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Funding Societies and AMTC Announce Partnership to Support and Empower MSME Ecosystem
[December 17, 2017]

Funding Societies and AMTC Announce Partnership to Support and Empower MSME Ecosystem


SINGAPORE, Dec. 18, 2017 /PRNewswire/ -- Funding Societies, Southeast Asia's leading digital lending platform, and the Asia Pacific MSME Trade Coalition (AMTC) signed a memorandum of understanding (MOU) to bring opportunities of financing and business growth for local MSMEs (Micro, Small and Medium Enterprises). This agreement makes Funding Societies the first financing partner of the AMTC. With the MOU, Funding Societies and the AMTC will co-create initiatives to encourage growth of MSMEs across the region.

Kelvin Teo, Co-Founder and CEO of Funding Societies, and Annie Fong, Project Director at AMTC

The AMTC, a coalition of MSMEs across the Asia Pacific region, along with Funding Societies will create educative financing related workshops for small businesses with limited or no access to funding. At the same time, trade opportunities created by the AMTC for the MSMEs will be referred to Funding Societies for financing. Additionally, businesses introduced by Funding Societies will receive free membership as well as access to the resources provided by the AMTC.

Funding Societies connects local MSMEs with investors through an online marketplace. Businesses can obtain up to SGD 1 million in unsecured loans and invoice financing, through a simple online process with fast approval. Meanwhile, individuals and institutions can invest into these loans and earn returns of up to 14% per year, higher than typical deposits, bonds and traditional investment instruments.

According to a Visa and Deloitte study, four in 10 SMEs in Singapore are unserved by existing financial institutions when addressing their financing needs. Yet at the same time, 72% of Singapore SMEs require funds to better anage their working capital and cash flow. The lack of access to financing faced by SMEs is an issue that needs to be addressed. Alternative financing providers like Funding Societies are addressing this gap by providing funding solutions for the growth of local businesses.



"Amongst the challenges an MSME faces throughout its journey, financing certainly tops the list. Funding Societies helps to bridge this gap for MSMEs in the region and is an ideal resource for members in our community. The AMTC is delighted to collaborate with Funding Societies, which is equally aligned in this commitment to bring resources and awareness to the MSME ecosystem," said Annie Fong, Project Director of the AMTC.

Kelvin Teo, Co-Founder and CEO of Funding Societies, added: "We work closely with the MSME ecosystem as we are committed to supporting the growth of local businesses. The AMTC is a valuable partner that shares the same vision as us. We believe our collaboration will offer more holistic solutions for businesses."


Funding Societies is the leading digital lending platform in Southeast Asia with operations in Indonesia (under the name Modalku) and in Malaysia. The platform has been a recipient of various awards, including the MAS FinTech Award, the Global SME Excellence Award from United Nations' ITU Telecom World, which recognizes the most promising and innovative technology solutions developed by SMEs to deliver social impact, and inclusion to the prestigious FinTech 250, a select list of top 250 FinTech companies around the world working on groundbreaking financial technology.

About Funding Societies

Founded in early 2015, Funding Societies is a licensed digital lending platform that connects small and medium-sized enterprises ("SMEs") with retail and institutional investors. It has achieved numerous milestones in just 2 years, including a SGD 10 million Series A funding round led by Sequoia Capital and expansion into Indonesia and Malaysia. Funding Societies is one of the largest digital lending platforms in the region, with the vision of funding underserved MSMEs and improving societies in Southeast Asia.

Visit our website at http://fundingsocieties.com
Read our story: https://www.sutori.com/story/funding-societies

CONTACT:
Vikas Jain
Marketing Director
Funding Societies
(65) 62210958
[email protected]

About the AMTC

As the largest voice of MSMEs in the Asia Pacific, the AMTC is committed to facilitating the trade of goods and services by MSMEs in the region, as well as serving as a bridge between government officials and business. The purpose of the AMTC is to shape and influence trade policies that are MSME friendly in collaboration with various different stakeholders. The AMTC aims to help its members grow their businesses, connect them with tools needed to compete with larger companies, and level the playing field by working with governments across the region.

CONTACT:
Annie Fong
Project Director
Asia Pacific MSME Trade Coalition, a working committee of Asia Business Trade Association
(65) 93372153
[email protected]

Photo - https://photos.prnasia.com/prnh/20171214/2015349-1

SOURCE Funding Societies


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