Monitor ERP System and OCBC Bank enter into partnership
Penang, 27 November 2019 – OCBC Bank (Malaysia) Berhad (OCBC Bank) today signed a memorandum of understanding (MOU) with Monitor ERP System Sdn Bhd (Monitor ERP) to provide customised financing to the latter’s SME customers for purchasing the proprietary Monitor Enterprise Resources Planning (ERP) system.
Monitor ERP, which was founded in 1974 in Sweden and established a presence in Penang, Malaysia in 2013, is a market leader in ERP software and solutions enabling manufacturing companies to manage and control their entire business operations more efficiently. The business process management software allows an organisation to integrate applications to manage their business and automate the entire value chain, with the ultimate aim of enhancing work efficiency, heightening productivity and reducing labor cost.
The MOU was signed by Mr Chea Hak Tee, Senior Manager of OCBC Bank Penang branch, and Mr Daniel Häggmark, Managing Director of Monitor ERP, and witnessed by Chief Minister of Penang, YAB Tuan Chow Kon Yeow alongside FMM Penang branch Vice-Chairman, Dato’ Jimmy Ong Chin Keng.
Mr Häggmark said the collaboration with OCBC Bank was timely, and the opportunity to obtain financing from a respected bank would benefit its SME clients significantly.
According to OCBC Bank Penang Branch Senior Manager Mr Chea Hak Tee, the customized financing scheme represents part of the Bank’s ongoing commitment to meeting the growing financing needs of SMEs.
“Malaysia’s adoption rate of Industrial Revolution 4.0 (IR4.0) is less than 20 percent, in terms of companies actually migrating. Of this already small number, the majority are bigger companies. The SME segment’s take-up rate and adoption of new technologies is low. In order to remain competitive in an increasingly challenging environment, SMEs need to change and adapt quickly to the new technologies available to them.
“With over 40 years of experience, we trust our ERP software will provide the much-needed solutions to manufacturing companies to manage their entire business operations. The financing facility for the Monitor ERP System will enable SMEs to have integrated applications to manage their business and automate the entire value chain though several modules such as manufacturing, sales, purchase, time recording, inventory, and accounting,” Mr Häggmark said.
He added that Monitor ERP presently has approximately 4,000 customers, which constitutes a 35% market share, serving diverse sectors in the manufacturing industry such as metal, electronics, plastics, automotive, engineering and the wood and furniture industries.
“As a bank that is committed to building SMEs, we recognise that niche financing such as this has become a necessity, and we are pleased to make it available through our partnership with Monitor ERP and the support of FMM Penang.
“We would like to continue playing an active role in the Government’s plan for SMEs to become a significant contributor to economic growth,” he said.
FMM Penang branch Vice-Chairman, Dato’ Jimmy Ong Chin Keng, who was present at the event, said the collaboration between OCBC Bank and Monitor ERP should be lauded.
“In an era of digital transformation, we hope that this will ease the journey of SMEs into IR4.0. As a leading economic federation representing over 300 manufacturing and service companies in Penang, we are pleased to be part of this effort, so SMEs can thrive and stay competitive.
“Ultimately, this will serve to fulfill several purposes, including spurring economic growth, transforming digital workforce development, and further reducing maintenance costs due to unplanned downtime. It will also help manufacturers remain relevant and competitive in the digital economy, attract more Foreign Direct Investment, enhance business and productivity gains, and improve business performance and productivity. This subsequently leads to increased profitability and helps open fresh employment opportunities in numerous sectors,” he said.
The financing scheme to purchase the ERP system will be made available to SMEs for tenures of three to five years at competitive rates.
For further information on the financing scheme for SMEs visit https://www.ocbc.com.my/business-banking/Loans/
You are welcome to contact us if you have any questions relating to the financing scheme for SMEs that OCBC Bank now offers in collaboration with the team at Monitor ERP System Southeast Asia.
E-mail: [email protected]
Phone: +60 4 3717816