Alliance Bank helps business owners grow their business with its innovative, award-winning trade financing submission mobile app
The business landscape is rapidly changing as it evolves from brick-and-mortar to online. Remarkably, despite the COVID-19 challenges, Malaysia’s total trade recorded a new milestone in 2021, surpassing RM2 trillion and registering the fastest growth since 1994.
The strong trade performance is largely contributed by SMEs, the backbone of the national economy, making up 97.2% of overall business establishments and accounting for over 38% of Malaysia’s Gross Domestic Product (GDP), as reported by the Department of Statistics Malaysia.
Moving forward, SMEs are well-positioned to achieve the target as outlined in the Twelfth Malaysia Plan of increasing their contribution to 45% of GDP and contribution to exports to 25% in 2025.
As international trade continues to recover, SMEs can utilise trade financing instruments and products to capitalise on global trade opportunities and optimise their revenue base.
To this end, Alliance Bank launched BizSmart® eTrade, Malaysia’s first mobile trade financing submission platform, to assist SMEs in managing their business operations effectively. This service enables the submission of Bankers’ Acceptance or Trust Receipts digitally via the BizSmart® Mobile app or online without physically visiting any branches.
Submissions can be made anytime, anywhere, and users can track their transaction status in real-time or be notified through email, SMS and push notifications via the BizSmart® Mobile app or web.
“Traditional trade financing submissions typically involve an extensive manual administrative process. As a Bank that has long served business owners’ needs, we understand the urgency to secure funds quickly to capture market opportunities. This is why we launched the BizSmart® eTrade – to provide fast approval and disbursement of funds,” said Mr Jeff Tham, Group Chief Corporate and Transaction Banking Officer of Alliance Bank.
Taking into account the needs of SME owners, the BizSmart® eTrade platform has been enhanced to incorporate digital applications for Promissory Note and supplier payments to over 85 countries in all major currencies for Bankers’ Acceptance, Trust Receipts, and Promissory Note.
The inclusion of Promissory Note provides more options and flexibility to business owners as it allows them to choose the trade financing instruments that best fit their business operation needs.
“Alliance Bank understood our business and was very supportive of our expansion plans. They partnered with us by giving us flexible loans. This was a good fit given our unique company structure,” said Mr Choy Peng Yew, Chief Executive Officer, Pet World International Sdn Bhd.
“They helped us with our factory and machinery setup, which led to us setting up our first production line, enabling us to accelerate our growth in this industry. When we moved into our digitalisation phase, we deepened our partnership with Alliance Bank by integrating their BizSmart® eTrade system into our daily business operations,” he added.
“We are proud to call a multiple award-winning bank like Alliance Bank a trusted partner in our journey. The fact that they have been with us for the last 10 years is a testament to the strength of our business relationship,” said Mr Choy.
Ms Joey Luah York Chan, the Group Financial Controller of Pet World International, added: “In a modern digital and sustainable world, the BizSmart® eTrade helps us manage our daily business operations better. Thanks to digital submissions and quick disbursements of funds, our cash flow management, from payment to collection, is now much more efficient.”
“Now that Foreign Bills is part of the BizSmart® eTrade offerings, it is much easier to process invoices from suppliers and exporters from different countries.”
Since its inception, BizSmart® eTrade has provided a fast, simple and reliable platform for SMEs to manage and scale up their operations more efficiently, especially in the manufacturing, wholesale and retail sectors. The digital platform’s robust and reliable performance is well-recognised, having won several regional and local recognitions, including the Retail Banker International Asia Trailblazers Awards 2022 for “Best App for Customer Experience”.
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