In its pursuit to become the “Bank of Choice” for small & medium enterprises (SMEs), Affin Bank Berhad, together with Affin Islamic Bank Berhad (“AFFIN BANK” or “the Bank”), has set the record by becoming the first Malaysian bank globally recognised at the Global SME Finance Awards 2021 with an Honorable Mention in the “Product Innovation of the Year” category for its SME Colony mobile application, the Bank’s forefront digital tool in serving SMEs comprehensively.
Started in 2018, the highly reputable Global SME Finance Awards was organised by the SME Finance Forum and International Finance Corporation (IFC), a member of the World Bank Group, and endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI), to recognize the commitments and distinguished achievements of financial institutions and fintech companies in delivering outstanding products and services to the SMEs and helping them grow.
Being the core of Malaysia’s economic growth, SMEs are undoubtedly the drivers of the nation’s productivity and innovation with enormous upside potentials. In line with the national entrepreneurship agenda as well as the UN Sustainability Development Goals (SDGs), SME Colony app is the Bank’s solution to foster and spur the growth of SMEs inclusively, with particular emphasis on the social element, with its intrinsic Environment, Social & Governance (ESG) components.
Developing the SME Community
The multi-award-winning SME Colony app was launched in 2019 as a catalyst to help SMEs adopt digital transformation and increase financial literacy with value-added services going beyond banking. Among these services include educational, engagement and advisory activities as well as accessibility to financially inclusive products and services. These comprehensive solutions within SME Colony are made available to all SMEs at no cost and no membership requirements. This no-frills approach in making the app available openly is a part of AFFIN BANK’s efforts in embracing the ESG agenda by assisting and contributing socially to the development of the SME community and its entire ecosystem.
Bridging the gap between a financial institution and the SME community, SME Colony is the first SME-centric mobile app in Malaysia dedicated as a resource and reference centre to empower SMEs. Through the app, the Bank aims to improve market knowledge, enhance financial wellbeing and expand commercial networking among SMEs.
Since its inception, SME Colony has evolved to become an intuitive digital platform complementing SMEs in their growth journey from start-ups to matured entities while also adding values to SMEs’ employees. The platform brings together SMEs, organisations and entities from diverse industries to engage with hundreds of like-minded Rakaniaga and industry experts to sharpen respective business acumen as well as to find differentiated propositions, including AFFINWRKFZ and AFFINGEM that are offered by the Bank. SME Colony also serves as a marketing and promotional site for hundreds of SMEs and organisations to promote their products and services to both online and offline customers.
Setting & Affirming Our Path
With multiple recognitions from numerous awarding bodies and now globally recognised by IFC, AFFIN BANK has set its own unique SME-centred digital footprint and path in the crowded SME banking sphere. President & Group Chief Executive Officer of AFFIN BANK, YBhg. Datuk Wan Razly Abdullah Bin Wan Ali, expressed his excitement saying, “Receiving this coveted recognition from a global body is truly an honour and a compelling affirmation of our unwavering path in resourcefully and responsibly fulfilling the needs of SMEs inclusively. We will continue to scale new heights by enhancing and upgrading our products and services, including SME Colony, by focusing on our customers’ aspirations.”
This prestigious accolade will most definitely encourage AFFIN BANK to continue its current pathway and commitment of growing together with SMEs in line with the Bank’s “Always About You” tagline. The Bank will continue to work closely with industry experts, players as well as likeminded organisations to deliver high-quality digital experience and positive social impact to SMEs while exceeding market expectations.
For more info about AFFIN BANK’s financing schemes and facilities available, please visit the nearest AFFIN BANK/AFFIN ISLAMIC BANK branches or go to the Bank’s website www.affinbank.com.my or call their Contact Centre at 03-8230 2222, or download SME Colony from Google Playstore, Apple AppStore and Huawei AppGallery