KUALA LUMPUR: RHB Banking Group’s newly launched online financing platform for small and medium enterprises (SMEs) will help towards fulfilling the group’s target of getting SME business to contribute 20 per cent to its domestic financing by 2022.
“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,” said its head of group business and transaction banking Jeffrey Ng Eow Oo at the launch today.
RHB Group is also targeting to approve loans worth RM100 million for SMEs in the next 12 months through the online platform.
Ng noted that no collateral would be required for the loans.
“This is to empower SMEs to manage and grow their businesses as well as fund their working capital needs he said, while noting that 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 currently open to SMEs with an annual turnover of less than RM35 million.”
The RHB SME online financing platform enables applicants to apply for loans within 10 minutes with minimal data inputs, with approval expected within five working days.
For now, the financing platform is only open to SMEs within Klang Valley before being expanded nationwide by the third quarter of this year.
There are some 900,000 SMEs in Malaysia, and almost 20 per cent are RHB customers.