RHB Targets to Grant RM31 billion to finance SMEs by 2021HB Bank Berhad (RHB) targets to grant RM31 billion in new and additional financing for small and medium enterprises (SMEs) by 2021. This is part of the bank’s effort to provide SMEs with easy access to financing, in line with the government’s push to spur greater SME economic participation.
At the Annual General Meeting (AGM) press conference today, Dato’ Khairussaleh Ramli, Group Managing Director, RHB Bank Berhad, said, “We have approved RM7.2 billion in 2018 to support the growth of more than 4,000 SME companies in Malaysia. In the next three years, we target to grant more than RM31 billion in new and additional financing which will benefit approximately 18,000 SMEs.”
“Our aim is to provide SMEs with services that are beyond the granting of credit facilities, but also to provide them with a holistic ecosystem that are able to offer targeted and innovative products and value added services that will allow them to focus on growing their business” he added.
To-date, RHB has connected more than 100,000 SMEs through its Cash Management solutions and SME e-Solution which includes payroll and accounting solutions. Through the SME ecosystem, the Group is poised to connect to 15,000 new SMEs in 2019.
RHB’s SME ecosystem offers a line-up of cloud-based business solutions aimed at empowering SMEs with versatile solutions. In fueling SME growth, RHB’s SME ecosystem comprises the following;
• RHB SME e-Solutions – all-in-one solution designed for SME customers including Accounting Software and e-Point of Sale.
• RHB SME Online Financing and Online Business Current Account Opening – a customer self-initiated online loan application portal that allows small businesses to apply for financing in a few minutes and receive cash within a few days.
• RHB Financial Supply Chain (FSC) – offers business solutions that optimise working capital and provide liquidity to business through ecosystem financing by which suppliers and retailers can perform payment for goods and services through RHB’s platforms.
• RHB Biz Power – a business lending solution which provides SMEs the flexibility to obtain financing with a customised combination of Term Loan, overdraft (OD) and trade facility based on needs.
The Group will continue to enhance its product and service offerings within the ecosystem as part of its continuous effort in prioritizing and spurring the growth of Small and Medium Enterprises in Malaysia.