AMTD News | AMTD, Funding Societies and CIMB established alliance to propel SME digital financial solutions in Singapore
AMTD Digital and AMTD International (collectively “AMTD”), Funding Societies and CIMB Bank Berhad, Singapore Branch (“CIMB”) signed a Strategic Collaboration Agreement today to explore cooperation opportunities in offering digital financial solutions to SMEs in Singapore and Southeast Asia. AMTD is leading a consortium comprising of Funding Societies, SP Group and Xiaomi Corporation and has submitted an application for the Digital Wholesale Bank License in Singapore. This strategic partnership aims to utilise CIMB’s wide range of banking and capital markets services, to complement AMTD’s comprehensive digital solutions together with its ecosystem partners including Funding Societies in Singapore, in order to provide SMEs with one-stop, cross-regional, cross-product and seamless financial solutions.
AMTD with its ecosystem partners and CIMB shall also collaborate in retail and SME business to serve SME customers, their employees and retail customers that are served by the SMEs. The collaboration will include but not limited to payroll, mortgage loans, unsecured loans, remittance, brokerage etc.
Calvin Choi, AMTD’s Chairman and CEO comments, “We are excited about this strategic partnership with CIMB. AMTD and our ecosystem partners are committed to addressing the full range of financial and non-financial needs of SMEs, while supporting their digitalization journey. Combining the traditional offerings from established financial institutions such as CIMB, and the one-stop digital solutions platform envisioned and offered by AMTD Digital with Singapore as our headquarters, I am confident that this strategic partnership between AMTD, Funding Societies and CIMB will deliver state-of-the-art digital experience for SMEs in Singapore and beyond.”
Kelvin Teo, Founder and CEO of Funding Societies adds, “Our vision has always been to empower SMEs and uplift Southeast Asia. Sharing the common goal to build a one-stop digital solutions platform for SMEs, I believe that Funding Societies and AMTD partnering with CIMB, a leading financial institution in the region will enable us to serve SMEs more comprehensively and be a step closer to our goal.”
Victor Lee Meng Teck, CEO of CIMB Singapore & CEO of CIMB Group Commercial Banking says, “This collaboration is an exciting one, as it drives us to keep innovating. Constant innovation in an ever-changing digitalized world will enable us to leverage on technology and create a better banking experience for our clients. We will be able to tap on each other’s strengths, network and existing partnerships to expand into new client ecosystems. We look forward to a fruitful partnership.
AMTD and CIMB also agreed to partner in capital markets opportunities. AMTD International Inc., a subsidiary of AMTD Group, is the largest independent investment bank in Asia, and the first dual-listed company on SGX and NYSE in the world, and has recently entered into a strategic cooperation agreement with SGX. AMTD, distinguished by its superlative capital market expertise and immense investor network which are enhanced by its powerful SpiderNet ecosystem; together with CIMB’s deep local knowledge and strong client coverage in Southeast Asia, will join hands on deal sourcing, joint underwriting and providing financing services to clients in the region.
About AMTD Group
AMTD Group, parent company of AMTD Digital and AMTD International, is a leading comprehensive financial services conglomerate, with core businesses in investment banking, asset management, digital financial solutions; and non-financial services areas including real estate and education.
AMTD International (NYSE: HKIB; SGX: HKB), a subsidiary of AMTD Group, is the largest independent investment bank in Asia and one of Asia’s largest independent asset management companies, and has been a leading investor in FinTech and new economy sectors. AMTD International successfully listed on the New York Stock Exchange in 2019, representing the first Hong Kong headquartered financial institution listed on NYSE. On April 8, 2020, AMTD International completed its successful listing on SGX-ST, which marks a series of historical milestones, including:
• The first company ever to be dual listed on NYSE and SGX;
• The first company featuring dual-class shares (DCS) listed on SGX;
• The largest financial institution headquartered in China and Hong Kong listed on SGX as measured by market capitalisation;
• The first Hong Kong financial institution listed on SGX;
• The largest company in terms of market capitalisation listed in Singapore year to date; and
• The first company to conduct a digital listing ceremony in Singapore.
AMTD Digital, the digital one stop solutions arm of AMTD Group is headquartered in Singapore, covering digital financial services, digital media marketing and data intelligence, digital connectors and ecosystem, and digital investments. AMTD Digital aims to build a one-stop, comprehensive, cross-market, and innovative digital financial services platform.
About Funding Societies
Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. It is licensed in Singapore, Indonesia and Malaysia, and backed by Sequoia India and Softbank Ventures Asia amongst many others. It provides business financing to small and medium-sized enterprises (SMEs), with the financing crowdfunded by individual and institutional investors. In 5 years, it has financed over S$1.5 billion to tens of thousands of SMEs across Southeast Asia. It was given the MAS FinTech Award, the Global SME Excellence Award at the United Nations’ ITU Telecom World and Brands for Good, as well as was recognized by IDC as amongst the 5 fastest growing FinTechs in Singapore.
About CIMB Group
CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US and UK.
CIMB Group has the most extensive retail branch network in ASEAN approximately of 740 branches as at 30 June 2019. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage around of 600 stocks in the region. CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.
CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM52.3 billion as at 30 June 2019. The Group has around 36,000 employees located in 16 countries.