KUALA LUMPUR, April 24 — Sunway Bhd’s wholly-owned subsidiary Sunway Holdings is acquiring a 51 per cent stake in Credit Bureau Malaysia (CBM).
Upon completion of the acquisition, Credit Guarantee Corporation Malaysia Bhd (CGC) and Sunway Holdings will be the two shareholders of CBM.
Sunway president Datuk Chew Chee Kin said the acquisition will enable the group to advance its ambition of building a financial technology (FinTech) ecosystem and securing a digital banking licence to promote financial inclusion for Malaysians and small and medium enterprises (SMEs),
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 per cent to the nation’s gross domestic product. We see considerable potential in this segment, particularly in finance related services,” Chew said in a statement today.
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 and cross-border remittance.
CBM chairman Suresh Menon said the new partnership would help bolster CBM’s efforts to bring more value-added solutions to its 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. — Bernama
