Funding Societies signs US$50 million credit facility with HSBC to drive SME growth in Southeast Asia
September 2th, 2022 – Funding Societies, Southeast Asia’s largest Small and Medium Enterprises (SME) digital financing platform, today announced the signing of a US$50 million credit facility* with HSBC Singapore to continue expanding the firm’s reach to serving underserved SMEs in the region.
Commercial lending in Asia Pacific is projected to grow at a CAGR of 16.5%, generating a revenue of more than US$7 trillion by 2028 – which makes up about 25% of the global market size of US$27.4 trillion. Generally, the digital experience for SMEs is still particularly underserved and is not at the same pace of digital transformation as with retail lending. Funding Societies has a track record of loan disbursement of over more than US$2.6 billion through more than 5.1 million transactions across the region. Through this new facility the fintech lender will be able to channel the funds via its range of tailored financing solutions across SME segments across all its five markets.
Written by Fintech&Finance News
Photo: Getting Money Wise
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