Kadazan Dusun
Latest News
Sabah hoping for U-turn on tennis exclusion |  Pelancong China mati lemas |  APMM tahan sebuah bot pam dengan muatan 50kg ikan |  Esscom kekal bagi memastikan keselamatan Sabah: Muhyiddin |  Hanya tiga menteri berani bersuara terhadap Najib: KP SPRM |  Najib tidak ditahan, dua saksi penting akan dipanggil |  Esscom potindoozon montok mongiho kozo do koumohigan Sabah |  Tutumombuhui kusai China nokito do nohonod id Pulau Sibuan |  Kaganapan gunoon kalamazan Kaamatan om Hari raya kouha |  SOGILIT KIHOOGO RM44,820 NAGAMU DO APMM TAWAU |  Proton car buyers to enjoy zero-rated GST prices |  Govt to review mega projects – Azmin |  Inflation expected to rise slightly in April |  Consumer body – apply spirit in consumerism |  ESSCom stays to secure region | 

Two FinTech leaders partner up for SMEs

6th February, 2018

KOTA KINABALU: Two leading local Financial Technology (FinTech) startups, Funding Societies and MoneyMatch, announced an official strategic partnership to broaden access to alternative financial services for Malaysian small and medium-sized enterprises (SMEs).

Chief Executive Officer of Funding Societies, Malaysia Wong Kah Meng said that this is a very exciting partnership as it is a first between platforms regulated by Bank Negara Malaysia and Securities Commission Malaysia.

“Through the collaboration, we aim to drive greater adoption of value-added FinTech services to more Malaysian businesses, particularly for smaller enterprises which are underserved,” he said in a statement here, yesterday.

Funding Societies, Malaysia’s first and largest peer-to-peer (P2P) financing platform, will support efforts to build awareness for MoneyMatch, across border money transfer platform approved by Bank Negara Malaysia.

In turn, Money Match will refer clients in need of business financing to Funding Societies. The arrangement is subject to SME customers’ consent.

He added that, the collaboration aims to provide businesses, particularly SMEs, with a wider range of options when searching for quality business financing and when performing cross border transactions.

“For example, an SME making a purchase of raw materials or inventory from overseas can utilize joint FinTech solutions from both startups.

“The SME can obtain working capital financing with no collateral requirements from Funding Societies to fund the purchase, while also executing remittance payments with lower fees and better exchange rates through MoneyMatch.

“Funding Societies connects SMEs with investors through an online marketplace, thereby increasing access to financing for the SME sector. By investing into SMEs, investors could earn returns up to 14 per cent per year, higher than fixed deposits, bonds, and other traditional instruments.”

“On the other hand, SMEs could obtain up to RM500,000 in working capital financing to expand their business through a fast and simple online-based process.”

Wong added that SMEs do not need to provide collateral as part of the financing requirements, while interest costs are minimized due to short financing tenors.

According to estimates cited by the Securities Commission (SC), the Malaysian SME sector has a financing gap of more than RM 80 billion. Market-based financing options like Funding Societies can provide alternative solutions to address the needs of Malaysian SMEs.

Meanwhile, MoneyMatch, a comprehensive and fully digital cross border payments FinTech startup based in Malaysia, offers a cheaper, faster, and more convenient online-based digital process for individuals to perform remittances and for businesses to perform cross border transactions.

Email Print