To date, it has disbursed over RM250 million to more than 500 unique borrowers. As I write, Funding Societies had progressed as they had funded a total of RM 643.71 million to local SMEs. This is the Funding Societies company profile. About Funding Societies. It does not fall under the jurisdiction of Bank Negara Malaysia. The following is a list of eligibility criteria that might be helpful. Funding Societies is now Malaysia’s leading P2P Financing platform, making it the preferred alternative financing option for SMEs across Malaysia. Not to worry, private spaces owners were also urged to follow suit to help support local SMEs. About Funding Societies Funding Societies is the largest SME digital financing platform in Southeast Asia. Under the Money Lenders Act 1951, registered money lenders who provide credit facilities to businesses were urged to provide a moratorium on repayments, starting from the 1st of April 2020. PUMA is the organisation that will provide training modules to these businesses. Should at least 60% of the equity funds based in Malaysia. In 2019, this was up by 200% from 2018, passing a significant milestone of RM300 million. Subsequently, in February 2017, we became the first P2P operator to launch in Malaysia. The company or business also needs to be registered with SOCSO. In the first month of launching, they received a total of SGD$3 million loa… Be part of Funding Societies' investor referral program and earn RM 50 for you and your friend! We specialize in all forms of short-term financing for SMEs, crowdfunded by individual and institutional investors. BEEP offers financing solutions to Bumiputera SMEs to help with. Setting Up Auto-Invest. For local SMEs in Malaysia as of December 2017, they had successfully funded RM18 million so far. Owns a letter issued by District Officers. However, due to the Covid-19 outbreak, this fee has been WAIVED until further notice. They operate in South East Asia and have won a lot of accolades, including the Global Excellence Award from ITU Telecom, a specialized agency of the United Nations for Input your preferences and let us do the work for you. All these accomplishments serve to reaffirm the positive impact we have created towards the unserved and underserved SME segment, which is exactly what set out to do since day one. For that, we are proud to be recognized with multiple accolades, both on the regional and local scales. All content is posted anonymously by employees working at Funding Societies. Funding Societies takes the lead with over RM4.97 billion funds raised to date. In the next section, we’ll explore some of those options. Have more questions? The Higher Wage Subsidies were extended to employers who had experienced a 50% decrease in revenue since the 1. of January 2020. (source: PERKESO, Wage Subsidy Programme). stem from our government, but we have seen occurrences of independent grants being added to the mix. Remember that grants are given with specific intention, so the range that you have access to varies depending on what you need the grant for. Funding Societies is an online platform that connects investors with small businesses that need funds, solving the financial inclusion issue by making credit-worthy SMEs bankable. allows you access to funds from RM 50,000 to a maximum of RM 5 million. A lot of small businesses struggled due to having to pay rent on their location, despite a lockdown. Typically, companies and businesses file their annual Financial Statement at the end of September. It is also one of the nation’s leading P2P Investment platforms, where anyone can invest in up and coming Malaysian enterprises to earn high returns at low investment. 2,822 Followers, 38 Following, 81 Posts - See Instagram photos and videos from Funding Societies Malaysia (@fundingsocietiesmy) It does not fall under the jurisdiction of Bank Negara Malaysia. Within the first week of this MCO, several SMEs saw a 50% drop in their businesses, followed by a myriad of sales and cash flow issues. Its sole purpose is to help businesses that are affected by natural disasters. On the 19th of April 2018, Funding Societies have managed to maintain low default rates across the region, at 1.3% and … Funding Societies, the first and largest peer-to-peer (P2P) financing platform in Malaysia, has announced a partnership with Curlec, a homegrown FinTech company specialising in Direct Debit payments. With this programme, SMEs will be able to kickstart their digital adoption journey and continue to strive in the online world we live in today. August 30, 2018. SME Grants Malaysia: The Definitive Guide [2020], In Malaysia, there are several ways for a business to get funding, between business loans and now Peer-to-peer financing, entrepreneurs definitely have more options. With a strong team of more than 80 employees to-date, we have undeniably accomplished a lot in the last several years, serving our