11 September 2024
Alliance Bank, Credit Guarantee Corporation and Visa Jointly Launch Guarantee-Backed Business Credit Card
Press Release
From left to right: Mr. Sean Tan, Chief Business Officer of CGC, Datuk Mohd Zamree Mohd Ishak, President and Chief Executive Officer of CGC, Mr. Raymond Chui, Group Chief SME, Commercial and Transaction Banking Officer of Alliance Bank, Mr. Kellee Kam, Group Chief Executive Officer of Alliance Bank, Ms. Gan Pai Li, Group Chief Consumer Banking Officer and Ms. Chavi Jafa, Head of Commercial & Money Movement Solutions for Visa Asia Pacific and Ms Azrin Azlina Anuar, Head of Government Solutions for Visa Asia Pacific at the launch of the Alliance Bank Visa Platinum Business Credit Card with CGC guarantee coverage, offering an additional avenue for SMEs to have faster and easier access to funds that meets their financing needs.
Kuala Lumpur, 11 September 2024 - Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) strengthens its strategic partnership with Credit Guarantee Corporation (“CGC”) by launching a business credit card with CGC guarantee coverage, the Alliance Bank Visa Platinum Business Credit Card (the “Business Credit Card”). This innovative card provides greater financial flexibility to businesses, making it easier to manage day-to-day operations, without requiring any collateral.
Through this collaboration with CGC, the Alliance Bank Visa Platinum Business Credit Card offers an additional avenue for small and medium enterprises (SMEs) to have easier and quicker access to funds that meets their financing needs. For the convenience of its customers, the Alliance Bank Visa Platinum Business Credit application process is simple and hassle-free with minimal documentation.
“The SME community is important to Alliance Bank and helping them obtain the right support to succeed is our priority. We understand the challenges micro-SMEs face in securing financing, especially those who lack collateral or with limited credit record. In line with becoming ‘The Bank For Life’, our partnership with CGC in launching this groundbreaking Business Credit Card signifies the Bank’s commitment to support SMEs at every stage of their growth journey. This innovative solution bridges the gap for SMEs by offering an accessible and faster path to financing as well as help small businesses improve their cash flow management. With the Business Credit Card, businesses can boost their cash flow with up to 56 days interest free repayment period and 0% flexible payment options up to six months,” said Mr. Kellee Kam, Group Chief Executive Officer of Alliance Bank.
The Alliance Bank Visa Platinum Business Credit Card also helps micro-SMEs build a robust credit history, enabling them to access larger funding support and better financial solutions in the future with an enhanced business credit profile. In addition, businesses can opt for cashback rewards of up to 1% on business expenses or a low finance charge feature of 8.88% per annum only. Other benefits include better savings, discounts and offers for dining, golfing, travelling and shopping at participating merchants. The card also enhances business travel with up to 12 complimentary lounge access passes annually, providing the cardholder with comfort and convenience during work trips.
CGC President and Chief Executive Officer, Datuk Mohd Zamree Mohd Ishak mentioned, "Over the last 10 years, the Alliance Bank-CGC strategic partnership has delivered a remarkable total Portfolio Guarantee (PG) of RM3.2 billion, dedicated to supporting the unserved and underserved MSMEs. The most recent PG totalling RM550 million which was launched on 27 May 2024, further demonstrates our joint commitment to promote the growth and development of Malaysian MSMEs. Additionally, CGC’s participation in Alliance Bank’s BizSmart Challenge Accelerator Edition provides MSMEs with invaluable opportunities to enhance their essential skills, expand their critical knowledge, and gain firsthand exposure to industry leaders.”
“We are excited to embark on this transformative journey to empower MSMEs with the Alliance Bank VISA Business Credit Card guaranteed by CGC. The pandemic has accelerated the shift towards cashless transactions, making timely access to credit more crucial than ever. This initiative, which requires no collateral, enables MSMEs to secure financing with speed and ease, a vital component for sustaining growth in today’s fast-evolving world," Zamree added.
