 2017, the AFFIN Start-Up Banking Initiative was introduced with differentiated financial inclusion products, a simplified onboarding process and digital tools. It was designed to make AFFIN BANK a core part of the start-up segment and since its launch, it has received positive responses from SME customers.

Maybank’s MAE e-wallet was launched in May 2019 to enable users to open an e-wallet with a bank account number via their mobile phones. Maybank is one of the first banks to open an e-wallet in Malaysia that merges the e-wallet functions and mobile banking features to enhance service capabilities which include a virtual Visa debit card, QRPay contactless payments and seamless money transfer functions.

Innovation: AFFIN BANK introduced products and services that address SMEs' needs 

AFFIN BANK introduced several products and services that address Malaysian SMEs' transactional, protection, financing, and advisory & support needs. SMEssential is a simplified sign-up for multiple products and services via one application form. SMEasy Protect is a business continuity insurance product with a low annual premium starting from MYR 15 ($3.54) for a wide range of coverage. SMEmerge financing scheme is a financing product that provides initial working capital for start-ups while SME Colony is an SME-centric digital platform with comprehensive resources, market-driven solutions and effective networking. 

Business Impact: AFFIN BANK received due recognition based on the growth of its financial inclusive initiative

AFFIN BANK has acquired over 26,000 business current accounts as at the end of 2020 and onboarded over 9,000 SME customers who took up SMEasy Protect products. It also recorded over 18,000 sign-ups for SMEssential and disbursed more than MYR 17.7 million (approx. $4 million) via SMEmerge financing scheme. AFFIN BANK has received due recognition from local, regional and international awarding bodies and state government agencies for its committed proposition.

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The global research 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. 

For further information, you may get in touch with:

Mr. Mobasher Zein Kazmi

Head of Research

Tel: (+61) 452 514 145

mkazmi@theasianbanker.com



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