Get the in on what you need to know right here with Funding Societies. 2,822 Followers, 38 Following, 81 Posts - See Instagram photos and videos from Funding Societies Malaysia (@fundingsocietiesmy) About Funding Societies Funding Societies is the largest SME digital financing platform in Southeast Asia. worth RM 2.1 billion that allocates RM 3,000 to micro-enterprises. 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. 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. So remember to keep that in mind when completing your application. Alternatively, … Plan to diversify your investment portfolio? , so long as they stick to the parameters introduced. We specialize in all forms of short-term financing for SMEs, crowdfunded by individual and institutional investors. Wong Kah Meng, our Co-founder and Chief Executive Officer of Funding Societies Malaysia, notes, “COVID-19 has significantly changed the way the Malaysian economy operates, and digitalisation is ultimately the way to go in this New Normal. . This additional stimulus went on to progress the following initiatives. Get great offers at CouponAnnie only today. As I write, Funding Societies had progressed as they had funded a total of RM 643.71 million to local SMEs. Let's take a walk down memory lane to some of the highlights from Funding Societies. Business bank account number (attach 1st page of bank statement), Business Registration Number (BRN). Requirements are as follows. 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. has successfully disbursed RM100 million in SME working capital, five times more than what we had achieved in our first year – signifying a positive take-off of P2P financing in Malaysia. Biz-Up Programme has a limited application season, which means they open applications at specific times during the year. Funding Societies Malaysia Promo Code/Referral Code – RM50 Bonus . With an integrated system, the repayment process for Funding … Funding Societies may modify the Funding Societies Terms & Conditions at any time in its sole discretion by posting the revised Funding Societies Terms & Conditions on the Platform and/or via an announcement on the Platform, which will be effective immediately upon posting. If you didn’t already know what the wage subsidy programmed entailed, here’s a nifty little picture to explain it. All content is posted anonymously by employees working at Funding Societies. 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. Funding Societies will be the first partner to adopt Curlec’s online Direct Debit system. As I write, Funding Societies had progressed as they had funded a total of RM 643.71 million to local SMEs. (source: PERKESO, Wage Subsidy Programme). In Malaysia, the majority of SME grants stem from our government, but we have seen occurrences of independent grants being added to the mix. PUMA provides young Bumiputera entrepreneurs schemes to begin their businesses while taking care of their training. One of these options is SME grants. It’s not exactly easy to find information on SME Grants in Malaysia. In the very same year, we announced our first Series A fundraising of RM30 million, following successful disbursement of RM17 million across the local SMEs. 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 As we keep growing, we established more partnerships with various industry players including banks, payment platform, car bidding platform, among others to widen our SME reach across the country. NOT ELIGIBLE for Public Listed Companies in the Main Board / Secondary Markets / Large Firms, MNCs, GLCs, MoF Inc. & State-Owned Enterprises Companies AND their subsidiaries. Fundaztic has raised RM40.6 … 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 Business is registered with Suruhanjaya Syarikat Malaysia (SSM) – include. 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. Example: 1234560-X, SSM Registration Cert such as Form 9 or Section 13 (CA 2016). These recognitions include, among many others, the IDC Financial Insights’ 101 Fast Growing Asia/Pacific FinTechs, H2 Ventures and KPMG’s Fintech100 – Emerging 50 Rising Star, and most recently the Digitalizing Services for Retail Participations award by Securities Commission Malaysia during the INVESTSMART® FEST 2019 for our contribution towards investor education initiatives and facilitating the growth of investments among retail investors. For companies with more than 76 employees, supporting documents such as the Statement of Profit and Loss and Revenue Report are required. 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. 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. 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. We are thrilled to be part of this digitalisation movement, particularly as we chart new territory in the FinTech space.”. Either to start their business or to fulfil the needs for their existing enterprises. Funding Societies Malaysia. Funding Societies is now Malaysia’s leading P2P Financing platform, making it the preferred alternative financing option for SMEs across Malaysia. Annual sales turnover exceeds RM300,000 per year. Our unique SME clients increased to over 1,000 SMEs served in Malaysia, while registered investors reached 40,000, ultimately translating into. 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. As a platform that serves two sides, Funding Societies Malaysia believes in a win-win relationship for both SMEs and … PUMA is the organisation that will provide training modules to these businesses. Investors. Service fees charges. Here are a few options you could look into for your SME. Typically, companies and businesses file their annual Financial Statement at the end of September. Owns a letter issued by District Officers. 