Maybank YES SME E-Financing Solutions Fuel Technology Growth
(19 June 2023 – Singapore) Maybank Singapore’s newly launched YES platform has connected over 500 small business owners raising capital, seeking access to business management tools and engagement for their products.
The Malayan Banking Berhad (Maybank) platform enables SMEs to connect and exchange insights as well as scale up their operating functionality through guided courses.
YES offers online account opening, a Maybank Business credit card, SME e-Financing of up to S$150,000 over a five year tenor and SME Start Digital subsidising up to two business efficiency and cybersecurity digital solutions to support SMEs that decide on going digital.
Capturing 20 percent SME market share in Singapore, deposit competition has already seen Maybank’s net interest margin (NIM) contract according to Moody’s, necessitating the rise in operating expenses to deliver the bank’s ambitious digitalisation plans.
“A chief concern is capital sufficiency and funding gap at this nascent stage. Without at least two years of operating track record, it is often difficult for them to secure a bank loan for daily working capital or business expansion; and many would rely on their own savings or private fundraising efforts” commented Maybank Head of SME Banking Maybank Singapore, Marc Leong.
“We want to address this liquidity pain point through our latest e-financing solution that enables loan approvals within minutes, anywhere and at any time.”
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