August 30, 2018. In the next section, we’ll explore some of those options. 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. 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. 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. Investors. Click here to start your investment with Funding Societies 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, it has disbursed over RM250 million to more than 500 unique borrowers. Auto-Invest. Go to Funding Societies Malaysia. Business bank account number (attach 1st page of bank statement), Business Registration Number (BRN). 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. Funding Societies will be the first partner to adopt Curlec’s online Direct Debit system. In an effort to protect the economy and mitigate the impacts of the pandemic, our Malaysian government set forth an RM250 billion Malaysia’s Prihatin Rakyat Economic Stimulus Package (PRIHATIN) on the 27th of March 2020. To be eligible for this grant, you will need to fulfil the following criteria. Funding Societies is the leading peer-to-peer lending platform in Southeast Asia. To date, it has disbursed over RM250 million to more than 500 unique borrowers. Fundaztic has raised RM40.6 million, with 514 notes funded and a 3.24% default rate. To address this concern, we launched FS Bolt, a fully automated mobile loan product targeting micro entrepreneurs and businesses. 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 … The company or business also needs to be registered with SOCSO. Remember to apply for this extension with SSM, it’s free no fees are imposed. To be eligible for Soft Loans for SMEs, you must be registered as an; SLSME focuses primarily on sectors such as Manufacturing, Manufacturing-Related Services and or anything in the Services industry but EXCLUDE insurance and financial services. Example: 1234560-X, SSM Registration Cert such as Form 9 or Section 13 (CA 2016). To-date, their default rate stands at 1.14% which is relatively decent in my books. 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. Service fees are no longer … Kelvin Teo and Reynold Wijaya founded Funding Societies in 2015 while studying for their Master of Business Administration (MBA) at Harvard Business School. All content is posted anonymously by employees working at Funding Societies. Terms & Conditions apply 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 and Malaysia Yellow Pages have joined forces to fi... nancially empower Malaysian SMEs! 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. This SME Corp grant is only applicable for a selected number of industries. 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. Depending on the condition of the equipment, they will finance between 70% to 95% of the cost at an interest rate of 5% per annum. This is the Funding Societies company profile. BEEP offers financing solutions to Bumiputera SMEs to help with. As a platform that serves two sides, Funding Societies Malaysia believes in a win-win relationship for both SMEs and … About us Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia. Funding Societies Malaysia Promo Code/Referral Code – RM50 Bonus . https://bit.ly/39Uk1Ue See More An SME grant is a sum of money that has been allocated or given to a business to further their growth. Smaller soft loans and grants aside, there are more funding options for SMEs that are much lesser known in 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. (source: PERKESO, Wage Subsidy Programme). We are thrilled to be part of this digitalisation movement, particularly as we chart new territory in the FinTech space.”. 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. The, outbreak hit Malaysia in February 2020, resulting in a. of March 2020. However, as part of the stimulus package, The Government has agreed to extend the financial statements filing period to the 31st of December. With our seamless online application journey, plus no collateral requirements, you can take your business to greater heights! 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. Understanding the different financing products we offer, and … Funding Societies takes the lead with over RM4.97 billion funds raised to date. Glassdoor gives you an inside look at what it's like to work at Funding Societies, including salaries, reviews, office photos, and more. Advice and answers from the Funding Societies Malaysia Team. The next application window is from the 1st to the 31st of October 2020. Our unique SME clients increased to over 1,000 SMEs served in Malaysia, while registered investors reached 40,000, ultimately translating into. 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. Incorporated in Malaysia under the Companies Act 1965 of the Companies Act 2016. PUMA is the organisation that will provide training modules to these businesses. Interest Rate, Service Fee, and Tax. The following is a list of eligibility criteria that might be helpful. Being an alternative financing option that is gaining traction in recent years, Funding Societies help bridge the funding gap by … Fundaztic has raised RM40.6 … 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. 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. Investment Type. We pride ourselves with speed and flexibility, offering the widest range … . 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. Investors. As of 2018, Funding Societies, B2B Finpal and Fundaztic had the biggest market shares in Malaysia. In Malaysia, the majority of SME grants stem from our government, but we have seen occurrences of independent grants being added to the mix. Take advantage of alternative financing opportunities that can help safeguard your business. Unlike regular business financing or funding, grants are not meant to be paid back. Funding Societies Malaysia 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. We are thrilled to be part of this digitalisation movement, particularly as we chart new territory in the FinTech space.”. Biz-Up Programme has a limited application season, which means they open applications at specific times during the year. worth RM 2.1 billion that allocates RM 3,000 to micro-enterprises. 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. Should be registered under SSM / Professional Bodies / Authorities or District Offices in Sabah and Sarawak. To be eligible for this grant you will need to fulfil the following criteria. 