PETALING JAYA: Malayan Banking Bhd (Maybank) aims to increase its small and medium enterprise (SME) customers’ participation rate on its digital platforms to 80%, from 67% currently, in the next 12 months with the introduction of its mobile-first application for SMEs, Maybank2u Biz, according to Maybank community financial services group CEO Datuk John Chong.
Maybank currently serves about 58% out of the 1.15 million of the total number of SMEs in Malaysia, which represent 97.2% of all business establishments here.
Maybank today launched the Maybank2u Biz application, which is intended to simplify SMEs’ day-to-day banking activities, and is equipped with tools to ease their business operations.
Maybank group president and CEO Datuk Abdul Farid Alias said Maybank2u Biz is designed to be more than just a banking application – a business companion that helps ease SMEs’ burden and empower them to drive their businesses forward.
“We have made it simple, because entrepreneurs should be spending more time making decisions instead of managing daily operations. Also we have made key financial data easy to access and understand for the SMEs.”
SMEs can get a full view of their accounts in Maybank on the dashboard of the app, which allows them to make quick assessments of the business’ financial health at a glance. They are also able to download a year’s worth of cash flow data in spreadsheet format on demand, without having to wait for the traditional month-end statements. With the information, business owners can now plan better, make better decisions, or even spot potential red flags in their cash flow early.
“As with all Maybank digital solutions, security is paramount to us. We have introduced Secure2u to Maybank2u Biz to safeguard their transactions and give them peace of mind,” Farid told reporters during the virtual launch of Maybank2U Biz App, adding that the application will be enhanced with more features that will help SMEs power up their businesses.
Its head of virtual banking and payments, Kalyani Nair, said business tools such as cross-border transfer and expansion of the invoice features will be enabled.
On data protection and the prevention of fraud, she said the application’s security protocol is similar to Maybank2u and MAE applications.
“We have taken all security measures such as Makers-Checkers dual control and Secure2u to ensure that customers have a safe experience. With more than 20 years of digital banking experience, our security protocol, as well as internal and external teams, ensure that the application is safe for the customers,” she said.
Maybank2u Biz was developed to cater to the needs of busy business owners, who are always on the go and managing multiple tasks. It is suitable for partnerships, private limited companies, professional firms, educational institutions, clubs, society and associations.
