by Fintech Information Malaysia
September 8, 2020
CapBay, a P2P provide chain financing platform, turned the primary and solely fintech chosen to be a part of Telekom Malaysia’s (TM) Vendor Financing Programme often known as Perintis.
CapBay stated it would goal to offer quick, reasonably priced and honest entry to produce chain finance options, bridging the cash movement hole for all ranges and sizes of distributors all through TM’s provide chain, together with its SME subcontractors.
This comes on the heels of TM’s announcement earlier this month that they’d partnered with 14 different monetary establishments to offer coaching and growth for distributors to enhance themselves. The chosen establishments will present financing and session to TM’s native distributors.
The MOU was signed yesterday by Imri Mokhtar, Group Chief Government Officer of TM and CapBay’s CEO, Ang Xing Xian alongside different representatives from a panel of distinguished banks.
The signing ceremony was witnessed by YB Dato’ Sri Dr Hj Wan Junaidi Tuanku Jaafar, Minister of Entrepreneur Improvement and Co-operatives, accompanied by Tan Sri Dato’ Seri Mohd Bakke Salleh, Chairman of TM.
“SMEs stand to benefit the most from this innovative programme as a large majority of TM’s vast network of nationwide vendors are SMEs”
stated Tan Sri Mohd Bakke Salleh, Chairman of TM Bhd in his speech on the signing ceremony.
With this newest initiative, CapBay’s P2P buyers can now broaden and diversify their funding portfolio backed by authorities and enormous company receivables whereas incomes more healthy returns. CapBay affords decrease danger funding notes in a bid to boost investor belief and confidence particularly throughout these occasions of uncertainty led to by the COVID-19 pandemic.
Ang Xing Xian, CEO of CapBay stated,
“With TM’s assistance in authenticating relationships and transactions, vendor processing requests will be digitised end-to-end, making risk assessment, onboarding and transactional financing simpler and faster,”
“With the recent OPR cuts, investors are worried that they will see lower returns on their investments and are looking for higher yielding investments that are relatively safe. At our core, we strive to offer P2P investors high quality investment notes that offer good yield and low financing loss risk. Investors can consider this as an alternative to fixed deposit savings,”
CapBay launched their P2P financing pilot programme in March 2020 amid the COVID-19 pandemic and claimed to have achieved over RM20 million of financing over 150 notes whereas sustaining zero defaults and financing losses for his or her buyers.
Featured Picture: TM welcomes CapBay as the primary and solely fintech for PERINTIS. From left: Ang Xing Xian (CEO and Co-founder of CapBay), Tan Sri Mohd Bakke Salleh (Chairman of TM Bhd) with Darrel Ang (Co-founder of CapBay)
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