Sunday, December 4, 2022
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ReportMaybank expects new digital solution to boost personal financing business by 30%

Maybank expects new digital solution to boost personal financing business by 30%

On the heels of launching its digital home financing service, Maybank has expanded its suite of online products with a personal digital financing solution, available in Islamic and conventional options.

The bank is projecting a 30% growth, at least, in its personal financing segment, with the Maybank Personal Digital Financing driving this expansion. Approved applications can expect funds to be disbursed within 10 seconds.

“From our experience, we know that customers value speed and convenience when it comes to personal financing, as the funds could be intended for urgent use such as medical emergencies. In addition to fast disbursement, Maybank Personal Digital Financing does not require collateral or a guarantor, making it ideal for customers who need cash in hand immediately,” explained John Chong, the group CEO of Maybank’s community financial services. “As normalcy resumes and with the country borders reopening next month, we expect consumer spending to pick-up considerably this year and return to pre-pandemic levels. Since the third quarter of 2021, we have seen a growing trend among personal financing applicants requiring financial support for wedding-related costs, travel, and home downpayments and renovations.”

Maybank Group has one of the largest Islamic banking brands in ASEAN and has been bolstering its digital capabilities. Earlier this month, it introduced a digital home financing solution, and last September, it rolled out a digital SME product. All of Maybank’s digital financing solutions offer fully Shariah compliant options.

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