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. 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. 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. Funding Societies is a P2P financing platform registered with Securities Commission Malaysia. Funding Societies is now Malaysia’s leading P2P Financing platform, making it the preferred alternative financing option for SMEs across 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. 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. Funding Societies and Malaysia Yellow Pages have joined forces to fi... nancially empower Malaysian SMEs! 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. Auto-Invest. Specifics for this grant also include the breakdown of what your grant gets you. Funding Societies Malaysia Financial Services Kuala Lumpur, Federal Territory of Kuala Lumpur 3,635 followers Funding Societies provides business financing to SMEs which is … 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. As mentioned, some grants are given with specific intention, Smart Automation Grant has an expected outcome from your SME. Setting Up Auto-Invest. Offering guidance and advice where necessary. Service fees charges. For that, we are proud to be recognized with multiple accolades, both on the regional and local scales. All Collections. Should operate the business in disaster areas (declared by National Security Council or other district offices). Accounts Receivable Financing (MBTF/MBIF) Accounts Receivable Financing (MBTF/MBIF) A useful guide on accounts receivable financing offered on Funding Societies. Understanding the different financing products we offer, and a step-by-step explanation of how you can apply for one. Funding Societies Malaysia Review: Highlight of the Years, The past three years and a half have been transformative for Funding Societies 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. Funding Societies takes the lead with over RM4.97 billion funds raised to date. Let's boost the economy and go back to local! 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. A lot of small businesses struggled due to having to pay rent on their location, despite a lockdown. 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 The Higher Wage Subsidies were extended to employers who had experienced a 50% decrease in revenue since the 1. of January 2020. This is especially crucial with the uncertain economic situation that we are currently in. With the dawn of a global pandemic, small businesses worldwide have suffered a multitude of losses, resulting in a frankly tumultuous economy. https://bit.ly/39Uk1Ue See More Owns a letter issued by District Officers. Entrepreneurs need money to fund their businesses. 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. 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. Extension of Financial Statement Filing, Government Grants and Funding for Malaysian SMEs. The company or business also needs to be registered with SOCSO. 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. We offer financing up to RM1 million over a range of industries. We specialize in all forms of short-term financing for SMEs, crowdfunded by individual and institutional investors. 15 articles in this collection Written by Nash, Shaun, and Jeffrey … This Young Entrepreneurs Fund focuses mainly on Shariah Financing product options. Click the link below if your SME is in need of financing, we're here to help! In the first economic stimulation package, a wage subsidy programme was introduced, a programme of which was extended from the Employee Retention Programme (ERP). Funding Societies is Malaysia’s leading P2P Financing platform, with thousands of investors waiting to help grow Malaysian SMEs and our local businesses. Therefore, financing products of Funding Societies should not be constructed as business loan, SME loan, micro loan, term loan or any other loans offered by banks in Malaysia and it is to be deemed as an investment note as … Unlike personal income tax, filing for corporate requires you to calculate an estimated tax as well as file for your regular taxes. The deadline for application is 31. of September 2020, which means you still have time to apply. Let's take a walk down memory lane to some of the highlights from Funding Societies. 7 articles in this collection Written by Shaun and Enen Tan. How to File and Pay Corporate Tax in Malaysia? Dealer financing is a new type of SME financing offered by Funding Societies. then you are indeed the target market for this grant. Service fees charges. This growth reflected the significant number of Issuer notes being funded and the investors we have helped empower financially. Has an issued and paid-up capital of at least RM50,000, Has a minimum of 51% equity held by Malaysian(s), Not be the subject of a liquidation/winding-up order, Has no going concern issue and/or not dormant and, Has entered into a written contract or a committed arrangement technology partner for the development and implementation of the project, If previously has received any MDEC/government grant, the applicant must demonstrate the completion and success of the funded project/s, 6. 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. Just visit the following websites to sign up for each country Singapore, Malaysia, Indonesia. Plan to diversify your investment portfolio? Please be informed that we only accept FPX, Online Banking and ATM transfers from your bank account to your Funding Societies account. PUMA has a few specifications you will need to meet if you are planning to pursue this funding. Let's boost the economy and go back to local! Explore the best Funding Societies Malaysia coupons, promo codes and deals for New Year Holiday 2021. As I write, Funding Societies had progressed as they had funded a total of RM 643.71 million to local SMEs. Fulfilled the definition of SME in terms of annual sales turnover and scope. 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 … The bank statement must show the bank logo, the bank account number and the name of the bank account owner. Congrats! Only if applicable, SLSME focuses primarily on sectors such as. However, due to the Covid-19 outbreak, this fee has been WAIVED until further notice. 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. The value of total disbursed working capital for the SMEs is, of course, a key metric for Funding Societies. 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