OCBC Bank (Malaysia) Berhad has signed a Memorandum of Understanding (MoU) with Enterprise Resources Planning (ERP) software and solutions market leader Monitor ERP System Sdn Bhd to provide customised financing to Monitor ERP’s small and medium-sized enterprise (SME) customers for purchasing the proprietary Monitor ERP system.
The business process management software allows an organisation to integrate applications to manage their business and automate the entire value chain with the aim of enhancing work efficiency, increasing productivity and reducing labour cost.
OCBC Bank Penang branch senior manager Chea Hak Tee said the customised financing scheme represents part of the bank’s ongoing commitment to meeting the growing financing needs of SMEs.
“We would like to continue to play an active role in the Government’s plan for SMEs to be significant contributors to the economic growth.
“We want to thank Monitor ERP and the Federation of Malaysian Manufacturers (FMM) Penang branch for the support and trust in us,” Chea said in his speech during a press conference in Komtar today.
FMM Penang branch vice-chairman Datuk Jimmy Ong said the collaboration between OCBC Bank and Monitor ERP should be lauded.
Ong said that there are many banks that do not wish to finance software because software is ‘something that one can’t see’.
“We are proud to spearhead the initiative to bring the Monitor ERP and OCBC Bank together.
“We are pleased to be part of this effort to enable SMEs to thrive and stay competitive,” Ong said.
Monitor ERP managing director Daniel Haggmark said the company was looking forward to work closer with OCBC Bank, especially in occasion where its customers or potential customers need financial help to be more competitive.
“We feel very honoured that OCBC Bank chose to work with us.
“Financing a software is normally very rare. We do hope that this initiative will be able to make it easier for the SMEs to prepare themselves for a competitive future.
“Our sole intention is to help SMEs to be more competitive as they are the backbone of our economy, both Penang and Malaysia,” Haggmark said.
Chief Minister Chow Kon Yeow said the state’s thriving manufacturing industry would not have been possible without the robust supply chain, which is supported by over 3,000 SMEs.
“As we move towards Industry 4.0, the Penang government has been encouraging companies, especially SMEs, to respond positively to change and embrace new advancements in technology and innovation.
“The partnership between OCBC Bank and Monitor ERP is a great initiative for the benefit of the local SMEs.
“Cost is always a dilemma for SMEs, and through this partnership, I believe it will help the SMEs to take the needed steps forward.
“The SMEs support the multinational corporations (MNCs). It is now a necessity for SMEs to upgrade themselves to support the MNCs as we move towards Industry 4.0,” he said.
Also present was state Tourism Development, Arts, Culture and Heritage Committee chairman Yeoh Soon Hin.
Story by Christopher Tan
Pix by Ahmad Adil Muhamad
Video by Chan Kok Kuan