BNM’S ON­LINE PLAT­FORM TO EASE LOAN PRO­CESS­ING

On­line chan­nel ex­pected to be ready by year-end, says gov­er­nor

New Straits Times - - Business - AVILA GERAL­DINE KOTA KIN­A­BALU avila@nst.com.my

BANK Ne­gara Malaysia is de­vel­op­ing an on­line plat­form to ease loan process for en­trepreneurs. Gov­er­nor Datuk Seri Muham­mad Ibrahim said the plat­form is ex­pected to be ready by the end of this year.

“Based on re­search, en­trepreneurs spend about 25 hours to search in­for­ma­tion for loan op­tions and to pre­pare pro­posal pa­pers for the en­tre­pre­neur loan ap­pli­ca­tion.

“So, this plat­form will help ease their bur­den and cost, once it is ready. It will also pro­vide an easy ac­cess for them to look for the nec­es­sary in­for­ma­tion and ap­ply for loan pack­age,” he said.

Muham­mad added that a Fi­nan­cial Ac­cel­er­a­tor Lab would also be im­ple­mented to pro­vide a quick and sys­tem­atic fol­low-up as­sis­tance to fa­cil­i­tate those who failed to get loan.

He was speak­ing at the launch of Fi­nan­cial Car­ni­val 2017 at Suria Shop­ping Mall, here, yes­ter­day.

Also present was Chief Min­is­ter Datuk Seri Musa Aman, Deputy Chief Min­is­ter Datuk Ray­mond Tan and Fi­nan­cial In­dus­try Col­lec­tive Out­reach (Finco) chair­man Tan Sri Az­man Hashim.

On Sabah’s econ­omy, Muham­mad said the state has shown a steady eco­nomic progress, with a growth rate of 6.1 per cent in gross do­mes­tic prod­uct in 2015.

As Sabah is pro­gress­ing for­ward to be­come busi­ness in­vest­ment and tourism gate­way, he said spe­cific mea­sures are needed to be put in place to spur its eco­nomic de­vel­op­ment fur­ther.

“In line with the Sabah cor­ri­dor de­vel­op­ment as­pi­ra­tion, a holis­tic fi­nanc­ing ecosys­tem has been cre­ated to sup­port a con­ducive busi­ness en­vi­ron­ment.

“As of De­cem­ber 2016, bank­ing in­sti­tu­tions have chan­neled RM16.1 bil­lion to small and medium com­pa­nies in Sabah.

“This ac­counts for 68 per cent of to­tal fi­nanc­ing to busi­nesses in the state,” he said, adding that non-per­form­ing loans by en­trepreneurs in Sabah are also the low­est in the coun­try.

Muham­mad also said Bank Ne­gara is fo­cus­ing on pro­vid­ing trans­for­ma­tive fi­nan­cial ser­vice to con­trib­ute to the peo­ple’s wel­fare and econ­omy.

He said although Malaysia has achieved a high fi­nan­cial in­clu­sion, 16 per cent of adults in Sabah have yet to open a bank ac­count.

At the event, Musa launched the car­ni­val and Finco, aimed at pro­vid­ing un­der­priv­iledged chil­dren and youth with ed­u­ca­tional tools as well as life as­pi­ra­tion.

PIC BY MOHD ADAM ARININ.

(From right) Bank Ne­gara Malaysia gov­er­nor Datuk Muham­mad Ibrahim, Sabah Chief Min­is­ter Datuk Seri Musa Aman, Deputy Chief Min­is­ter Datuk Ray­mond Tan and Fi­nan­cial In­dus­try Col­lec­tive Out­reach chair­man Tan Sri Az­man Hashim at the launch of the Fi­nan­cial Car­ni­val 2017 in Kota Kin­a­balu yes­ter­day.

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