Funding Societies, Southeast Asia's largest unified digital finance platform for micro, small and medium-sized enterprises (MSMEs), aims to achieve new loan disbursement of more than 2 billion baht for Thai businesses over the next 12 months, up more than 30% from its existing lending portfolio in Thailand.
Co-founder and group chief executive Kelvin Teo told the Bangkok Post Funding Societies is looking at more than 500 loans being disbursed to Thai MSMEs in the next 12 months, a gain in excess of 30% for its lending portfolio in Thailand.
This target is supported by Maybank's recently announced strategic investment in Funding Societies, with the amount undisclosed.
The Kuala Lumpur-based lender services more than 1 million MSMEs across the region and said it wants to accelerate digitalisation through "ecosystem orchestration" within and beyond the banking sector.
Mr Teo said Maybank's equity investment will enable Funding Societies to significantly enhance its operations in Thailand.
"This strategic allocation of resources will be directed towards bolstering our investment in both manpower and technology. By strengthening these critical areas, we aim to expand our reach and better serve MSMEs," he said.
"This investment is crucial for the group as well as the Thailand business as we work towards achieving our goal of new loan disbursement. We are confident given the support of Maybank's investment, we will be well-positioned to realise these objectives."
Established in 2015, Funding Societies is a regional financial technology company that specialises in financing for MSMEs. Since its inception, it has disbursed more than US$4 billion in business financing, affecting more than 100,000 businesses across Thailand, Singapore, Indonesia, Malaysia and Vietnam.
In Thailand, Funding Societies has a crowdfunding licence from the Securities and Exchange Commission and operates under FS Siam Co. The firm's second Thai entity, FS Capital Co, offers direct lending to MSMEs.
Khairussaleh Ramli, president and group chief executive of Maybank, said the lender has consistently championed MSMEs as the backbone of Southeast Asian economies.
"Our investment in Funding Societies underscores our commitment to driving financial inclusion. By leveraging our banking expertise alongside the innovative digital platform, Maybank is committed to fostering a robust MSME ecosystem and ensuring a brighter future," he said.
Maybank also wants to explore collaborative synergies with Funding Societies to promote inclusivity and bridge funding gaps within the communities it serves, said Mr Khairussaleh.