Maybank today unveiled its 10-minute approval digital financing solution for Small and Medium sized Enterprise (SME) segment, Maybank SME Digital Financing – the first in the market to offer an end-to-end digital experience, with full straight-through processing (STP), from application to approval and disbursement.
Machine learning enabled, the entire process from application to approval is designed to be completed within 10 minutes, setting a new benchmark for turnaround time for SME financing in the country.
With this new solution, SMEs can apply for financing online via Maybank2U or Maybank2U Biz platforms 24/7, without having to visit a branch. Best part is, the application process is hassle-free requiring minimal information and no documentation for existing customers.
Existing customers will be informed of the decision of the application as quickly as 10 minutes (provided the customers’ records are in order) and funds can be disbursed within one minute upon acceptance of the offer for eligible customers.
New customers, however, will have to undergo a brief on-boarding verification process with no branch visit, prior to approval of application, and decisions will be provided within two working days.
Maybank’s Group President and Chief Executive Officer, Datuk Abdul Farid Alias said that the Maybank SME Digital Financing is the culmination of the Bank’s efforts to increase inclusivity for SME financing. He added that it has been a constant challenge for banks to design an approach for SME funding where the risks will be acceptable. However, by marrying technology and finance, Maybank was now able to assess the business viability and extend financing to start-ups which often struggle to secure funding mainly due to lack of credit history or collateral.
All term financing offered via the Maybank SME Digital Financing are collateral-free, to provide quick financing to ease the immediate cash flow needs for small businesses.
The bank is also collaborating with Credit Guarantee Corporation (CGC) to provide guarantee coverage for its Online PGX/PGX-i financing, one of the products offered on the digital channel, with guarantee coverage of up to 70%. This is a first of its kind digital collaboration with CGC, which shares Maybank’s focus in growing SMEs.
Registered SME businesses with turnover below RM25 million, including non-Maybank customers are eligible to apply for financing via the SME Digital Financing. 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 launch of Maybank SME Digital Financing marks the Bank’s further expansion in the digital lending space, achieving yet another key milestone in its digital banking journey.
SMEs can apply for a loan/financing on Maybank SME Digital Financing via Maybank2U or Maybank2U Biz, 24 hours a day, 7 days a week.
Currently, three types of loan are offered via the digital channel:
i. SME Online Clean Loan/SME Online Clean Financing
ii. SME Online PGX/SME Online PGX–i (70% guaranteed by CGC)
iii. SME Online Micro Financing/SME Online Micro Financing-i