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RHB rolls out Malaysia’s first AI-powered SME financing mobile app

03 Aug 2020 / 22:40 H.

PETALING JAYA: RHB Banking Group has launched the RHB Financing (SME) Mobile App, the first AI-powered “customer self-initiated” SME financing mobile app in Malaysia, which is aimed at automating the customer on-boarding process and adds a new dimension of digitalisation to the process of submitting financing applications.

The app also enables customers to interact with RHB’s relationship managers (RM) via mobile app and submit applications remotely and securely at their convenience, without having to physically meet their RMs or visit any RHB branch.

The RHB Financing (SME) Mobile App complements the group’s SME Online Financing web portal and forms the latest enhancement to the RHB SME Ecosystem, which offers end-to-end financial services as well as innovative and versatile financing solutions for SMEs.

RHB group business & transaction banking head Jeffrey Ng said the RHB Financing (SME) Mobile App allows customers to submit financing applications remotely, and to receive faster approval on their financing applications.

“[Being powered by AI], this puts more control in the hands of business owners, ensuring that they have access to a safe, secure and efficient platform so that they can focus on building their businesses,” he said.

The RHB Financing (SME) Mobile App provides SMEs with fast term loans at competitive rates, without the need for collateral. The app also provide eligible business owners the convenience of applying for RHB BizPower Relief Financing of RM50,000 to RM1 million for a maximum tenure of up to seven years.

So far, RHB has seen approximately 5,000 submissions since the launch of the SME Online Financing web portal in 2018. The group aims to finance RM500 million to support small businesses in the next one year through the use of this new app.

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