The Bumiputera Enterprise Enhancement Programme or BEEP is a specialised SME funding grant that aims to develop competitive, resilient, and dynamic Bumiputera SMEs. 2017: The birth of Funding Societies Malaysia 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 … 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. This collateralized financing is taken by Malaysian Used Car Dealers (UCDs) to finance the purchase of used motor vehicles. 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. Funding Societies Malaysia Financial Services Kuala Lumpur, Federal Territory of Kuala Lumpur 3,635 followers Funding Societies provides business financing to SMEs which is … As mentioned, some grants are given with specific intention, Smart Automation Grant has an expected outcome from your SME. 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. 7 articles in this collection Written by Shaun and Enen Tan. Choosing to participate also means there are restrictions on what you are not allowed to do as a company. Be part of Funding Societies' investor referral program and earn RM 50 for you and your friend! December 3, 2020. Requirements are as follows. https://bit.ly/39Uk1Ue See More As the name suggests, the Young Entrepreneurs Fund is meant to fund young entrepreneurs. To be eligible for this grant, you will need to fulfil the following criteria. How it … Working Capital Management. Funding Societies is Malaysia’s leading P2P Financing platform, with thousands of investors waiting to help grow Malaysian SMEs and our local businesses. Check out the links below, if you want to learn more about how we can help boost your SME via P2P Financing. In terms of number of investment deals available, Funding Societies and Fundaztic seem to come up top. As I’m a financing provider (like a banker), I would face the risk of potential loan … 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. Owns a verification report from SME Corp Malaysia. 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 The value of total disbursed working capital for the SMEs is, of course, a key metric for Funding Societies. About Funding Societies Funding Societies is the largest SME digital financing platform in Southeast Asia. This additional stimulus went on to progress the following initiatives. Written by Enen Tan Updated over a week ago The settings you selected for the auto-invest function will determine which investment opportunity … Click the link below if your SME is in need of financing, we're here to help! 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 Funding Societies | Modalku provides business financing to SMEs which is crowdfunded by retail and institutional investors. 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. 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. Entrepreneurs need money to fund their businesses. It can be hard to scale up your business without sufficient funds, and sometimes relying on investors is just not the way to go. Extension of Financial Statement Filing, Government Grants and Funding for Malaysian SMEs. Funding Societies is the leading peer-to-peer lending platform in Southeast Asia. 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 31st of September 2020, which means you still have time to apply. Loan schemes put forth by both Bank Simpanan Nasional and Tekun Nasional were converted to abolish interest rates attached with the loans. Currently, Funding Societies is offering new users a bonus of RM50 when you are referred by an existing user (existing users will also get RM50). Get the in on what you need to know right here with Funding Societies. To-date, their default rate stands at 1.14% which is relatively decent in my books. Congrats! For example, Bai’ Inah, Bai’ Bithaman Ajil, Ijarah, Ijarah Thumma Bai’ and Bai’ Istina. Funding Societies Malaysia Review 2020, we have grown so much in the last few years. (Maximum number of staff a company can claim for has increased to 200 employees). We specialize in all forms of short-term financing for SMEs, crowdfunded by individual and institutional investors. As of 2018, Funding Societies, B2B Finpal and Fundaztic had the biggest market shares in Malaysia. Go to Funding Societies Malaysia. The company or business also needs to be registered with SOCSO. Let's boost the economy and go back to local! Click here to register and check your eligibility. Luckily enough, if you wish to apply now the closing date for application is, . 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. Through this year of extraordinary growth, we have also collaborated with more new partners, most notably e-commerce giant Lazada, Southeast Asia deals leader Fave and leading local and regional used car trading platforms, myTukar and Carsome, to expand our services to over thousands of small businesses and merchants. Alternatively, … 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. The Higher Wage Subsidies were extended to employers who had experienced a 50% decrease in revenue since the 1st of January 2020. All content is posted anonymously by employees working at Funding Societies. RM740 million raised by P2P financing platforms. Another requirement, if a business applies for this program, is that they must retain their employees for a minimum of 6 months including the 3 months from the initial wage 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. How does it work? Funding Societies is the leading peer-to-peer lending platform in Southeast Asia. There is currently a USD175 billion of SME financing gap in SEA. 7 articles in this collection Written by Shaun and Enen Tan. Funding Societies is now Malaysia’s leading P2P Financing platform, making it the preferred alternative financing option for SMEs across Malaysia. 