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. Funding Societies is the leading peer-to-peer lending platform in Southeast Asia. Similar to the other grant that shares a similar name, SLSSS also provides financing aid to start-up enterprises and SMEs in the services sector. 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. Having served hundreds of SMEs since the year that we started, we realised there was a segment of the SME market that remained heavily underserved. Funding Societies is Malaysia’s leading P2P Financing platform, with thousands of investors waiting to help grow Malaysian SMEs and our local businesses. A list of eligible micro-enterprises can be found with your local authorities and SSM. Funding Societies is a P2P financing platform registered with Securities Commission Malaysia. Offering guidance and advice where necessary. Not to worry, private spaces owners were also urged to follow suit to help support local SMEs. All content is posted anonymously by employees working at Funding Societies. In closing, there are many more SME Grants out there available to Malaysian SMEs, so if you are an SME looking to grow, make sure you do your research. Funding Societies is the leading peer-to-peer lending platform in Southeast Asia. Luckily enough, if you wish to apply now the closing date for application is, . Luckily enough, if you wish to apply now the closing date for application is 31st of July 2020. Advice and answers from the Funding Societies Malaysia Team. The value of total disbursed working capital for the SMEs is, of course, a key metric for Funding Societies. 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. The Company will not instruct its staff to take unpaid leave for three months following the programme implementation. Fundaztic has raised RM40.6 million, with 514 notes funded and a 3.24% default rate. This is especially crucial with the uncertain economic situation that we are currently in. This collateralized financing is taken by Malaysian Used Car Dealers (UCDs) to finance the purchase of used motor vehicles. The Covid-19 outbreak hit Malaysia in February 2020, resulting in a Movement Control Order (MCO) implemented on the 18th of March 2020. Understanding the different financing products we offer, and … The Higher Wage Subsidies were extended to employers who had experienced a 50% decrease in revenue since the 1st of January 2020. 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. This is because it believes that P2P financing is ☝️ well-positioned to be at the forefront of driving Malaysia's digital financial inclusion. All Collections. Check out the links below, if you want to learn more about how we can help boost your SME via P2P Financing. As I’m a financing provider (like a banker), I would face the risk of potential loan … UCDs will seek for financing from Funding Societies after they have successfully bid for a motor vehicle on a bidding platform. Funding Societies Malaysia Financial Services Kuala Lumpur, Federal Territory of Kuala Lumpur 3,635 followers Funding Societies provides business financing to SMEs which is … Should be registered with SSM under Companies Act 1960 or Business Registration Act 1956. Since its launch, Funding Societies has crowdfunded RM 310.8 million regionally (Malaysia, Singapore an Indonesia). 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. In Malaysia, the majority of. How to File and Pay Corporate Tax in Malaysia? Kelvin Teo and Reynold Wijaya founded Funding Societies in 2015 while studying for their Master of Business Administration (MBA) at Harvard Business School. Our mission is to enable fast and effortless access to funds by bringing SMEs and investors together on our platform. In terms of number of investment deals available, Funding Societies and Fundaztic seem to come up top. For example, if your business, premises, or equipment is damaged or destroyed in a flood, storm, drought, beach erosion or landslide, then you as an SME can apply for a soft loan with SMEEF. However, all good things are worth the wait. That being said, we at Funding Societies Malaysia also support growing Malaysian SMEs and businesses. Secure .gov websites use HTTPS. We specialize in all forms of short-term financing for SMEs, crowdfunded by individual and institutional investors. About Funding Societies. Stimulus Package aside, there are other SME Grant products that have been available before the Covid-19 pandemic hit. Let’s take a look at a few of these specialised SME Grants that your SME might need to grow your business. Click here to start your investment with Funding Societies Malaysia. We pride ourselves with speed and flexibility, offering the widest range of term loan, trade finance and micro loan products. Here are a few options you could look into for your SME. The Bumiputera Enterprise Enhancement Programme or BEEP is a specialised SME funding grant that aims to develop competitive, resilient, and dynamic Bumiputera SMEs. This is the Funding Societies company profile. Service fees are no longer … 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. Not all of them but some of them. Corporate Tax Deadlines. Following that in April, the Prime Minister later unveiled an additional RM10 billion stimulus package for Malaysian SMEs. Funding Societies is the leading peer-to-peer lending platform in Southeast Asia. Here’s the good news if you are a business in need of help from this subsidy. In terms of number of investment deals available, Funding Societies and Fundaztic seem to come up top. https://bit.ly/39Uk1Ue See More Investors. If private premises reduced their rent by at least 30% they would be entitled to additional. Funding Societies and Malaysia Yellow Pages have joined forces to fi... nancially empower Malaysian SMEs! Check out the FAQ below: The Malaysian government introduced a PRIHATIN Special Grant worth RM 2.1 billion that allocates RM 3,000 to micro-enterprises. No cash deposits are accepted. Foreigners who are at least 18 years old are welcome to apply for an investor account in Funding Societies Singapore. 