clients across Malaysia, Singapore, and Indonesia. Presently, it is also the largest P2P operator in our nation. This means that if someone were to give your SME a grant, then they are probably invested in some aspect of your business and need to see it grow. To top it off, we had proudly announced our Series B fundraising of RM100 million, the largest fundraising for a Southeast Asia-based P2P financing platform. All Collections. of March 2020. Business bank account number (attach 1st page of bank statement), Business Registration Number (BRN). , so long as they stick to the parameters introduced. This SME Corp grant is only applicable for a selected number of industries. Not to be confused with a donation, a grant is distributed to an SME on a set of principles often pertaining to the profit or growth margin of said company. Kuala Lumpur, Federal Territory of Kuala Lumpur, Malaysia Admin Executive Lazada Jul 2020 - Okt 2020 4 bulan. This SME Grant allows you access to funds from RM 50,000 to a maximum of RM 5 million. What is my Risk? This additional stimulus went on to progress the following initiatives. Glassdoor gives you an inside look at what it's like to work at Funding Societies, including salaries, reviews, office photos, and more. Funding Societies is recognized and regulated by Securities Commission (SC) Malaysia and has received various awards and recognition both regionally and globally, including making the prestigious Fintech 250 list and winning the Global SME Excellence Award … A list of eligible micro-enterprises can be found with your local authorities and SSM. No cash deposits are accepted. As the first and largest peer-to-peer (P2P) financing platform in Malaysia, Funding Societies connect creditworthy SMEs with investors through an online marketplace that increases access to financing for SMEs. . All Collections. Funding Societies, the first and largest peer-to-peer (P2P) financing platform in Malaysia, has announced a partnership with Curlec, a homegrown FinTech company specialising in Direct Debit payments. The deadline for application is 31. of September 2020, which means you still have time to apply. Auto-Invest. Funding Societies Malaysia… We offer financing up to RM1 million over a range of industries. UCDs will seek for financing from Funding Societies after they have successfully bid for a motor vehicle on a bidding platform. Funding Societies and Malaysia Yellow Pages have joined forces to fi... nancially empower Malaysian SMEs! Should operate the business in disaster areas (declared by National Security Council or other district offices). It is recognised as a financial loan for capital expenditure or working capital, with an interest rate of 4% per annum. Funding Societies is a P2P financing platform registered with Securities Commission Malaysia. One of these options is, is a sum of money that has been allocated or given to a, are distributed by governments, corporations, foundations and even trusts. To-date, their default rate stands at 1.14% which is relatively decent in my books. The, outbreak hit Malaysia in February 2020, resulting in a. of March 2020. 2. This is because it believes that P2P financing is ☝️ well-positioned to be at the forefront of driving Malaysia's digital financial inclusion. Written by Enen Tan Updated over a week ago Check out the links below, if you want to learn more about how we can help boost your SME via P2P Financing. Start-up companies that operated less than 1 year will be considered. The Covid-19 outbreak hit Malaysia in February 2020, resulting in a Movement Control Order (MCO) implemented on the 18th of March 2020. Funding Societies and Malaysia Yellow Pages have joined forces to fi... nancially empower Malaysian SMEs! This is the Funding Societies company profile. In numbers (based off their app as of time of writing), Funding Societies has successfully raised RM1.33 billion on their platform (across Malaysia, Singapore and Indonesia), with 255,068 business terms financed and 0.88% default rate. J . If your SME is part of Industry 4.0, Automation, Digitalisation, Logistics, Retail, Wholesale, Smart Cities or Agarwood then you are indeed the target market for this grant. Malaysia #1 biggest peer-to-peer (P2P) financing platform; Provide fast and simple working capital financing customized for SME's business life cycles ; Crowdfunded more than RM330 … Partnership firm / Sdn Bhd company: the applicant must obtain more than 51% shares or majority shares in the company. Banks also followed suit, taking the edge off many small businesses who needed the extra income. A list of eligible micro-enterprises can be found with your local authorities and SSM. The Company will not instruct its staff to take unpaid leave for three months following the programme implementation. Here’s the good news if you are a business in need of help from this subsidy. Fundaztic has raised RM40.6 million, with 514 notes funded and a 3.24% default rate. We specialize in all forms of short-term financing for SMEs, crowdfunded by individual and institutional investors. Written by Enen Tan Updated over a week ago Accounts Receivable Financing (ARF) or previously known as Invoice Financing … Not to be confused with a donation, a grant is distributed to an SME on a set of principles often pertaining to the profit or growth margin of said company. Setting Up Auto-Invest. How does it work? Remember to enter the referral code to get an instant 5% return when you deposit RM1,000 into your account. Requirements are as follows. Funding Societies Malaysia Review: Highlight of the Years, The past three years and a half have been transformative for Funding Societies Malaysia. About us Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. Issuer. Launched in early 2017 in Malaysia, Funding Societies has registered with Securities Commission Malaysia, and is the first and largest P2P financing platform in Malaysia. The next application window is from the, Business license from the Local Authority, At least 6 months in operation and full-time business operator, Has undergone or willing to undergo SCORE / M-CORE assessment. Go to Funding Societies Malaysia. Not all of them but some of them. Following that in April, the Prime Minister later unveiled an additional RM10 billion stimulus package for Malaysian SMEs. Let’s first address the RM10 billion stimulus package for SMEs. In no event will Funding Societies be liable to any party for any direct, indirect, incidental, special, consequential or punitive damages for reliance or use of such information by you or any third party. Funding Societies is the largest digital Peer-to-Peer Lending platform in Southeast Asia. These employers once identified, vetted, and were found to be eligible, would be entitled to 3 months of financial assistance to retain their employees. With an integrated system, the repayment process for Funding … Click the link below if your SME is in need of financing, we're here to help! Either to start their business or to fulfil the needs for their existing enterprises. This is also the group who undoubtedly has the least resources – the micro enterprises. Funding Societies is Malaysia’s leading P2P Financing platform, with thousands of investors waiting to help grow Malaysian SMEs and our local businesses. Understanding the different financing products we offer, and … We have achieved and surpassed critical milestones, grew significantly, launched amazing products and signed meaningful partnerships, all of which have been recognized through the multitude of awards we have received. Plan to diversify your investment portfolio? Luckily enough, if you wish to apply now the closing date for application is 31st of July 2020. For example, Bai’ Inah, Bai’ Bithaman Ajil, Ijarah, Ijarah Thumma Bai’ and Bai’ Istina. One main reason contributing to this huge gap is the lack of bankability of the millions of the SMEs – also majorly the reason why banks shy away from serving the SMEs. Typically, companies and businesses file their annual Financial Statement at the end of September. Their approach is to strengthen the SMEs core business and capacity, to help increase productivity and offer solutions. Our unique SME clients increased to over 1,000 SMEs served in Malaysia, while registered investors reached 40,000, ultimately translating into. Further to this, we also lauded the digitally-driven and SMEs-focused National Economic Recovery Plan (PENJANA) announced as part of the Government’s strategic measures to support individuals and businesses impacted by the COVID-19 pandemic. ICT. Funding Societies was launched in February 2017 as the first P2P operator in Malaysia. Remember that grants are given with specific intention, so the range that you have access to varies depending on what you need the grant for. In terms of number of investment deals available, Funding Societies and Fundaztic seem to come up top. Go to Funding Societies Malaysia. Funding Societies is the largest digital Peer-to-Peer Lending platform in Southeast Asia. Funding Societies | Modalku provides business financing to SMEs which is crowdfunded by retail and institutional investors. Unlike regular business financing or funding, grants are not meant to be paid back. Advice and answers from the Funding Societies Malaysia Team. Input your preferences and let us do the work for you. Auto-Invest. Loan schemes put forth by both Bank Simpanan Nasional and Tekun Nasional were converted to abolish interest rates attached with the loans. The standard loan period ranges from 3 months to 1 year and borrowers can loan up to SGD$2,000,000. Click here to register and check your eligibility. Certification and Quality Management System, SMEs who fall into this category, you can proceed to apply for this grant via. With the dawn of a global pandemic, small businesses worldwide have suffered a multitude of losses, resulting in a frankly tumultuous economy. We pride ourselves with speed and flexibility, offering the widest range of term loan, trade finance and micro loan products. Go to Funding Societies Malaysia. Own at least an entrepreneurship or vocational certificate. Investors. As it is a soft loan, the financing amount goes from RM 50,000 to RM 100,000 only and can be used to replace or purchase machinery, equipment, raw materials, and consumables, or to refurbish your business premises. About Funding Societies Funding Societies is the largest SME digital financing platform in Southeast Asia. As I’m a financing provider (like a banker), I would face the risk of potential loan … Biz-Up Programme has a limited application season, which means they open applications at specific times during the year. Investors. This SME Corp grant is only applicable for a selected number of industries. Some of the expected outcomes are an increase in revenue, savings in your SME business costs, and the reduction of man-hours, amongst other things. We pride ourselves with speed and flexibility, offering the widest range of term loan, trade finance and micro loan products. They are the first P2P … Funding Societies Malaysia Review 2020, we have grown so much in the last few years. Dealer financing is a new type of SME financing offered by Funding Societies. Service fees charges. Click the link below if your SME is in need of financing, we're here to help! ______________________________________________________________________________________________. Choosing to participate also means there are restrictions on what you are not allowed to do as a company. Explore the best Funding Societies Malaysia coupons, promo codes and deals for New Year Holiday 2021. Corporate Tax Deadlines. Need funds for your business? Following the Securities Commission of Malaysia’s appointment of the first six operators to run peer-to-peer (P2P) financing platforms in the country in late 2016, Malaysia impressively became the first country in the ASEAN region to regulate P2P financing. PUMA provides young Bumiputera entrepreneurs schemes to begin their businesses while taking care of their training. Funding Societies is Malaysia’s leading P2P Financing platform, with thousands of investors waiting to help grow Malaysian SMEs and our local businesses. If your SME is part of. Fund the Future. Smaller soft loans and grants aside, there are more funding options for SMEs that are much lesser known in Malaysia. To address this concern, we launched FS Bolt, a fully automated mobile loan product targeting micro entrepreneurs and businesses. Despite all the successes, we do realize that we are very much just scratching the surface in terms of enabling greater access to financing for SMEs and close the RM80 billion financing gap currently facing Malaysian SMEs alone. Funding Societies defines the default rate as the total defaulted amount divided by the total disbursement amount since the first day it started operations, says Wong. Remember to apply for this extension with SSM, it’s free no fees are imposed. These documents need to be verified by management. or funding, grants are not meant to be paid back. Let's take a walk down memory lane to some of the highlights from Funding Societies. Understanding the different financing products we offer, and a step-by-step explanation of how you can apply for one. However, all good things are worth the wait. These achievements reflect more than just successful years – they also represent progress towards achieving our core mission: to uplift societies in Southeast Asia by creating financial opportunities for every business. Our mission is to enable fast and effortless access to funds by bringing SMEs and investors together on our platform. On the back of the RM740 million raised by P2P financing platforms since their first introduction, the additional RM50 million allocation towards the My Co-Investment Fund (MyCIF) as announced by the Government in the 2020 Budget tabling clearly reflected the Government’s trust in the industry’s potential to help bridge the SME financing gap, by leveraging on technologies to reach out and serve both unserved and underserved local SMEs. You have been referred by a friend who invested in Funding Societies—the largest P2P lending platform in Malaysia. For companies with more than 76 employees, supporting documents such as the Statement of Profit and Loss and Revenue Report are required. Plan to diversify your investment portfolio? If private premises reduced their rent by at least 30% they would be entitled to additional. Specifics for this grant also include the breakdown of what your grant gets you. In 2019, this was up by 200% from 2018, passing a significant milestone of RM300 million. registered with Lembaga Hasil Dalam Negeri (LHDN) are entitled to take part in this grant. In the