UOB Inks Deal With Funding Societies To Provide Startups Access to Fundingby FintechNews Malaysia June 1, 2018
UOB Malaysia today announced it will partner with Funding Societies, a regional peer-to-peer (P2P) lending platform Through the partnership, start-ups and UOB Malaysia’s small business customers can access Funding Societies’ global investor network to raise additional working capital.
UOB Malaysia’s customers will be able to raise up to RM500,000 in capital directly from individual and institutional investors using Funding Societies’ online P2P platform without the need to pledge collateral.
Raymond Chui, Executive Director and Country Head of Business Banking at UOB Malaysia, said that the partnership with Funding Societies reinforces the Bank’s commitment to support Malaysia’s small businesses as they progress through different stages of growth.
“At UOB Malaysia, we have a deep understanding of the opportunities and challenges that small businesses face and the support they require. We recognise that businesses in the early stages of growth can sometimes find it difficult to gain access to additional working capital due to a lack of collateral, credit history, or business track record. By working with Funding Societies, we can offer new business owners who are just starting out a viable alternative to traditional bank loans.
“Our teams will also help businesses improve productivity by providing scalable digital solutions that help streamline and automate their administrative systems and processes. As these businesses increase in scale and establish a track record, we will be able to extend a wider range of term-financing solutions to them. This ensures we can help companies to progress through different stages of growth more rapidly,” said Chui.
Ryo Gim, Business Development Director of Funding Societies Malaysia, said the partnership with UOB Malaysia will help build greater awareness of P2P lending with Malaysia’s start-ups and small business owners.
“As P2P financing is still in its early stages of development in Malaysia, we have focused on and will continue to focus on building greater awareness among Malaysian business owners on how Funding Societies complements the traditional banking sector. We are here to provide short-term collateral-free financing solutions for small and medium-sized enterprises to expand their business or to support them through challenging times,” said Gim.