Bank Pembangunan Malaysia Berhad (BPMB) has allocated RM10 million to Funding Societies to launch the Small and Medium Enterprise (SME) Digital Business Partnership. This digital partnership is a collaboration between Funding Societies and Ecologitec Sdn Bhd, a subsidiary of BPMB, utilizing the BPMB Matching Fund Investment Platform scheme to enhance financing options for Malaysian SMEs.
Roni Abdul Wahab, the Group Chief Executive Officer of BPMB, stated that the collaboration with Funding Societies marks a significant event in their mission to support SMEs. He emphasized their commitment to delivering impactful capital that drives national development.
„We are committed to delivering impact capital that drives national development. By bridging the financing gap and encouraging financial inclusion, we empower SMEs, recognizing their vital role in driving economic growth. This partnership also reflects our dedication to Malaysia’s development agenda and our support for SME success,“ he said in a statement released in Petaling Jaya.
Roni explained that the RM10 million provided to Funding Societies will provide a significant boost to businesses in high-growth sectors such as technology, infrastructure, and manufacturing, complementing BPMB’s existing services through Development Leasing Corporation.
Meanwhile, Kah Meng Wong, the Chief Operating Officer, Co-Founder, and Chief Executive Officer of Funding Societies Malaysia, expressed delight in collaborating with BPMB to provide better services and extend credit to underserved SMEs.
„This collaboration highlights the crucial role of development financial institutions like BPMB and players like Funding Societies in expanding the financing landscape and strengthening the capital market,“ he said.
The partnership between BPMB and Funding Societies signifies a strategic move towards supporting SMEs in Malaysia, providing them with access to much-needed financing to fuel their growth and contribute to the country’s economic development. By leveraging digital platforms and innovative financing solutions, both organizations aim to empower SMEs and drive sustainable growth in the business sector.
Overall, the collaboration between BPMB and Funding Societies is a positive step towards enhancing financial inclusion, supporting SMEs, and fostering economic growth in Malaysia. It showcases the importance of partnerships between financial institutions and fintech companies in expanding access to capital and driving innovation in the financial services industry.