CIMB Singapore has introduced CIMB FlexiPay, a pioneering loan product designed to provide small and medium-sized enterprises (SMEs) with flexible financing options. This innovative “pay-as-you-earn” loan, launched on 19 August, links repayments directly to a business’s daily revenue, allowing repayments only when revenue is earned. This approach aims to alleviate cash flow pressures for SMEs, a segment often underserved by traditional banking.
CIMB FlexiPay is the first of its kind in Singapore, offering a fully digital solution that eliminates the need for physical forms or document submissions. The loan’s key features include revenue-linked repayments, where a predetermined percentage of daily earnings is automatically deducted. For instance, if a business selects a 5% holdback rate and earns $1,000 in a day, $50 is repaid that day. On days without revenue, no repayment is required.
The loan also provides management with full certainty and transparency, requiring only a single upfront fee with no interest, prepayment, or late fees. Benjamin Tan, Head of Commercial & Transaction Banking at CIMB Singapore, stated, “With CIMB FlexiPay’s pay-as-you-earn structure, SMEs gain flexibility, transparency and control in managing their financing.”
This launch reflects CIMB’s commitment to rethinking traditional banking and supporting businesses with solutions that adapt to their cash flow realities. By removing traditional barriers and offering a seamless digital experience, CIMB aims to help SMEs grow with confidence. For more details or to apply, businesses can visit the CIMB FlexiPay website.
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