Alliance Bank group chief executive officer Kellee Kam.
KUALA LUMPUR: Alliance Bank Malaysia Bhd
(ABMB) aims to solidify its reach of the small and medium enterprises (SMEs) space with the launch of its latest product called the Alliance Bank Visa Platinum Business Credit Card.
The credit card came with a Credit Guarantee Corp Malaysia Bhd (CGC) coverage, and was jointly launched with CGC and Visa here yesterday.
According to ABMB, the card provides greater financial flexibility to businesses and makes it easier to manage day-to-day operations without requiring a collateral.Through the collaboration with CGC, the Alliance Bank Visa Platinum Business Credit Card offers an additional avenue for SMEs to have quicker access to funds.
“This innovative solution bridges the gap for SMEs by offering an accessible and faster path to financing, as well as helping small businesses improve their cash flow management.
“With this credit card, businesses can boost their cash flow with up to 56 days interest-free repayment and 0% flexible payment options for up to six months,” said ABMB group chief executive officer Kellee Kam.
The embedded guarantee scheme also covers those who may not qualify for conventional loans to access critical financing conveniently.
“This solution helps businesses with limited collateral or credit history secure financing and ultimately facilitating smoother cash flow for their business operations.
“By alleviating some of the financial pressures that SMEs often face, this card enables them to focus on what truly matters – growing their business,” Kam said.
The product also provides assistance to micro-SMEs to build a robust credit history which allows them to access larger financial solutions.
“The initiative enables micro SMEs to secure financing – vital component for sustaining growth in today’s fast-evolving world,” CGC president and CEO Datuk Mohd Zamree Mohd Ishak said.
Businesses may also opt for cashback rewards of up to 1% on business expenses or a low finance charge of 8.88% per annum.
The credit card offers up to 12 complimentary lounge access passes annually.
The Alliance Bank Visa Platinum Business Credit Card is open to all businesses registered in Malaysia which have been in operations for one year or more with a minimum annual turnover of at least RM50,000.
