Funding Societies, a digital financial platform for small and medium-sized enterprises in Southeast Asia, has secured its third credit facility. HSBC.
With this latest agreement, HSBC is committed to: funding organization Since the partnership began in 2022, the total value has exceeded US$100 million.
The funding is part of HSBC’s ASEAN Growth Fund, an initiative aimed at supporting the growth of digital platforms such as funding bodies serving e-commerce businesses in Southeast Asia.
The US$1 billion ASEAN Growth Fund was established in March 2024 to help Singapore-based digital platforms expand into multiple international markets.
This investment will help the funding body expand its reach and provide greater access to financing to underserved small businesses across the region.
HSBC will play a multi-faceted role in this partnership, providing comprehensive financial solutions to support the expansion of funding organizations.
HSBC acts as a structure bank, lender, account bank, FX counterparty, facility and security agent.
This latest funding is Investment from Maybank In September of this year.
Since Funding Societies was founded in 2015, it has provided over US$4 billion in business loans to more than 100,000 businesses across Southeast Asia.
Harish Venkatesan, Head of Corporate and Business Banking, HSBC Singapore, said:
“As an early start and leading MSME digital finance company in ASEAN, we are pleased to provide funding organizations with their third credit facility totaling over USD 100 million.
This will enable us to continue supporting the company’s efforts to provide financing support to MSMEs that contribute to building society in the ASEAN region. ”
Kelvin Teo, co-founder and group CEO of Funding Societies, said:
“Continued support from global banks like HSBC will support the development of digital platform businesses like ours and MSMEs as we weather two decades of high interest rates that have affected the global economy. This is a testament to the bank’s efforts.
This will enable us to further explore scalable debt financing to drive growth and profitability, and strengthen financial inclusion for underbanked and underserved small and medium-sized enterprises in the region. ”
Featured image: (from left) Harish Venkatesan, Head of Corporate and Business Banking, HSBC Singapore; Kelvin Teo, co-founder and group CEO of the funding body
Image credits: freepic