"SMEs form the pillars of our economy, and providing them with digital payments access is of paramount importance. Globally, there is a RM22.5T funding gap for SMEs in developing countries. This collaboration enables SMEs to obtain financing backed by CGC credit guarantee coverage through Visa business cards to improve working capital management, providing them with enhanced cash flow control and transparency over their business expenses. Visa is committed to working with our partners and creating innovative solutions to empower SMEs to thrive in this digital age,” stated Ms. Chavi Jafa, Head of Commercial & Money Movement Solutions for Visa Asia Pacific.
The Alliance Bank Visa Platinum Business Credit Card is open for application to all businesses registered in Malaysia that have been in operation for one (1) year or more with a minimum annual sales turnover of at least RM50,000.
For more information, please visit https://www.alliancebank.com.my/Business/SME/Cards/visa-platinum-business-credit-card.
Through this collaboration with CGC, the Alliance Bank Visa Platinum Business Credit Card offers an additional avenue for small and medium enterprises (SMEs) to have easier and quicker access to funds that meets their financing needs. For the convenience of its customers, the Alliance Bank Visa Platinum Business Credit application process is simple and hassle-free with minimal documentation.
“The SME community is important to Alliance Bank and helping them obtain the right support to succeed is our priority. We understand the challenges micro-SMEs face in securing financing, especially those who lack collateral or with limited credit record. In line with becoming ‘The Bank For Life’, our partnership with CGC in launching this groundbreaking Business Credit Card signifies the Bank’s commitment to support SMEs at every stage of their growth journey. This innovative solution bridges the gap for SMEs by offering an accessible and faster path to financing as well as help small businesses improve their cash flow management. With the Business Credit Card, businesses can boost their cash flow with up to 56 days interest free repayment period and 0% flexible payment options up to six months,” said Mr. Kellee Kam, Group Chief Executive Officer of Alliance Bank.
The Alliance Bank Visa Platinum Business Credit Card also helps micro-SMEs build a robust credit history, enabling them to access larger funding support and better financial solutions in the future with an enhanced business credit profile. In addition, businesses can opt for cashback rewards of up to 1% on business expenses or a low finance charge feature of 8.88% per annum only. Other benefits include better savings, discounts and offers for dining, golfing, travelling and shopping at participating merchants. The card also enhances business travel with up to 12 complimentary lounge access passes annually, providing the cardholder with comfort and convenience during work trips.
CGC President and Chief Executive Officer, Datuk Mohd Zamree Mohd Ishak mentioned, "Over the last 10 years, the Alliance Bank-CGC strategic partnership has delivered a remarkable total Portfolio Guarantee (PG) of RM3.2 billion, dedicated to supporting the unserved and underserved MSMEs. The most recent PG totalling RM550 million which was launched on 27 May 2024, further demonstrates our joint commitment to promote the growth and development of Malaysian MSMEs. Additionally, CGC’s participation in Alliance Bank’s BizSmart Challenge Accelerator Edition provides MSMEs with invaluable opportunities to enhance their essential skills, expand their critical knowledge, and gain firsthand exposure to industry leaders.”
“We are excited to embark on this transformative journey to empower MSMEs with the Alliance Bank VISA Business Credit Card guaranteed by CGC. The pandemic has accelerated the shift towards cashless transactions, making timely access to credit more crucial than ever. This initiative, which requires no collateral, enables MSMEs to secure financing with speed and ease, a vital component for sustaining growth in today’s fast-evolving world," Zamree added.
"SMEs form the pillars of our economy, and providing them with digital payments access is of paramount importance. Globally, there is a RM22.5T funding gap for SMEs in developing countries. This collaboration enables SMEs to obtain financing backed by CGC credit guarantee coverage through Visa business cards to improve working capital management, providing them with enhanced cash flow control and transparency over their business expenses. Visa is committed to working with our partners and creating innovative solutions to empower SMEs to thrive in this digital age,” stated Ms. Chavi Jafa, Head of Commercial & Money Movement Solutions for Visa Asia Pacific.
The Alliance Bank Visa Platinum Business Credit Card is open for application to all businesses registered in Malaysia that have been in operation for one (1) year or more with a minimum annual sales turnover of at least RM50,000.
For more information, please visit https://www.alliancebank.com.my/Business/SME/Cards/visa-platinum-business-credit-card.