KUALA LUMPUR (Sept 11): Malayan Banking Bhd (KL:MAYBANK) said on Wednesday that it has invested in Funding Societies — the fintech company that operates a digital funding and debt investment platform for small businesses.

“In conjunction with this investment, Maybank will explore collaborative synergies with Funding Societies to promote inclusivity and bridge funding gaps within the communities it serves,” Maybank said in a statement.

Financial and transaction details of the investment were not disclosed.

Funding Societies is a financial technology company that has disbursed over US$4 billion (RM17 billion) in business financing to more than 100,000 small- and medium-sized enterprises (SMEs) across Malaysia, Singapore, Indonesia, Thailand and Vietnam, since it was set up in 2015.

The fintech company is also backed by Malaysia’s sovereign wealth fund Khazanah Nasional Bhd and other venture capital firms, including SoftBank Vision Fund 2, Golden Gate Ventures, and Alpha JWC Ventures.

The deal represents the inaugural investment under a new initiative at Maybank to strategically invest and partner with digitally-enabled organisations across Southeast Asia, the company said.

Maybank also said that the investment in Funding Societies is in line with its M25+ strategic thrust that aims to accelerate digitalisation within and beyond the banking sector.

“Our investment in Funding Societies underscores our commitment to driving financial inclusion, in line with our purpose of humanising financial services,” said Maybank chief executive officer Datuk Khairussaleh Ramli.

“By leveraging our banking expertise alongside Funding Societies’ innovative digital platform, Maybank is committed to fostering a robust SME ecosystem, and ensuring a brighter, more sustainable future for all,” he added.