Kuala Lumpur, Malaysia – 2 Aug 2024 – Bank Pembangunan Malaysia Berhad (BPMB), through its subsidiary Ecologitec Sdn Bhd, has announced a strategic partnership with Funding Societies, the largest unified SME digital finance platform in Malaysia & Southeast Asia, to launch the SME Digital Partnership. This collaboration leverages BPMB’s Matching Fund Investment Platform scheme to enhance financing options for small and medium-sized enterprises (SMEs) in Malaysia.

The SME Digital Partnership is designed to improve access to financing for SMEs, particularly those facing challenges in securing traditional funding. As part of this initiative, BPMB is allocating RM10 million to Funding Societies, providing a significant boost to businesses in high-growth sectors such as technology, infrastructure, and manufacturing, complementing BPMB’s existing services through Pembangunan Leasing Corporation.

“This partnership with Funding Societies marks a significant milestone in our missionto support SMEs,” said Roni Abdulwahab, Group Chief Executive Officer of BPMB. “At BPMB, we are committed to delivering impact capital that drives national development. By bridging the funding gap and promoting financial inclusion, we empower SMEs, recognizing their crucial role in fuelling economic growth. This collaboration reflects our dedication to Malaysia’s developmental agenda and our support for the success of SMEs.”

Kah Meng Wong, Group COO, Co-Founder and CEO of Funding Societies Malaysia said, “We are honoured to be collaborating with BPMB to better serve and extend credit to underserved MSMEs. This partnership highlights the crucial role developmental financial institutions like BPMB and players such as Funding Societies can play in broadening the financing landscape and strengthening capital markets. This marks a key milestone in our journey and is a testament to our shared vision to equip entrepreneurs with the financial assistance they need to thrive and contribute to the nation’s economy.”

Funding Societies, known for its leadership in SME digital finance across Southeast Asia, brings valuable expertise and resources to this collaboration. The company operates in key markets including Singapore, Indonesia, Thailand, and Vietnam, offering over US$1 billion in business financing annually.

This partnership aligns with the Securities Commission’s five-year roadmap to enhance MSME and MTC access to the capital market, positioning the SME Digital Partnership as a significant contributor to Malaysia’s economic development.