Funding Societies and MoneyMatch, two leading local FinTech startups, announced an official partnership to broaden access to alternative financial services for Malaysian small and medium-sized enterprises (SMEs). Funding Societies will support efforts to build awareness for MoneyMatch, a cross border money transfer platform approved by Bank Negara Malaysia. In turn, Money Match will refer clients in need of business financing to Funding Societies. The arrangement is subject to SME customers’ consent.
The collaboration aims to provide businesses with a wider range of options when searching for business financing and when performing cross border transactions. For example, an SME making a purchase of raw materials or inventory from overseas can utilize FinTech solutions from both startups. The SME can obtain working capital financing with no collateral requirements from Funding Societies to fund the purchase, while also executing remittance payments with lower fees and better exchange rates through MoneyMatch.
Mr. Wong Kah Meng, CEO of Funding Societies Malaysia, stated: “This is a very exciting partnership as it is a first between platforms regulated by Bank Negara Malaysia and Securities Commission Malaysia. Through the collaboration, we aim to drive greater adoption of value-added FinTech services to more Malaysian businesses, particularly for smaller enterprises which are underserved.”