KUALA LUMPUR, June 11 — RHB Banking Group aims to approve loans worth RM100 million for small and medium enterprises (SMEs) in the next 12 months with the launch of its online financing platform targeting the sector.
Head of Group Business and Transaction Banking Jeffrey Ng Eow Oo said the bank aimed to drive the growth of SME business segment so that it would contribute 20 per cent to its domestic financing by 2020.
“This is something we believe we can achieve via this pioneer online financing platform, as it provides SMEs with simple and fast term loans at competitive rates,” he told reporters after the launch of the platform here today.
Ng also said that no collateral would be required for the loans to empower SMEs to manage and grow their businesses as well as fund their working capital needs.
The RHB SME online financing platform enables applicants to apply for loans within 10 minutes with minimal data inputs — which includes uploading copies of identification cards of directors and shareholders and the company’s six months bank account records — to obtain financing within five working days.
The facility offers term loans with a minimum tenure of six months and up to 24 months for loans of between RM50,000 and RM300,000.
The SME financing application is open to SMEs with an annual turnover of less than RM35 million, starting with those in the Klang Valley before being expanded nationwide by the third quarter of this year.
“There are approximately 900,000 SMEs in Malaysia, and close to 20 per cent are RHB customers, giving us a nine per cent SME market share last year.
“We hope to increase our market share with this innovative product,” he added.