Maybank, which serves over one million small and medium enterprises (SMEs) across ASEAN, announced today a significant investment in Funding Societies | Modalku, Southeast Asia’s foremost unified digital finance platform for micro, small, and medium enterprises (MSMEs).
This collaboration marks the first venture under Maybank’s new initiative aimed at investing in leading digitally-enabled organisations throughout ASEAN, enhancing its strategy to foster a vibrant MSME ecosystem.
The investment is part of Maybank’s broader M25+ strategic initiative which seeks to boost digitalisation by orchestrating ecosystems within and beyond the banking sector.
Founded in 2015, Funding Societies has emerged as a key player in the regional FinTech landscape, specialising in extending financial services to MSMEs. To date, the platform has disbursed over US$4bn in business financing and has positively impacted over 100,000 businesses across Singapore, Indonesia, Malaysia, Thailand, and Vietnam.
Dato’ Khairussaleh Ramli, President & Group CEO of Maybank, highlighted the bank’s consistent efforts to back SMEs. “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, commented on the partnership, “We are honoured by Maybank’s support, reflecting a shared commitment to serve MSMEs in Southeast Asia. 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.”
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