Sunway Berhad, via its 100% subsidiary, Sunway Holdings, is acquiring a 51% stake in Credit Bureau Malaysia (CBM). Upon completion of the acquisition, Credit Guarantee Corporation Malaysia Berhad (CGC) and Sunway Holdings will be the two (2) shareholders of CBM.
CBM is a credit reporting agency registered with the Registrar of Credit Reporting Agencies, Ministry of Finance to improve financial inclusion for SMEs and individuals.
“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,” said Sunway Berhad President Dato’ Chew Chee Kin.
The move is part of Sunway Group’s exercise to diversify into FinTech. With this collaboration with CGC and CBM, Sunway Group eyes opportunities to offer finance related services to SMEs.
“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 strength and expertise of CBM in credit reporting and trade referencing will complement the existing finance related services offered by Sunway Group, which includes money lending, hire purchase, factoring, cross-border remittance and others.
Chairman of CBM, Suresh Menon echoed Dato’ Chew’s view and added that he is confident the new partnership would help bolster CBM’s efforts to bring more value-added solutions to our clients and the market.
With the collaboration, CBM and Sunway Group will soon be able to offer seamless end-to-end services from credit reporting, right up to the various finance related services to Malaysians and SMEs within the vast business ecosystem of CBM and Sunway Group.