Kuala Lumpur, 12 April 2017 – Funding Societies is very proud to announce a strategic collaboration with the RHB Banking Group. This is the first collaboration between a Malaysian bank and a P2P financing platform. The partnership aims to widen access to financing for the underserved SMEs in Malaysia.
Ninety-seven percent of business enterprises in Malaysia are small-and-medium enterprises (SMEs). Malaysian SMEs are responsible for nearly 36% of national GDP and 65% of national employment. By 2020, local SMEs are expected to contribute 41% to Malaysian GDP.
But many SMEs still face one key issue: lack of financing. Funding Societies provides working capital financing for underserved but creditworthy SMEs to help their growth and development, aided by a stress-free application process and fast disbursal of funds.