By NUR HAZIQAH A MALEK / Pic By ISMAIL CHE RUS
AFFIN Bank Bhd is expecting 10,000 Affin Visa Business Platinum credit-card users by next year, following its launch to complete the bank’s suite of product offerings for small and medium-sized enterprises (SMEs).
Affin Bank group CEO Kamarul Ariffin Mohd Jamil said he is optimistic that the SMEs and corporate industry would pick up on the credit card as the market is still relatively untapped.
“We target around 10,000 card holders by next year. To date, we have over 800,000 debit- and credit-card members in the consumer segment and it is still growing aggressively,” he said at the credit card launch in Kuala Lumpur yesterday.
He also said the bank expects more SMEs and commercial business customers to tap into this product considering that there are 920,000 SMEs of various sizes in different sectors.
“This also completes our product offerings to cater to every SMEs’ daily requirement, which includes payroll management, wealth management products, competitive merchant acquiring solutions for card acceptance and other various solutions,” he said.
Kamarul Ariffin added that since local SMEs have contributed a large section to the nation’s GDP, banks will have to step up and be very prudent in its offerings.
“From what we’ve observed in the past years and our track record of boosting growth among SMEs, we have seen a commendable growth. Hence, we are optimistic that the credit card will complement the growth we are currently experiencing,” he said.
The card offers unlimited cashback of 1.5% when used for overseas transactions, six times complimentary access to Plaza Premium Lounge and complimentary green fees at renowned golf courses in Malaysia and Indonesia, for members who spend RM2,000 per month.
Meanwhile, Visa Malaysia country manager Ng Kong Boon said the list of benefits offered are favourable to small businesses and corporates, since many rely on cash or cheques for payments.
“More importantly, digital payments help provide more visibility for companies to plan their finances and enhance their cash-management process,” he said.
For its third quarter ended Sept 30, 2018, Affin Bank’s net profit surged to RM144.56 million, driven by the increase in net fee and commission income, Islamic banking income, net gain on financial instruments and other operating income.