A payment guarantee from your bank to a beneficiary (third party) when you failed to deliver pre-agreed obligations
- Imagine you’re a local brake pad manufacturer and you are trying to supply to Nissan Malaysia. However, Nissan Malaysia is sceptical of your ability to fulfil such a large order in desired quality
- You can request our bank to issue a BG in favour of Nissan Malaysia. The bank will guarantee the payment to Nissan Malaysia in the event that you fail to deliver the pre-agreed order
- With this solution, you have the opportunity to work with bigger corporations and expand your business faster
- Imagine you’re a local farmer and you are planning on buying a tractor from a newly established Vietnamese manufacturer. In order to ascertain the performance of the tractor, you would only pay if the tractor is performing up to your standards
- You can request our bank to issue a BG in favour of the seller. The BG issued to seller will guarantee payment in the event you fail to pay on due date but you may defer the payment to check on the tractor’s performance.
- With this solution, you will be able to ensure the tractor’s quality, and the manufacturer can deliver the tractor to you with ease of mind
- Issued in Ringgit Malaysia and major Foreign currency
- Fixed expiry date and Fixed claim period
- Fee collected upfront
- Favouring beneficiaries acceptable to the Bank
- Non-Bank standard format requires approval
- Bank to honour claims within 24 hours upon receipt of valid claim