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Malaysian bank launches instant online account opening for SMEs

SMEs in Malaysia will now be able to enjoy the convenience of instant account opening via Maybank’s online banking platform, Maybank2u.

The ultra-convenient process, the first of its kind and fastest in Malaysia, allows business owners to open a conventional or an Islamic business account from the comfort of their homes, offices or on the move, with no introducer required. It is available to new as well as existing customers of the Bank, from micro, small to medium enterprises, sole and non-sole proprietors.

The bank’s Community Financial Services (CFS) Group Chief Executive Officer stated that the launch of this new service reaffirms Maybank’s commitment to the further 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.

In addition to being able to enjoy 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.

The bank understands the demands of an entrepreneur and the aim is to make the process as simple and convenient as possible to encourage SMEs to make that important first step of owning a business account.

The process is also equipped with an intelligent capability which can recommend the banking account best suited for the SME, given the size, nature and location of their company. Once the business account has been created online, all the customer needs to do is to visit their pre-selected branch within 10 working days to activate it.

By having an online business account coupled with e-payment solutions, business owners will also be able to keep a better record of their cash flow, which can help with the documentation for loan application.

The new instant account opening complements Maybank’s online application feature for collateral-free working capital financing via Maybank2u for existing SME customers.

The 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 RM1.5 million with longer repayment tenure of up to seven years.

In 2019, the bank provided RM10.4 billion in financing to more than 15,000 SMEs.

It is expected that this new hassle-free online account opening to provide an incremental growth of more than 10% over the next three years, in addition to overall account acquisition.

In line with its goal to be the “Digital Bank of Choice”, the bank will continuously leverage technology to elevate the customer experience.

Malaysia to help SMEs go digital by 2022

The need to accelerate the digitalization of small and medium enterprises (SMEs) is constant in Southeast Asia. This is so that SMEs can remain relevant in the global market and gain a competitive edge, OpenGov Asia earlier reported.

The governments of many SEA countries are, therefore, ramping up efforts, at a national level, to push SMEs to be digitally-enabled and technologically equipped to meet the demands of an increasingly digital world.

Malaysia is evidently keen on achieving such goals by the year 2022, in line with governmental efforts to empower a digital society.

The country is actively taking on multiple initiatives to get businesses to leverage viable solutions that could help automate operational processes and achieve digital proficiency.

In particular, the government has prioritized digitalization efforts among SMEs to maintain relevance, maximize business efficiency, and increase productivity.

There is also a strong focus on digital payment capabilities as the country believes that enabling the service is a crucial first step to digitalization.

As a result, the government is working closely with banks to offer SMEs a seamless and interoperable integration with banking systems.

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