Image credit: The Star
KUALA LUMPUR: Affin Bank Bhd has partnered with the Northern Corridor Implementation Authority (NCIA) to promote the economic development of small and medium-sized enterprises (SMEs) in Malaysia's northern region.
The bank has exchanged a memorandum of agreement (MoA) with NCIA at the official event launch of the Kedah Rubber City (KRC) in Padang Terap, Kedah.
President and group chief executive officer Datuk Wan Razly Abdullah Wan Ali said the bank is committed to working with NCIA to boost NCER's economic potential.
Wan Razly said the bank would offer attractive banking facilities to support and nurture the northern region SME scene significantly.
"As it is our goal to become the "Bank of Choice" for SMEs and start-ups alike, this strategic collaboration is an excellent opportunity for us to demonstrate our capacity as a progressive bank in addressing the financial needs of SMEs inclusively.
"The collaboration will also stimulate and enhance SMEs' economic and social development from various industries across NCER.
"With over 20 branches and four business centres located in the northern region, Affin Bank is confident in efficiently demonstrating our abilities to serve the thriving unserved and underserved segments within NCER," he said.
Meanwhile, NCIA chief executive Datuk Seri Jebasingam Issace John said the partnership with Affin Bank is part of NCIA's human capital programme – entrepreneurNCER – to elevate and expand microenterprises and SMEs holistically.
John said the objective of entrepreneurNCER is to assist and support the development of entrepreneurship through best practices and product improvement for potential and existing entrepreneurs.
"This strategic collaboration between Affin Bank and NCIA under the entrepreneurNCER programme this year will benefit about 1,000 micro, small and medium-sized entrepreneurs throughout the 12th Malaysian Plan," he said.
Affin Bank strategic partnership known as NCIA – Affin Bank Entrepreneur Scheme (NABES) under the entrepreneurNCER programme.
The bank has come into an agreement as a supportive financial institution to provide selected funding packages and schemes to qualified NABES entrepreneurs.
Through this joint effort with NCIA, Affin Bank will provide robust support for SMEs in rebuilding and recovering their businesses following the aftermath of Covid-19's restrictions.
NABES is open to SMEs operating in Perlis, Kedah, Penang and Perak, who are eligible to apply for selected financing products with NCIA-subsidised profit/interest.
Under NABES and with support from NCIA, the cost of borrowing is reduced to encourage business expansion and growth while helping to catalyse SMEs' sustainability and resilience in the long run.
Among the sectors that are expected to benefit from this collaboration are agriculture, wholesale and retail, services, tourism, and manufacturing.
Source: https://www.nst.com.my/business/2022/02/769770/affin-bank-inks-mou-ncia-promote-economic-development-smes-northern-region