Funding Societies became the first FinTech to partner with CGC Digital, the FinTech subsidiary of Credit Guarantee Corporation Malaysia Berhad (CGC).
The partnership aims to provide digital credit guarantee through a Shariah-compliant digital supply chain financing (DSCF) solution to better address the financing needs of Malaysian micro and small enterprises who are also the most underserved segments.
The MoU that was signed shows the two parties’ commitment to collaborate on a Proof of Concept (POC) project and innovate products that could enable wider financing access for underserved and unserved MSMEs.
Through the partnership, CGC Digital developed a new digital credit guarantee product for CGC that will be offered for financing up to RM4 million as a start, benefiting up to 100 creditworthy micro and small enterprises via Funding Societies’ industry leading DSCF solutions, leveraging alternative data for MSMEs’ credit risk assessment.
Wong Kah Meng, Group Chief Operating Officer, Funding Societies | Modalku, commenting on the partnership, said, “CGC Digital’s innovation of CGC’s credit guarantee would mitigate risk for investors and reduce cost of financing for MSMEs. Combining it with our industry playbook for fast-moving consumer goods (FMCG), agriculture, telecommunications, and wholesale & retail trade segments, we would be able to serve more micro and small enterprises that make up these industry segments.”
Yushida Husin, CEO, CGC Digital said, “CGC Digital seeks to provide MSMEs with a one-stop digital marketplace for better access to finance and more targeted assistance to scale up.”
Improve your business capital today from RM3,000 – RM500,000. Approval within minutes, money received in minutes with Maybank SME Digital Financing. Learn more
