KUALA LUMPUR, April 14 (Bernama) -- CapBay, a multi-bank supply chain finance and peer-to-peer (P2P) financing platform, aims to provide RM1 billion worth of financing solutions to small and medium enterprises (SMEs) this year.
Co-founder and chief executive officer, Ang Xing Xian said financing volume has surged by more than 600 per cent in the last two years due to the impact from the COVID-19 pandemic, adding that the financing platform is keen to help ease entrepreneurs’ financial woes and unlock the cashflow in their supply chain.
“The last two years were quite difficult for the SMEs so we really ensured that the financing went through (for them) throughout the COVID-19 pandemic period.
“(This year’s target) is almost double of what we did last year,” he said during the MIDF Conversations which was held online today.
Since 2017, CapBay has served over 1,000 SMEs and financed more than 15,000 transactions worth over RM1.6 billion.
Ang said the company wants to reach out to more underserved SMEs as well as mid-sized companies to help them grow their business and strengthen their resilience against the impact of COVID-19.
--BERNAMA
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