first year that we started, there were less than 20 of us running the platform, all with the unwavering commitment of providing a simplified, alternative financing channel for the thousands of underserved local SMEs. Please be informed that we only accept FPX, Online Banking and ATM transfers from your bank account to your Funding Societies account. Funding Societies Malaysia, the largest peer-to-peer (P2P) financing platform in Malaysia, expects to disburse more than RM1bil in financing cumulatively as the economy stabilizes and recovers based on its forecast for 2021. Let's boost the economy and go back to local! Offered by the Malaysia Digital Economy Corporation (MDEC) this tech-centric fund plays a critical role in the advancement and digitalisation of Malaysian SMEs. Funding Societies Malaysia Okt 2020 - Kini 4 bulan. The Bumiputera Enterprise Enhancement Programme or BEEP is a specialised SME funding grant that aims to develop competitive, resilient, and dynamic Bumiputera SMEs. https://bit.ly/39Uk1Ue See More Business is registered with Suruhanjaya Syarikat Malaysia (SSM) – include. Within the first week of this MCO, several SMEs saw a 50% drop in their businesses, followed by a myriad of sales and cash flow issues. https://bit.ly/39Uk1Ue See More The bank statement must show the bank logo, the bank account number and the name of the bank account owner. SAG is a specific matching grant that only allows for the grant to be used for services that will help with your business automation and platform upgrading. About Funding Societies. This growth reflected the significant number of Issuer notes being funded and the investors we have helped empower financially. It is licensed in Singapore, Indonesia and Malaysia, and backed by Sequoia India, Softbank Ventures Asia Corp, and Samsung Venture Investment Corporation amongst many others. Only local companies operating with local employees who have a monthly earning of RM4,000 or below are entitled to this stimulus perk. From the first economic stimulus package, RM 100 billion was allocated to support businesses while the remaining values of RM 128 billion went to public welfare and RM 2 billion was dedicated to strengthening the country’s economy. This. We specialize in all forms of short-term financing for SMEs, crowdfunded by individual and institutional investors. Dealer financing is a new type of SME financing offered by Funding Societies. As of 2018, Funding Societies, B2B Finpal and Fundaztic had the biggest market shares in Malaysia. It does not fall under the jurisdiction of Bank Negara Malaysia. Business Scale-Up Programme (Biz-Up Programme) is an integrated assistance programme for the purpose of enhancing the capabilities of SMEs via business advisory services and financial support. UCDs will seek for financing from Funding Societies after they have successfully bid for a motor vehicle on a bidding platform. alone, with the figure continuously and rapidly growing. Service fees charges. From cementing our position as the largest P2P financing platform in Southeast Asia to launching new products and announcing exciting new partnerships, 2019 was another exciting year. There is currently a USD175 billion of SME financing gap in SEA alone, with the figure continuously and rapidly growing. The deadline for application is 31st of September 2020, which means you still have time to apply. December 3, 2020. Maximum number of staff a company can claim for has increased to 200 employees, To be eligible for application, employers and businesses need to be registered with the Companies Commissi, on of Malaysia or the local authorities before the 1. of January 2020. Written by Shaun Updated over a week ago Service fees are deducted when repayments is repaid to you. Therefore, under the stimulus package, SMEs in the retail sector operating on Government-Linked Companies (GLC) premises, were given rental discounts or full waivers. Luckily enough, if you wish to apply now the closing date for application is, . … Thus, if you are interested in investing via Funding Societies, you may sign up via the link below: Link: Sign Up to Invest at Funding Societies Need funds for your business? This collateralized financing is taken by Malaysian Used Car Dealers (UCDs) to finance the purchase of used motor vehicles. Funding Societies Malaysia, registered as Modalku Ventures Sdn Bhd, is the largest P2P financing platform registered with Securities Commission Malaysia (SC) and has a market share of more than 50%. Applicant must be ready to prepare and capable to invest money, at least RM500, Applicant must be ready to attend every training developmental program organized under this fund scheme. Our unique SME clients increased to over 1,000 SMEs served in Malaysia, while registered investors reached 40,000, ultimately translating into FS Malaysia as the P2P financing platform of choice for both SMEs and investors alike.