Image credit: The Star
PETALING JAYA: Maybank has unveiled a 10-minute approval digital financing solution for small and medium sized enterprises (SMEs) 24 by 7, without the need to make a branch visit, a Maybank statement said.
The launch of Maybank SME Digital Financing marks the bank’s expansion in the digital lending space.
Registered SME businesses with turnover below RM25mil, including non-Maybank customers are eligible to apply for financing via the SME Digital Financing, Maybank’s Group president and chief executive officer Datuk Abdul Farid Alias said.
Approved applicants are able to obtain financing from as low as RM10,000 to a maximum of RM250,000 with a repayment tenure of up to five years.
The digital financing solution is offered via Maybank2U or Maybank2U Biz platforms. The entire process, from loan application, approval to disbursement is fully digital. It was pilot-tested in August among SMEs.
Calling it “a breakthrough in SME financing”, Farid said the financing tool allows the bank to “expand their lending relationships” beyond what they were doing before.
“Using our in-house data and credit knowledge while leveraging machine learning capabilities, we are now able to measure the risks of our customers better, and provide financing even to start-ups which have only been in operation for one year, ” Farid said.
Designed to be completed within 10 minutes, it sets a new turnaround time for SME financing in the country.
The application process requires minimal information and no documentation for existing customers.
Source: https://www.thestar.com.my/business/business-news/2020/09/19/maybank-unveils-10-minute-approval-digital-financing-solution-for-smes