2021 was a significant year for Funding Societies Malaysia. 4 years and counting, a small FinTech firm was established and strategically grown into a reputable and licensed digital financial services platform in Malaysia and Southeast Asia. From a foremost peer-to-peer (P2P) financing and crowdfunding platform, we repositioned ourselves as a Digital SME Financing and Debt Investment platform to better serve SMEs more holistically across their financial services needs.
As we end the year, we’d like to take a moment to walk you through some of our milestones for the year as we continue to empower the SME & investor communities and uplift the Malaysian economy.
We raised US$18mil backed by financial institutions Helicap Investments, a Social Impact Debt Fund and a Japanese financial services group. We also released our first-ever Economic Impact Report survey results in Southeast Asia and are also heartened to learn that 72% of MSMEs in the region boosted their revenues with digital financing!
Our default rate has remained stable at 3% throughout 2021 despite subsequent waves of COVID-19, hence successfully balancing the needs of both SMEs and investors. We also achieved new highs in the monthly disbursement of RM 40M, as well as revenues, driven by Dealer Financing and Micro Financing. And at the same time, we observed a consistently strong NPS performance of +70 amongst our SME customers, who value speed, user experience and transparency (NPS ranges from -100 to +100). Our other achievements include the successful registrations of over 4,600 new retail investors, and a 21% increase in loan disbursement, where we also saw an increase in our outstanding by 25% from 2020.
We formed partnerships with household names to provide financing across different industries and helped strengthen businesses through critical periods during the pandemic amidst movement control order (MCO) restrictions. We formed a steadfast partnership with foodpanda to introduce financing services to micro and small F&B vendors. We also partnered with MUFG Bank in Malaysia to introduce our Referral Scheme Programme exclusive for MUFG’s corporate clients in Malaysia to support their SME customers. These partnerships helped us expand our reach to educate more businesses and consumers on the concept of digital financing (for MSMEs) and Debt Investment (for investors).
NEW PRODUCT LAUNCHES
We also saw exciting products and services launched in Malaysia. We had our first tailor-made credit line facility catered specially for legal firms. We also launched micro credit line and virtual credit financing propositions, and successfully introduced our Guaranteed Investment Notes (Term Financing) to investors to cater for different risk appetites.
RM 1 BILLION DISBURSEMENT
To cap the year off, we are proud to announce that as of 28th December 2021, we have crossed the RM 1 billion mark in SME financing! Learning from the challenges and uncertainties we faced in the past two years, we were in a better position to react and adapt our approaches, resulting in this remarkable milestone.
Last but not least, these achievements would not have been possible without your drive, commitment and perseverance amid the adversities. Thank you for a memorable year and we look forward to continuing to do our best to support SMEs, investors, teammates and broader stakeholders. Here’s to a great year ahead!
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