CIMB Singapore and Frasers Property have signed a five-year strategic partnership agreement to provide financial support for over 2,000 retail tenants across 12 malls.
The goal is to achieve a combined savings of close to $3.7 million for 500 SMEs within the first two years of the partnership, says the group.
This support includes access to exclusive financial solutions and preferential rates, free account set up and complimentary payment terminals for participating retailers, among others.
CIMB says that benefits will translate to first-year savings of up to $7,360 and annual savings of up to $6,360 thereafter.
“SMEs are the heartbeat of Singapore’s economy, and supporting their growth is vital to driving innovation and resilience," says Benjamin Tan, head of commercial and transaction banking, CIMB Singapore.
"Through this partnership with Frasers Property, we are using real insights from retail spending to design smarter, more flexible solutions that evolve with our clients. This enables us to offer exclusive preferential benefits to Frasers Property’s retail tenants, many of which are SMEs,” he adds.
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Adrian Tan, managing director, retail, Frasers Property Singapore, says the company is committed to cultivating a vibrant retail ecosystem that supports the long-term success of its tenants.
"As Singapore’s largest suburban mall owner with a network of over 2,000 tenants, our partnership with CIMB Singapore will deliver greater value to SMEs through tailored financial solutions," he adds.
Shares in Frasers Property closed 2 cents higher or 1.98% up at $1.03 on Nov 10.
