Maybank plans RM 4-5 bln SME digital financing

Tuesday 22 September 2020 13:19 CET | News

Malaysia-based bank Maybank has plans to disburse about RM 4-5 billion (~USD 1 billion) loans through its newly launched digital financing solution for the SME segment named Maybank 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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Keywords: Maybank, SME, digital financing, loans, digital financing solution, SME segment, SMEs, Maybank SME Digital Financing, fund disbursement, digital platform, STP, straight through processing, disbursement, machine learning, digital lending
Categories: Banking & Fintech
Countries: Malaysia
This article is part of category

Banking & Fintech