Maybank, a dedicated banking partner to more than 1 million small and medium enterprises across ASEAN, today announced a strategic investment in Funding Societies | Modalku (Funding Societies), the largest unified digital finance platform for micro, small and medium enterprises (MSMEs) in Southeast Asia. In conjunction with this investment, Maybank will explore collaborative synergies with Funding Societies to promote inclusivity and bridge funding gaps within the communities it serves.
The transaction represents the inaugural investment under a new initiative at Maybank to strategically invest and partner with best-in-class digitally-enabled organisations across ASEAN. This investment forms part of Maybank's approach to accelerate innovation to serve the MSME community. It aligns with Maybank's M25+ strategic thrust, aiming to accelerate digitalisation through ecosystem orchestration within and beyond the banking sector.
Established in 2015, Funding Societies is a regional financial technology company that specialises in providing financing to MSMEs. Since its inception, Funding Societies has disbursed over US$4 billion in business financing, positively impacting more than 100,000 businesses across Thailand, Singapore, Indonesia, Malaysia and Vietnam. In Thailand, Funding Societies (Under service of FS Siam Co., Ltd.) owns a crowdfunding license from the Securities Commission and also does direct lending to small businesses.
Dato' Khairussaleh Ramli, President & Group CEO of Maybank, stated, "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."
Co-founder and Group CEO of Funding Societies, Mr. Kelvin Teo expressed, "We are honoured by Maybank's support, reflecting a shared commitment to serve MSMEs in this region. 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."
For more information about Funding Societies, please visit https://fundingsocieties.co.th/
*In Thailand, Funding Societies operates through two distinct entities. The first, known as FS Siam Co., Ltd., holds a crowdfunding license from the Securities Commission. Meanwhile, the second entity, FS Capital Co., Ltd., specializes in direct lending to small businesses.