Digital banking accounts for SMES

KUALA LUMPUR: Ambank will launch Malaysia’s first fully end-to-end electronic business current account opening for smalland medium enterprises (SMES) to aid business continuity for small businesses.

The bank said the digital account opening for SMES is part of its innovative roadmap to empower SMES with essential tools to manage their finances, access working capital, grow and digitalise their business models entirely online.

The solution is currently in a pilot phase and will soon be available to new partnerships and Sdn Bhds in the first phase and sole proprietorships in the second phase.

“As part of Ambank’s digital transformation journey, we are continuously curating seamless customer experiences by introducing digital innovations with our customers in mind to enhance their banking experience with us, making it convenient, fast, secure and truly digital,” said Ambank Group group chief executive officer Datuk Sulaiman Mohd Tahir in a statement yesterday.

Ambank said this initiative is the first truly contactless customer experience for digital on-boarding which completely eliminates the need for a physical meeting, which is essential during the movement control order period.

This will provide SMES an option for business sustainability as well as allow retail SMES to grow and look out for new opportunities during the movement restriction period as they will be able to continue operations by leveraging on Ambank’s digital capabilities.

The seamless approach to on-boarding SMES will also allow instantaneous registration to Amaccess Biz, Ambank’s digital banking channel dedicated to SMES.

When an application is submitted by a representative of the company, all owners or directors will be triggered to perform digital verification from their mobile phones to reaffirm the intention of the company to open a bank account.

“We believe that banking institutions play an important role in supporting the development and growth of the SME segment. Our end-to-end digital on-boarding solution will allow SMES to fast track their digitisation journey, especially in the wake of the current pandemic.

“This is fully in line with our government’s effort to digitise SMES and establishes our commitment to ensure SMES are equipped to deal with the new normal,” said Ambank Group group chief operations officer Datuk Iswaraan Suppiah.