According to Maybank group CEO of community financial services Datuk John Chong, the digital solution has received overwhelming response since its launch six months ago, with an average of a few hundred applications a day.
He said Maybank SME Digital Financing was introduced at the height of the pandemic to provide quick and hassle-free financing to SMEs and to make it accessible to smaller enterprises.
"We are very pleased that the market has responded positively to this solution so far and most importantly, SMEs are getting the assistance they need," he added.
Of the start-ups and microenterprises that received approval for financing from Maybank SME Digital Financing, about 2,000 have been in operation for only two years or less.
"This is a breakthrough in our SME financing, to be able to expand our lending relationships to new business enterprises.
"By using our in-house data and credit knowledge while leveraging machine learning capabilities, we are able to better measure the risks of start-ups which often lack credit history and extend financing to them,” said Chong.
Through Maybank’s SME Digital Financing, SMEs can apply for financing online via Maybank2u or Maybank2uBiz anytime, anywhere, without having to visit a branch.
Registered SME businesses with turnover below RM25mil, including non-Maybank customers are eligible to apply for financing via the SME Digital Financing.
Approved applicants are able to obtain financing from as low as RM10,000 to a maximum of RM250,000 with a repayment tenure of up to five years.
Eligible existing customers can receive the approval status for their application in 10 minutes, and the funds can be disbursed within one minute upon acceptance of the offer.
All term financing offered via the Maybank SME Digital Financing is collateral-free, to provide quick financing to ease the immediate cash flow needs of small businesses.