KUALA LUMPUR: Maybank and Credit Guarantee Corporation Bhd (CGC) announced the launch of the first-of-its-kind direct application programming interface (API) platform for SME digital financing.
The integration will result in a faster CGC guarantee approval process through real-time approvals, empowering small and medium enterprises (SMEs) with instant access to cash upon loan acceptance.
Maybank group president and chief executive officer (CEO) Datuk Khairussaleh Ramli said Maybank understands the challenges and changing landscapes of SMEs in the country, which are now rebuilding after the recent market slowdown.
“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,” he said in a statement today.
Maybank and CGC also announced the launch of an additional tranche of RM500 million under the SME digital financing scheme during a signing ceremony held recently. Through its collaboration with CGC since 2013, Maybank has approved a total financing of close to RM9 billion for more than 26,000 SMEs.
Maybank said the enhanced SME digital financing platform through the embedded API will help achieve the bank’s overall target of disbursing over RM10 billion in loans to SMEs this year, of which over RM5 billion has since been drawn down as of the first half of the year.
Since the launch of SME digital financing in 2020, Maybank has supported over 26,000 SMEs with total financing of RM2.8 billion.
As of June 30, 2023, out of the RM2.2 billion balance outstanding for the SME digital financing, about 60 per cent or RM1.3 billion falls under the portfolio guarantee scheme.
The strategic partnership was signed by Maybank group CEO, community financial services, Datuk John Chong and CGC chief business officer Sean Tan; and witnessed by Khairussaleh and CGC president and CEO Datuk Mohd Zamree Mohd Ishak.
For more information, visit www.maybank2u.com.my/smefinancing or contact the Maybank SME hotline at 1300 80 8668. – BERNAMA
