28 minutes
PETALING JAYA: Alliance Bank Malaysia Bhd aims to provide up to RM200 million in digital SME loans this financial year ending March 31, 2023 (FY23) compared with RM60 million in FY22, said senior vice-president and head of Digital SME Kevin Shum.
The bank’s latest digital solution Digital SME is helping small and micro enterprises manage and grow their business faster by leveraging the bank’s suite of digital solutions.
Alliance Bank’s Digital SME loan offers up to RM500,000 collateral-free financing via a simple online process that only requires submission of the company’s six-month bank statement. Applicants are notified in as little as 24 hours of their loan approval.
The bank also provides advice to micro enterprises on how to establish credit history and improve their credit profile.
“We also know that micro enterprises may face issues obtaining financing due to their limited credit history. We want to help them build their credit history by starting them with a small credit line, and subsequently help them expand by providing them quick access to financing via Digital SME once they are ready,” added Shum.
The Digital SME financing is applicable to businesses that have been in operations for at least a year and with an annual turnover between RM50,000 and RM30 million.
The bank will also be introducing new digital solutions to support micro and small businesses’ growth.
“We want to enable our business customers to remotely open a digital business current account anytime, anywhere. The digital business account will comprise several features including a small overdraft line and a business credit or debit card to help business owners manage their expenses more efficiently,” explained Shum.
In addition to financing, Digital SME offers financial advice on managing the business more efficiently.
