Maybank SME Digital Financing has approved RM1 billion in financing, six months after its launch, benefiting over 8,200 Small and medium enterprise (SME), of which 85 percent, or 6,950, are startups and microenterprises.
Maybank’s Group Chief Executive Officer (CEO) of Community Financial Services, John Chong said the digital solution has received overwhelming response since its launch with an averaging a few hundred applications per day.
John added that the 6,950 startups and micro-enterprises which received approval for financing from Maybank SME Digital Financing, around 2,000 have only been in operation for two years or less.
“This is a breakthrough in our SME financing segment, to be able to expand our lending relationships to new business enterprises and by using our in-house data and credit knowledge while leveraging machine learning capabilities, we are able to better measure the risks of startups which often lack credit history and extend financing to them,” John said.
He stated that Maybank SME Digital Financing was introduced last September at the height of the outbreak with two objectives in mind which is to provide quick and hassle-free financing to SMEs during this critical period when liquidity is crucial.
“We also wanted to ensure that financing is accessible to smaller enterprises, such as startups and microenterprises, which often face difficulty in securing funding due to their lack of credit record or collateral.
“We are very pleased that the market has responded positively to this solution so far and most importantly, SMEs are getting the assistance they need,” John added.
Maybank also allows for instant account opening for SMEs via Maybank2u, with no introducer fee required in February last year.
Over 90,000 business accounts have been opened via Maybank2u despite the movement restrictions imposed
