Tuesday, May 21, 2024
Company SpotlightOrpheus Capital: Alternative digital finance for the underbanked

Orpheus Capital: Alternative digital finance for the underbanked

Orpheus Capital was established in June 2020 aiming to serve underbanked SMEs by providing swift access to cash flow.

Orpheus Capital aspires to bridge the financing gap in underbanked SMEs in Malaysia by offering Shariah compliant value chain financing through its digital platform.

“Financing has always been difficult for small businesses which is why we decided to come up with a platform that provides fast, secure and simple financing for the underserved and unserved communities in Malaysia,” Muhammad Hamudi Abdul Khalid, the firm’s co-founder and director, tells IFN.

Orpheus Capital also offers dedicated credit scoring for women customers from rural areas or new companies seeking funds as it believes that the underserved and unserved communities deserve a helping hand.

The company places high importance on delivering its products under Shariah principles and has appointed certified Shariah advisor Mohammad Khairul Anwar Al Hafiz to monitor the Shariah compliancy of its business.

“This is important to us in order to expand our Muslim client base as we feel there is a demand for Islamic finance products. With this, our customers will be able to be at peace knowing that their financing are Shariah compliant,” Muhammad explains.
One of the biggest challenges Orpheus is facing is the lack of technology knowledge among its target customers.

“Our target customers are not digital-savvy, hence a lot of promotional activities are needed which would cost us a lot of money. Nevertheless, we are excited as we feel that it would make an impact in society by providing financing to these group of people,” Muhammad says.

While waiting to go live, Orpheus is currently working on a hybrid system and has inked an MoU with hotel operator Rangkaian Hotel Seri Malaysia (RHSM) to enable less-creditworthy suppliers of the RHSM group to improve their cash flow by using Orpheus’s digital platform.

“Once launched, we will also be introducing contract financing which is regulated under the Ministry of Housing and Local Government, and also payday loans,” adds Muhammad.

Orpheus Capital hopes to become the preferred avenue for SMEs to get their Islamic financial products within five years of operation and is looking to expand its services to other countries in the near future.


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