The 21st century global economy is currently experiencing a technological revolution, with rapid digital transformations dominating the landscape. The small and medium-sized enterprise (SME) sector is struggling to keep up with these changes.
Recognising the cashflow challenges faced by these enterprises, Malaysia-based AmBank has introduced ‘AmBank SME Amplify’, aimed at facilitating easier access to financing and empowering SMEs on their journey towards growth and success.
Tailored Solutions For Industries
Small and medium-sized enterprises often struggle with cash flow, which makes it challenging to establish themselves in the market. However, AmBank SME Amplify offers comprehensive solutions to overcome this hurdle and achieve success.
The solution offers a wide range of innovative tools designed for various industries such as food and beverage, e-commerce, retail, fashion, transportation, shipping, professional legal services, and more.
Acting as a centralised hub, the platform aims to address issues related to loan applications, payroll management, and payment acceptance solutions. This way, business owners can focus on growing and nurturing their enterprises, without worrying about these administrative tasks.
SMEs can benefit from no-collateral financing, easy access to working capital, and unlimited cashbacks on operational expenses for business growth.
“To make your business more efficient AmBank SME Amplify also lets you pay your employees hassle-free & cost effectively, get same-day settlement which enables better cash flow and digitally open & operate your business current account conveniently,” the venture told the International Finance further.
Fuelling Business Dreams
AmBank SME Amplify provides comprehensive solutions to support the growth of small and medium-sized enterprises (SMEs). For instance, the ‘SME Working Capital’ solution allows business owners to access up to RM2 million in collateral-free financing, with no lock-in period. This enables them to pursue their growth ambitions without any hindrance.
Additionally, the financial venture offers various solutions, including an interest-bearing business current account that can be easily managed via AmAccess Biz.
This platform provides a range of cash management solutions, including smooth payments, forward exchange contracts, bill payments, and payroll services. Business owners can tailor these solutions to meet their specific needs.
In addition, small and medium-sized enterprises (SMEs) can take advantage of unlimited cashback on business expenses by applying for an ‘AmBank Visa Infinite Business Card’ that has no annual fees. Furthermore, they can enjoy up to 58 days of interest-free repayment for all business expenditures.
“AmBank also collaborates with entities like Bank Negara, Credit Guarantee Corporation Malaysia Berhad, and Syarikat Jaminan Pembiayaan Perniagaan to provide government-assisted financing facilities across all economic sectors, maximising the potential of its SME customers,” the venture stated further.
The Edge In Merchant Business Solutions
The Merchant Business Solution is an essential part of AmBank SME Amplify. It allows small and medium-sized enterprises (SMEs) to accept cashless payments using various digital payment methods, including DuitNow QR and online and retail transactions via AmBank’s Point of Sale (POS) terminals. With same-day settlement, SMEs can easily receive their payments without delay.
“The innovative Pay-As-You-Grow (PayG) feature, Malaysia’s pioneering term loan linked to POS transactions and Deposit accounts, offers SMEs swift access to loans tailored to their evolving business needs,” AmBank stated further.
Empowering The Fashion Industry
AmBank SME Amplify aims to support Malaysia’s local brands globally. It was launched during the Kuala Lumpur Fashion Week (KLFW) Fashion Connect Point 23 symposium in September 2023.
Aaron Loo, Managing Director of AmBank Retail Banking, while interacting with International Finance, emphasised the platform’s commitment to bolstering the entire fashion industry value chain.
Besides financial solutions, AmBank SME Amplify aims to share valuable information and knowledge to empower businesses in an increasingly competitive environment.