(L-R: Funding Societies Group CEO Kelvin Teo, CGC Malaysia Berhad CEO Datuk Mohd Zamree Mohd Ishak, Khazanah Nasional Managing Director Dato’ Amirul Feisal Wan Zahir, CGC Digital CEO Yushida Husin)
Khazanah Nasional Berhad and CGC Digital have jointly invested in Funding Societies | Modalku, a leading digital finance platform for small and medium enterprises (SMEs) in Southeast Asia.
The investment aims to enhance financing access for underserved businesses, particularly micro and small enterprises. Funding Societies has a successful track record, having disbursed over US$3.5 billion to over 100,000 businesses across Malaysia, Singapore, Indonesia, Thailand, and Vietnam.
The focus in Malaysia is on addressing the RM90 billion funding gap for SMEs. The investment is aligned with Khazanah’s Dana Impak mandate and supports the government’s goal of fostering SME growth and socioeconomic development. CGC Digital’s involvement aims to advance financial inclusion through innovative digital guarantee products, enhancing MSMEs’ access to financing.
Funding Societies plans to expand coverage beyond key areas, serve more than 25,000 Malaysian SMEs by 2025, and promote Islamic financing solutions. The collaboration between Funding Societies and CGC Digital aims to create a level playing field for MSMEs, especially thin-file ones, fostering long-term financial inclusion.
CGC Digital sees this investment as a strategic win for Malaysian MSMEs. We share Dana Impak’s vision and believe that, by working together with Khazanah, CGC Digital can advance financial inclusion among underserved and unserved MSMEs in the digital ecosystem.
“CGC Digital seeks to push the envelope by developing a suite of innovative digital guarantee products for thin-file MSMEs that can be offered together with Funding Societies’ financing products to increase their chance of obtaining much-needed financing”, says Yushida Husin, CEO of CGC Digital.
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