CIMB partners Shopmatic to help SMEs tap into US$3.5-trillion global e-commerce business
12 February 2020
Partnership spearheads CIMB’s “SME Partners” proposition, part of holistic SME proposition for financing and business solutions
Kuala Lumpur: CIMB Bank and CIMB Islamic Bank (“CIMB”) and Shopmatic, a leading e-commerce provider in Southeast Asia since 2014, have entered into a partnership to help Malaysian SMEs build and scale-up their businesses in the e-commerce space. This is part of CIMB’s new three-pronged SME business proposition to provide a complete suite of financing and business solutions to its customers, comprising SME Financing (e.g., no-collateral and business property financing); SME Transact (cash management services); and SME Partners (providing services like logistics, workspace, digital connectivity, e-commerce, accounting and HR solutions)
With this partnership, SMEs in Malaysia stand to benefit from Shopmatic’s services, including setting up an e-commerce site, complete with a secure payment gateway, and guidance on the necessary technical know-how in starting and running an online business. Other advantages of Shopmatic include fully integrated services for shipping, social and digital marketing, point of sale and last-mile fulfilment.
Victor Lee Meng Teck, CEO, Group Commercial Banking, CIMB Group said, “This partnership with Shopmatic aims to help SMEs take advantage of global online business opportunities. This further cements CIMB’s SME Partners proposition as an ideal and easy-to-use support ecosystem for SMEs just starting out, or those looking to scale-up. In addition to financing, SMEs can also avail themselves of CIMB’s expertise, regional footprint and business networks for their development, in line with the Government’s National Entrepreneurship Policy to have 50% of Malaysia’s GDP contributed by SMEs by 2030.”
Anurag Avula, Co-Founder & CEO of Shopmatic, said, “It is a pivotal moment for Shopmatic to join forces with a leading bank in Malaysia to help enable businesses to go online. We are glad to announce our partnership with CIMB and look forward to working together towards providing a level playing field for SMEs. The partnership also marks a new dawn for Shopmatic, now foraying into Malaysia and strengthening our presence within the digital emerging markets in Southeast Asia.”
Shopmatic has been powering e-commerce across Southeast Asia since 2014 and has rapidly expanded across the region. The company is currently operating in 13 markets and looking to enter two new markets in 2020.
In addition to Shopmatic, other business solutions are also available to aid SMEs in starting and running their businesses. All these form part of the CIMB SME Partners proposition, with solutions comprising of:
Digital and e-commerce solutions – Exabytes Digital (digital marketing and branding); Exabytes (website services); Shopmatic (e-commerce), EasyStore (Website Services); Berjaya Sompo (general insurance).
Victor Lee Meng Teck, CEO, Group Commercial Banking, CIMB Group (second right); and Rafe Haneef, CEO, Group Transaction Banking, CIMB Group (far right) together with Anurag Avula, CEO/Founder, Shopmatic (far left) and Lim Yen Ti, COO, Shopmatic (second left) at the CIMB-Shopmatic partnership launch recently.
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