Singlife, a leading financial services company, has announced a partnership with CIMB Singapore aimed at bolstering the resilience and growth of small and medium-sized enterprises (SMEs). The collaboration, formalised through a Memorandum of Understanding (MOU), will see Singlife providing bespoke insurance solutions to help SMEs manage risks and focus on sustainable growth.
The partnership is part of CIMB’s SME Resilience Circle, an initiative designed to support SMEs in Singapore and the region by integrating financial and protection solutions. A notable feature of this initiative is the CIMB FlexiPay, a “pay-as-you-earn” working capital loan that adjusts repayments based on daily revenue, offering businesses flexibility in cash flow management. Currently available to CIMB’s commercial banking clients, the partnership will explore extending this feature to Singlife’s clientele.
Singlife plans to offer embedded insurance solutions, including mandatory SME coverage and employee benefits programmes, to protect workforce and operations. Sandeep Nair, Head of Sales at Singlife, highlighted the importance of such initiatives, stating, “By embedding insurance into initiatives such as CIMB FlexiPay, we are helping business owners manage growth whilst protecting their people and operations.”
Benjamin Tan, Head of Commercial & Transaction Banking at CIMB Singapore, emphasised the ecosystem’s role in equipping SMEs with necessary tools and insights for sustainable growth.
This collaboration expands Singlife’s role in creating a resilient financial ecosystem for SMEs, reinforcing its commitment to integrating investment and insurance solutions for enhanced financial security and growth.
