Supporting Industry Leaders with The Right Financial Solutions
Malaysia, a core trading nation, centres on the private sector as one of the main drivers of the country’s economy. It’s important to note Malaysia’s economy advanced slower in the fourth quarter of 2022 of 7.0% (3Q 2022: 14.2%) as support from the stimulus measures and low base effect waned. However, Bank Negara Malaysia noted that at 7.0%, the growth was still above the long-term average of 5.1% (Average from 1Q 2022 to 4Q 2019).
Private sector activity remained the key driver of growth, supported by private consumption and investment. The continued growth in private consumption was mainly driven by improving labour market conditions and policy measures. Meanwhile, overall export and import growth moderated in line with weaker external demand and moderate domestic demand. Overall, the Malaysian economy expanded by 8.7% in 2022.
For 2023, the Malaysian economy is expected to expand at a more moderate pace amid a challenging external environment. Domestic demand will continue to drive growth, supported by the continued recovery in the labourmarket and the realisation of multi-year investment projects.
AFFIN BANK’s remarkable improvement in earnings and other key areas as a result of completing its AIM-22 Metamorphosis Plan – which exceeded expectations in 2022 – has helped with Malaysia’s investment and corporate communities. Early this year, the bank unveiled its new multi-year strategic plan, namely the A25 Plan (2023–2025), focusing on three main pillars – Unrivalled Customer Service, Digital Leadership and Responsible Banking with Impact, to mitigate the looming ‘dark clouds’. The bank is committed and on the right path to realising its A25 Plan.
Leveraging on this strong foundation, AFFIN BANK’sCorporate Banking Division is set to focus greatly on building strong customer relationships with broad offerings of wholesale banking solutions that cover loans/financing, trade finance, cash management, deposits, insurance/takaful, treasury, and investment banking-related products through a national network presence to support customers domestically.
The Bank puts customers first and places a strong emphasis on deepening relationships with its customers. This is one of the key attributes of which AFFIN is proud to provide vibrant services and unique financial solutions to help businesses succeed. The personal touch of engagement with corporate leaders remains important in the industry, despite the on-going digitalisation and new technology efforts.
Corporate Banking Key Drivers
The biggest concern for businesses involved in import and export activities is the availability of credit lines, which Banks will be able to support. AFFIN is well equipped with its comprehensive trade financing solutions, from Letter of Credit/Letter of Credit-i for imports to Bills-Exchange Purchase/Bills Exchange Purchase-i for exports. AFFIN is the ideal banking partner when it comes to expanding your trade business, be it locally or globally. In our follow-up segment, BusinessToday will dive deeper into these facilities and share insightful features that could help businesses with their financial management.
AFFIN also offers other working capital loans and financing to fuel your business needs that can attend to each type of business or industry, ranging from bridge loans and financing, revolving credit (Tawarruq Revolving Credit-i), and overdrafts (Tawarruq Cashline-i).
Furthermore, as businesses grow, cash reserves will expand. Grow your returns by investing in attractive deposit facilities, while waiting for the next expansion plan. Once again, AFFIN has compiled an array of deposit related facilities for both conventional and Islamic. Whether it is a foreign currency account or a Commodity MurabahahDeposit-i account, the Bank guarantees that the interest and profit rates will be among the most competitive in the market.
And lastly, AFFINMAX delivers a one-of-a-kind digital solution for business owners who are constantly on the move and in need of banking services, anytime, anywhere.
As a Bank in the pocket, AFFINMAX brings the best of a physical bank onto a display screen. Embedded with the latest security features, doing complex transactions on the platform is both easy and offers peace of mind.
There is a whole menu to choose from with AFFINMAX which includes managing daily business transactions, payment and collection solutions, e-Trade services or even dealing with suppliers.
AFFIN BANK’s Corporate Banking is all about being a trusted partner to customers and being ready to help businesses when they need it. This is in line with the Bank’s tagline ‘Always About You’.