Telco operator U Mobile announced a partnership with Funding Societies to offer business financing solutions for Malaysian micro, small and medium enterprises (SMEs), as well as small office/home office (SOHO) customers via its digital payment acceptance solution GoBiz.

Customers of U Mobile and Gobiz will be able to access Funding Societies’ P2P financing platform which offers flexibility in loans ranging from RM3,000 to RM1 million.

They said the entire process can be done digitally through GoBiz’s website and existing customers of U Mobile or GoBiz will not need to provide collateral or retention sum.

They claim that borrowers will be notified of the application status within two working days upon submission of documents

Jasmine Lee, Chief Marketing Officer of U Mobile, said

“Through U Mobile’s collaboration with Funding Societies, we will be making business financing accessible to micro, SMEs and SOHO Malaysian business owners. This is particularly beneficial for businesses finding it hard to secure a conventional bank loan and especially relevant in these challenging times due to the global pandemic. The new service is also extremely seamless and convenient as the entire process will be conducted online via our GoBiz website and it takes less than a minute. We hope this service will also help SMEs and SOHO Malaysian business owners to be less bogged down by admin and have more time and resources to grow their business.”

Wong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia commented,

“Whilst SMEs play an instrumental role in contributing to our nation’s economy, a large number of SMEs are still under-served by traditional financial institutions. Our mission is therefore to help these SMEs to grow through business financing. Our partnership with U Mobile will enable their customers to gain greater access to a variety of financing options via the GoBiz platform. This is made possible by leveraging on our proprietary technology infrastructure to seamlessly connect with U Mobile, thereby digitising and simplifying the application process by SMEs, leading to greater access to financing. Through this partnership, we will be able to provide greater opportunities for under-served businesses to obtain our tailor-made financing products to support their business financing needs.”