BNM’S ONLINE PLATFORM TO EASE LOAN PROCESSING
Online channel expected to be ready by year-end, says governor
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.
(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.