Bank Pembangunan Malaysia Berhad (BPMB) through Ecologitec Sdn Bhd, announced a strategic relationship with Funding Societies, the largest unified SME digital finance platform in Malaysia & Southeast Asia.
This partnership makes use of BPMB’s Matching Fund Investment Platform program to improve Malaysian SMEs’ access to funding.
The goal of the SME Digital Partnership is to increase SMEs’ access to financing, especially for those who are having trouble obtaining traditional capital.
In order to support companies in high-growth industries like technology, infrastructure, and manufacturing, BPMB is giving RM10 million to Funding Societies as part of this effort.
This funding would supplement BPMB’s current services offered through Pembangunan Leasing Corporation.
“This partnership with Funding Societies marks a significant milestone in our mission to support SMEs,” said Roni Abdulwahab, Group Chief Executive Officer of BPMB. “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. This collaboration reflects our dedication to Malaysia’s developmental agenda and our support for the success of SMEs.”
Funding Societies contributes invaluable knowledge and resources to this partnership. They are renowned for being leaders in SME digital finance throughout Southeast Asia.
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The organization provides more than US$1 billion in corporate financing yearly and works in important markets such as Singapore, Indonesia, Thailand, and Vietnam.
Kah Meng Wong, Group COO, Co-Founder and CEO of Funding Societies Malaysia said,“We are honoured to be collaborating with BPMB to better serve and extend credit to underserved MSMEs. 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.”
The SME Digital cooperation is positioned as a major contributor to Malaysia’s economic development as a result of this cooperation, which is in line with the Securities Commission’s five-year roadmap to improve MSME and MTC access to the capital market.
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About BPMB
Bank Pembangunan Malaysia Berhad (BPMB) is fully owned by the Malaysian Government via the Minister of Finance Inc. Its primary goals are to support Bumiputera businesses in the industrial and commercial domains with financial support and to foster a vibrant and competitive Bumiputera entrepreneurial community in alignment with the country’s developmental strategy.
About Funding Societies
Funding Societies | The biggest integrated digital finance platform for SMEs in Southeast Asia is called Modalku. It is registered in Malaysia, has licenses in Singapore, Indonesia, and Thailand, and conducts business in Vietnam. The FinTech company offers small and medium-sized businesses (SMEs) US$1 billion in business financing each year.
