Special Report: ‘Banks risk losing SMEs to alternative lenders’

BANKS need to step up their digital game or risk losing small and medium enterprises (SMEs) to alternative lenders, according to US-based data analytics firm FICO.

Its recent survey of SMEs in Asia-Pacific found that 44% of respondents in Malaysia were interested in taking up new borrowing products this year, while 43% were considering alternative or non-traditional lenders. Interestingly, the…