FUNDING SOCIETIES, FOODPANDA TEAM UP TO OFFER FINANCING SOLUTIONS TO MSMES 

KUALA LUMPUR, June 9 -- Funding Societies Malaysia has teamed up with foodpanda Malaysia to offer short-term digital financing solutions for registered merchants under the foodpanda network.

Both parties have collectively disbursed RM1 million in financing to date, providing local micro, small and medium enterprises (MSMEs) with greater access to business financing to facilitate their operational needs and expansion, as well as to help ensure the sustainability of the MSMEs amid the pandemic-hit economy.

In a statement today, Funding Societies Malaysia co-founder and chief executive officer Wong Kah Meng said that as many as 20,000 to 30,000 merchants across multiple segments under the foodpanda network stand to benefit from tailored financing solutions offered by Funding Societies.

Foodpanda managing director Sayantan Das said the partnership with Funding Societies has enabled the online food and grocery delivery platform to provide its vendors with the assistance they need. 

"The feedback received from our vendors to date has been nothing but positive, and we are delighted to have been able to play a small part in their success story,” he said.

As part of the partnership, Funding Societies, which is the largest small and medium enterprise digital financing platform in the country, also offers one of its newest products, the Micro Credit Line, to eligible foodpanda merchants. 

The Micro Credit Line facility allows MSMEs to draw a short credit period of between 30 days and 90 days at any given time that can be used for a variety of business purposes such as inventory purchase, payment to suppliers, or as an emergency fund.

-- BERNAMA