Affin Bank named best bank for SMEs in Malaysia

SHAH ALAM - Affin Bank, a prominent member of the Affin Group, which also encompasses Affin Islamic Bank and Investment Bank Hwang, has been honored with the esteemed title of "Best Bank for SMEs in Malaysia" during the prestigious Asiamoney's Best Bank Awards 2023.

The bank's achievement not only reaffirms its status as Malaysia's largest financial institution catering to small and medium-sized enterprises (SMEs), but it also underscores its dedication to understanding and addressing the unique needs of this vital client base.

The Affin Group, through its group enterprise banking business line, diligently serves startups, SMEs, and small listed companies by offering a comprehensive suite of services encompassing financing, transaction support, and expert advisory services.

Affin Bank President and Group Chief Executive Wan Razly Abdullah Wan Ali expressed his delight at receiving this significant accolade from Asiamoney, stressing that it serves as a testament to the group's unwavering commitment and expertise in fostering the growth and prosperity of SMEs in Malaysia.

Wan Razly further elaborated on the bank's commitment to various segments by highlighting specific propositions such as AFFIN ASPIRA (tailored for start-up companies), AFFINGEM (catering to female entrepreneurs), and AFFINWRKFZ (meeting SME business development needs).

In his statement, Wan Razly encouraged SMEs to embark on a digital transformation journey by harnessing cutting-edge digital solutions like AFFINMAX and the award-winning SME Colony application.

Additionally, Affin unveiled a revamped proposition last year known as Affin Aspira, catering to early-stage startups with as little as six months of operation.

This innovative offering simplifies product application processes, granting entrepreneurs access to a business-continuity insurance plan, working-capital financing support, and entry into the SME Colony ecosystem.

By March of this year, the SME Colony app had already been downloaded an impressive 71,000 times.

Affin Group's enterprise banking business reported remarkable financial growth in the previous year, boasting a 22.7 per cent increase in profits to RM78.9 million ($17.4 million), a 13.3 per cent surge in financing, and a 12.2 per cent growth in deposits.

Looking ahead, Affin Bank has ambitious plans for the year, including an increased emphasis on leveraging artificial intelligence and machine learning to anticipate SMEs' evolving needs.

The bank aims to expand the digital ecosystem within SME Colony and actively support SMEs in further digitising their businesses.