Image credit: KeASIA
KUALA LUMPUR: Funding Societies Malaysia, a peer-to-peer (P2P) financing platform and Razer Fintech, an offline-to-online (O2O) digital payment network, has inked a partnership to offer short-term business financing solutions for merchants under Razer Merchant Services (RMS).
The partnership reflects both platforms' mutual aim to empower Malaysia's micro, small and medium enterprises (MSME) with short-term financing to help expand their businesses, particularly extending their reach to 20,000 businesses under multiple segments including MSMEs
retailers, food, and beverage (F&B) vendors and online sellers registered under the RMS platform.
"Our partnership with Razer Fintech will allow greater access to financing for the RMS merchants in obtaining collateral free, short term financing solution with the added benefits of quick and seamless online application experience, thus providing shorter turnaround time and minimum documentation requirement.
"As the region's largest P2P financing platform, Funding Societies Malaysia has been at the forefront of driving financing inclusion amongst the MSMEs across the region, and this partnership with Razer Fintech will greatly help to fulfil our mission to reach out to many more underserved and unserved MSMEs," Funding Societies Malaysia co-founder and chief executive officer Wong Kah Meng said in the statement today.
Through this collaboration, eligible merchants will have access to quick and tailor made short term financing to help them meet business operations needs such as cyclical cash flow gap, urgent project expenses, unforeseen one off expenses, and to overcome seasonal revenue fluctuations, especially in this challenging economic period due to the Covid-19 pandemic.
Razer Fintech chief executive officer Lee Li Meng expressed his positive optimism partnering with Funding Societies Malaysia.
"We leverage their extensive P2P financing platform to further grow our fintech offerings and digital payments ecosystem for our RMS merchants in Malaysia.
"We have established a strong market position in Malaysia and now, we are excited to expand our capabilities, together with Funding Societies Malaysia to support the underserved MSMEs by offering them access to more seamless financial solutions as they grow their businesses," he said.
As part of the partnership, Funding Societies Malaysia will also be introducing a new product, the micro credit line, to eligible RMS merchants.
Unlike its other business term financing products, the line facility enables small and medium enterprises (SME) to draw a short credit period (between 45 days to 90 days) anytime.
The offering is set to be launched within the next coming weeks.
Source: https://www.nst.com.my/business/2020/09/628209/funding-societies-malaysia-razer-fintech-offer-short-term-business-financing