KUALA LUMPUR, Aug 24 (Bernama) — AmBank has launched PayG, Malaysia’s first term loan where its size is linked to the volume of business processed through a merchant POS terminal.
This will enable clients to access working capital that is aligned to the size of their business and offers greater flexibility and control.
It is also part of a growing suite of solutions for SME clients under AmBank’s SME in a Box programme that not only provides financial services but is well-positioned to help SME’s transition into the digital economy through its various strategic partnerships with telcos, e-commerce ventures and loyalty programmes.
“I am excited with the launch of PayG as we continue to enhance our digital solutions for SMEs. With PayG, we are able to offer our customers with quick access to working capital using data obtained through the POS terminal.
“Over time we will continue to enhance this offering and aim to make it even easier and quicker to access.” said Aaron Loo, Managing Director, Retail Banking, AmBank.
“We are constantly improving and enhancing our product and services offerings digitally for our customers. With Pay As You Grow, we have created the easiest financing option for merchants looking for quick and fuss-free working capital.
“The end to end process is easy, starting from applying for the loan, to receiving the funds and even all the way to repayment. Pay As You Grow repayment is auto-deducted in micro-amounts from the merchant’s daily billing,” said Datuk Iswaraan Suppiah, Group Chief Operations Officer, AmBank Group.
PayG is unique in a way that it allows AmBank to offer its merchant partners term loans using the transaction data obtained through the POS terminal.
As merchant business volumes grow, the size of the loan offered will grow with it.
AmBank is currently a leader in providing Merchant Business Solutions and currently serves over 40,000 merchants through its extensive network of branches and relationship managers.
The launch of PayG further strengthens AmBank’s position as a market leader in both – merchant and digital space.
For further information on PayG, kindly visit ambank.com.my/payg