[Finance News]

Ambank Launch a Fully End-To-End Digital On-Boarding for SMEs In Malaysia

AmBank announce on 14 June 2021 Malaysia’s first fully end-to-end electronic business current account opening for SMEs. This is the first truly contactless customer experience for digital on-boarding where it completely eliminates the need for a physical meeting, which is essential during the movement control order (MCO) period.

This new value-added proposition from AmBank will provide an option for business sustainability as well as allow retail SMEs to grow and lookout for new opportunity, even during the movement restriction period as this would allow businesses to continue to operate by leveraging on AmBank’s digital capabilities.

When an application is submitted by a representative of the company, all owners or directors will be triggered to perform digital verification from their mobile phones to reaffirm the intention of the company to open a bank account.

“As part of AmBank’s digital transformation journey, we are continuously curating seamless customer experiences by introducing digital innovations with our customers in mind – to enhance their banking experience with us, making it convenient, fast, secure and truly digital.”
Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group

“We believe that banking institutions play an important role in supporting the development and growth of the SME segment. Our end-to-end digital on-boarding solution will allow SMEs to fast track their digitisation journey, especially in the wake of the current pandemic. This is fully in line with our government’s effort to digitise SMEs and establishes our commitment to ensure SMEs are equipped to deal with the new normal,” added Datuk Iswaraan Suppiah, Group Chief Operations Officer, AmBank Group.

This seamless approach to on-boarding SMEs also allows instantaneous registration to AmAccess Biz, AmBank’s digital banking channel dedicated to SMEs. The solution is currently in a pilot phase and will soon be available to New Partnerships and Sdn Bhds in the first phase and Sole Proprietorships in the second phase.

Digital account opening for SMEs is part of AmBank’s innovative roadmap to empower SMEs with essential tools to manage their finances, access working capital, grow and digitalise their business models entirely online.

For more info, head over to https://www.ambank.com.my/

AmBank Strengthens Financial Relief for Affected Borrowers with Repayment Assistance in Excess of RM15.2 billion

AmBank has stepped up its ongoing efforts in providing relief to customers, both individuals and SMEs who are affected by the movement control order (MCO) that was recently re-implemented as part of the nation’s efforts to fend off the global COVID-19 pandemic.

AmBank’s efforts are in line with the Government’s Targeted Repayment Assistance initiative, which was announced under the Pemerkasa Plus financial aid package.

Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group, said “We welcome the Government’s call for Banks to provide further assistance to those who are severely impacted by the pandemic. AmBank will continue to assist customers through the Repayment Assistance packages and the rescheduling and restructuring plans that meet their respective needs.”

“To this end, as at 31 March 2021, we have extended approximately RM15.2 billion in repayment assistance for loans and financing for all customer segments and have approved close to 100% of these applications. We aim to extend this service further, up to 31 December 2021 and are also conscious of the need to review the potential of granting further extensions, if need be, in light of MCO 3.0.”

AmBank will be proactively engaging with customers via Relationship Managers to extend their trade bills by one cycle in order to further cushion the impact to cash flow.

“We would like to urge customers to reach out to us to discuss repayment assistance and at the same time, the Bank will also continue to engage with our customers especially those in the affected industries,” added Dato’ Sulaiman.

The Repayment Assistance will be extended to all AmBank customers who have experienced loss of employment, B40 who are recipients of the Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR) and any microenterprise (with approved loan/financing facilities of less than RM150,000) as well as SMEs and microenterprises that are not allowed to operate during the MCO (locked-down sectors), with the choice of a payment deferment for three months or a reduction of monthly instalments by 50% for a period of six months.

In addition to this, all individual loan / financing customers who have suffered a reduction in income will be offered a lower monthly instalment payment plan, which corresponds with the reduction in their income.

For customers who are not eligible for any of the abovementioned schemes or would require other forms of assistance, the Bank is also providing repayment assistance which suits the financial needs and circumstances of these customers, as part of its initiative to help alleviate the financial burden of customers in need.

For more information on the repayment assistance, head over to https://www.ambank.com.my/eng/repayment assistance.

Individuals and businesses in need of Repayment Assistance may contact AmBank at:

For Individual Customers:

03-2178 8888 (Operational daily from 8.00 a.m. to 8.00 p.m.); or
03-2054 6688 (Operating hours: Monday to Thursday, from 8.45a.m. to 5.45 p.m. and Friday, from 8.45 a.m. to 4.45 p.m.)

For Business Customers: