Funding Societies group chief executive officer Kah Meng Wong (left) and SME Bank, group chief digital and technology officer Hairil Izwar Abd Rahman.
KUALA LUMPUR: Funding Societies Malaysia has signed a participation agreement with SME Bank Malaysia Bhd through the Centre for Entrepreneur Development and Research (CEDAR) to address financing challenges faced by Malaysian small and medium enterprises (SMEs).
In a joint statement, Funding Societies said the strategic partnership reflects a commitment to mobilise up to RM50 million in financing to support credit access for Malaysian SMEs within CEDAR’s business community.
"The collaboration aims to deliver accessible and customised financing solutions, including Shariah-compliant payables financing, receivables financing, and term financing, by harnessing digital platforms and alternative credit assessment methodologies.
"Funding Societies will offer these solutions to eligible entrepreneurs, with a targeted focus on vendors supporting government entities, government-linked companies, and multinational corporations,” it said.
The signing ceremony was officiated by Funding Societies, group chief executive officer Kah Meng Wong, and SME Bank, group chief digital and technology officer Hairil Izwar Abd Rahman.
Funding Societies, Malaysia country head Chai Kien Poon, said the agreement reflects a shared commitment to improving financial access for local businesses.
"By integrating with CEDAR’s digital platforms and reaching entrepreneurs through nationwide outreach, we hope to make financing more inclusive, fast, and tailored to the evolving needs of SMEs in Malaysia,” he said.
Meanwhile, CEDAR, chief executive officer Amirul Imran Ahmat, said that as the training and capacity-building arm of SME Bank, the organisation remains committed to providing beyond-financing support to homegrown entrepreneurs throughout their lifecycle.
He said the partnership with Funding Societies combines access to capital with SME Bank’s digital tools and expertise to support SME growth in a dynamic economy.
"Funding Societies’ customers can also leverage our robust digital platforms, particularly ScoreXcess - our financing portal for small and micro enterprises, powered by CEDAR.
"Together, we are committed to accelerating entrepreneurial development and delivering tailored support for micro, small, and medium enterprises (MSMEs),” he added. - Bernama
