Maybank’s Strategic Investment in Funding Societies: A Boost for MSMEs in Southeast Asia
Singapore, Sept. 11, 2024 – In a significant move aimed at bolstering the small and medium enterprise (SME) sector across Southeast Asia, Maybank has announced a strategic investment in Funding Societies | Modalku (Funding Societies), the region’s largest unified digital finance platform for micro, small, and medium enterprises (MSMEs). This partnership not only underscores Maybank’s commitment to financial inclusion but also aims to bridge funding gaps that many businesses face in the region.
A New Initiative for Digital Transformation
This investment marks the first transaction under Maybank’s new initiative to strategically partner with digitally-enabled organizations across ASEAN. The bank’s approach is designed to accelerate innovation and enhance services for the MSME community, aligning with its M25+ strategic thrust. This initiative focuses on fostering digitalization through ecosystem orchestration, which is essential for the growth and sustainability of SMEs in a rapidly evolving economic landscape.
Funding Societies: A Leader in MSME Financing
Founded in 2015, Funding Societies has emerged as a key player in the fintech landscape, specializing in providing financing solutions to MSMEs. Since its inception, the platform has disbursed over US$4 billion in business financing, positively impacting more than 100,000 businesses across Singapore, Indonesia, Malaysia, Thailand, and Vietnam. The company’s mission is to empower underserved MSMEs, particularly those struggling with cash flow management, by extending credit access and helping them realize their full business potential.
Maybank’s Commitment to Financial Inclusion
Dato’ Khairussaleh Ramli, President & Group CEO of Maybank, emphasized the bank’s long-standing commitment to supporting SMEs, which are often referred to as the backbone of ASEAN economies. He stated, "Our investment in Funding Societies underscores our commitment to driving financial inclusion, in line with our purpose of Humanising Financial Services." This partnership aims to leverage Maybank’s banking expertise alongside Funding Societies’ innovative digital platform, fostering a robust SME ecosystem that promotes sustainable growth.
A Shared Vision for MSMEs
Kelvin Teo, Co-founder and Group CEO of Funding Societies, expressed gratitude for Maybank’s support, highlighting the shared commitment to serving MSMEs in Southeast Asia. He noted that this partnership reaffirms their dedication to providing credit access to underserved businesses, which is crucial for their growth and sustainability. By working together, Maybank and Funding Societies aim to create a more inclusive financial landscape that empowers MSMEs to thrive.
Maybank: A Financial Powerhouse
Maybank is recognized as one of Asia’s leading financial groups and the fourth largest bank in Southeast Asia by assets. With nearly 44,000 employees and an extensive international network of approximately 2,600 offices in 18 countries, including all 10 ASEAN nations, Maybank is well-positioned to drive financial innovation. The bank offers a comprehensive range of services, including consumer and corporate banking, investment banking, Islamic banking, insurance, and asset management, all guided by sustainable and ethical principles.
Funding Societies: A Growing Fintech Leader
Funding Societies has established itself as the largest unified SME digital finance platform in Southeast Asia, licensed in Singapore, Indonesia, and Thailand, and registered in Malaysia. The platform provides around US$1 billion annually in business financing to SMEs and has made significant strides in the fintech space, including the acquisition of regional digital payments platform CardUp and co-investment in Bank Index in Indonesia. Backed by prominent investors such as SoftBank Vision Fund 2 and Khazanah Nasional Berhad, Funding Societies has received numerous accolades, including the Global SME Excellence Award and the MAS FinTech Award.
Conclusion: A Bright Future for MSMEs
The strategic investment by Maybank in Funding Societies is a promising development for the MSME sector in Southeast Asia. By combining their strengths, both organizations are poised to create a more inclusive financial ecosystem that addresses the unique challenges faced by small businesses. As they work together to foster innovation and drive financial inclusion, the future looks bright for MSMEs in the region, paving the way for sustainable economic growth and development.
For more information about Maybank, visit www.maybank.com, and for details about Funding Societies, check out www.fundingsocieties.com.