by Fintech News Malaysia
June 26, 2024
Funding Societies, a SME digital finance platform in Southeast Asia, has partnered again with Credit Guarantee Corporation Malaysia (CGC) to introduce a RM30 million Islamic SME Portfolio Guarantee (SME PG-i) scheme.
This initiative is designed to facilitate easier access to financing and support the growth of Malaysian SMEs.
This collaboration follows a previous RM10 million portfolio guarantee programme launched in April last year.
The enhanced SME PG-i scheme will provide working capital financing to a wider range of underserved SMEs, leveraging Funding Societies‘ Islamic digital financing solutions.
Eligible SMEs will benefit from longer-term financing options and preferential interest rates.
Kelvin Teo
Kelvin Teo, Co-founder & Group Chief Executive Officer, Funding Societies | Modalku said,
“The Islamic SME Portfolio Guarantee Scheme is a continuation of Funding Societies’ product roadmaps to scale our Shariah-compliant proposition to support creditworthy Malaysian SMEs of all sizes to thrive, contributing to Malaysia’s leadership in Islamic finance and ambition to be a global leader in Islamic fintech”.
Datuk Mohd Zamree Mohd Ishak
Datuk Mohd Zamree Mohd Ishak, President and CEO, CGC, said,
“Given the success of the first tranche, I am pleased that CGC launched a second tranche of RM30 million Islamic PG with Funding Societies.
This initiative is in line with CGC’s 5-Year Strategic Plan 2021-2025 and meets our objectives to partner MSMEs through life stages by providing E2E financial offerings and become a digitally savvy organisation to propel scale and speed of MSMEs’ impact.”
Featured image: CGC President & Chief Executive Officer, Datuk Mohd Zamree Mohd Ishak and Funding Societies | Modalku Co-founder & Group Chief Executive Officer, Kelvin Teo witnessed the Islamic SME PG agreement signing by CGC Chief Business Officer, Sean Tan and Group Chief Operating Officer, Funding Societies | Modalku and Co-Founder of Funding Societies Malaysia, Wong Kah Meng.
Get the hottest Fintech Malaysia News once a month in your Inbox
Share This Article
Do the sharing thingy
