Malaysian fintech startup MoneyMatch announced today a strategic and multi-pronged partnership with microLEAP, a Shariah-compliant and Conventional P2P (Peer-to-Peer) Financing Platform, regulated by the Securities Commission of Malaysia.
This strategic partnership will entail both MoneyMatch accessing microLEAP’s strong base of local investors seeking Shariah-compliant investment opportunities, while assisting MSMEs seeking business financing, as well as microLEAP being able to offer their market-leading Islamic financing solutions directly to MoneyMatch’s over three thousand active small-medium enterprise customers.
MoneyMatch’s Shariah-compliant investment note of MYR 1 million is the largest deal ever completed on microLEAP’s platform, since its inception, and is one of the largest Shariah-compliant Investment Notes in the P2P Islamic space.
This deal was 100% funded in under three days, making this deal not only the largest, but one of the fastest ever completed on microLEAP’s platform.
Tunku Danny Nasaifuddin Mudzaffar, the Founder & CEO of microLEAP, said,
“As a strong supporter of homegrown Malaysian fintech companies, we’re delighted to partner with MoneyMatch to provide short-term Shariah-compliant P2P Financing. This mutually beneficial partnership is key to both microLEAP and MoneyMatch on our respective growth plans. We look forward to exploring more avenues with this collaboration”.
The strategic partnership also entails microLEAP offering their Shariah-compliant financing solutions directly to MoneyMatch’s base of SME customers to which with the country moving into the endemic phase now, represents perfect timing to offer support in terms of business financing to the underserved SMEs.
“Today heralds just the start of what we see as a long-term commitment and partnership with one of the country’s top Islamic financing platforms as we combine our solutions to help the underserved SMEs in our country who are looking to recover and grow as we exit this pandemic phase.”
said Adrian Yap, CEO of MoneyMatch.
