Maybank's YES Fuels Tech-Driven Growth Of Small Businesses

Getting the right funds to grow their business remains a challenge for SMEs.

New business owners face a plethora of hurdles before they can kick start their business. These include garnering the necessary engagement or publicity for their products, raising capital, and even the lack of access to the appropriate business managing tools: accounting, digital marketing, and payroll.

Unfortunately, getting the right funds to set up these cornerstones for their business remains a challenge for new entrepreneurs.

“A chief concern is capital sufficiency and funding gap at this nascent stage. Without at least two years of operating track record, it is often difficult for them to secure a bank loan for daily working capital or business expansion; and many would rely on their own savings or private fundraising efforts,” Marc Leong, head of SME Banking at Maybank Singapore, told Asian Banking & Finance.

“We want to address this ‘liquidity’ pain point through our latest e-financing solution that enables loan approvals within minutes, anywhere and at any time,” Leong said.