Hong Leong Bank Berhad (“HLB” or the “Bank”) and Malaysia Motorcycle & Scooter Dealers Association (MMSDA) has officially inked a partnership to provide a comprehensive suite of banking solutions to bolster the motorcycle and scooter industry and over SME growth in the country.
The memorandum of understanding (MoU) with MMSDA sees the Bank providing a tailor-made financial program named as the Motorcycle Dealers Programme (MDA) which offers clean working capital to 6,000 members of MMSDA up to RM5 million per applicant.
This is to officiate the partnership after the Bank has experienced a three-fold growth in the past 18 months thanks to their engagement with MMSDA and its’ members. To date, some RM350 million has been disbursed via MDP.
Apart from clean working capital financing, the Bank also includes tailored services such as Auto Loan Packages, Cash Management, Payments and Merchants Services, Foreign Exchange Services and Digital Business Solutions to MMSDA members.
According to Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB, “We simply cannot provide a one-size fits all solution to SMEs as they operate in different industries and market segments and serve their customers differently and face different challenges and needs for business growth. We listen to their needs and deliver financial solutions that meet their requirements for business growth”.
MMSDA has reported that since 2016, rapid expansion of e-commerce, ride-hailing and delivery services has contributed largely to the positive trend of the motorcycle and scooter industry. They predict that over the next 5 years there will be a 25% increase in overall sales.’
By Izzat Shaharel