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Alliance Bank Launches Malaysia’s First Mobile Trade Financing Submission Platform

Kuala Lumpur, 1 September 2020 - Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) has launched a new digital solution – the Alliance BizSmart® eTrade, Malaysia’s first mobile trade financing submission platform.

The Alliance BizSmart® eTrade provides convenience, paperless, as well as fast approval and disbursement of funds into the customer’s account. It also enables business owners to submit Bankers’ Acceptance or Trust Receipts financing electronically via the BizSmart® Mobile app. Approved trade proceeds will be credited into the customer’s account within 24 hours of approval.

“Through this platform, business owners are no longer required to physically send their trade financing applications to the bank. They can now spend more time growing their business and less time on paperwork as all trade financing submissions can be done with just a few taps on their mobile phones,” said Mr Jeff Tham Kok Kuen, Group Chief Corporate & Commercial Banking Officer.

He added that the COVID-19 pandemic has accelerated the adoption of digital solutions among businesses.

“Today, it is estimated that 50% of our business customers are actively using our online and mobile BizSmart® platform and we target to get an additional 25% of our clients to adopt these digital platforms over the next three years.”

Alliance Bank customers can access the solution via the BizSmart® Mobile App. It enables business owners to access and monitor their account, and submit and check submission status of their trade financing applications on-the-go.

Mr Lim Poon Chuan, Director of LH Uni Distribution Sdn Bhd, who is one of the Bank’s trade finance customer and an early adopter of the BizSmart® eTrade said that having the solution means he now does not need to rush his employees to prepare the trade submission documents for approval before he leaves for his work trips or holidays.

“I used to rush my employees to complete the trade submission documents for my signature before I travel. But now, I can check and approve the transactions anytime anywhere using only my mobile phone and security token,” said Mr Lim, whose company distributes fast-moving consumer goods.

The Bank has been accelerating its digitisation to make the interactions with customers simpler, faster and more responsive.

Through the Bank’s award-winning Branch-in-a-Tablet solution, it has improved business account opening to “1 day, 1 visit”. The Bank’s officers are also able to attend to customers at any location of their choice outside the branch. The innovative solution was recently recognised at the Financial Insights Awards 2020, where the Bank won the “Best Digital Bank in Malaysia”.

Moving forward, Alliance Bank will also be launching the Digital SME Loan which provides a simple, convenient, fast and paperless solution for businesses to apply for a clean loan online.

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