Kuala Lumpur, 30 October 2017 – Funding Societies is happy to announce a strategic partnership with Cheng & Co to broaden access to business financing for creditworthy Malaysian small and medium-sized enterprises (SMEs). Cheng & Co, a leading and established home-grown accounting firm, will refer promising SMEs in need of financing to Funding Societies. In turn, Funding Societies will provide working capital to eligible SMEs through its investor base.
The arrangement is subject to SME customers’ consent and is the first partnership between a P2P financing platform with an accounting firm in Malaysia.
Estimates cited by the Securities Commission (SC) show that the Malaysian SME sector has a financing gap of more than RM 80 billion. Market-based financing options like Funding Societies, the first and largest peer-to-peer (P2P) financing platform in the country, can provide alternative solutions to address the needs of local SMEs.