Alliance Bank named Malaysia's Best Trade Finance Bank


Joel Kornreich

KUALA LUMPUR: Alliance Bank Malaysia Bhd has been named "Best Trade Finance Bank in Malaysia” by Global Banking & Finance.

In addition, the bank’s BizSmart eTrade solution clinched the "Most Innovative Trade Finance Banking Product in Malaysia.”

In a statement today, Alliance Bank said the BizSmart eTrade, launched in September 2020, offered business owners the ease to manage their business financials on-the-go with easy access to their account details, submit and check multiple applications as well as approve multiple applications via the BizSmart Mobile App.

According to the bank, it was the first bank to allow bankers’ acceptance or trust receipts application via mobile phones.

It said the mobile app had garnered nearly 30 per cent of the bank’s monthly trade transactions by December 2020.

Group chief executive officer Joel Kornreich said BizSmart eTrade platform allowed digital submission of the business owners’ trade financing applications without being physically present at the bank.

"The approved trade proceeds will be credited into the customer’s account within 24 hours of approval. This saves our customers time so they can focus on their business’ success,” he said.

Other digital innovations by Alliance Bank include Digital SME Lending that offers a simple, convenient, fast, and paperless solution for customers to apply for financing online and one-stop community platform BizSmart Solution that enables business owners to connect, obtain relevant solutions, expand market reach and acquire training to upskill themselves and their employees. - Bernama

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