KUALA LUMPUR: Affin Bank Bhd has received dual recognition in a day for its small and medium enterprises (SMEs)-focused financial inclusive products, including its flagship mobile app, the SME Colony mobile app.
The app received its first win as "Financial Inclusive Initiative of the Year – Malaysia" from the Asian Banking and Finance (ABF) Retail Banking Awards.
The award recognised outstanding banks which launched groundbreaking products and services that had successfully adjusted to the business and technology landscape's rapid change.
As the first SME community-centric mobile app in Malaysia, SME Colony supports the expansion and sustainability of SMEs by improving their business knowledge, enhancing financial well-being and expanding their commercial networking.
"SME Colony provides unrivalled customer service to all its users at no cost, no membership requirements and regardless of their banking relationship with Affin Bank," the bank said in a statement today.
President and group chief executive officer Datuk Wan Razly Abdullah said as a key economic driver, SMEs played an important role as catalysts for innovation and market disruption.
"These ABF Retail Banking Awards win is an indicator that Affin Bank has been ahead of the curve by starting its journey to go beyond banking to serve its SME customers digitally.
"Since SME Colony's launch in 2019, the bank has consistently updated its capabilities to help SMEs polish their financial literacy and encourage the adoption of digitalisation in their business operations," he said in a statement today.
This financial inclusion win by SME Colony was followed by another milestone win for the bank's efforts in providing accessible funding for SMEs.
The bank was awarded Credit Guarantee Corporation Malaysia Bhd's "CGC Top FI Partner Awards" for the "Islamic Financial Institution" category at the CGC 27th FI/DFI & SME Awards 2021.
Affin Islamic Bank Bhd was chosen as a show of demonstration of the bank's commitment and support to start-ups and SMEs.
The bank said it was an achievement that highlighted Affin Islamic's steadfast helping hand throughout the Covid-19 pandemic to help start-ups and SMEs recover their businesses, making their business more resilient and adopt digitalisation.