RHB LAUNCHES NEW FINANCING PLATFORM

Lender targets RM100m loans for SMEs in next 12 months

RHB Banking Group’s newly-launched online financing platform for small and medium enterprises (SMEs) will help its goal of having SMEs make up 20 per cent of the group’s domestic financing by 2022.

“This is something we believe we can achieve via the pioneer online financing platform, as it provides SMEs with simple and fast term loans at competitive rates,” said group business and transaction banking head Jeffrey Ng Eow Oo at the launch, here, yesterday.

RHB Group is also targeting to approve loans worth RM100 million for SMEs in the next 12 months through the online platform.

Ng said 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.

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.

The online financing platform enables applicants to apply for loans within 10 minutes, with minimal data inputs and approval expected within five working days.

For now, it is only open to SMEs within the Klang Valley but it will be expanded to nationwide by the third quarter of the year.

There are some 900,000 SMEs in Malaysia, and almost 20 per cent of them are RHB customers.

SYAZANA ROSE RAZMAN PIC BY NURUL RHB Banking Group head of group business and transaction banking Jeffrey Ng Eow Oo (centre) with group chief communications officer Norrazah Sulaiman (right) and acting head of retail banking Nazri Othman at the launch of the online financing platform...