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. Go to Funding Societies Malaysia. 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. To date, it has disbursed over RM250 million to more than 500 unique borrowers. There is currently a USD175 billion of SME financing gap in SEA alone, with the figure continuously and rapidly growing. This growth reflected the significant number of Issuer notes being funded and the investors we have helped empower financially. Let's take a walk down memory lane to some of the highlights from Funding Societies. By the end of the year, FS Malaysia 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. Input your preferences and let us do the work for you. Funding Societies is the largest digital Peer-to-Peer Lending platform in Southeast Asia. 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. Setting Up Auto-Invest. Business is registered with Suruhanjaya Syarikat Malaysia (SSM) – include. These employers once identified, vetted, and were found to be eligible, would be entitled to 3 months of financial assistance to retain their employees. Certification and Quality Management System, SMEs who fall into this category, you can proceed to apply for this grant via. A lot of small businesses struggled due to having to pay rent on their location, despite a lockdown. This. You have been referred by a friend who invested in Funding Societies—the largest P2P lending platform in Malaysia. 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. Biz-Up Programme has a limited application season, which means they open applications at specific times during the year. 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. Funding Societies is a P2P financing platform registered with Securities Commission Malaysia. 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. Funding Societies Malaysia Review: Highlight of the Years, The past three years and a half have been transformative for Funding Societies Malaysia. A list of eligible micro-enterprises can be found with your local authorities and SSM. Kelvin Teo and Reynold Wijaya founded Funding Societies in 2015 while studying for their Master of Business Administration (MBA) at Harvard Business School. We are thrilled to be part of this digitalisation movement, particularly as we chart new territory in the FinTech space.”. Its sole purpose is to help businesses that are affected by natural disasters. Funding Societies is a South-East-Asia based SME digital financing platform, headquartered in Singapore. 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. Dealer financing is a new type of SME financing offered by Funding Societies. Offered by the Malaysia Digital Economy Corporation (MDEC) this tech-centric fund plays a critical role in the advancement and digitalisation of Malaysian SMEs. 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. 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 Since 2015, we have helped a number of small & medium enterprises grow their businesses, and in the process helped individual/ institutional investors to grow their portfolio. This collateralized financing is taken by Malaysian Used Car Dealers (UCDs) to finance the purchase of used motor vehicles. How does it work? Presently, it is also the largest P2P operator in our nation. To check your eligibility for this product, your SME. Unlike personal income tax, filing for corporate requires you to calculate an estimated tax as well as file for your regular taxes. Start-up companies that operated less than 1 year will be considered. The standard loan period ranges from 3 months to 1 year and borrowers can loan up to SGD$2,000,000. Typically, companies and businesses file their annual Financial Statement at the end of September. This is where we, Funding Societies came in with a cost-efficient model, with the ability to offer alternative financing opportunities to the vast majority of underserved SME segment using FinTech to significantly ease up the application process by leveraging on alternative data and machine learning as part of our credit assessment process. SMEs incorporated under the Companies Act 1965, SMEs incorporated under Registration of Business Ordinance 1956, Owns SMEs with shareholdings which not exceeding 20% held by public-listed companies. The past three years and a half have been transformative for Funding Societies Malaysia (FS Malaysia). 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. ERP was implemented by the Malaysian Human Resource Ministry via the Social Security Organisation (Socso) as part of PRIHATIN. If you have an SME in this industry, YEF can offer working capital up to 100% or capital for Business Operation Assets. Glassdoor gives you an inside look at what it's like to work at Funding Societies, including salaries, reviews, office photos, and more. This is also the group who undoubtedly has the least resources – the micro enterprises. Unlike regular business financing or funding, grants are not meant to be paid back. Our unique SME clients increased to over 1,000 SMEs served in Malaysia, while registered investors reached 40,000, ultimately translating into. 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. The company or business also needs to be registered with SOCSO. The following is a list of eligibility criteria that might be helpful. Need funds for your business? Click here to start your investment with Funding Societies Malaysia. 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