Funding Societies Malaysia has officially announced Chai Kien Poon as country head of Malaysia, replacing Wong Kah Meng who is assuming the role of group COO for SME digital financing platform.
Previously heading the platform’s strategic projects and operations division, Chai will now be responsible for managing day-to-day operations of the firm’s Malaysian business as well as driving partnerships. In a previous conversation with IFN Fintech, Chai shared Funding Societies Malaysia’s plan to expand its Shariah compliant finance product suite. It currently offers an Islamic trade finance product.
Meanwhile, Wong, a Funding Societies Malaysia co-founder, will oversee the Funding Societies | Modalku’s business across Malaysia, Singapore, and Thailand.
Launched in 2017, Funding Societies is the largest SME digital financing platform in Malaysia, having disbursed over RM1.4 billion (US$296.44 million) through at least 17,000 deals, representing more than a 50% market share. Simultaneously, the platform maintains a current default rate of 2.3%. Present in Singapore, Indonesia, Thailand, Vietnam and Malaysia, the group has distributed RM11 billion (US$2.33 billion) through over 5 million transactions since 2015.
With neobanking ambitions, the group has acquired a stake in Indonesia’s Bank Index and regional payments solution CardUp. It raised US$294 million in Series C+ funding earlier this year.