RHB Approves Up To RM500,000 In Financing Assistance For SMEs

RHB’s Head of Group Business and Transaction Banking, Jeffrey Ng

RHB Banking Group (RHB) has introduced Smart Interview, a virtual feature which forms part of the RHB Financing (SME) Mobile App. The feature allows Small and Medium enterprise (SME) customers to complete financing applications, which include interviews and site inspections virtually through their mobile devices.

The app’s latest feature utilises facial recognition technology and draws upon various technological innovations embedded into the existing RHB Financing (SME) mobile app to provide an alternative to physical interaction.

The latest version of the app has also been refreshed with additional features such as integrated MyKad checks and API data matching to enhance fraud detection and customer security.

Through this digital platform, customers can submit and undertake all actions required to complete their applications online, which includes the uploading of supporting documents. Lastly, status of application is made available in real time via the mobile app.

RHB’s Head of Group Business and Transaction Banking, Jeffrey Ng said the new Smart Interview feature within the RHB Financing (SME) mobile app addresses shifting customer preferences towards remote loan and financing applications during the Covid-19 outbreak.

“The application process is simplified by removing the need to conduct physical site visits to business premises as well as in minimizing the amount of supporting documentation required. As such, we can provide business owners a more convenient, secure, and seamless experience for them to submit and complete their applications from the comfort and safety of their own offices,” he added.

According to Jeffrey, the RHB SME Online Financing web portal and RHB Financing (SME) mobile app have benefited more than 2,000 SMEs, with a total financing of approximately RM500 million being approved in support of small businesses in Malaysia up to March 2021.

“As part of our wider RHB SME Ecosystem, both the web portal and mobile app have attracted much interest from SME owners, where we have seen an overall increase of more than double in terms of application value over the past year.

With these latest enhancements, we expect to further extend another RM500 million in financing to small local businesses this year,” he concluded.

SMEs may apply for financing facilities of up to RM1,000,000 through the RHB Financing (SME) mobile app, with payment tenor of between six to 84 months without the need for collateral.

Businesses are only required to submit six months’ bank statements as supporting documentation, which is to be uploaded through the system as part of the application process.

Readers can access RHB official website for more information on RHB’s Smart Interview and the RHB Financing (SME) mobile app.

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