Alternative funding: Wong says P2P financing is a key to enabling inclusive growth for digitally-inclined SMEs.
THE local peer-to-peer (P2P) financing industry is expected to almost double with total financing set to hit RM1bil this year from RM521mil in 2019, according to Funding Societies Malaysia.
In 2019, Funding Societies disbursed RM400mil in financing to SMEs, an almost 250% increase from the previous year of RM114mil. This strong growth has benefited over 1,000 micro, small and medium enterprises, it adds.
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