Maybank’S SME digital financing hits RM1b approvals in six months

Maybank SME Digital Financing has achieved loan approvals totalling RM1 billion within six months of its launch. — Reuters pic
Maybank SME Digital Financing has achieved loan approvals totalling RM1 billion within six months of its launch. — Reuters pic

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KUALA LUMPUR, April 12 — Maybank SME Digital Financing has achieved loan approvals totalling RM1 billion within six months of its launch.

Maybank said the financing scheme has benefited more than 8,200 small and medium enterprises (SMEs), of which 85 per cent or 6,950 are start-ups and micro enterprises.

Group chief executive officer of community financial services Datuk John Chong said the digital solution has received overwhelming response since its launch, averaging a few hundred applications per day.

He said Maybank SME Digital Financing was introduced last September at the height of the pandemic with two objectives in mind.

“First, (it was) to provide a quick and hassle-free financing to SMEs during this critical period when liquidity is crucial. Secondly, we wanted to ensure that the financing is accessible to smaller enterprises, such as start-ups and microenterprises, which often face difficulty in securing funding due to their lack of credit record or collateral.

“We hope that the financing provided will be able to help them sustain and recover, keeping many more Malaysians employed in their stead and, in turn, helping families get through this challenging time,” he said in a statement today.

He added that of the 6,950 start-ups and microenterprises which received approval for financing from Maybank SME Digital Financing, around 2,000 have only been in operation for two years or less.

Through the SME Digital Financing, SMEs can apply for financing online via Maybank2u or Maybank2uBiz without having to visit a branch.

Registered SME businesses with turnover below RM25 million, including non-Maybank customers, are eligible to apply for financing via the SME Digital Financing. — Bernama

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