Malaysia's best bank for SMEs 2023: Affin Bank
Affin Bank is not Malaysia’s largest bank for small and medium-sized enterprises, but the way it works with this client base, understands its needs and devises solutions to meet them is impressive. This makes it Asiamoney’s choice for best bank for SMEs in Malaysia this year.
The bank is part of Affin Group, which also owns Affin Islamic Bank and investment bank Affin Hwang, as well as a money broker and insurance company. The group targets startups, SMEs and small listed companies through its group enterprise banking business line, which offers everything from financing and transaction support to advisory services.
The bank is run by president and group chief executive Wan Razly Abdullah Bin Wan Ali. It has searched for new ways to engage and interact with SMEs and enhanced its non-financial solutions for SMEs.
Among the latter, a standout is Affin’s SME Colony – a digital solution that focuses on SMEs’ needs beyond traditional banking, while emphasising community development. The app, first launched in 2019, serves as a platform that allows SMEs to collaborate and engage with other intermediaries such as government agencies.