Participating retailers at Frasers Property malls will get free account setup and payment terminals
[SINGAPORE] Frasers Property has announced a five-year partnership with CIMB Singapore to provide flexible financing solutions to small and medium enterprises (SMEs), both companies said on Monday (Nov 10).
The collaboration aims to achieve a combined savings of close to S$3.7 million for around 500 SMEs within its first two years and will provide more than 2,000 retailers across 12 Frasers Property malls, as well as the company’s affiliates and partners, with access to exclusive financial solutions and preferential rates to strengthen their cash flow.
Participating retailers at these malls – such as Waterway Point, Causeway Point, Northpoint City, Tampines 1 and Tiong Bahru Plaza – will get free account setup and payment terminals under the partnership.
They will also get zero fees for unlimited PayNow, FAST and Giro transactions.
By linking their payment solutions to their CIMB account, Frasers Property’s retail tenants will get savings of up to S$7,360 for the first year of the partnership. This comprises waived setup fees of S$1,360 for payment solutions and terminal rental charges and annual savings of up to S$6,000 through preferential merchant discount rates.
From the second year of the partnership onwards, they will get savings of up to S$6,360 annually.
Other financing solutions under the partnership include CIMB FlexiPay, a “pay-as-you-earn” SME loan that offers flexible financing by linking repayments directly to daily revenue. This allows businesses to repay loans only when they earn, such that no repayment is required on days when they record no revenue.
Another solution is CIMB BizGrow, a collateral-free working capital loan that supports short-term operational cash flow needs such as rent, payroll and utility bills, with preferential rates for Frasers Property’s retail tenants.
