Maybank Announces RM18 Billion SME Financing Plan for 2024
by Fintech News Malaysia February 20, 2024Maybank has announced its plans to disburse approximately RM18 billion in SME financing for the year 2024, according to Bernama.
This marks a 13 percent increase from the previous year, aiming to expedite the transition of its customers towards more sustainable and viable business operations.
Datuk John Chong
Datuk John Chong, Group Chief Executive Officer for Community Financial Services at Maybank, highlighted the bank’s commitment to supporting SMEs during the unveiling of the myimpact SME Hub yesterday.
This initiative, launched by Prime Minister Datuk Seri Anwar Ibrahim, is designed to offer comprehensive support to SMEs, encompassing expert guidance, tailored financing solutions, and assistance in achieving sustainability and operational efficiency.
The launch event saw the presence of notable figures including Finance Minister Il Datuk Seri Amir Hamzah Azizan, Religious Affairs Minister Datuk Dr Mohd Na’im Mokhtar, and Deputy Entrepreneur and Cooperatives Development Minister Datuk R Ramanan.
The myimpact SME Hub is envisioned as a comprehensive ecosystem for SMEs. It aims to serve as a knowledge hub and support system, promoting sustainable and ethical business practices among Malaysian SMEs.
Maybank has mobilised close to RM17 billion in financing in the preceding year, with RM5 billion directed towards sustainable financing. This contribution has elevated the total SME financing provided by the bank to RM66 billion for the period from 2019 to 2023.
In addition to financial support, Maybank has extended its services beyond conventional banking, offering over 18,000 SMEs loan repayment assistance amounting to RM30.4 billion since the onset of the pandemic.
Featured image credit: Edited from Freepik
