NewsFintech

Maybank plans RM 4-5 bln SME digital financing

For 2020, with three and a half months left, the bank expects to disburse about RM 500 million via the product. The overall projection for SMEs is to disburse about RM 35 billion over the next three years and the digital platform is expected to contribute about 17% of the total disbursement, according to Maybank staff. 

Maybank SME Digital Financing offers an end-to-end digital experience, with full straight-through processing (STP), from application to approval and disbursement. Machine learning enables the entire process, from application to approval, to be completed within 10 minutes. The new product marks the bank’s further expansion in the digital lending space. All term financing offered via the platform is reportedly collateral-free to provide quick financing to ease the immediate cash flow needs of small businesses. 
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