TM partners with 14 financial institutions in vendor financing programme

Institution : Bank Islam Malaysia Berhad, Bank Rakyat, HSBC Bank, Maybank Islamic Berhad, RHB Islamic Bank Berhad, Small Medium Enterprise Development Bank Malaysia Berhad - SME Bank
07 September, 2020      18

 

 

KUALA LUMPUR (Sept 7): Telekom Malaysia Bhd (TM) has partnered with 14 financial institutions to create a vendor financing programme called Perintis, to drive business growth.  

Its chairman Tan Sri Mohd Bakke Salleh said the programme involved vendor transformation through regular upskilling and development.

“TM will continue to back and develop local entrepreneurs particularly in the new economy and further support the 4.0 industrial revolution towards ensuring business growth and sustainability,” he told a press conference after signing a memorandum of understanding (MoU) with 14 financial institutions.

Also present was Entrepreneur and Cooperative Development Minister Datuk Seri Wan Junaidi Tuanku Jaafar.

Mohd Bakke added that the selected financial institutions will provide financing and consultation to TM's local vendors at a competitive interest rate of between three and four per cent per annum.

The financial institutions that signed the MoU were Bank Islam, Maybank Islamic, CIMB Bank, Bank Muamalat, RHB Islamic, United Overseas Bank, HSBC Bank Malaysia, SME Bank, Bank Rakyat, PUNB, PNB Tijari, Bay Group, Commenze Capital and El-Nuwr Capital. 

Under the programme, the vendors will get a comprehensive financing package covering businesses of all levels and sizes including those with sub-contractors, valued up to RM10 million depending on their contract with TM.

Meanwhile, group chief executive officer Imri Mokhtar said TM has about 9,000 vendors, of whom 80 per cent are from small and medium enterprises that will benefit from the joint endeavour.

He added that RM9.5 billion worth of tenders were awarded by TM to their vendors between 2014 and 2019.


Original Source: https://www.theedgemarkets.com/article/tm-partners-14-financial-institutions-vendor-financing-programme


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