MAYBANK2U BIZ: Supporting Your Business’s Growth And Expansion Through Thick And Thin
As businesses grow, they face different challenges and find different pathways to growth along the way. Underlying it all, however, is finance – solid financial backing, steady and stable cash flow, and state-of-the-art financial technology. Small and Medium Enterprises (SMEs), in particular, have very specific needs when it comes to financial matters.
According to Maybank, the largest financial services group in Malaysia, the lingering effects of the COVID-19 pandemic continue to be felt across the Malaysian economic landscape, especially by SMEs.
Based on past experience with its business clients over the years, Maybank noted that SMEs were more in need of financial support than ever. Business owners were pressed for time as they strove to make better and faster business decisions in order to stay afloat during the crisis, leading to greater fatigue and loss of concentration.
Talent management – especially in terms of migrant labour, as well as those with expertise related to the ICT field – became a critical challenge, as many foreigners returned to their countries due to the pandemic.
Even day-to-day operational tasks became burdensome as SMEs struggled to keep pace with the drudgery of record-keeping and of staying on top of other backend processes such as procurement, payroll, supply chain and logistics, and so on.
In response to SMEs’ needs, Maybank made an effort to simplify its business-oriented products and offerings, placing them under the single, unified branding of Maybank Business Solutions. This integrated, comprehensive solution set provides ready-made solutions, set up for businesses to grow, all of which are available using the dedicated Maybank Business Solutions platforms.
SME customers stand to benefit substantially from adopting Maybank Business Solutions, which feature a holistic suite of products and services designed to meet all the various needs of SMEs right from the get-go. For instance, the bank promises that SMEs can apply online and choose the most suitable banking account, as recommended by Maybank, from a range of 6 different business account options in less than 10 minutes, regardless of when or where the process was started, cutting down the amount of time needed.
The products and services themselves were designed to be ‘mobile-first’, with most functions and capabilities being accessible from the Maybank2uBiz mobile app specifically designed for SMEs, or through a Web browser, in a safe, secure, and efficient manner.
Day-to-day financial operations such as invoicing/billing and payments can be carried out using the mobile apps (or via a Web browser) on the go. This means that business owners do not have to carve time out of an already-busy schedule to do these functions, instead being able to do this during ‘dead time’ such as during their commutes to and from the office.
Maybank is cognisant of the financial hardships that many SMEs faced pursuant to the pandemic. SMEs looking for financial support in order to tide themselves over during these tumultuous times (or who are planning to grow and expand their businesses) will be encouraged to note that Maybank Business Solutions has got SMEs covered on that front too.
By applying online through the Maybank2UBiz website, businesses looking for financing can gain access to a maximum of RM250k worth of funds, with a repayment term of up to 60 months. The application takes all of 5 minutes, while the approval happens within 10 minutes, and disbursement of the funds only takes 1 minute. SMEs can also apply for trade financing in the forms of trust receipts, invoice financing, and foreign exchange contracts.
Maybank Business Solutions has also taken note of the increasing digitalisation trend towards electronic commerce and cashless in-store payments, and has made it significantly easier for SMEs who are unfamiliar with these technologies to adopt them in a painless, hassle-free manner.
Through the Sama-Sama Lokal (SSL) and Maybank QRPayBiz initiatives, SMEs are able to support online business from order-taking through to payment and delivery, as well as cashless payment in their physical establishments, without needing to invest in costly infrastructure or recurring subscription fees. Hence, empowering them to grow their business more conveniently.
SSL is a 0% commission online sales platform that promises to boost business online, providing local sellers with access to over 12 million potential customers nationwide. SSL is accessible via the MAE app and on the Maybank2u website, while Maybank and its delivery partners offer free delivery service for up to 10km in selected locations.
Maybank QRPayBiz, meanwhile, enables brick-and-mortar shops to accept cashless/contactless payments via a static or a dynamic QR code (which is DuitNow QR-compatible, for customers who prefer using other e-wallet platforms) that customers can scan using their mobile phones, with the merchant app providing real-time sales tracking and monitoring.
With these business-friendly services from Maybank Business Solutions, SMEs are able to gain access to a wide plethora of conveniently-accessible financial features and functions regardless of space and time. SMEs can also be confident that they are backed by the nation’s most valuable bank brand.
SMEs looking to benefit from Maybank’s extensive range of business-oriented products, services, and solutions can start off by opening a Maybank Business account. Existing account holders can then download the Maybank2uBiz mobile app and start enjoying omni-channel access to financial services from Maybank Business Solutions.
When the invoice is sent, the app allows users to monitor the status of invoices, mark them and give them the option to remind the customers to fulfil these invoices. The M2U Biz app can conveniently send customers a receipt as well.