Bank Pembangunan Malaysia Berhad (BPMB) has formed a strategic partnership with Funding Societies, a Southeast Asian SME digital finance platform.
The collaboration, facilitated by BPMB’s subsidiary Ecologitec, aims to improve financing options for small and medium-sized enterprises (SMEs) in Malaysia through the SME Digital Partnership.
The SME Digital Partnership is designed to help SMEs that face difficulties in securing traditional funding.
BPMB is committing RM10 million to Funding Societies to support businesses in sectors like technology, infrastructure, and manufacturing.
This initiative complements BPMB’s services provided through Pembangunan Leasing Corporation.
Funding Societies operates in several Southeast Asian markets, including Singapore, Indonesia, Thailand, and Vietnam, and provides over US$1 billion in business financing annually.
This partnership supports the Securities Commission’s plan to improve MSME and MTC access to the capital market, contributing to Malaysia’s economic growth.
Roni Abdulwahab, Group Chief Executive Officer of BPMB said,
“At BPMB, we are committed to delivering impact capital that drives national development.
By bridging the funding gap and promoting financial inclusion, we empower SMEs, recognizing their crucial role in fuelling economic growth.”
Kah Meng Wong, Group COO, Co-Founder and CEO of Funding Societies Malaysia said,
“This partnership highlights the crucial role developmental financial institutions like BPMB and players such as Funding Societies can play in broadening the financing landscape and strengthening capital markets.
This marks a key milestone in our journey and is a testament to our shared vision to equip entrepreneurs with the financial assistance they need to thrive and contribute to the nation’s economy.”
Featured image: (From left) Muhammad Azraini Abdul Hamid, Group Head, Group Private Equity & Strategic Investments of BPMB with Kah Meng Wong, Group COO, Co-Founder and CEO of Funding Societies Malaysia.
