Affin Bank Berhad won the Mobile - Banking award at the Malaysia Technology Excellence Awards 2019

The Bank introduced a trailblazing tool for SMEs and startups in Malaysia, aptly named SMEColony.

Affin Bank Berhad (“AFFINBANK”) scored the Mobile - Banking trophy at the recently concluded Malaysia Technology Excellence Awards.

A one-stop resource and reference platform, SMEColony is a bank-backed instrument that aims to develop the SME community by prioritising the requirements of SMEs instead of banks.

The app has linked up not only with businesses but also with government agencies and non-profit organisations to become a multi-partner platform.

The name of the app brings to mind a “colony” in which extensive resources, useful networks, and market-driven solutions are integrated.

Available in mobile and Web format, SMEColony has six main features: (1) introduction to Affin Bank and the app itself; (2) SMEngage: to expand commercial networking, showcase businesses and products, and share knowledge; (3) resources: to provide market insights, industry information, and business news; (4) startup exclusives: to assist a segment that is new in the business sector; (5) financial solutions: to enhance financial well-being via the Bank’s services; and (6) getting in touch: to allow service-related discussions with the Bank’s staff.

These features aim to address challenges based on the knowledge that, although digital services have been successfully deployed by financial institutions in the consumer banking sector, the needs of Malaysian SMEs have not been adequately provided, particularly in terms of access to comprehensive business resources and solutions.

The SMEColony tool reflects the bank’s appreciation for the role of small-scale businesses in the country’s economic growth, which must be concertised through synergies within the SME and startup communities.

Through the SMEngage features, businesses can increase their competitiveness by using digital technology, gaining access to a large customer base, and earning trust in the market.

Nurturing startups into the ecosystem involves providing solutions for transactions, financing, protection, and advisory. The app’s SME BizChat feature provides updates on events where entrepreneurs can connect with industry innovators, find out the latest trends, and learn business tips to succeed in their endeavours.
Other resources on the SMEColony app include economic reports and articles from organisations such as Affin Hwang Capital, SMECorp Malaysia, and SME Magazine.

The SMEColony mobile app, which is the first of its kind in Malaysia, intends to transform the digital presence and engagement of enterprises by allowing them to use banking solutions without membership requirements, subscription fees, and admission costs. It also facilitates business-to-business and business-to-consumer relationships.

The application is expected to become a complete SME ecosystem and e-marketplace once content and interface improvements have been implemented.

Due to its efforts in this field, Affin Bank Berhad has been named as the Best SME Banking Initiative for Start-ups by International Financial Awards 2019 and the Malaysia Top e-Commerce Service Provider Award 2019 (Financial Services) from the Selangor IT and e-Commerce Council “for contribution towards the e-commerce and start-up ecosystem.”

The Malaysia Technology Excellence Awards, presented by Singapore Business Review, was held on 3 December 2019 at the Shangri-La Hotel in Kuala Lumpur.

This year’s nominations were judged by a panel consisting of Alvin SH Gan, Executive Director, Partner, Head of IT enabled Transformation (ITeT) at KPMG Malaysia; Yoon Hoong Hoh, Partner, ASEAN Digital Assurance Leader, Head of Diversified Technology and Communications Group at Ernst & Young; Justin Ong, Partner and FSI Financial and Regulatory Risk Leader at Deloitte Asia Pacific; and Hari Iyer, Executive Director, Advisory at BDO Kuala Lumpur.

If you would like to join the 2020 awards and be acclaimed for your company’s exceptional technology innovations, please email julie@charltonmediamail.com