Maybank launches instant online account opening for SMEs

Photo by Calvin Teo

Maybank announced the launch of its instant online account opening for SMEs on 20 February. With this, SMEs in Malaysia can now access instant account opening via Maybank’s online banking platform, Maybank2u.

This allows business owners to open a conventional or an Islamic business account from the comfort of their homes, offices or on the move, with no introducer required. It is available to new as well as existing customers of the Bank, from micro, small to medium enterprises; sole and non-sole proprietors.

Maybank’s Community Financial Services (CFS) Group Chief Executive Officer, Dato’ John Chong said that the launch of this new service reaffirms Maybank’s commitment to the further progress of Malaysia’s SMEs.

“SMEs are an important engine of growth for Malaysia, contributing 38.3% to the GDP. Opening a business account is a key step to enabling them to access a host of banking solutions that can support their operational demands and meet expansion needs,” he said.

Once accounts are opened, SMEs will be able to place fixed deposits, tap on payroll and payment solutions which include credit cards, Maybank QRPay, and Tap2Phone once they open their accounts.

“We understand the demands of an entrepreneur and our aim is to make the process as simple and convenient as possible to encourage SMEs to make that important first step of owning a business account,” continued Dato’ John.

The process is also equipped with an intelligent capability which is able to recommend the banking account best suited for the SME, given the size, nature and location of their company. Once the business account has been created online, the customer needs to activate it within 10 working days at a pre-selected branch.

Dato’ John added, “By having an online business account coupled with e-payment solutions, business owners will also be able to keep a better record of their cash flow, which can help with the documentation for loan application.”

The new instant account opening complements Maybank’s online application feature for collateral-free working capital financing via Maybank2u for existing SME customers.

“In line with our goal to be the “Digital Bank of Choice”, we will continuously leverage technology to elevate customer experience,” Dato’ John concluded.