KUALA LUMPUR: Funding Societies, a digital finance platform for small and medium enterprises (SMEs), has disbursed a total of RM13.4 billion in funding over five million loan transactions to SMEs across Southeast Asia since 2015.
It said that almost 100,000 SMEs had benefited from access to financing as the company continues to expand across five countries in the region.
“In Malaysia, the platform has disbursed RM2 billion in financing amounts since 2017,” the company said in a statement today.
Co-founder and group chief executive officer Kelvin Teo said 2022 was a big year for Funding Societies despite the uncertain macro environment.
“Committed to empowering SMEs in the region, we have scaled up in Thailand and Vietnam, deepened localised financing propositions, and secured our first credit line from a global commercial bank HSBC with RM224 million.
“We have also entered into payments with CardUp and investment into Bank Index, as SMEs’ needs extend beyond financing,” he said.
Its Malaysia country head Chai Kien Poon said SMEs would require additional financial support as they contribute towards the country’s projected 4.5 per cent gross domestic product growth in 2023.
“While working with stakeholders, we look forward to continuing our growth and positively impacting the Malaysian economy and our society by enabling micro, small, and medium enterprises as well as creating and supporting jobs,” he added.
Funding Societies said it would continue to support underserved SMEs via an extensive range of short-term financing solutions while achieving an overall platform cohort default rate of under 2 per cent.
It is registered with the Securities Commission Malaysia (SC), as well as licensed in Singapore, Indonesia, and Thailand, and operates in Vietnam. – BERNAMA
