BUSINESS

FUNDING SOCIETY DISBURSES OVER RM600 MLN ACROSS SEA

14/08/2018 01:50 PM

KUALA LUMPUR, Aug 14 (Bernama) -- Funding Societies Group has disbursed over RM600 million to about 7,000 small and medium-sized enterprises (SMEs) in Southeast Asia (SEA).

Chief Executive Officer Wong Kah Meng said Funding Societies Malaysia's regional disbursement to SMEs increased to nearly 400 per cent.

“The RM600 million milestone was achieved last month and in six months, the company doubled its total disbursement to SMEs in Malaysia, Singapore, and Indonesia,” he said in a statement today.

Currently, the company holds more than 50 per cent of the domestic market share in Malaysia’s rapidly growing peer-to-peer financing sector.

Wong also said while SMEs were widely acknowledged as the backbone of the national economy, the Securities Commission estimated a financing shortfall of RM80 billion for domestic SMEs.

“To address cash cycle problems often encountered by SMEs, Funding Societies offers invoice financing, where SMEs can pledge unpaid customer invoices as collateral to get immediate cash at a discount.

“Invoice financing can be disbursed within two weeks upon completion of document submission.

"The process speed, from assessment to approval to disbursement, is crucial to address a cash flow gap in the business cycle,” he added.

-- BERNAMA

 


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