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Funding Societies Secures US$100 Million Credit Facility from HSBC Amid Growing Support for MSMEs

2024-11-05 04:59:01.935000

Funding Societies, Southeast Asia's largest digital finance platform for micro, small, and medium enterprises (MSMEs), has secured a significant credit facility from HSBC, totaling over US$100 million (RM436 million). This agreement, finalized on November 5, 2024, marks the third credit facility between the two entities and is part of HSBC's ongoing commitment to support MSMEs since 2022. The initiative aims to address a staggering US$2.5 trillion credit access gap in the region, which has become increasingly critical amid rising global interest rates [cb12be48].

Co-founder Kelvin Teo highlighted the importance of this financial backing for Funding Societies, emphasizing that it will facilitate the company's expansion efforts across Southeast Asia. Since its inception in 2015, Funding Societies has disbursed over US$4 billion (RM17.4 billion) to more than 100,000 businesses, showcasing its pivotal role in enhancing financial inclusion in the region [cb12be48].

In a related development, Hong Kong-based fintech company FundPark recently secured a three-year US$250 million private loan facility, with HSBC and Goldman Sachs as senior facility providers. This investment reflects a growing trend among major banks to support fintech solutions that cater to SMEs, particularly in the Chinese market. FundPark's financing solutions leverage technology to provide efficient funding options for SMEs, further underscoring the importance of financial support in the evolving landscape of digital finance [08146941].

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