CIMB ups the SME game with Biz123

CIMB Bank today launched Biz123, a one-stop solution for Small and Medium-sized Enterprises (SME).

Biz123 simplifies how SMEs can apply loans, manage cash management and keep up-to-date with their banking accounts.

CIMB Group Chief Executive Officer, Tengku Datuk Seri Zafrul Aziz said CIMB fully understands the challenges businesses face, from making the best use of capital to abiding by regulations.

"For companies to achieve all these, the right support is crucial to enable them to scale up faster," he added.

Biz123 focuses on three things. First, businesses can access their banking needs faster. Second, banking products and services for SMEs are simplified. And third, Biz123 provides 'One-Stop Support', designed to help business owners who are on-the-go.

The SME space is a crucial market for banks like CIMB to capture.

Earlier, banks like RHB, Public Bank and Ambank also announced initiatives to tackle the SME market.

Products like cash management, facility financing and working capital are highly sought after by SMEs, and banks normally go the distance to secure potential SME clients from the market.