1:01. Offered by the SME Corporation Malaysia (SME Corp), the grant given goes up to a maximum of RM400,000. Here’s the good news if you are a business in need of help from this subsidy. 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. Dealer financing is a new type of SME financing offered by Funding Societies. We offer financing up to RM1 million over a range of industries. 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. For local SMEs in Malaysia as of December 2017, they had successfully funded RM18 million so far. Share sensitive information only on official, secure websites. Let’s first address the RM10 billion stimulus package for SMEs. How does it work? As the name suggests, the Young Entrepreneurs Fund is meant to fund young entrepreneurs. Let's boost the economy and go back to local! At the seminar, Funding Societies Malaysia’s CEO, Wong Kah Meng, had the opportunity to address questions from both investors and SMEs on the type of financing products we provide, eligibility to invest and apply for financing, along with customer rights. All eligible micro-enterprises registered with Lembaga Hasil Dalam Negeri (LHDN) are entitled to take part in this grant. then you are indeed the target market for this grant. This Young Entrepreneurs Fund focuses mainly on Shariah Financing product options. 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 takes the lead with over RM4.97 billion funds raised to date. Smaller soft loans and grants aside, there are more funding options for SMEs that are much lesser known in Malaysia. 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. Only local companies operating with local employees who have a monthly earning of RM4,000 or below are entitled to this stimulus perk. Go to Funding Societies Malaysia. Funding Societies is the largest digital Peer-to-Peer Lending platform in Southeast Asia. Wong Kah Meng, our Co-founder and Chief Executive Officer of, , notes, “COVID-19 has significantly changed the way the Malaysian economy operates, and digitalisation is ultimately the way to go in this New Normal. Fund the Future. The, outbreak hit Malaysia in February 2020, resulting in a. of March 2020. Funding Societies Malaysia Review 2020, we have grown so much in the last few years. Go to Funding Societies Malaysia. Go to Funding Societies Malaysia. 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. These employers once identified, vetted, and were found to be eligible, would be entitled to 3 months of financial assistance to retain their employees. 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 … Sign up now *Terms & conditions apply. 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. Should be incorporated in Malaysia and registered under SEM, own every license that is required to start-up the business, not illegal and follow the Shari’ah compliant. Let's boost the economy and go back to local! As of 2018, Funding Societies, B2B Finpal and Fundaztic had the biggest market shares in Malaysia. Unlike regular business financing or funding, grants are not meant to be paid back. Service fees charges. Also, be informed there is usually an administrative fee of RM3,000 to be paid by the SME upon acceptance of the grant offer. It does not fall under the jurisdiction of Bank Negara Malaysia. In 2019, this was up by 200% from 2018, passing a significant milestone of RM300 million. Partnership firm / Sdn Bhd company: the applicant must obtain more than 51% shares or majority shares in the company. Regulated by Malaysia Industrial Development Finance (MIDF), the SME Emergency Funds is less of a grant and more like a soft loan. 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. Entrepreneurs need money to fund their businesses. Looking back at some of the great years for, , our investors, clients, and partners, we have compiled a. summary of our notable achievements over the years to share with you. To date, it has disbursed over RM250 million to more than 500 unique borrowers. Loan schemes put forth by both Bank Simpanan Nasional and Tekun Nasional were converted to abolish interest rates attached with the loans. 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. This is also the group who undoubtedly has the least resources – the micro enterprises. You can view the service fees charged on each repayment in the Portfolio page or in your monthly statements. The Higher Wage Subsidies were extended to employers who had experienced a 50% decrease in revenue since the 1. of January 2020. We are thrilled to be part of this digitalisation movement, particularly as we chart new territory in the FinTech space.”. Just visit the following websites to sign up for each country Singapore, Malaysia, Indonesia. Depending on which grant amount you apply for up to RM400,000, the coverage varies. We pride ourselves with speed and flexibility, offering the widest range of term loan, trade finance and micro loan products. 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