Funding Societies, a peer-to-peer digital financing platform for small and medium enterprises (SMEs) and investors, plans to disburse up to RM20 million in financing assistance for the Malaysian market over the next 12 months.

Chief Executive Officer and Co-Founder Kelvin Teo said Funding Societies is partnering RHB Banking Group in an effort to expand funding opportunities for the underserved SME segment in the country.

He said the company had opened its Malaysian branch, namely Funding Societies Malaysia in February this year, with a total disbursement of about RM500,000 to the local market to date.

Bernama