The FINANCIAL -- BasisBank has launched a new unprecedented project, its Business Club, which is a combination of their Business Card and Business Portal. It is a product that assists SME clients in empowering their business with the support of BasisBank. Business Club members will have the opportunity to expand their business network, increase sales, and benefit from exclusive conditions for various services and goods. The new product was launched on 1 October, 2014, and is designed to support small and medium business in Georgia, according to BasisBank.
“In today’s business landscape, there is a demand for truly beneficial products for the SME market. It was our aim to create a project that would support each SME company to empower their business,” Nino Chedia, Head of the Marketing and Product Development Department, told The FINANCIAL. “BasisBank always supports SMEs and is continuing this strategy by offering its new project, Business Club. What is necessary for SMEs to succeed? Easy access to a credit resource, the chance to expand their business network, awareness, and sales. The new project offers an opportunity to get these benefits through Business Club membership. We researched the market and offered a product that meets the needs of SME clients. The new product by BasisBank - Business Club - is a unique, universal and innovative project for the Georgian market. Such a product is unprecedented in our country,” she added.
Business Club combines partners and business card owners. Partners have an opportunity to place their exclusive offers for card holders. The Business Card, specially designed for the project, is a flexible and universal product. It enables companies to reduce expenses by enjoying special discounts and exclusive offers which will be introduced by the members of Business Club.
“This is a universal card with easy procedures, an opportunity to have high credit limits and access to cheap credit resources. The card has two accounts, for one’s own/company resource and for credit limit. It gives an opportunity to get a high interest rate on amounts placed by the company. What’s unique about the product is also the fact that it has a grace period of up to 60 days! Active clients have more access to get the benefits mentioned. The more active a client is, the more chances there are to get a high grace period for the limit and higher interest rate on amounts placed,” Chedia said.
The Business Portal, as a closed and safe space is a means for Club Members to share valuable information, place exclusive offers, increase company awareness, stay updated with information from the Club’s life, etc. It is essential to have the Business Card to have access to the Business Portal. It’s very easy to get into the space, you just need internet banking, available at the website: www.bankonline.ge.
According to Chedia, the idea of the Business Portal is to offer a platform for Business Club members to get the right segment for their products; to support SMEs in increasing the awareness of their products and services, expand their sales network, and decrease company expenses with an opportunity to take advantage of exclusive offers.
“There is mutual benefit for club members who are united in the Business Portal. When a company creates a specific product, it always searches for ways to sell this product. The company needs the right segment in which to sell its product. The Business Portal is a chain of people who are interested in selling and purchasing each others’ products. When a company decides to buy a product of another company which is also a Club member, the payment must only be made by Business Card,” she said.
It is essential to become a client of Basisbank to become a member of Business Club and be able to enjoy all of the advantages that this project offers. There is no limit for Business Club members. The Club can unite as many members as possible.
“This is an ambitious project that will attract a lot of new SMEs to BasisBank and give new opportunities to existing loyal customers. Because of all of the benefits that the Business Club offers, I think that many new companies will decide to become our clients. Business Club will encourage many of them to join BasisBank and enjoy the preferential conditions. Today there is already a high amount of interest in this product and the process of people becoming Business Club members has already started. I think that the start is very promising” Chedia said.
BasisBank plans to enlarge the Business Portal and provide the possibility to Georgian companies to expand their business with Chinese exporters. It is planned to attract companies from China to place their exclusive offers on the portal and make the platform universal,” she added.
Membership to the Club is free of charge.
BasisBank has ambitious plans for the future. It will continue to offer the market new business products and give the opportunity to companies to empower their business with the Bank. “The Bank supports businesses and its products are oriented and designed to help business clients expand and grow. We will continue to develop in this direction and offer the market more and more competitive new projects,” Chedia said.
BasisBank launched operations in 1993. It was set up at a time when a rather complex business environment existed in the country. However, by its own efforts it managed to build itself up as a stably-growing financial institution with a firm base. China’s Xinjiang Hualing Industry & Trade (Group) Co. Ltd (the “Hualing Group”) acquired a 90% equity stake in JSC BasisBank in 2012. This acquisition is the first case of a Chinese private enterprise acquiring a foreign commercial bank.
The international partners of BasisBank are as follows: World Bank, European Bank for Reconstruction and Development (EBRD), Overseas Private Investment Corporation (OPIC), United States Agency for International Development (USAID), Commerzbank, and Black Sea Trade and Development Bank (BSTDB).