KUALA LUMPUR: Small and medium enterprises (SMEs) in Malaysia will now be able to open accounts instantly via Maybank’s online banking platform, Maybank2u.
The first of its kind in Malaysia, this will allow business owners to open a conventional or an Islamic business account from their homes, offices or while on the move, with no introducer required, Maybank said.
The bank said on Thursday this service is available to new as well as existing customers of the bank, from micro, small to medium enterprises; sole and non-sole proprietors.
Maybank’s Community Financial Services (CFS) group chief executive officer, Datuk John Chong said the launch of this new service reaffirms Maybank’s commitment to further the progress of SMEs in the country.
“SMEs are an important engine of growth for Malaysia, contributing 38.3% to the GDP. Opening a business account is a key step to enabling them to access a host of banking solutions that can support their operational demands and meet expansion needs.”
He added that besides enjoying online banking convenience, SMEs can also place fixed deposits, tap on payroll and payment solutions which include credit cards, Maybank QRPay, and Tap2Phone once they open their accounts.
“Our online financing feature offers approvals to eligible applicants within 24 hours. For micro entrepreneurs, the financing amount is from RM20,000 to RM50,000, while for SMEs it is up to RM1.5mil with longer repayment tenure of up to seven years, ” said Chong. “In 2019, we provided RM10.4bil in financing to more than 15,000 SMEs.”
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