Funding Societies Malaysia Surpasses RM1 Billion in Financing Disbursement
by Fintech News Malaysia January 25, 2022SME digital financing platform Funding Societies Malaysia, announced that it has disbursed RM1 billion in financing to micro, small and medium enterprises (MSMEs) across more than 17,000 financing deals.
This milestone comes as the platform enters its fifth year of operations in the country.
Funding Societies said that the platform was in a better position to react and to adjust its business model and risk underwriting by learning from the challenges and uncertainties it faced in the past two years.
This had resulted in the firm witnessing 100% growth of financing deals in 2021 compared to the previous year, while maintaining a default rate of around 3%.
Funding Societies remains bullish of its growth trajectory this year, aiming to disburse more than RM500 million in financing.
Regionally, the platform has reached RM8.5 billion total financing disbursement as of January.
Wong Kah Meng
Wong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia said,
“The pandemic has paved a new era of digital inclusion. This simultaneously allows us to scale further in reaching out to more of these creditworthy MSMEs, in line with their increased awareness on digital financing platforms.
This RM1 billion disbursement milestone is a reflection of the thousands of underserved creditworthy SMEs we have supported over the years, not just in Malaysia, but also across Southeast Asia.”
