MTB, TallyKhata launch first end-to-end digital loan for small businesses
Mutual Trust Bank launched the country's first digital loan product for small businesses in collaboration with TallyKhata, according to a press release.
Small businesses can apply for working capital loans using the TallyKhata app and the loan may be approved by MTB in less than half an hour, the release added.
Khurshid Alam, Executive Director at Bangladesh Bank, inaugurated the MTB TallyKhata Digital Loan product as chief guest.
Also present were Syed Mahbubur Rahman (MD & CEO, Mutual Trust Bank), Dr. Shahadat Khan (Founder and CEO, TallyKhata), Soumya Basu (Visa Country Manager) and Muhammad Nazeem Hassan Satter (Generel Manager, SME Foundation). MTB official Azam Khan (Group Chief Communication Officer), Khalid Hossin (HODB), and TallyKhata officials Md Abu Taleb (CBO) and Mahfuzur Rahaman (CTO).
Khurshid Alam said, "MTB TallyKhata Digital Loan is a milestone for cmsME financing in Bangladesh. Bangladesh Bank always appreciates collaboration between banks and fintechs to introduce innovative services for small businesses in the country. We hope this product will help businesses to grow in impact on the national economy and employment generation."
Syed Mahbubur Rahman, MD & CEO, MTB said, "We are very happy to launch MTB TallyKhata Digital Loan - the first end-to-end digital loan for small businesses in the country."
Dr Shahadat Khan, Founder and CEO, TallyKhata, said, "Hundreds of thousands of small businesses are recording their business transactions everyday. We build a digital profile for each business along with KYC, photos and cash-flow data which can be used as the basis for working capital loans."
MTB TallyKhata Digital Loan allows small businesses to apply for working capital loans directly from the TallyKhata app. Currently the product is available for selected users in TallyKhata platform based on data analysis and artificial intelligence. Mutual Trust Bank assesses applications using dynamic credit scoring, conducts the CIB check and approves the loan. After approval, users can access the loan directly from the attached TallyPay wallet. Each user also gets a Visa card that can be used to procure business supplies.
