Maybank has launched the Maybank SME Digital Financing solution, where it takes only 10 minutes for small and medium enterprises (SMEs) to get their loan approved.
According to Maybank, the Maybank SME Digital Financing is the first in market to offer a completely end-to-end digital experience, with straight-through processing (STP) all the way from application to approval and disbursement too.
“Machine learning enabled, the entire process from application to approval is designed to be completed within 10 minutes, setting a new benchmark for turnaround time for SME financing in the country,” the bank said in a statement.
The digitisation aspect of this process means that SMEs can apply for financing via Maybank’s online platforms, Maybank2U or Maybank2U Biz, any time of any day. The application process also requires minimal information and no documentation for existing customers. If all records are in order, the decision of the application will be communicated in as quickly as 10 minutes – and the funds can be disbursed within one minute of an accepted offer.
For customers that are new to Maybank, the process will take slightly longer as they have to undergo a brief on-boarding verification process. However, branch visits are still not a requirement even for new customers and decisions on the loan application will be provided within two working days.
Datuk Abdul Farid Alias, group president and CEO of Maybank, considered this solution a breakthrough in its SME financing as it incorporates an enhanced credit tool. “Using our in-house data and credit knowledge while leveraging machine learning capabilities, we are now able to measure the risks of our customers better, and provide financing even to start-ups which have only been in operation for one year,” he said.
Farid added that it has been a constant challenge for banks to craft an approach for SME funding where the risks are still acceptable. “However, by marrying technology and finance, Maybank was now able to assess the business viability and extend financing to start-ups which often struggle to secure funding mainly due to lack of credit history or collateral,” he concluded.
You can find out more about Maybank’s collateral-free SME Digital Financing here.
(Source: The Star)