Sunway through its 100 per cent subsidiary – Sunway Holdings, is buying a 51 per cent stake in Credit score Bureau Malaysia (CBM). Upon the completion of the acquisition, Credit score Assure Company Malaysia Berhad (CGC) and Sunway Holdings would be the 2 shareholders of CBM. The transfer is a part of Sunway Group’s train to diversify into FinTech. The collaboration with CGC and CBM is anticipated to reinforce its alternatives to supply finance-related providers to SMEs.
“The acquisition will enable us to advance our ambition of building a financial technology (FinTech) ecosystem and securing a digital banking license, in order to promote financial inclusion for Malaysians and small and medium enterprises (SMEs) aligned to the 10th United Nations Sustainable Development Goal of Reducing Inequalities,” mentioned Sunway Berhad President Dato’ Chew Chee Kin.
“SMEs are one of the most important catalysts of our economic growth and contribute almost 40% to the nation’s Gross Domestic Product. We see considerable potential in this segment, particularly in finance related services,” added Dato’ Chew.
The power and experience of CBM in credit score reporting and commerce referencing is anticipated to enrich the prevailing monetary providers supplied by Sunway Group which incorporates cash lending, rent buy, factoring, cross-border remittance and others.
Chairman of CBM, Suresh Menon echoed Dato’ Chew’s view and added that he’s assured in regards to the new partnership which is able to assist bolster CBM’s efforts to convey extra value-added options to purchasers and the market. With the collaboration, CBM and Sunway Group will be capable of provide end-to-end providers from credit score reporting, proper as much as the assorted monetary providers to Malaysians and SMEs.