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Online platform in the pipeline to aid entrepreneurs' loan process

KOTA KINABALU: Bank Negara Malaysia (BNM) is working towards creating an online platform to ease loan process for entrepreneurs.
Governor Datuk Muhammad Ibrahim said BNM is currently collaborating with Credit Guarantee Cooperation (CGC) to develop such a platform, which will be completed by the year end.
"Based on research, entrepreneurs spend about 25 hours to search information for loan options and to prepare proposal papers for the loan application.
"So, this platform will help ease their burden and cost, once it is ready. It will also provide an easy access for them to look for the necessary information and apply for loan package," he said.
Muhammad adds that a Financial Accelerator Lab would also be implemented to provide a quick and systematic follow up assistance to facilitate those who failed to get loan.
He was speaking at the launch of Financial Carnival 2017 at Suria Shopping Mall, here, today.
Also present was Chief Minister Datuk Seri Musa Aman, Deputy Chief Minister Datuk Raymond Tan, and Financial Industry Collective Outreach (FINCO) chairman Tan Sri Azman Hashim.
Touching on Sabah's economy, Muhammad said the state has shown a steady economic progress, with a growth rate of 6.1 per cent in gross domestic product in 2015.
As Sabah is progressing forward to become business investment and tourism gateway, he said specific measures are needed to be put in place to spur its economic development further.
"In line with the Sabah corridor development aspiration, a holistic financing ecosystem has been created to support a conducive business environment.
"As of December 2016, banking institutions have channeled RM16.1 billion to small and medium companies in Sabah.
"This accounts for 68 per cent of total financing to businesses in the state," he said, adding non-performing loans by entrepreneurs in Sabah were also the lowest in the country.
Muhammad also said that BNM is focusing on providing transformative financial service to contribute to the people's welfare and economy.
He said though Malaysia has achieved a high financial inclusion, however, 16 per cent of adults in Sabah have yet to open a bank account.
"In this matter, banking agents initiatives will be enhanced, so that all levels of society is able to enjoy basic financial service.
"I am happy to note that, all 60 constituencies in Sabah now have at least one financial access facility as compared to only 24 constituencies in 2011," he said.
At the event, Musa launched the carnival and Finco, aimed at providing underpriviledged children and youth with educational tools as well as life aspiration.
In his speech the Chief Minister said Sabah had recorded a good track record for excellent financial managment for 16 consecutive years.
"Last year, we have received RM7.3 billion tourism receipts. This year, we will continue to spur our economy, as we continue to promote Sabah as an ideal place to visit and invest, “ he said.

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