Friday, February 23, 2024

CIMB Singapore offers high interest rate of 2.88% per annum on new CIMB BusinessGo current accounts to support businesses and particularly SMEs

  • The interest-bearing account is one of the few available in the market and comes with additional benefits as SMEs contend with the rising costs of doing business.
  • CIMB Singapore saw revenue contribution from its SME products and services more than tripled over the past two years, supported by strong relationship with business clients reinforced during the pandemic.

SINGAPORE, Nov. 22, 2023 /PRNewswire/ — CIMB Singapore is offering a no-frills, limited-time interest rate of 2.88%* per annum for all new business customers who open a CIMB BusinessGo current account by 31 December 2023.

The CIMB BusinessGo current account is one of the few interest-bearing business accounts available in the market that rewards customers with higher interests on their balance. This account is more than a repository for business’ operating cashflows, it provides an opportunity for idle funds to grow and over time, defray the rising costs of doing business.

It also comes with additional benefits such as free FAST and payroll transfers, free telegraphic transfers worldwide and no minimum balance fall-below fees from now until 31 January 2024.

Benjamin Tan, Head of Commercial Banking at CIMB Singapore, said: “Small-and-medium enterprises (SMEs) make up 99% of all enterprises in Singapore and employ 71% of the country’s workforce[1]. In today’s volatile macroeconomic environment, we have seen higher business costs, rising operational costs and challenges in digital adoption, which need to be addressed in order for SMEs to leverage the opportunities in the digitised economy in Singapore and beyond.”

Therefore, CIMB Singapore also provides one of the most attractive working capital loans and commercial property mortgage interest offers, high foreign exchange rates on selected currencies such as the Malaysian Ringgit and Indonesian Rupiah, a wide range of cash management solutions and beyond banking services. By tapping into its ASEAN network, CIMB Singapore provides valuable local insights and advisory services, as well as a full suite of customised solutions to support clients’ growth ambitions in the region.

CIMB Singapore recognises the innate need for a human touch amid an increasingly digital and frenzied world. Thus, supporting this suite of products and services is a deep commitment to excellent customer service where it matters most. Beyond a multifaceted customer touchpoint, which includes a dedicated Business Call Centre and EVA (CIMB Singapore’s digital chatbot), every new business customer will receive a welcome call within one day of account opening and be assigned a Relationship Manager.

Benjamin added that “In the last two years, revenue contribution from our SME products and services have more than tripled. The relationship we cultivated with our business clients was reinforced during the pandemic as we weathered unprecedented challenges together, and this has allowed us to empathise and deeply understand their needs. The CIMB BusinessGo current account exemplifies our promise to make banking simpler and more fulfilling, so our clients can better focus on what matters to them most.”

For more details on this promotion, please visit www.cimb.com.sg/business.

Disclaimers:

*T&Cs apply. Business will have to open a CIMB BusinessGo current account by 31 December 2023 to enjoy the above promotion.

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

About CIMB

CIMB is one of ASEAN’s leading banking groups and Malaysia’s second largest financial services provider, by assets. It is also a world leader in Islamic Finance. The Group is headquartered in Kuala Lumpur and offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and the Philippines), the Group also has market presence in Mainland China, Hong Kong, India, South Korea, the US and UK. It is the fifth largest banking group by assets in ASEAN and, as at 30 June 2023, had a market capitalisation of approximately RM54.0 billion and around 33,000 staff.

Located in ASEAN’s global financial gateway, Singapore is one of our most important markets with approximately 1,000 employees serving over 350,000 customers. CIMB Singapore services include:

  • Banking products and services
  • Treasury products and services
  • Investment banking
  • Asset management

[1] Infographics on Singapore’s economy by the Department of Statistics Singapore: https://www.singstat.gov.sg/modules/infographics/economy

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