Maybank has launched Maybank2u Biz, a mobile-first application for small and medium sized enterprises (SMEs) to help ease their business operations.

The app was developed to cater to the needs of busy business owners, who are always on the go and managing multiple tasks.

The bank said that the app is suitable for partnerships, private limited companies, professional firms, educational institutions, clubs, society and associations.

With its simple and intuitive interface, banking transactions can be performed easily, anytime and anywhere via the application.

The “Maker-Checker” authorisation process for transactions have also been simplified for efficient on-the-go approving without compromising on transparency. For example, one can now approve up to 10 transactions at a time within an extended seven day approval period.

Maybank2u Biz also comes with an “invoicing” tool which allows business owners to create, issue and track invoices.

Invoices can be customised using ready-to-use templates, and sent out to their customers via various communication channels such as email and chat messaging applications on their mobile devices.

Once issued, these invoices can be tracked on the dashboard of the application, helping businesses stay on top of their receivables.

In addition to its functionality, SMEs can also easily access their in-depth financial information through the application.

SMEs are also able to download a year’s worth of cash flow data in spreadsheet format (CSV) on-demand, without having to wait for the traditional month-end statements.

Existing Maybank business customers can just download the app and log in with their Maybank2u Biz ID and password to start using it immediately, with the data from all their accounts automatically made available in the new app.

Non Maybank customers can open a business account online via Maybank2u, with a single trip to the branch to activate their account.

Datuk Abdul Farid Alias, Group President and Chief Executive Officer at Maybank said,

“With its intuitive interface, easy navigation, and useful business tools, we believe Maybank2u Biz will be well received by SMEs, as Maybank currently serves 58% of the SMEs in Malaysia.

 

This is just the first phase of the application; we will continue to enhance it and bring in more features that will help SMEs power up their businesses.”