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