Strategic collaboration also offers digital solutions to support companies’ sustainability journey.
Kuala Lumpur, 8 February 2021 - Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) today signed a strategic agreement with Bursa Malaysia Berhad (“Bursa Malaysia”) to use data analytics to help small and medium-sized enterprises (SMEs) enhance their business resilience.
To do so, the Bank will leverage on Bursa Malaysia’s enhanced datasets and analytics capabilities to understand the companies’ financial and non-financial needs. This enables the Bank to quickly identify the issues and proactively recommend relevant solutions to help those companies. For example, the Bank can advise the financing amount that a business needs, based on Bursa Malaysia’s newly acquired datasets, to optimise their cashflows during this uncertain period.
Additionally, the Bank is also assisting companies, via its partners, with non-financial solutions such as digitisation and marketing tools to adapt to the new business environment.
In the last six months, the Bank and Bursa Malaysia have completed two Proof-Of-Concept (“POC”) exercises using the recently launched DIBots Analytics platform and successfully tailored solutions for 20% more new customers during this period.
“One year into the pandemic, we know that businesses are still struggling to cope with the frequent disruptions to their business. Right now, they need practical solutions that will help their business stay resilient against the frequent disruptions. We are fortunate to be able to partner with Bursa Malaysia, who provides us with relevant data to help us fine-tune our business solutions for companies,” said Mr. Joel Kornreich, Group Chief Executive Officer of Alliance Bank.
This partnership serves part of Bursa Malaysia’s strategy to expand its data business to suit a wider group of stakeholders beyond traditional capital market products. The data arm of the exchange called Bursa Malaysia Information currently provides market data, index and informational services to capital market stakeholders.
“The collaboration with Alliance Bank provides us with the opportunity to serve a broader class of customers leveraging on the exchange’s expertise while harnessing the power of data. The success of the two POCs underscores our ability to develop and offer data solutions to assist SMEs in this challenging environment,” said Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia.
Small-to-mid cap companies that have begun their digitisation and sustainability journey, and enrolled in the Malaysia Investor Relations Association (MIRA) Sustainability Accelerator Programme (TSA), will also benefit significantly from the Alliance Bank-Bursa partnership. Based on their TSA standing and FTSE4Good Bursa Malaysia ESG rating, businesses can enjoy better savings and financing rates, as well as discounted digital solutions and offers from Alliance Bank’s BizSmart® Solution partners.
For more information on the Alliance Bank-Bursa Malaysia partnership, please visit https://www.alliancebank.com.my/Sustainability-Impact-Programme.