Six months after its launch, Maybank SME Digital Financing approved RM1 billion in financing, serving more than 8,200 small and medium-sized enterprises (SMEs), of which 85% or 6,950 are start-ups and microenterprises. In addition, they stated that all requests eligible for instant decisions received their approval and disbursements in less than 5 minutes.
Maybank says its digital finance for SMEs is the first in the market to deliver an end-to-end digital experience, with straight-through processing, from application to approval and disbursement.
Eligible existing customers can receive the approval status of their request within 10 minutes, and funds can be disbursed within one minute of accepting the offer. All term finance offered through Maybank’s Digital SME Finance is unsecured, to provide quick financing to alleviate the immediate cash flow needs of small businesses.
Maybank Group CEO of Community Financial Services Dato ‘John Chong said the digital solution has been overwhelmingly received since its launch, averaging a few hundred apps per day.
“Maybank’s digital finance for SMEs was introduced last September at the height of the pandemic with two goals in mind. First, provide fast and hassle-free financing to SMEs during this critical time when liquidity is critical. Second, we wanted to make sure that financing is accessible to small businesses, such as start-ups and microenterprises, which often have difficulty obtaining financing due to their lack of credit or collateral. We are very happy that the market has responded positively to this solution so far and, more importantly, SMEs are getting the help they need.
Dato ‘John added that of the 6,950 start-ups and microenterprises that have received funding approval from Maybank SME Digital Financing, around 2,000 have only been in business for 2 years or less.
“This is a breakthrough in our financing of SMEs, so that we can extend our lending relationships to new businesses. By using our internal data and credit insight while leveraging machine learning capabilities, we are able to better measure the risks of start-ups that often lack credit history and grant them funding. .
With Maybank’s Digital SME Finance, SMEs can apply for financing online through Maybank2u or Maybank2uBiz anytime, anywhere, without having to visit an agency. Registered SMEs with turnover of less than Ringgit 25 million, including non-Maybank customers, are eligible to apply for financing through SME digital finance. Approved applicants can obtain funding ranging from RM 10,000 to a maximum of RM 250,000 with a repayment term of up to five years.
In February last year, Maybank also introduced Instant Account Opening for SMEs through Maybank2u, with no introducer required. The convenience provided was particularly crucial when ordering movement control; as of March 31, 2021, more than 90,000 professional accounts had been opened through Maybank2u despite the restrictions on movement imposed.
Dato ‘John said,
“SMEs represent the largest business segment in the country and are the backbone of our economy. We hope that the funding provided will be able to help them survive and recover, keeping many more Malaysians employed in their place and helping families through this difficult time. “
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