• Published on 11 September 2024
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Maybank announces strategic investment in Funding Societies

Maybank, serving over one million small and medium enterprises (SMEs) across ASEAN, announced a strategic investment in Funding Societies | Modalku (Funding Societies), a digital finance platform for micro, small and medium enterprises (MSME) in Southeast Asia.

In conjunction with this investment, Maybank will explore collaborative synergies with Funding Societies to promote inclusivity and bridge funding gaps within the communities it serves. The transaction represents the inaugural investment under a new initiative at Maybank to strategically invest and partner with best-in-class digitally-enabled organisations across ASEAN. This investment forms part of Maybank’s approach to accelerate innovation to serve the MSME community. It aligns with Maybank's M25+ strategic thrust, aiming to accelerate digitalisation through ecosystem orchestration within and beyond the banking sector.

Established in 2015, Funding Societies is a regional financial technology company specialising in financing MSMEs. Since its inception, Funding Societies has disbursed over $4 billion in business financing, positively impacting more than 100,000 businesses across Malaysia, Singapore, Indonesia, Thailand, and Vietnam. In Malaysia, Funding Societies was one of the first entities registered as a Recognised Market Operator by the Securities Commission Malaysia.

Khairussaleh Ramli, president and group CEO of Maybank, stated: “Maybank has consistently championed small and medium enterprises– the backbone of ASEAN economies. Our investment in Funding Societies underscores our commitment to driving financial inclusion, in line with our purpose of humanising financial services. By leveraging our banking expertise alongside Funding Societies' innovative digital platform, Maybank is committed to fostering a robust SME ecosystem and ensuring a brighter, more sustainable future for all.”

Kelvin Teo, co-founder and group CEO of Funding Societies, expressed, “We are honoured by Maybank's support, reflecting a shared commitment to serve MSMEs in Malaysia and the region. This partnership reaffirms our dedication to extending credit access to underserved MSMEs that face cash flow management challenges – an area we are progressively expanding to help these businesses fulfil their business potential.”

Re-disseminated by The Asian Banker