Hong Leong Bank (HLB) allocates RM2.5 billion for the development of SMEs in the next financial year starting July 1, 2018. The bank introduces comprehensive Digital Business Solutions powered by 5 business tools which are HL ConnectFirst Lite, Biztory, Kakitangan, SimpleTax and Digital Advert to empower SMEs. This innovative and comprehensive suite of digital business and financing solutions that will serve the need of SMEs from cash management, advertising and promotion solutions as well as property financing and working capital scheme to support SMEs for their day-to-day business operations.
Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB says, “SMEs contribute 37% of GDP currently and is expected to reach 40% in the future. We believe in empowering them with the right functional tools under a one-stop Digital Business Solutions that will help them to be more agile and efficient, so that they are able to focus on pursuing avenues and opportunities for growth.”
The HL ConnectFirst Lite is a user-friendly online banking platform which allows SME customers to conduct online banking transactions easily. This platform offers complimentary cash management solutions of Current Account facilities and Merchant solutions. Also available in the HLB’s Digital Business Solutions are four e-tools that allow SME customers to conduct key back office administrative and marketing functions easily.
The offerings are Biztory, an e-accounting and invoicing software solution, Kakitangan, an e-HR platform that manages human resource functions such as the payroll system, SimpleTax , an online Sales & Services Tax and Income Tax advisory tool as well as Digital Advert, an industry pioneer service that offers affordable outdoor digital advertising package to an access of 3,500 digital screens in Malaysia.
Terrence Teoh, Head of GSME Banking, HLB says, “Our new digital business solutions are further testaments of our commitment to being Digital at the Core where we continuously redefine our offerings to give our customers the ultimate banking experience and supporting the needs of the SME business community segment beyond banking.”
In addition to the HLB’s Digital Business Solutions, HLB also introduces SMElite a property-backed financing scheme which allows SMEs to secure loans for property purchases and working capital financing. This scheme is guaranteed by Credit Guarantee Corporation Malaysia Berhad (CGC) through its Portfolio Guarantee (PG) Scheme. The SMElite allows qualified SMEs to secure loans of up to RM5 million for property purchases and refinancing and is bundled with working capital requirements up to 150 percent margin of financing.
Teoh adds that the bank is hoping to get at least 5000 SME customers in the next financial year.