CIMB teams up with Wirecard to offer digital banking solutions to local SMEs

It will offer combined banking and payment solutions.

CIMB Bank Singapore has signed a partnership agreement with Wirecard to combined banking and payment solutions to SMEs, particularly retailers.

CIMB and Wirecard will allow SMEs to set up merchant accounts to an integrated card payment acceptance platform involving the latest mobile Point-of-Sale technology.

As part of the partnership, Wirecard will provide a fully customisable payment platform that supports eCommerce, mCommerce, mobile and traditional Point-of-Sale, along with an online portal to facilitate merchants’ real-time tracking of transactions across multiple sales channels, as well as risk and fraud management services.

CIMB Bank’s offerings, besides faster on-boarding time for merchants, include a merchant account that offers settlement by the next day which means better cash flow, and an overdraft facility with no interest charged for the first 65% of the credit limit that lets businesses have additional funds at their disposal at a lower cost.