RHB Banking Group introduces a revolutionary online platform, RHB SME Financing, targeted at Malaysia’s small and medium enterprises. This first-of-its-kind SME Financing online platform will position RHB as a forerunner in the digital banking space for SMEs in the country.
It is a simple, fast and seamless loan application experience with a user-friendly interface which enables customers to apply for SME term loans online within 10 minutes with minimal data inputs, and obtain financing within 5 working days. Only two documents are required to be uploaded to start the loan application. An online loan simulator is also available to assist customers to calculate their affordability. In addition, tracking of the application can be done through the status dashboard on the RHB SME Financing platform. The online platform offers SME term loans with a minimum tenure of 6 months, up to 24 months for disbursements of between RM50,000 and RM300,000. SMEs with an annual turnover of less than RM35 million are eligible to apply for the term loan online with minimal documents required. Customers can now apply for term loans without having to meet the Relationship Manager face-to-face at the application stage. Today, RHB launched its pilot run for the Klang Valley and will subsequently roll this out nationwide by the third quarter of this year.
Malaysia has approximately 900,000 SMEs in the country out of which close to 20% are customers of RHB, giving RHB an SME market share of 9% in 2017.
Jeffrey Ng Eow Oo, Head of Group Business & Transaction Banking, RHB Banking Group says, “RHB SME Financing online platform provides SMEs with simple and fast term loans at competitive rates, with no collateral required, in an effort to empower SMEs to manage and grow their businesses as well as fund their working capital needs. SMEs now have an avenue to obtain working capital financing at their fingertips. Our aim is to drive the growth of RHB’s SME business to contribute 20% of the bank’s domestic financing by 2020. Through this online platform, we target to approve RM100 million in SME loans over the course of one year.”
RHB Bank offers SMEs a robust payment eco-system that include a range of versatile products such as Corporate MyDebit Card, JomPAY, SME e-Retail Solution including ePOS – electronic point of sales; MPOS – a merchant card terminal; as well as the REFLEX Online Cash Management system. In addition to this, the RHB SME Banking online portal provides SME clients with quick access to information and products that are relevant to their businesses.