UOB Malaysia and Funding Societies to help start-ups and small businesses

United Overseas Bank  Bhd (UOB Malaysia) will partner with Modalku Ventures Sdn Bhd (Funding Societies), a regional peer-to-peer (P2P) digital financing platform, to connect start-ups and small businesses with alternative financing options to help them progress faster through different stages of growth.

Through the partnership, start-ups and UOB Malaysia’s small business customers can access Funding Societies’ global investor network to raise additional working capital. UOB Malaysia’s customers will be able to raise up to RM500,000 in capital directly from individual and institutional investors using Funding Societies’ online P2P platform without the need to pledge collateral.

Raymond Chui, Executive Director and Country Head of Business Banking at UOB Malaysia, says that the partnership with Funding Societies reinforces the Bank’s commitment to support Malaysia’s small businesses as they progress through different stages of growth. 

According to Chui, “By working with Funding Societies, we can offer new business owners who are just starting out a viable alternative to traditional bank loans. Our teams will also help businesses improve productivity by providing scalable digital solutions that help streamline and automate their administrative systems and processes. As these businesses increase in scale and establish a track record, we will be able to extend a wider range of term-financing solutions to them. This ensures we can help companies to progress through different stages of growth more rapidly.”

Ryo Gim, Business Development Director of Funding Societies Malaysia, says the partnership with UOB Malaysia will help build greater awareness of P2P lending with Malaysia’s start-ups and small business owners. “Since we launched the Funding Societies platform in February 2017, we have grown from strength to strength. We have so far disbursed more than RM40 million in financing to businesses while maintaining a zero per cent default rate and serving more than 10,000 investors.”

“As P2P financing is still in its early stages of development in Malaysia, we have focused on and will continue to focus on building greater awareness among Malaysian business owners on how Funding Societies complements the traditional banking sector. We are here to provide short-term collateral-free financing solutions for small and medium-sized enterprises to expand their business or to support them through challenging times,”  Gim says.

SMEs who are interested to learn more about the alternative funding opportunities provided by UOB Malaysia and Funding Societies can visit UOB Malaysia branches nationwide for more information.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

MaGIC’s University Startup Challenge 2020 cultivates aspiring leaders

Malaysian Global Innovation & Creativity Centre (MaGIC)’s University Startup Challenge 2020 (USC) was held virtually from June to October this year, with...

GDB secures single-largest RM1.25 billion contract to complete 8 Conlay

Construction services firm GDB Holdings Berhad has secured its single-largest contract of approximately RM1.25 billion to complete the remaining main building works...

Microsoft Malaysia appoints 2 new additions to leadership team

Microsoft Malaysia has appointed two new additions to its leadership team to further strengthen and accelerate the digital growth of customers in...

Funding Societies Malaysia to collaborate with TM Info-Media to offer business financing solutions to MSMEs

Funding Societies Malaysia, a peer-to-peer (P2P) financing platform in the country and Southeast Asia recently collaborated with TM Info-Media Sdn Bhd (TMIM),...

Monash University approves funding for 7 digital health strategic projects

Monash University Malaysia has approved funding for seven digital health strategic projects totaling more than RM2 million. The Monash University Malaysia ‘Network...

Must read

Revitalise the property market for the benefit of all Malaysians

By Wong Siew Lai, General Manager – Malaysia and General Manager - Marketing & Communications, iProperty.com Malaysia Sdn Bhd

Underemployment anxiety needs to be given serious attention

By Sofea Azahar, It is very unfortunate to witness that the unprecedented twin crisis – health and economic –...

How 5G can help us build the urban future

Sunway Group is leading the way to create smart and sustainable cities with great potential As centres of...

IDEAS Opines Business And Economy Will Be Hampered If Parliament Were To Be Suspended

The Institute for Democracy and Economic Affairs (IDEAS) is troubled by several reports that a state of emergency is expected to be...