Malaysian Banks Are Stepping Up As Rakyat Goes Through Tough Times

No matter how you look at it, we Malaysians as a whole are feeling the ripple effects of the prolonged conflict in the Middle East. And just last week, it was reported that Malaysia saw a sharp spike in job losses, with around 24,000 workers retrenched. It has been a series of one bad news after the other, and like a TV show that has run its course, we all can’t wait for it to finally end.

Suddenly it all feels so hard to cope; you’ve got bills to pay, loan payments to meet, but a salary that was shocked by the current state of the world. But in recent weeks, there has at least been a glimmer of good news coming from the financial institutions of Malaysia.

Maybank Is Offering Flexibility For Anyone Who Needs It

Maybank is living up to their tagline, “Humanising Financial Services”. For individuals or businesses who are affected by the ongoing economic and geopolitical crisis, Maybank is offering financial assistance by including adjustments to repayment terms and extensions of financing tenure.

They have emails dedicated to individuals and SMEs who are looking for reduction in monthly instalments or repayment relief, while their hotline is also open for you to connect with their Customer Careline in regards to this matter.

CIMB Looking To Ease Immediate Financial Pressure

“Amid heightened global uncertainties, it is critical that we continue to support the economy and ensure our customers remain resilient. CIMB is committed to standing alongside our customers as they navigate evolving challenges, ensuring financial support remains available…” said CIMB Group CEO, Novan Amirudin.

For those who are eligible, have the opportunity to benefit from up to six months’ payment relief on loan and financing facilities. Eligible businesses, on the other hand, can gain access to customised restructuring and rescheduling solutions to help them manage their operations as they ride through these uncertain times. 

If you’re looking for assistance, you can easily apply via the Payment Assistance Programme on the CIMB website and OCTO app.

UOB Offers Assistance So Customers Can Continue To Focus On What Matters

Income disruptions, cash-flow constraints, and slower business activities are just a few examples of what the current economic uncertainty can affect a business or an individual. With that in mind, UOB are also ready to provide practical and tailored solutions via their financial relief assistance programmes to help customers manage their commitments with confidence.

Capbay & CGC: A Lifeline For Small Business Owners

Though not directly introduced in light of the economic crisis, Capbay and CGC have entered a strategic partnership that is aimed to support underserved MSMEs in Malaysia who lack traditional collateral. 

For those of you who may be asking, “What is traditional collateral?”, imagine it as a sense of security – “something” that acts as a safety net for banks if the party involved is unable to repay them. And that “something” comes in the form of property, fixed assets, land titles, etc.

This is what makes the Capbay-CGC partnership attractive. They act as the mediator between business owners and the financial institution. As long as the business looks “credit worthy”, where cash flow is healthy, business is viable and customers keep on coming back, etc., Capbay-CGC will act as the traditional collateral by vouching for your business.

It couldn’t have come at a better time, as I’m sure many MSMEs are looking for various avenues as they try to survive the current economic crisis that’s disrupting economies around the world.

The Conflict May Not Be Over, But Life Continues To Go On

The world economy is in a state of uncertainty, the oil prices are affecting our livelihood, but the bills still keep coming in. A bank repayment plan will not make all of this go away. But what these initiatives are collectively signalling to us, is that we don’t have to go through this alone. And more importantly, asking for help should not be seen as a sign that you’ve failed. 

So if any of the above applies to you, reach out for the lifeline put on the table. Don’t wait until it’s too late and payments get missed. As a rule, banks have more options they can offer to the people before things go wrong compared to after. And with this cloud of uncertainty hovering over the global economy, it’s always best to be in a position where we have as much control as we can get.