TM Selects CapBay as Fintech Partner for Vendor Financing ProgrammeSeptember 8, 2020 0 comments
CapBay, a P2P supply chain financing platform, became the first and only fintech selected to be part of Telekom Malaysia’s (TM) Vendor Financing Programme known as Perintis.
CapBay said it will aim to provide fast, affordable and fair access to supply chain finance solutions, bridging the cash flow gap for all levels and sizes of vendors throughout TM’s supply chain, including its SME subcontractors.
This comes on the heels of TM’s announcement earlier this month that they had partnered with 14 other financial institutions to provide training and development for vendors to improve themselves. The selected institutions will provide financing and consultation to TM’s local vendors.
The MOU was signed yesterday by Imri Mokhtar, Group Chief Executive Officer of TM and CapBay’s CEO, Ang Xing Xian alongside other representatives from a panel of distinguished banks.
The signing ceremony was witnessed by YB Dato’ Sri Dr Hj Wan Junaidi Tuanku Jaafar, Minister of Entrepreneur Development and Co-operatives, accompanied by Tan Sri Dato’ Seri Mohd Bakke Salleh, Chairman of TM.
“SMEs stand to benefit the most from this innovative programme as a large majority of TM’s vast network of nationwide vendors are SMEs”
said Tan Sri Mohd Bakke Salleh, Chairman of TM Bhd in his speech at the signing ceremony.
With this latest initiative, CapBay’s P2P investors can now expand and diversify their investment portfolio backed by government and large corporate receivables while earning healthier returns. CapBay offers lower risk investment notes in a bid to enhance investor trust and confidence especially during these times of uncertainty brought about by the COVID-19 pandemic.
Ang Xing Xian, CEO of CapBay said,
“With TM’s assistance in authenticating relationships and transactions, vendor processing requests will be digitised end-to-end, making risk assessment, onboarding and transactional financing simpler and faster,”
“With the recent OPR cuts, investors are worried that they will see lower returns on their investments and are looking for higher yielding investments that are relatively safe. At our core, we strive to offer P2P investors high quality investment notes that offer good yield and low financing loss risk. Investors can consider this as an alternative to fixed deposit savings,”
CapBay launched their P2P financing pilot programme in March 2020 amid the COVID-19 pandemic and claimed to have achieved over RM20 million of financing over 150 notes while maintaining zero defaults and financing losses for their investors.
Featured Image: TM welcomes CapBay as the first and only fintech for PERINTIS. From left: Ang Xing Xian (CEO and Co-founder of CapBay), Tan Sri Mohd Bakke Salleh (Chairman of TM Bhd) with Darrel Ang (Co-founder of CapBay)
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