Enhancing Financing Access for SMEs

Funding Societies is engaging in a strategic partnership with Cheng and Co to broaden and simplify access to business financing for creditworthy Malaysian SMEs. Through the partnership, Cheng and Co will refer promising SMEs in need of financing to Funding Societies, that will provide working capital to eligible SMEs through its investor base.

The arrangement is subject to SME customers’ consent and is the first partnership between a P2P financing platform with an accounting firm in Malaysia. By connecting SMEs with investors through an online marketplace, Funding Societies is able to increase access to financing for the SME sector.

Tom Wong, CEO of Cheng & Co with Kah Meng Wong, CEO of Funding Societies

By investing into SMEs, investors could earn returns up to 14% per year, which is higher than other traditional instruments. Meanwhile, SMEs could obtain up to RM500,000 in working capital financing to expand their business through a fast and simple online-based process.

Tom Wong, CEO of Cheng and Co Group says: “P2P financing is gaining popularity as an alternative finance option for SMEs. We believe our partnership with Funding Societies will help our creditworthy clients raise working capital financing for business growth. The collaboration aligns with Cheng and Co’s mission to provide innovative and value-added solutions for our customers on top of our auditing and financial advisory services.”

Cheng and Co will organise 2018 Budget and SME Business Innovation seminars throughout Malaysia together with Funding Societies to educate SMEs regarding alternative funding options to bridge cash flow gap and Cheng and Co’s business assurance services.

“One of the main challenges SMEs face when applying for financing is lack of up-to- date and comprehensive financial statements, which would delay the application and approval process. Our partnership with Cheng and Co would help address this and free SMEs to focus on what’s most important: running and expanding their business. Additionally, the partnership will help us improve customer experience and shorten approval time when applying for financing with Funding Societies. This provides more SME investment opportunities for our investors and the ability for investors to utilise their funds and diversify their investment portfolio. Funding Societies aims towards a two-week time frame between application to disbursement of SME financing,” explains Wong Kah Meng, CEO of Funding Societies Malaysia.


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