In today’s dynamic business landscape, small and medium-sized enterprises (SME’s) have emerged as integral drivers of economic growth and vitality.

In Malaysia, where SME’s constitute a staggering 97% of the business ecosystem, their collective contribution surpasses RM500 billion to the Gross Domestic Product (GDP), underscoring their pivotal role in the nation’s economic fabric.

Growing from a start-up into a thriving business requires strategic planning, but this exciting journey has been successfully navigated by SMEs throughout history and continues to be achievable today. This exciting growth path requires strategic transformations like capital investments, targeted marketing campaigns, and efficient distribution channels. These elements may seem complex, but with careful planning and available resources, ambitious entrepreneurs can successfully implement them.

Recognising the challenges and more importantly, the immense potential of SME’s, Maybank recently launched the Maybank myimpact SME—a comprehensive initiative designed to empower 1.2 million SME’s in the country.

This initiative is tailored to address the multifaceted complexities present in daily operations while propelling SME’s onto an upward trajectory within the global supply chain through value-centric solutions.

Maybank Community Financial Services Group Chief Executive Officer Syed Ahmad Taufik Albar says the bank made a commitment to understanding and addressing the unique challenges confronting SME’s.

“With nearly two-thirds of Malaysia’s 1.2 million SMEs choosing Maybank to serve all aspects of their business needs, we are proud to be the trusted partner for their business growth. We understand that every business has its unique needs, and we are committed to providing the right solutions to help them thrive. Access to financing, lack of manpower and other resources, complex regulations, and a competitive landscape are common challenges, but together, we can navigate them,” he says.

He adds the Maybank myimpact SME provides them with an all-encompassing, integrated ecosystem that extends beyond conventional banking facilities, offering value-based solutions based on sustainable and ethical principles as guiding pillars for success. Maybank myimpact SME emphasises sustainability as a core tenet, aligning with the evolving global landscape.

“Maybank myimpact SME provides a holistic approach, offering personalised solutions for businesses. Consultancy and advisory services will be delivered through partners who are experts and industry leaders in their fields. SMEs will have access to their expertise through complimentary online tools on our platform, followed by access to in-depth consultations and advisory services which can facilitate their sustainability journey, including certification process. These services can also provide solutions like solar panels, energy-efficient retro-fitting, trainings, and workshops,” Taufik explains.

On why Maybank chose to go with these features, he says it provides for better operational excellence for streamlined business operations and potential cost savings for customers’ and their business to be future-proof and aligned with the national and global sustainability requirements.

Through Maybank myimpact SME, SME’s are empowered to assess the entire spectrum of Environmental, Social, and Governance (ESG) readiness. Beyond providing the path to kick-start eco and ethical practices, SMEs can fortify their sustainability endeavours to comply with governance requirements. Further, SMEs can optimise their business operations, create greater revenue opportunities and provide an inclusive and safe working environment that positively impacts the environment, society and community.

With robust financing initiatives and strategic partnerships, Maybank is poised to catalyse SMEs’ adoption of sustainable practices, bolstering their resilience and competitiveness on a regional scale. SMEs stand to gain exponentially from Maybank’s own commitment towards sustainability and its vision to become a leader in sustainable finance.

In 2023, the bank mobilised RM34bil, ahead of its target for RM16bil while cumulatively, Maybank’s sustainability financing has hit RM68bil, against the targeted RM80bil by 2025.

“To further solidify Maybank’s leadership in regional sustainable finance, I envision a two-pronged approach: deepening our impact by offering propositions that will elevate our customer’s journeys, and broadening our reach by expanding our financing access for customers,” Taufik says.

He adds SME’s will be able to leverage Maybank’s extensive network across the region to collaborate with other institutions, fostering knowledge sharing and broader adoption of sustainable practices.

He says another key challenge for SME’s includes having access to fast cash when needed.

“We understand the needs of our SMEs for quick access to funds to manage the cash flow. In pushing for our drive and commitment for financial inclusivity to provide wider financing access to SMEs, we facilitate this through our SME Digital Financing. We provide quick online approvals of up to RM500,000. For higher quantum of up to RM20 million, SMEs can apply online where our officers are able to offer you flexible financing solutions tailored to your specific business requirements. That’s not all, we will also help facilitate application for government incentives for lower financing costs and rates,” he explains.

Looking ahead, he says Maybank remains steadfast in its commitment to advancing the Maybank myimpact SME ecosystem, enhancing offerings, and forging strategic alliances to foster a thriving environment for SME growth and innovation.

“We are constantly looking at initiatives that will optimise and streamline operations for our customers, providing cost savings or revenue opportunities. We will continue to build and grow the ecosystem to allow our SME customers to find all the resources, tools and network access needed to succeed in the global supply chain,” he says.

As Maybank continues to foster a culture of innovation and entrepreneurship, Taufik said they will continue expanding the solutions for Maybank myimpact SME while looking into continuous improvement.

“This is part of our Humanising Financial Services mission, providing a comprehensive set of banking and beyond banking solutions that are specially curated to improve and elevate our customers’ journeys.”