GAX Eyes Up To 20,000 Loan Applications From MSMEs
27 November 2015BERNAMA
KUALA LUMPUR, Nov 27 (Bernama) — The Growth Accelerator Exchange (GAX) hopes to receive between 10,000 and 20,000 financial assistance applications from micro, small and medium enterprises (MSMEs) in Malaysia.
GAX, powered by Silverlake Axis Ltd technology solutions, is a digital financing solution platform for MSMEs and is expected to be fully operational by the second quarter of 2016.
Silverlake Senior Executive Vice-President Fabian Lum Wai Kit said the maximum loan amount is RM100,000 with an annual interest rate ranging between 10 per cent and 16 per cent.
GAX was launched by Prime Minister Datuk Seri Najib Tun Razak at the recent ASEAN Business and Investment Summit, aimed at helping MSMEs in Malaysia and the ASEAN region with easy and accessible e-finance solution.
Lum said after having a presence in Malaysia for one or two years, GAX would extend its financial services to other ASEAN countries.
“Compared to the lengthy application processing period of one to six days from local financial institutions, the GAX application process only takes five minutes to complete,” he told a press conference after the GAX media launch here today.
On the application requirements, he said applicants should be active in the ecosystem for at least one year and must provide consent to access their data.
For instance, GAX will monitor online merchants’ performance through their sales, transactions and customer ratings, while for offline merchants such as auto repair workshops, it will access their ecosystem via the auto insurance claims platform which provides data on their claims and insurer ratings.
Meanwhile, Lum said currently, the capital for GAX comes from Silverlake Chairman, Goh Peng Ooi and his daughter, Cassandra Goh.
He does not rule out that GAX would source more capital from crowdfunding in the future.
Silverlake is a Malaysian-based provider of digital economy solutions and services for organisations in various industries.
Also present at the launch were ASEAN Business Advisory Council Chairman Tan Sri Munir Majid, Goh and Cassandra Goh.