Bank Pembangunan Malaysia Bhd (BPMB) has recently collaborated with Funding Societies, the largest digital small and medium-sized enterprise (SME) financing platform in Malaysia and Southeast Asia, to launch the Digital SME Partnership. This partnership, facilitated through BPMB’s subsidiary, Ecologitec Sdn Bhd, aims to enhance SME financing options in Malaysia by leveraging Funding Societies‘ institutional funding platform.
The Digital SME Partnership was introduced to provide easier access to financing for SMEs, particularly those facing challenges in obtaining traditional financing. BPMB’s role in this initiative includes providing a RM10 million allocation to Funding Societies, offering incentives to businesses in high-growth sectors such as technology, infrastructure, and manufacturing, and complementing BPMB’s existing services through Development Leasing Corporation.
Roni Abdulwahab, the CEO of BPMB, emphasized the significance of the collaboration with Funding Societies in supporting SMEs. He stated, „At BPMB, we are committed to delivering impactful capital that drives national development. By bridging the financing gap and encouraging financial inclusion, we can empower SMEs and recognize their crucial role in driving economic growth. This partnership reflects our dedication to Malaysia’s development agenda and our support for SME success.“
Kah Meng Wong, the Group COO, Co-Founder, and CEO of Funding Societies Malaysia, highlighted the vital role of development financial institutions like BPMB and Funding Societies in expanding the financing landscape and strengthening the SME capital market. He expressed, „This partnership signifies a significant milestone in our journey and demonstrates our vision to equip entrepreneurs with the financial assistance needed to thrive and contribute to the national economy.“
Funding Societies, renowned for its leadership in digital SME financing across Southeast Asia, brings expertise and valuable resources to this collaboration. Operating in key markets such as Singapore, Indonesia, Thailand, and Vietnam, the company provides over US$1 billion in SME business financing annually.
Furthermore, BPMB stated that this partnership aligns with the Securities Commission Malaysia’s five-year roadmap to enhance access for micro, small, and medium enterprises (MSMEs) and mid-tier companies (MTCs) in the capital market. By joining forces, BPMB and Funding Societies are poised to make a significant impact on the SME financing landscape in Malaysia.
In conclusion, the collaboration between BPMB and Funding Societies represents a strategic effort to address the financing needs of SMEs and drive economic growth. With a shared commitment to supporting SMEs and fostering financial inclusion, this partnership is poised to make a positive impact on Malaysia’s SME sector and contribute to the nation’s overall development.