KUALA LUMPUR, Feb 20 — Maybank has launched the instant business account opening for small and medium enterprises (SMEs) in Malaysia via its online banking platform, Maybank2u.
The process, the first of its kind and fastest in Malaysia, allowed 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, the bank said in a statement today.
The process is available to new as well as existing customers, from micro, small to medium enterprises to sole and non-sole proprietors.
Community Financial Services (CFS) Group chief executive officer Datuk John Chong said SMEs are an important engine of growth for Malaysia, contributing 38.3 per cent to the country’s gross domestic product.
“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 said.
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.
The process is also equipped with an intelligent capability which is able to recommend the banking account best suited for the SME, given the size, nature and location of the 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.
The new instant account opening complements Maybank’s online application feature for collateral-free working capital financing via Maybank2u for existing SME customers.
“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 RM1.5 million with longer repayment tenure of up to seven years,” said Chong, adding that in 2019, the bank provided RM10.4 billion in financing to more than 15,000 SMEs.
“We expect the new hassle-free online account opening to provide an incremental growth of more than 10 per cent over the next three years, in addition to our overall account acquisition,” he said.