Malaysia’s Maybank has announced the launch of the instant business account facility for small and medium-sized enterprises (SMEs) in the country.
Now businesses can open a conventional or an Islamic business account instantly through Maybank’s online banking platform Maybank2u.
According to Maybank, the instant business account facility is also available for micro-businesses, sole or non-sole proprietors in the country.
The instant business account facility introduced by Maybank, is also the first of its kind in Malaysia and also the fastest.
Community Financial Services (CFS) chief executive officer Datuk John Chong highlighted the importance of SMEs in Malaysia and revealed the fact that SMEs contribute 38.3 percent to the country’s gross domestic product.
Datuk John Chong told the media, “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. 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.”
He added, “We expect the new hassle-free online account opening to provide an incremental growth of more than 10 percent over the next three years, in addition to our overall account acquisition.”
Recently, Maybank’s Islamic banking unit opened its first overseas branch in Dubai. In the UAE, Maybank will offer wholesale banking services and facilities with an emphasis on corporate financing, treasury, and capital market and trade finance.
Initially, the bank will focus on the GCC markets of Saudi Arabia, Kuwait, and the UAE.