RM5b Trade Financing with myTrade2Cash

Through myTrade2Cash, 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 Zahir said.

myTrade2Cash which 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 requirement.

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. 
 

 

 

011114TheStar/MKMA4514

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