RM5b Trade Financing
Malaysian SMEs will enjoy one-stop convenience as they can
easily apply for trade financing via the portal once an
export shipment is made.
The service, which was the result of a collaboration of
Malayan Banking Bhd (Maybank) with DagangNeXchange Bhd (DNeX),
was launched on Friday. It is a centralised online trade
financing service, to facilitate some RM5bil to
Malaysian-based SME exports in the next three years.
myTrade2Cash, the first of its kind in Asean,
enables SMEs to conveniently apply for trade finance
facilities from Maybank through DNeX’s online platform.
“The process is made simpler
given the availability of the SMEs’ past trading records and
financial statements online via DNeX. Hence, we can offer
quick turnaround coupled with reliable and cost effective
processing, all without the need for collateral. SMEs can
then receive their export proceeds speedily and focus on
growing their business,”
Maybank’s group head of global banking, Amirul Feisal Wan
went live on Friday, offered SMEs financing of between
RM500,000 to RM3mil. It was expected to serve more than more
than 100,000 customers including exporter SMEs.
Here’s how it works:
The customer has to register online at www.mytrade2cash.com.
Once successful, the customer will be issued with an ID and
password for online applications to a range of Trade Finance
services, using valid sales or purchase orders as a
In the second step, a credit check on the SME’s overseas
buyer will be conducted by an international credit insurance
company thus allowing the customer to make well-informed
decisions, forecast financial flow months ahead, and avoid
risk of loss.
The third step will be the approval from Maybank, following
which the customer will receive up to 100 % draw down of
either the pre-shipment or post-shipment value.