According to the Statistics Department, Malaysia’s SME contribution to the country’s GDP was around 38% in 2018. However, access to finance looks to be a key constraint for SMEs to grow. Enter Funding Societies - the largest SME digital financing platform in Southeast Asia. The platform has disbursed RM12.9 billion across more than 5 million notes in Indonesia, Malaysia, Singapore, Vietnam, and Thailand since its establishment in 2015.



In 2023, Funding Societies marked several milestones, such as introducing their Islamic Financing solutions to help expand their customer and funding base, to their partnership with the Credit Guarantee Corporation Malaysia (CGC) that will provide eligible SMEs access to longer-term financing and preferential interest rates.



On this episode of Open for Business, we speak to the Co-Founders of Funding Societies, CEO Kelvin Teo and COO Wong Kah Meng, about what started them down this path, what it was like building this regional platform, the role of Funding Societies in the financing ecosystem, and what the vision ahead looks like for Funding Societies.



Among other things, we get into:




The Journey of Funding Societies


The Challenges of Raising Funds


The Role of Alternative Data Scoring in Lending


The Evolution of Funding Societies' Product Mix


The Impact of Digital Banks on Funding Societies


Funding Societies' Partnerships and Collaborations


The Business Strategy and Future Plans of Funding Societies


The Pathway to Profitability for Funding Societies


The Funding Strategy of Funding Societies


The Potential Exit Strategies for Funding Societies

According to the Statistics Department, Malaysia’s SME contribution to the country’s GDP was around 38% in 2018. However, access to finance looks to be a key constraint for SMEs to grow. Enter Funding Societies - the largest SME digital financing platform in Southeast Asia. The platform has disbursed RM12.9 billion across more than 5 million notes in Indonesia, Malaysia, Singapore, Vietnam, and Thailand since its establishment in 2015.In 2023, Funding Societies marked several milestones, such as introducing their Islamic Financing solutions to help expand their customer and funding base, to their partnership with the Credit Guarantee Corporation Malaysia (CGC) that will provide eligible SMEs access to longer-term financing and preferential interest rates.On this episode of Open for Business, we speak to the Co-Founders of Funding Societies, CEO Kelvin Teo and COO Wong Kah Meng, about what started them down this path, what it was like building this regional platform, the role of Funding Societies in the financing ecosystem, and what the vision ahead looks like for Funding Societies.Among other things, we get into:<ul><li>The Journey of Funding Societies</li><li>The Challenges of Raising Funds</li><li>The Role of Alternative Data Scoring in Lending</li><li>The Evolution of Funding Societies' Product Mix</li><li>The Impact of Digital Banks on Funding Societies</li><li>Funding Societies' Partnerships and Collaborations</li><li>The Business Strategy and Future Plans of Funding Societies</li><li>The Pathway to Profitability for Funding Societies</li><li>The Funding Strategy of Funding Societies</li><li>The Potential Exit Strategies for Funding Societies</li></ul>

The flagship entrepreneurship show on BFM, featuring personal business stories from early stage start-ups, all the way to billionaire octogenarians in Malaysia and abroad. Notable guests include Martin Cooper (father of the mobile phone), Julian Assange (founder of WikiLeaks), Ralph Henry Baer (father of video games), Tony Buzan (Mindmap Guru), Isaac Tigrett (Hard Rock Cafe founder), Robert Kiyosaki (Financial Guru), Nick Vujicic (motivational speaker) and more. Tap into this valuable resource of shared experiences for the SME industry, which also touches on news, issues and trends affecting the business community and beyond.

Open For Business

Discover fresh concepts, tackle obstacles, and unleash growth - Open For Business is the dynamic show where BFM engages with entrepreneurs, business leaders, and industry trailblazers, igniting inspiration, sparking success, and exploring new business models.

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