Small and medium enterprises (SMEs) needing fast funds for their business can now look to Maybank for additional financial assistance. Maybank has launched the first-of-its-kind direct application programming interface (API) platform for SME Digital Financing in collaboration with Credit Guarantee Corporation Bhd (CGC).
The API integration aims to help SMEs have instant access to cash upon loan approval through a faster CGC guarantee approval process as everything will be in real-time.
In addition to that, they have also announced another tranche of RM500 million towards the SME Digital Financing scheme.
Maybank’s collaboration with CGC since 2013 has led to over 26,000 SMEs receiving financing that total up to RM9 billion. And with the embedded API and enhanced SME Digital Financing platform, Maybank hopes to push towards their target of achieving over RM10 billion in financing disbursements for SMEs in 2023.
As Malaysia is currently in a state of rebuilding its market after a slowdown, Maybank’s President and Chief Executive Officer Datuk Khairussaleh Ramli noted the challenges and changing landscape that SMEs face today and how Maybank will help during this journey.
“In line with its mission to humanise financial services, the bank endeavours to continuously reimagine its SME banking customer journey by offering value-added services within and beyond banking,” said Dato Khairussaleh.
Meanwhile, CGC President and Chief Executive Officer Datuk Mohd Zamree Mohd Ishak said through the newly launched API, they will be able to “speed up the end-to-end journey, from application to disbursement, for MSMEs’ financing applications guaranteed by CGC. This will further promote the financial inclusion agenda for Malaysian MSMEs.”
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