Maybank extends RM20b worth of repayment assistance to SMEs

Maybank group chief executive officer (community financial services) Datuk John Chong said with the economy gradually reopening, it is committed to continue providing assistance, in both financial and non-financial capacities, to its SME customers to help accelerate their recovery. — Picture by Firdaus Latif
Maybank group chief executive officer (community financial services) Datuk John Chong said with the economy gradually reopening, it is committed to continue providing assistance, in both financial and non-financial capacities, to its SME customers to help accelerate their recovery. — Picture by Firdaus Latif

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KUALA LUMPUR, Oct 27 — Maybank has extended some RM20 billion worth of repayment assistance as of September 30, 2021, to over 26,000 small and medium enterprises (SMEs) loan/financing accounts that have been impacted by the pandemic.

The bank has also continued to make financing accessible to them, with more than RM15 billion in loans/financing approved and disbursed to SMEs since 2019.

Maybank group chief executive officer (community financial services) Datuk John Chong said with the economy gradually reopening, it is committed to continue providing assistance, in both financial and non-financial capacities, to its SME customers to help accelerate their recovery.

“Maybank currently serves almost 60 per cent of all SMEs in the country, and we want to ensure that they are able to sustain and rebuild their businesses particularly through this early stage of recovery,” he said in a statement today.

Chong said Maybank continues to accept repayment assistance applications under the National People’s Well-Being and Economic Recovery Package (Pemulih), with the total number of SME loans/financing currently under repayment assistance representing eight per cent of Maybank’s total Malaysia consumer and small to mid-sized business loan/financing portfolio based on the outstanding balance.

Maybank has approved RM1.87 billion loans/financing to more than 15,000 SMEs via SME Digital Financing since its launch in September 2020.

He added that the bank began embarking on a digitalisation journey more than 10 years ago in a bid to give its customers an elevated digital experience, convenience, and ease of access.

“As an example, we digitalised our business account opening process so SMEs can now easily open their Maybank business account online.

“As of September 30, 2021, more than 63,000 business accounts have been opened via Maybank2u since the digital initiative was launched in February 2020,” he said. — Bernama

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