Fintech big help, says survey


CoIt said the survey was conducted to mark half a decade of the fintech’s lending by measuring the social and economic impact of the funding to Funding Societies-linked micro, small and medium enterprises (MSMEs) in 2018 and 2019 across Singapore, Indonesia and Malaysia.

PETALING JAYA: A survey by South-East Asia’s largest SME digital financing platform, Funding Societies, reveals that 72% of the respondents expect their revenues to decrease if not for the fintech’s business financing.

It said the survey was conducted to mark half a decade of the fintech’s lending by measuring the social and economic impact of the funding to Funding Societies-linked micro, small and medium enterprises (MSMEs) in 2018 and 2019 across Singapore, Indonesia and Malaysia.

“In its six years of operations, Funding Societies has financed over US$1.8bil (RM4.19bil) through more than 4.8 million loans to nearly 100,000 MSMEs in the region,” it said in a statement.

It said 84% of the surveyed small businesses had used the fintech’s financing as working capital to pay for overheads, inventory and business equipment, which were all crucial in their efforts to sustain operations.

“The SME borrower obtains financing from US$500 (RM2,105) up to US$1.5mil (RM6.32mil), which can be disbursed in as fast as 24 hours, answering in a timely manner to SMEs who face the pertinent challenge of accessing business funds,” it said. ― Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Fintech , financing , SMEs , funding ,

   

Next In Business News

CPO futures likely to undergo technical correction next week
Econpile issues termination notice to Gabungan Strategik
Intel's US$20bil Ohio factory could become world's largest chip plant
Shrunken US oil inventories point to chronic under-supply
Royal Dutch no more - Shell officially changes name
Oil price slides, but climbs for 5th week on supply concerns
GLOBAL MARKETS-Bond yields tumble as Netflix fuels stock market sell-off
Rising interest rate fallout unlikely
Policy normalisation can lend support to ringgit
Short Position - Green bond, O&G funding, Going the EV way

Others Also Read


Vouchers