Maybank, a partner to two-thirds of Malaysia’s 1.2 million SMEs, has taken a significant step forward in empowering them by automating bookkeeping.
This innovative solution frees them to focus “on their core business and allows for a more efficient way of managing their finances, seamlessly connected to the growing Maybank business ecosystem.”
As part of the Maybank myimpact SME ecosystem, this initiative “provides a holistic approach, offering personalized solutions for their business.”
Consultancy and advisory services will be “delivered through expert industry partners, with access to their expertise through complimentary online tools on Maybank’s platform.”
The bank is also assisting with “the e-invoicing process to further streamline operations and achieve its goal of disbursing RM18 billion in SME financing this year.”
Syed Ahmad Taufik Albar, Maybank Group CEO of Community Financial Services said,
“This initiative exemplifies Maybank’s commitment to Humanising Financial Services by offering values-based solutions that go beyond banking. With nearly 800,000 of Malaysian SMEs choosing Maybank when it comes to products and services, we want to empower them with the innovative tools to thrive in today’s evolving digital landscape.”
This initiative aligns with Maybank’s M25+ strategic thrust “to intensify customer-centricity and accelerating digitalisation by leveraging on next-gen technologies and analytics for seamless and transparent solutions.”
It also strengthens the myimpact SME “values of growth, sustainability, and innovation.”
By collaborating with Peppol-accredited e-invoicing accounting solutions partners, Autocount, Bukku, and SQL, Maybank offers SMEs access to the following:
- Automated Bank Reconciliation: Eliminate manual processes and ensure data accuracy through seamless bank feed integration through secure connection between SME’s Maybank business current accounts and the accounting software.
- Streamlined Invoicing and Bookkeeping: Provide financial clarity with user-friendly software solutions by simplifying financial management to prepare for the upcoming e-invoicing mandates (August 2024 for businesses exceeding RM100 million, July 2025 for all).
- Enhanced Visibility: Gain insights, visibility and transparency on business transactions from the dashboard, leading to improved credit evaluation for businesses’ future expansion plans.
- Compliance Support: Ensure adherence to evolving government regulations, including the upcoming e-invoicing mandate.
For the SME bank Feed, Maybank “offers a complimentary six-month premium cloud accounting subscription worth over RM1,400 for first-time users, to allow SMEs to explore and select the solution that best fit their business and needs.”
Additionally, Maybank also offers benefits for its SME customers through the Top Up Work+ Business Campaign:
- Up to 1.0% p.a. higher returns on Maybank Business Account balances (until September 30, 2024).
- Streamlined payroll and payments with Maybank2u Biz and Maybank2E platforms for greater efficiency and minimising human errors through automated solutions.
- Employee benefits including preferential financing options on Maybank offerings, including loans and financing, wealth management and credit cards, fostering talent retention.
