Malaysia’s RHB Bank Berhad intends to fund small and medium-sized enterprises in Singapore to expand its business.
Jason Wong, country head of RHB Bank Singapore, said SMEs may enjoy quicker turnaround time when applying for loans. Working capital could be made available in just one week from the current three to four weeks.
RHB Bank will also strengthen support for SMEs in trade finance and help facilitate transactional payments.
"We see SMEs as a mainstay in Singapore, especially since they support many of the major industries and provide more than half of all employment here," Wong said.
"A lot of SMEs will be looking into improving their productivity . . . and RHB sees a strong market opportunity there."
RHB Bank is based in Kuala Lumpur and specializes in commercial banking, corporate and investment banking and international banking services. It is a part of RHB Capital Berhad financial conglomerate.
Do you know more about this story? Contact us anonymously through this link.