Kuala Lumpur, 29 March 2021 – Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) was recently named “Best Trade Finance Bank in Malaysia” by the Global Banking & Finance, and its BizSmart® eTrade solution, the “Most Innovative Trade Finance Banking Product in Malaysia”.
The BizSmart® eTrade enables business owners easy access to their account, submit and check the status of trade financing applications on-the-go via the BizSmart® Mobile App. Launched in September 2020, Alliance Bank was the first bank to allow Bankers’ Acceptance or Trust Receipts application via mobile phones.
The digital solution has been well-received by Alliance Bank’s SME customers. By December 2020, nearly 30% of the Bank’s monthly trade transactions were conducted via this mobile platform.
“With just a few taps on the phone, this convenient and paperless BizSmart® eTrade platform allows for the digital submission of the business owners’ trade financing applications without being physically present at the bank. The approved trade proceeds will be credited into the customer’s account within 24 hours of approval. This saves our customers time so they can focus on their business’ success,” said Mr Joel Kornreich, Group Chief Executive Officer of Alliance Bank.
Ms Chai Chew Lean, Finance Director of LWD Industry Sdn Bhd, who uses the BizSmart® eTrade, said that it has significantly helped reduce the time spent on administrative paperwork. “BizSmart® eTrade makes it very convenient for me as I can access the platform anywhere and anytime from my mobile or tablet. Also, our efficiency has improved because we can now upload our supporting documents. This helps save time and cut down on the manual work such as printing, sorting and storing documents,” said Ms Chai.
BizSmart® eTrade was one of the digital innovations rolled out by the Bank last year. Alliance Bank also introduced other digital innovations, including the BizSmart® Mobile App and Digital SME Lending. The BizSmart® Mobile App offers business owners the ease to manage their business financials on-the-go with instant access to all their account details, submit and schedule multiple transactions as well as approve multiple transactions. Digital SME Lending offers a simple, convenient, fast, and paperless solution for customers to apply for financing online.
The Bank also provides other solutions to help SMEs develop and manage their business better through digitisation. BizSmart® Solution is a one-stop community platform that enables business owners to connect, obtain relevant solutions, expand market reach and acquire training to upskill themselves and their employees.
For more information on the BizSmart® eTrade solution, please visit https://www.alliancebank.com.my/eservices/alliance-bizsmart-etrade.
